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White Castle V.P. Jamie Richardson, Tasti D-Lite CEO Jim Amos and FastSigns CEO Catherine Monson on the impact of the health-care law and fiscal cliff...
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Problems aren't living up to -- executive roundtable I can recover from that last -- we got some huge -- today to really still the truth about what all this tax talk of these fiscal clip concerns.
Really mean for businesses in your money -- -- -- as chairman of tasty delight when it's movie.
Catherine -- is CEO of fast lines and Jamie Richardson is the vice president of white castle we have the power panel on with us today.
Thank you all for joining us.
And I despite was some news from Clarence Otis was this CEO of Darden Restaurants.
Obviously came out and he said you know that the forecast for his company going forward is looking bleak for a couple of different reasons.
He's have been negative media coverage that focused on Darden and how they might accommodate Health Care Reform.
Has really hurt the company he was someone who came -- that they were gonna have to go ahead.
And use -- many more part time workers because obamacare was simply too expensive there was a big backlash against that so he's going to have to go ahead.
-- -- As a result you know they're gonna keep their full time workers on they're gonna they're really stuck with the cost of obamacare.
He also said you know they're having a tough times people are coming in the restaurants because the economy is bad so in my mind.
He spoke out -- got punished for at the same time the economy's terrible he's really struggling.
At the -- the -- not to hire more people I mean this is sort of the position a lot of business owners -- and -- what do you think about that.
We know that Darden has great brands is a great company with great people -- in the restaurant business you have to be resilient.
We're all dealing with a lot of uncertainty.
We thought that it would all be resolved by the election but -- we found out is.
There's a lot we're still waiting to understand that fiscal cliff and everything else that we're trying to face so.
I think it's important we -- continue to advocate.
That we share we really issues matter to our people and that we're we're part of that.
But Jim you know he got punished for speaking out.
And any still facing a really tough economic climate.
You know it seems you can't win for losing it should just keep your mouth -- at this point.
No I don't ever think that.
It's wise to keep your mouth shut because I think truth as a defense.
And it's unfortunate if in fact the case he's been punished either by the consumer.
Our investors for that matter for speaking out personally or politically but here's the reality of the battlefield.
Nothing's changed post election.
As opposed to pre election.
The uncertainty of the tax situation.
The fiscal cliff that -- everyone is tired of -- of appearing about frankly.
The over burdensome.
Regulatory environment that we're -- is depressing growth particularly for small business.
And I think that's -- primary distinction here is we talk about business itself because all businesses not created equal.
And the president's job council.
Who has some wonderful folks some friends of mine on it.
-- wholly inefficient in my view because there's no representation.
From small business on the job console.
Captain you know let me ask you when I look at what happen you know in this case of Darden because it it seems like something that's happened to a bunch of different companies.
The -- might take away in the end of the day.
Is there for sure not gonna hire anyone and that's what we need more than anything right now.
You're exactly right what we need is jobs jobs jobs and there's so much out of uncertainty out there right now with what's gonna happen with taxes we still don't know the full impacts of Obama -- hundreds of thousands of new regulations.
And we need to know what's going on to be able to make good decisions and then grow our businesses because of that.
But Jamie dirty pictures certain except we know what's going on I mean obamacare is gonna come in and be incredibly expensive for businesses taxes are going out.
The economy is slow we may or may not go over the fiscal clip but regardless.
You know the economy is stalled and taxes are going up.
I mean there is certainty it's just not great certainty.
-- you know as a family owned business after 91 years of being in business we know that there's business cycle.
What we need to continue to advocate for as job creators is the virtue of free enterprise we need to stand up for the principles that are gonna allow us.
To override our people employment create prosperity.
And we have to be able to do that and unified way.
Because -- even though the the forecast to look bleak at different times we have an incredibly resilient economy and -- great job creators out there who just given the chance.
We'll make a big difference and that's what we have to continue working on.
But Jim I mean aren't you afraid of being punished either by the public.
Or by the government for speaking out at this point I mean I have talked privately to people on Wall Street who have said.
You know they feel like you they get pistol whipped you know when they say anything against the administration that it comes back to bite them.
And so at this point it's better to either keep -- mouths shut or only say positive things this is what people -- told me.
Well -- responded that this way.
When -- -- mailboxes it's after I had 5000 locations one point six billion dollars and system sales and I started every year was 70% recurring revenue.
The majority of franchise businesses.
Are not large like that.
That kind of platform gives you alternatives and choices that you can make that's why -- all business is not created equal.
Companies like tasty delight in NNN's Catherine understands and so many other.
Leaders of small businesses realize that the discussion -- existential for the small business franchise owner.
They're facing these burdens they're facing the uncertainty they're facing a lending environment that doesn't exist anymore than it has in the last five years.
And if there isn't some certainty brought to this these people lose their investments their careers and their companies.
That's not a time to remain silent that's a time to step up and speak and and as Jamie said you know we have to begin again re making the case for free enterprise and markets and free people -- regardless who oppose.
-- you're -- how do you do that how do you do that.
Well I think we have opportunities like this on your show to talk about it I had the opportunity recently to speak to some high school kids about free enterprise and what it takes to be successful in America and I think -- business leaders we need to do that.
However.
I do know that fear of speaking out because pre election I was given an opportunity to be on a different show on a specific topic and I was afraid.
Of my stand and how passionate I was about it.
And how that might play out in effect my franchisees were all of you know -- -- what happened with.
Chick filet earlier in the year right now that wasn't a political stance it was.
Believe them that the CEO of chick -- but.
That's unfortunate reality in today's polarized world with social media.
Is those of us who are willing to speak out have to understand that there's the possibility.
That those who disagree with us are going to use that against us in this crazy world of social media and and they can do that fairly effectively -- I want.
