The pandemic has proven particularly disruptive for buffet concepts, which explains why Golden Corral is snagging a spotlight after nearly five decades of quietly counting its money and laying low. Admirers want to learn how the brand is coping, while detractors are likely stifling their glee at seeing a $3.5-million-a-restaurant brand being humbled like everyone else.
What fans and critics may both be missing are peculiarities that distinguish the brand as tellingly as the extensive buffet that anchors its 10,000-square-foot buildings.
Here are five signature attributes that were underlined for us while covering recent developments—good and bad--for the normally publicity-shy brand.
- It’s not big on five-year strategic plans.
Five years has become the business world’s standard interval for big-picture planning, but not at Golden Corral. Founder James Maynard believes the implications of a change in the business be sketched out for a much longer stretch. Indeed, one of his core principles is that Golden Corral operates in accordance with a 100-year strategic plan.
Figuring out where a brand might be a century from now is obviously more of an aspirational endeavor than a practical exercise. But the emphasis on long-range consequences is clearly hammered home.
CEO Lance Trenary says that orientation even colored the on-the-spot re-strategizing that Golden Corral was forced to undertake when the pandemic shut down much of the chain. Something done for survival still had to be a positive a decade or more down the road.
- The company has had only three CEOs in 48 years.
More consistency and long-range perspective come from having what is likely the most stable leadership in the chain sector of the business. That benefit of course becomes a millstone if the leader isn’t up to the job. Golden Corral can make a strong case that it chose widely in each of its three chiefs.
Maynard was the first CEO. He was followed by Ted Fowler, who joined the chain in its fourth year, became CEO 12 years after that, and served in the role for the next 25. In the process, he became one of the most respected leaders in the business.
Trenary has spent 38 years with Golden Corral, and he jokes that he’s not even the longest-serving executive in headquarters.
- Fans visited 70 times a year before 2020.
For the math-challenged, that comes out to more than one visit a week from so-called heavy users. “Our customers are extremely loyal,” says Trenary. The traffic comes from everyday users along with patrons celebrating a special occasion, he adds.
That changed with the pandemic as many states forbade buffets to stay in operation. Yet to be seen is whether the chain’s embrace of delivery brought new customers under the tent.
- Nearly every time we ran a story, we heard from concerned customers.
After we posted a story about a franchisee going bankrupt, a fan gave us a heads-up via email that the Golden Corrals in Brandon and Punta Gorda, Fla., were extremely well run and proof the brand is still viable.
A story about another franchisee brought a declaration from a customer that she hoped the unit near her would never close.
An earlier feature drew a quick query from an anxious customer: Did we know when the unit in Aiken, S.C., would reopen? “The lights are on, even at night, but no one is home,” she wrote, explaining that “we love Golden Corral.”
Think about this for a moment. The communicators had searched in some way or fashion for “Golden Corral” and pulled up our stories, which are aimed at a business community, not the general public. Talk of comps and sales mix didn’t stop these hardcore fans from devouring coverage of their beloved brand. They’re that invested.
- It’s still privately owned and its founder is still involved.
The concept’s principal owner is Investors Management Corp. (IMC), the investment company founded by James Maynard. He serves today as executive chairman. Ted Fowler is also on IMC’s board.
Golden Corral is its only restaurant investment.