Only fix what is broken
A founder’s success is usually what attracts buyers, but there’s often room for improvement, says Chris Elliott, CEO of FSC Franchise Co., the Tampa, Fla., franchisor of Beef ‘O’Brady’s.
Since its early days, the chain had a strong connection to community and family, built largely by its founder, the late Jim Mellody. But there was a lack of sophistication around financial planning and management, says Elliott, who became CEO in 2010. “It was, don’t worry about inventory or profit, just take care of the guest and everything will work out,” he says.
Yet when it comes to implementing change, Elliott has learned to tread lightly. “You have to keep the good stuff and rework what needs to be reworked. You have to show some sensitivity to it, and set a pace of change.”
Beef ‘O’ Brady’s focuses on education and training, gradually introducing changes so the culture of the restaurant can absorb them. “Otherwise you shift from ‘We have some ideas ... to make things better,’ to an attitude of ‘You guys want to change everything,’” Elliott says. “You get resistance instead of cooperation.”