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What do restaurant investors really want? unlocking the financial trifecta with Garrett Mills | 066
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What does it truly take to grow a restaurant concept from a single unit to a multi-location brand? In this episode, we're joined by Garrett Mills, Partner at Uncommon Brands, for a deep dive into the world of restaurant growth and investment. Garrett shares his unique journey and unpacks the key financial and qualitative factors his firm evaluates when partnering with emerging brands. From the importance of a strong employee culture to the challenges of letting go of control, this conversation is packed with actionable advice for any operator looking to scale their business and build a lasting brand.
Key Takeaways
- The Financial Trifecta: When evaluating a business, focus on three key ratios: sales-to-investment, store-level margin, and cash-on-cash returns. Achieving strength in at least two of these areas is crucial for attracting investment and ensuring sustainable growth.
- Embrace the GM-Driven Model: To scale effectively, founders must transition from being hands-on in every detail to empowering their general managers. This requires building trust and creating systems that allow unit-level leaders to take ownership of their stores.
- Culture Drives Experience: Your employees are the ones driving the guest experience. Investing in a strong employee culture is fundamental to creating a restaurant experience that keeps customers returning.
- Technology Should Inform Decisions: The most valuable technology partners provide clear information that helps you make better, faster decisions, especially around food and labor costs. The goal is to get GMs out of the back office and onto the floor with guests and staff.
- Growth Isn't Easy: The path to scaling a restaurant is a grind. Surround yourself with experienced advisors and be prepared to overcome significant challenges along the way.
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About Us
7shifts is a scheduling, payroll, and employee retention app designed to help restaurants thrive. With an easy-to-use app and industry-specific solutions, 7shifts saves time, reduces errors, and helps keep costs in check for more than 50,000 restaurants.
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