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The Restaurant Finance Monitor’s
TOP 200 RESTAURANT
FRANCHISEES
Top 200 Restaurant Franchisees
The real
operators
The top 25
#
Company
Revenue
Major Concepts
1
NPC International, Inc.
Overland Park, KS
$679,500,000
888 Pizza Hut
2
BF Companies/ERJ Dining
Louisville, KY
460,000,000
160 Wendy’s
104 Chili’s
3
Harman Management Corp.
Los Altos, CA
425,200,000
155 KFC
167 Yum! Multi
4
Carrols Restaurant Group, Inc.
Syracuse, NY
381,700,000
322 Burger King
Daniel Accordino - President/COO
Paul Flanders - CFO, VP & Treas
5
Apple American Group
San Francisco, CA
379,600,000
142 Applebee’s
Gregory G. Flynn - CEO
Lorin M. Cortina - CFO & EVP
6
Mason-Harrison-Ratliff Ent.
Oklahoma City, OK
354,000,000
274 Sonic
7
Boddie-Noell Enterprises
Rocky Mount, NC
345,400,000
343 Hardee’s
10 Moe’s SW Grill
8
Briad Group (The)
Livingston, NJ
342,900,000
70 TGI Friday’s
46 Wendy’s
Brad Honigfeld - CEO
David Cahill - Sr. VP/CFO
9
Covelli Enterprises
Warren, OH
320,000,000
134 Panera Bread
3 O’Charley’s
Sam Covelli - President
Bob Fiorino - CFO
10
Pepper Dining, Inc.
Charlotte, NC
300,000,000
100 Chili’s
11
Heartland Food Corp
Downers Grove, IL
296,400,000
273 Burger King
Steve Wiborg - CEO/President
Joel Aaseby - CFO
12
Strategic Restaurants
Acquisition Corp.
San Ramon, CA
295,900,000
255 Burger King
Jerry Comstock - CEO
Steven Grossman - CFO
13
Kazi Management VI
Studio City, CA
292,600,000
231 KFC
22 Burger King
Zubair Kazi - CEO
Michael J. Cook - CFO
14
ADF Companies
Fairfield, NJ
287,600,000
310 Pizza Hut
8 Panera
15
Sunshine Restaurant
Partners/ACG Texas
Atlanta, GA
283,500,000
197 IHOP
16
Thomas & King
Lexington, KY
263,000,000
17
Pilot Travel Centers llC
Knoxville, TN
256,500,000
141 Subway
46 Arby’s
18
AppleGrove Restaurants
Atlanta, GA
255,600,000
104 Applebee’s
By Paul Olson
M
uch has happened in
the chain restaurant
industry since we last
compiled the Monitor
200. At this time last year, we wrote
about the difficult operating environment that seemed to be driving
customers away from casual dining
toward the thrift and convenience of
quick service. The “aspirational” user,
as industry jargon had it, was feeling
the impact of a slowing housing market and the decline of ready home
equity cash, and spending accordingly. Looking back, those were the
good times.
Then came the great housing bubble burst and with it the aftershocks
that seized up credit markets and ushered in the bailouts. Americans were
faced with the reality that their houses
were worth considerably less than they
thought. Restaurant traffic fell off considerably.
That’s the environment the top 200
franchisees are operating in. Traffic is
down. Food, labor and energy costs
are up. And there’s a royalty to pay,
too. At times like this it’s good to be
the franchisor. Restaurant company
shareholders are reassured by franchise company executives with lines
like: “We’re no longer in the restaurant or capex business, we’re in the
intellectual property business.” By
that they mean the royalty collection
business.
The franchisees are the real restaurant operators. They have to try to
make money selling $1 burgers even
when bun prices are doubling. They
have to put money aside to update
their décor and repave the parking lot,
often at the whim of the franchisor.
They have to invest in the new coffee
machines that’ll likely increase sales,
but not necessarily profits.
