ATHLETES IN FRANCHISING
“ He [ Richardson ] had partners involved with the Bojangles ’ brand and thought it might be a good fit for me ,” says Biakabutuka , recalling the start of his post-football entrepreneurial phase . But , he ’ s quick to say , operating a business is not easy , just as Richardson had warned . “ Being in business is tougher than football . You have to be humble , willing to learn , and not afraid to get your hands dirty ,” he says today . Owning a business is certainly different than performing on the gridiron , says Biakabutuka , but he sees similarities too , including hard work and persistence . On his path to success , he says , he has had lots of support and learned from his own mistakes and from surrounding himself with good mentors .
Today , Biakabutuka ’ s Threeone Corp . operates four Bojangles ’ locations in Augusta , Ga . He says he loves the teamwork , spirit , and camaraderie of franchising and hopes to keep building his company by continuing to hire right and excel at offering great customer service and quality food . “ We have grown to four stores now and I ’ d like to keep it going ,” he says .
ATHLETICS
What skills or experience from sports have carried over to operating a business ? Hard work and a never-give-up mindset .
Which do you find more competitive , sports or business ? Both are in their own way . Business is much harder , in my opinion .
Why did you choose franchising as an investment option ? It was the best choice at the time . Franchising gives instant brand recognition with tested systems that give you a better chance to succeed .
How did you transition from sports to franchising ? I got into my first business venture , real estate , and then to franchising .
What was your greatest achievement in sports and what has been your biggest accomplishment as a franchisee ? Landing a scholarship at the University of Michigan when I was told I couldn ’ t play Division I football . Remaining profitable year after year despite external challenges .
Annual revenue : N / A . 2016 goals : Grow same-store sales by 4 percent .
Growth meter : How do you measure your growth ? Transactions are our meter . You can grow sales by increasing prices . But transactions are the result of execution .
Vision meter : Where do you want to be in 5 years ? 10 years ? In 5 years , 15 locations . 10 years ? I tend to not plan that far out . It has led me to make bad decisions just to meet goals . I am very goal-oriented . I take it one year at a time and focus on maximizing what ’ s before me .
How is the economy in your region affecting you , your employees , and your customers ? I came in during tough economic times so it ’ s been the norm for me .
Are you experiencing economic growth in your market ? Yes , the military base in our area is expanding , bringing in an additional 1,500 jobs .
How do changes in the economy affect the way you do business ? Our price points are pretty good so we offer value at all times , regardless of the economy , which I believe helps .
How do you forecast for your business ? We plan a 4 percent price increase each year as a benchmark , but react on a weekly basis to sales numbers .
BOTTOM LINE
What are the best sources for capital expansion ? Capital is tough right now . The banks have the cheapest money but are still very tight on lending flexibility . The SBA has great options .
Experience with private equity , local banks , national banks , other institutions ? Why / why not ? Smaller to medium-sized banks have worked best for me because of longstanding relationships . I have worked with private equity ; they look for larger transactions .
What are you doing to take care of your employees ? We have various employee incentives , but more importantly have a culture of respect and have fun . Disrespectful people don ’ t last very long in our company .
How are you handling rising employee costs ( payroll , minimum wage , healthcare , etc .)? We are continuously trying to find the best ways to absorb the rising costs without going out of business . But it ’ s not easy .
How do you reward / recognize top-performing employees ? Employee of the month , but most importantly , a lot of recognition such as : “ Thank you . I appreciate you being part of the team .”
What kind of exit strategy do you have in place ? The business is always for sale ; the real estate is not for now .
70 MULTI-UNIT FRANCHISEE ISSUE III , 2016