Fatburger CEO Andy Wiederhorn asks: Do you hit singles or swing for the fences?
Andy Wiederhorn made his first restaurant acquisition in 2003 with Fatburger when the brand had only 40 restaurants. Since then, FAT Brands Inc acquired brands you know and love like Johnny Rockets, Fazoli’s, Round Table Pizza and Great American Cookies, and after the largest restaurant acquisition of 2021, they now have 17 brands across 40 countries with 2,300 restaurants.
How could they manage such exponential growth? According to FAT Brands President and CEO, you cannot expect to hit a grand slam without first mastering the basics of getting on base. “My view of being successful is always to try to hit singles and doubles,” explained Andy. “Don’t try to hit home runs. They will come your way when the time is right.”
When you are taking on customers by the hundreds and their customers by the thousands, you have to develop a way to learn what they need from you quickly and accurately. He has found that the good old-fashioned “suggestion box” works wonders. “But only if you actually follow up on the suggestions he adds.”
In the podcast, you will learn business lessons pertinent to corporate leaders and franchisors including why passing up a $600 million deal taught Andy that the best deal you do might be the one you don’t do.
You will learn:
- 5:30 How to use clear objectives to create a unified brand.
- 10:00 How to recognize your teammates’ accomplishments.
- 12:00 How to make a “suggestion box” work.
- 19:00 How to identify “the right way” to grow.
- 20:00 Why the best deals could be the ones you don’t do.
- 24:30 The importance of feedback.
Resources:
- Learn more about FAT Brands’ restaurants.
- Follow Andy on Twitter.