During Burger King franchisee
Carrol’s Restaurant Group’s recent
earnings call, CFO Paul Flanders
was asked about the corporate mandate that all restaurants stay open
until 2 a.m. and how that was likely
to impact sales. “I certainly think it’s
64
August 2008
90 Applebee’s
7 Johnny Carino’s
Senior Executives
James K. Schwartz - President/CEO
Troy D. Cook - Exec. VP/CFO
Junior Bridgeman - President
Troy Hanke - CFO
James D. Olson - Chairman/CEO
James B. Jackson - CFO
Ralph Mason - Partner
H. Max Harrison - Partner
William L. Boddie - President
W. Craig Worthy - Sr. VP/CFO
John McGlone - CEO
Gary Sachs - CFO
Donald Harty - President
Michael Lubitz - CFO
Langteau/Leonard - CEO/President
Shaw/Lakhani - CFO
Mike Scanlon - President
Beth Waldrep - CAO
Jimmy Haslam - President
Mitch Steenrod - Sr. VP & CFO
Steve Grove - CEO
Mike Rummel - CFO
Restaurant Franchisees Top 200
The top 25
#
Company
19
Quality Dining, Inc.
Mishawaka, IN
20
Revenue
Major Concepts
Senior Executives
247,000,000
120 Burger King
44 Chili’s
Daniel B. Fitzpatrick - CEO
John C. Firth - President
United States Beef Corp.
Tulsa, OK
246,100,000
253 Arby’s
4 Taco Bueno
Jeffery Davis - CEO
P. Brett Pratt - CFO
21
Doherty Enterprises
Allendale, NJ
238,000,000
55 Applebee’s
17 Panera Bread
22
Breckenridge Group, Inc.
Rancho Santa Margarita, CA
223,100,000
31 Burger King
26 Johnny Carino’s
23
JRN, Inc.
Columbia, TN
216,300,000
176 KFC
26 Yum! Multi
24
DavCo Restaurants
Crofton, MD
214,000,000
159 Wendy’s
Joseph Cunnane - President
Charles McGuire - VP Fin/Treas
25
K-MAC Enterprises
Ft. Smith, AR
202,500,000
124 Taco Bell
17 KFC
Sam Fiori - President
Jennifer Kizer - Dir. Of Finance
Edward Doherty - President
Jerry Marcopoulos - CFO
John D. Gantes - President/CEO
John R. Neal - President
Dick Moore - CFO
26-200
#
Company
Major Concepts
Senior Executives
$100 MIllIoN To $180 MIllIoN
26
Sun Holdings
Irving, TX
27
Interfoods of America
Miami, FL
165 Popeye’s
18 Taco Bell
28
B & B Consultants
Las Cruces, NM
141 Sonic
29
Valenti Management
Tampa, FL
120 Wendy’s
17 Chili’s
30
Fugate Enterprises
Wichita, KS
193 Pizza Hut
72 Taco Bell
31
Caspers Company
Tampa, FL
32
Cedar Enterprises
Columbus, OH
33
Applesauce, Inc.
/Apple Illinois llC
Crestview Hills, KY
77 Popeye’s
48 Golden Corral
78 McDonald’s
134 Wendy’s
81 Applebee’s
Guillermo Perales - President
Maria Castelao - CFO
Robert S. Berg - Chairman/CEO
Steve M. Wemple - President/COO
Barbara Stamner - President
Leslie Berriman - CFO
Darrell Valenti - Chairman & CEO
Steve Nesbitt - CFO & VP
Larry Fugate - President
Ron Bazzelle - CFO
Blake Casper - CEO
Chuck Peterson, Jr. - CFO
J. David Karam - President
James Evans - VP Finance
W. Curtis Smith - President
Jerome D. Kreger - CFO & EVP
going to increase sales,” he responded.
“Whether or not those two hours are
profitable obviously is questionable. If
they were profitable, my assumption
is we would have been open already
until 2 a.m.”
So with that, we tip our hat to the
Monitor 200 franchisees. Collectively,
they rang up $21.5 billion in sales last
year at nearly 17,000 restaurants, a
5.5-percent increase in revenues over
2006 and an 8-percent increase in
units. All told these franchisees operated 75 different concepts.
Yum! Brands franchisees again
dominate the ranking, its five brands
accounting for 6,246 of the represented restaurants, over one-third of
the total. Taco Bell is the most widely
franchised concept of the 75 with 37
different operators, followed by Burger
King and KFC with 31 and Pizza Hut
with 29. The 28 Applebee’s franchisees
in the list operated 1,157 of the brands
restaurants, 86 percent of the entire
domestic franchised system.
Will franchise development slow
in 2008 along with the economy?
A number of restaurant companies
have scaled back planned expansion,
although the Monitor 200 franchisees
will probably go against the grain and
continue their growth. Th at’s what
entrepreneurs do.
