How did you come to be CEO of Fransmart?
I founded Fransmart in 2000 after successfully launching expansion for QDOBA. We partnered with QDOBA when it was just a single location and in only four years, helped develop that concept to 100 locations and another 500 in development before QDOBA was sold to Jack in the Box for $45m. The idea for Fransmart was to be an incubator for great restaurant concepts that wanted to turn into highly successful global restaurant chains. Since 2000, we have sold over 5,000 franchises around the world and launched franchising for more than a dozen different restaurant concepts.
What was your background before this?
I was a franchisee for Chesapeake Bagel Bakery in Denver, Colorado. One of our locations was right across the street from the original Chipotle, and a few miles from the original QDOBA. So after we teamed up with QDOBA and grew confident about what we could do with a great concept, we formed Fransmart to manage an entire portfolio of emerging brands.
What does Fransmart do?
Create a great deal of wealth, constantly launching the best big things in the restaurant space. We help founders of great brands make the right decisions, turning their concepts into global restaurant chains. Fransmart is the exclusive, worldwide franchise development partner for these brands. selling large, multi-unit franchise development deals to successful and experienced franchisees. We have a highly successful set of best practices which we impart to our brands that maximizes unique unit economics, and ensures the success of our franchisees as they build multi-unit businesses. Our best practises help grow our brands into successful, industry-leading chains.
Why concentrate on restaurants?
I believe to be really successful, you need people highly focused on doing one thing as well as possible. We learn from all of our experiences and are constantly shaping the best known ways into a tool box we share with our brands. We get better and better with each brand.
What do you see as your major achievements?
Our focus is developing the “next big thing” and it is extremely rewarding creating something so successful in a space that didn’t already exist. Before Chipotle and QDOBA, there was no “Fresh Mex” and we developed Qdoba into the #2 player and #1 franchise player in Fresh Mexican. The burger segment had seen no new innovation in decades until we launched expansion for 5 Guys Burgers growing that concept from a family business into THE globally dominant “better burger” brand. We are now growing the largest and most successful Middle Eastern restaurant concept, The Halal Guys, into a globally dominant brand. Doing things that haven’t been done before…over and over…is what we love.
Which major brands have you helped to expand?
QDOBA, 5 Guys Burgers, Vapiano, The Halal Guys, Slapfish, The Pie Hole, Chickery, etc.
How do you ‘connect entrepreneurs with innovative food franchises?
‘ Half the concepts approach us, and the other half we approach. We are always looking for the next big thing. Nowadays we are connected to brands through private equity/venture capital groups, franchise industry lawyers/accounting firms, and by reputation.
How important was opening an office in Europe?
It is an important part of our vision. As successful as we have been growing brands from our base in the US, we believe we will be even more successful with our offices in Europe and soon-to-be-opened offices in the Middle East, Asia and Africa. We will find the next big thing in each of these local geographies and have a local presence driving the local penetration plans, dishing up these concepts for our other regional offices, and also serving as a local and familiar representative for chains from other regions expanding into those markets.
What are your future plans for Fransmart?
To continue developing the best concepts around the world into the most successful global restaurant chains
What else occupies your time?
From a business context, I am a member of Young Presidents Organization (YPO) and several of YPO’s restaurant, franchise, real estate and finance networks/events. We recently launched The Kitchen Fund to invest directly in the brands we are growing and this keeps me very busy. From a personal context, I enjoy flying, my family, cooking, and traveling.
If you had to start over, what would you do differently?
Waste less time.
What is the secret of successful master franchiseeing?
Unit economics and highly motivated franchise partners.
What advice would you give to people looking to franchise their businesses abroad?
Treat each location as a corporate location and leave nothing to chance – we have been as successful as we have been because we go to these markets. We say “no” to our franchise partners if we believe they are not 100% on track with real estate, people, supply line, culture, training standards, marketing, etc. We physically look at the real estate. We physically meet and approve the management teams for our franchisees. And we stay closely linked to the guest experience in every single location around the world. You want your existing franchisees being your number one sales tool for new franchisees…a highly referencable franchisee makes all the difference.
