After surviving the pandemic, Famous Toastery is ready to expand beyond Charlotte, Virginia, and Tennessee. CFO Adam Gordon owns two Famous Toastery restaurants, as does Executive Chef Julio Heras, informed that initially, it was driven by the opportunity that he felt was undervalued.
The first store was corporate-owned and located approximately ten minutes from Gordon’s house. The second store was also corporate-owned, but it was considered a franchise location up for sale. So, based on the opportunity of value, service, and profitability, Gordon considered opening his own Famous Toastery.
For Heras, self-employment was a goal, which he achieved with the 26-unit breakfast concept. Heras chose to be his boss, which was an excellent opportunity given his years of experience in the restaurant industry. He also invalidates his association with Famous Toastery as an employee but a franchise owner.
Gordon added that the company has evolved into an opportunity for those who have never operated a restaurant. He explains how his management partners can earn equity and, in time, become owners.
According to CEO and Founder Robert Maynard of Famous Toastery, the chain opened three sites last year, including a ghost kitchen in Warrington, Virginia, despite numerous setbacks, including staffing shortages and closures. He also implemented contactless payment and limited-menu items after being forced to make many adaptations, such as using paper menus and QR codes. However, the most significant development was the four-day introduction of an online ordering platform.
At the moment, Maynard is positive about growth, and he realizes how his decisions affect many people and brands. He is clear that what matters is not what occurred but how the brand advanced. He clarifies that it is about taking responsibility for successes and failings with equal interest. With the expansion strategy in mind, Maynard’s approach to Famous Toastery is to prioritize franchisees and customers.
Rather than expanding corporately, the brand and its management are focused on expanding through franchise partners wherein they want everyone to profit and determine their objectives and strategies for achieving them. Famous Toastery didn’t have that focus previously, but now the corporate office’s purpose is to assist their franchisees in achieving those objectives.
By 2022, Founder Robert Maynard of Famous Toastery plans to sell eight to ten units and open four to five restaurants the following year, i.e., 2023. By 2024, Famous Toastery intends to have 50 outlets. For Maynard, North Carolina is on the priority given its market penetration and visibility.
In this whole initiative, Maynard emphasizes finding the right candidate for franchise partnership and equipping them with proper tools and letting them grow with time and patience.