Given the volume of company
stores looking for buyers, these large,
established franchisees should have
plenty of opportunity to add to their
unit counts with attractively priced
restaurants. Apple American Group’s
addition of 41 Applebee’s restaurants
and the private equity firm Olympus
Partners’ purchase of 89 Chili’s early
last year are likely just the tip of the
iceberg.
Pepper Dining is a new addition to
the top 10 this year, along with Wendy’s
and Chili’s franchisee BF Companies/
ERJ Dining (formerly Manna) and
Panera and O’Charley’s franchisee
Covelli Enterprises. Together, the top
10 companies generated $4 billion in
sales in 2007, operating 2,921 franchised restaurants.
With rebate checks arriving as we
go to press, perhaps restaurant traffic
will again pick-up. Either way, these
companies will find a way to make it
through. They’re operators, after all.
August 2008
65
Top 200 Restaurant Franchisees
#
Ralph Mason
Mason-HarrisonRatliff Enterprises
R
alph Mason didn’t bother
to quit his day job when he
bought a Sonic Drive-In
franchise in 1964. At the
time, Mason worked for a subsidiary of
IBM. He ran into a friend who owned
a Sonic in Oklahoma City, thought it
was a good opportunity and bought a
store for himself.
“I thought at the time it would
be a side business,” Mason said. He
was wrong. It would be a great primary business. “After I decided the
first one was good, I opened the second one and quit IBM and went down
the road with Sonic. I was a great decision.”
Indeed, today Mason is one of three
partners who own the nation’s largest Sonic franchise. With ownership
in 272 locations and annual revenues
of $354 million, Oklahoma-based
Mason-Harrison-Ratliff Enterprises is
the country’s sixth largest restaurant
franchisee. And its revenues and presence continues to grow: In four years
it has added 28 units and $81 million
in revenue. It recently worked out a
deal to open Sonic stores in Indiana,
Illinois and Wisconsin.
Mason-Harrison has grown by
following Sonic’s franchising strategy of encouraging ownership. The
company no longer operates any
stores. Instead, it recruits partners
for each of the stores—mostly husband-and-wife management teams.
The partners operate the stores, and
Mason-Harrison acquires the land
and builds the units. It also helps the
franchisees get financing.
“We help people get into the Sonic
business and continue to be in the
Sonic business,” Mason said. “We
didn’t start that process, but it’s
worked very well.”
Mason then quoted Sonic’s founder,
Troy Smith, who used an analogy of a
high school kid’s first car to describe
the benefits of franchising: “He said,
if there’s a young guy and he borrows
his Dad’s car, he might wash and take
care of that car. But if he has his own
car, he’ll be out there shining that car
66
August 2008
Company
Major Concepts
Senior Executives
34
T.l. Cannon Management Corp.
Ponte Vedra Beach, FL
61 Applebee’s
1 Urban Flats Flatbread
35
Border Foods Inc.
Golden Valley, MN
91 Taco Bell
76 Pizza Hut
36
Tacala, llC
Birmingham, AL
37
Rose Group (The)
Newtown, PA
38
Western Reserve Rest. Mgmt.
Rochester, NY
39
Apple Gold Group
Raleigh, NC
72 Applebee’s
6 Burger King
40
Metro Corral Partners, Inc.
Orlando, FL
24 Golden Corral
Eric Holm - President
Diane Holm - Vice President
41
Jan Companies
Cranston, RI
96 Burger King
3 Popeye’s
Nicholas Janikies - President
William Janikies - COO
42
Wisconsin Hospitality Group
Wauwatosa, WI
83 Pizza Hut
41 Applebee’s
Mark Dillon - President/CEO
Jason Westhoff - CFO
43
Restaurant Management Co.
Wichita, KS
44
Carlisle Corporation
Memphis, TN
97 Wendy’s
45
Friendly Franchisees Corp.
La Palma, CA
66 Carl’s Jr.
14 Papa John’s
46
Quality Restaurant Concepts
Birmingham, AL
54 Applebee’s
4 Up the Creek
47
Carolina Restaurant Group
Charlotte, NC
84 Wendy’s
48
Kaizen Group of Companies
Beaverton, OR
71 Burger King
53 Denny’s
49
Wendy’s of Colorado Springs
Colorado Springs, CO
74 Wendy’s
10 Golden Corral
50
BR Associates, Inc.
