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Bennigan’s CEO Paul Mangiamele on efforts to boost sales and expand despite the economy.
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In four years.
People are tapped out and out might actually ruin their appetites.
You can't imagine that but it happens to some folks better get CEO -- -- -- says this financial mess.
Could make people cut back on appetizers and some other -- that is fine restaurants do you see any signs -- that yet -- Well there's probably lots of signs of that but not.
Manages.
In fact it's so good to be back on your show and I want to tell you something I just finished.
Extensive meetings of the last several days of our franchise advisory board.
And different members of my executive team -- we talked about a new prototype we talked about a new menu.
We talked about a new beverage menu for -- so we can have bring new life into into the bar.
And we have a whole new attitude so yeah all although there are so many.
Things that we're trying to address right now so many so many.
The financing for our franchisees.
That we have had to.
-- -- quantitative easing program and you'll love this -- -- We we sat down with a really large real estate group.
With the name of bricks when it's owned by Blackstone which is one of the largest private equity firms in in the country if not the world and we have devised a program where we are -- approving locations and they are providing financing for qualified franchisees.
So now we have repetitive beat us up on the franchisees are those -- I mean.
Today have to be pristine month.
Well of course is gonna have to have a pretty good credit score and and has some equity that -- -- put into -- to the operation but.
What's even -- is trying to get financing through the yes SBA.
It's been tough for the list for five years that hasn't been easing and and it's it is so contradictory to me because you and I talked about this before.
This is the very thing that -- decade help us to gain traction in our economy these aren't minority franchisees.
Are building.
Restaurants.
Operating hiring about a 10250.
People and management.
Don't I don't know down everybody Obama lender of any sort private or otherwise I'm I'm I'm gonna look at this -- -- despite your great history.
I'm gonna say restaurants this Dicey recovery.
But I know it's -- again whoever.
Not not not so short you run into much of -- no we have in fact when when we when I was on -- was in the springtime and there was an early spring and and a quick.
A very short winter winter season so.
As the snow melted and -- started to grow and people got out and and and and spend some money is looked very robust that has flatten out.
We are not in negative sales territory but has -- -- so this this sort of energy customers and -- well I'm sorry your customers today.
Obviously they -- digger detective normal meals they have right I mean or or did it out.
Today error on on cutting back on any part of the meal.
Yes they are mean and and that's why a creative operators will bundle some meals they have an appetizer.
And an entree and dessert at a special price points so that you can still sell those but not as individual -- Or an appetizer -- but as as a bundle price Abbott yes we we have seen sensitivity to it.
And we and we have seen a sensitivity to that for several months now -- -- it did I can see why did anyway it all over the last.
Few months resolve the economic numbers have been looking better people open your wallets a little more than I hear it unfortunate doing so -- going in a more debt.
What are they doing what it's changed in the last few months.
It ended I think what we're seeing I mean not just in bank is Biden and called.
Eating establishments were seeing that.
The -- frequency of dining out has slowed down.
The the of the some of these some of the customer segments are trading down so then -- the fine -- is going more into -- casual casual going more enter into the fast casual fast food.
And and and and the shame is is that the eating today.
Four were especially a casual on the ha and find dying is really a respite.
From the -- the economic woes -- were all having the face today and and again because of the the gas is going out.
There is there are no -- solid solutions for the economy.
The unemployment I I think you know we're we're hearing that it's improving but.
I don't know that if it is improving as much as people just gave up looking for a job I think daughter that -- I don't know letters to carriers.
-- -- -- Paying and every well you have -- -- and a lot of novel ideas.
Take care.
OK -- by the way have a great piece of ideas he's gay just for you realistic about it we will talk yes and we will -- on the new menu all right meanwhile do you see these wall.
