“ Be prepared to work hard . It can ’ t be part-time . It has to be 120 percent .”
on the forefront of any single innovation . We observe them all and see what works , see what ’ s not working , and take what ’ s the best in class . We want good ideas that rise above the rest .”
Part of making it in the current franchise climate , he says , is understanding the Millennial customer . “ They ’ ve basically grown up with technology in their hands at all times . They are an informed consumer with information at their fingertips . We have to deliver what they want .” Millennials , he says , are looking for constant stimulation , which could have a big impact on how often a restaurant changes its menu or remodels .
Internally , when it comes to providing growth opportunities for people in the
PERSONAL
First job : Stock boy at a grocery store .
Key accomplishments : 2011 Top Executive to Watch Nation ’ s Restaurant News ; 2012 Entrepreneur of the Year Nominee Ernst & Young ; 40 Under 40 Honoree , Dallas Business Journal .
Biggest current challenge : Navigating through competitive intrusions in the restaurant industry .
Next big goal : Understanding the Millennial .
First turning point in your career : Deciding to raise outside capital for an acquisition .
Best business decision : Partnering with my best friends .
Hardest lesson learned : Hire people who can do what you can ’ t .
Work week : 7 days .
Exercise / workout : High-intensity interval training and yoga .
Best advice you ever got : Surround yourself with people smarter than you .
What ’ s your passion in business ? Seeing people evolve in their careers and roles .
How do you balance life and work ? I don ’ t .
Guilty pleasure : Ice cream and pizza . Favorite movie : The Godfather . Pet peeve : Drama and dishonesty .
What did you want to be when you grew up ? Doctor or architect .
Last vacation : St . Kitts .
Person I ’ d most like to have lunch with : Abraham Lincoln .
“ Be prepared to work hard . It can ’ t be part-time . It has to be 120 percent .”
group , Bhakta is always looking to “ fill his boat ,” by which he means constantly adding qualified talent to rise within the company as it grows . With more than 8,500 employees and a track record of solid growth , that ’ s a big boat to keep full .
Looking ahead to 2017 , Bhakta says the company ’ s goals are to grow the La Madeleine franchise with new development , to grow KFC with new development and acquisitions , and to expand the Fireside Pies brand with new development .
MANAGEMENT
Business philosophy : Fill the boat .
Management method or style : Inclusive and collaborative .
Greatest challenge : Finding the right talent .
How do others describe you ? Loud , personable , and passionate .
One thing I ’ m looking to do better : Work / life balance .
How I give my team room to innovate and experiment : Listen .
How close are you to operations ? Not as close as I should be .
What are the two most important things you rely on from your franchisor ? Innovation and brand standards .
What I need from vendors : To have a partnership mindset .
Have you changed your marketing strategy in response to the economy ? How ? Yes , more targeted messaging .
How is social media affecting your business ? More on high alert .
How do you hire and fire ? Hire slow and fi re fast .
How do you train and retain ? Systems , processes , and culture .
How do you deal with problem employees ? Coach them and / or let them go .
Fastest way into my doghouse : Dishonesty .
As he tries to move closer to operations and better understand the changing customer base , Bhakta plans to travel the country and get to the group ’ s restaurants more often . “ We ’ ve got a great team of operators right down to the general managers who are running things well . I don ’ t need to be there , but I learn every time I ’ m in the stores ,” he says . He estimates that he visits more than 40 restaurants a year .
His advice to future generations of restaurant franchisees is to roll up their sleeves and get their hands dirty . “ Be prepared to work hard in the restaurant space . It can ’ t be part-time . It has to be 120 percent . If not , it will lead to failure .”
BOTTOM LINE
Annual revenue : NA .
2017 goals : To grow the La Madeleine franchise with new development , grow KFC with new development and acquisitions , and to expand the Fireside Pies franchise with new development .
Growth meter : How do you measure growth ? Same store sales , year-over-year traffi c , and increased revenue .
Are you experiencing economic growth in your market ? Yes , certain markets like the Mid-Atlantic , Midwest , and Texas outside the oil markets .
How do changes in the economy affect the way you do business ? We need to be constantly nimble .
How do you forecast for your business ? Annual planning with quarterly adjustments .
What are the best sources for capital expansion ? Banks , family offi ces , and private equity .
Experience with private equity , local banks , national banks , other institutions ? Why / why not ? Yes , overall good experiences . There ’ s lots of capital in the market .
What are you doing to take care of your employees ? Trying to stay ahead of the curve with 401 ( k ) plans , technology , creative bonus programs , etc .
How are you handling rising employee costs ( payroll , minimum wage , healthcare , etc .)? Price and mix .
How do you reward / recognize topperforming employees ? Aggressive bonus plans .
18 MULTI-UNIT FRANCHISEE ISSUE I , 2017