Jasper, IN
51
Pennant Foods Corp.
Knoxville, TN
94 Wendy’s
52
Scarbrough Management Corp.
San Ramon, CA
67 Burger King
5 On the Border
53
D.l. Rogers Corp.
North Richland Hills, TX
86 Sonic
1 Chicken Reds
Matthew J. Fairbairn - CEO
Ritch Mabry - VP/CFO
Lee J. Engler - President
Barry Zelickson - Sr. VP
171 Taco Bell
5 Long John Silver’s
Donald M Ghareeb - President
Joey Pierson - CFO
54 Applebee’s
3 Corner BakeryCafe
Harry T. Rose - Chairman & CEO
Christopher Tobia - CFO & VP
111 Wendy’s
133 Pizza Hut
17 Long John Silver’s
103 Long John Silver’s
30 Wendy’s
Richard C. Fox - President
Robert L. Cottier - CFO
Michael D. Olander - President
Elizabeth McGee - CFO
Hal W. McCoy II - CEO
Terry Freund - CFO
Gene Carlisle - President
Paul Volpe - VP Finance
Harshad Dharod - Pres./Owner
Anthony Carrick - CFO
Fred Gustin - President
Charles Galloway - CFO
Quint Graham - President
Gary Miller - CFO
Syed Ahmad - President
Pierre LaBauve - CFO
Richard W. Holland - President
Chris Rushing - Controller
Robert Ruckriegel - President
Jason Kelly - CFO
Mike Cardinal - CEO
Tina Hertzal - CFO
William L. Scarbrough - President
Kelly Scarbrough - President
James Junkin - President
Mark Berger - CFO/Controller
Restaurant Franchisees Top 200
#
Company
Major Concepts
Senior Executives
54
The Napoli Group
Windham, NH
55
RPM Pizza
Gulfport, MS
56
Bistro Group (The)
Cincinnati, OH
31 TGI Friday’s
5 McAlister’s
James Rieger - President
Peter McKnight - CFO
57
Apple-Metro, Inc.
Harrison, NY
25 Applebee’s
2 Chevys Fresh Mex
Roy Raeburn - President
Frank Venice - CFO & EVP
58
Concord Hospitality, Inc.
Lincoln, NE
42 Applebee’s
6 Village Inn
Larry Bird - CEO
John Gabel - CFO
59
Simmonds Restaurant Mgmt
Omaha, NE
72 Burger King
7 Taco John’s
Michael Simmonds - President
Paula Glissman - CFO
60
Strang Corporation
Cleveland, OH
25 Panera
27 Applebee’s
Donald W. Strang III - President
Gerald M Stoffl - CFO
61
Daland Corporation
Wichita, KS
93 Pizza Hut
16 Panera Bread
62
Palo Alto Inc.
Denver, CO
70 Taco Bell
40 Pizza Hut
Robert Alvarado - Chairman/CEO
David M. Godfrey - CFO
63
Pacific Island Restaurants, Inc.
Honolulu, HI
50 Pizza Hut
40 Taco Bell
Greg Dollarhyde - Chairman
Kevin Kurihara - VP/CFO
64
Duke & King Acquisition Corp
Burnsville, MN
106 Burger King
65
Pizza Properties, ltd
El Paso, TX
40 Peter Piper Pizza
26 Burger King
66
Tar Heel Capital
Boone, NC
76 Wendy’s
67
Frisch’s Restaurants Inc.
Cincinnati, OH
35 Golden Corral
68
Foodservice Management Co
Roseville, CA
71 Jack in the Box
69
luihn Food Systems
Morrisville, NC
36 KFC
26 Taco Bell
73 McDonald’s
134 Domino’s Pizza
Peter Napoli - Owner
Sal Napoli - Owner
Glenn A. Mueller - President
Richard P. Mueller, III - COO
Willam J. Walsh Jr. - President
Alan Seiwert - CFO
Rodger Head - President
Becky Moldenhauer - CFO
and cleaning it even if it was an old
clunker. He’s much more interested in
that car than he’d be if it were somebody else’s.”
Mason-Harrison has been around
nearly as long as Sonic, which got its
start in 1953 and has more than 3,400
locations nationwide. In more recent
years, Mason-Harrison has benefited
from Sonic’s growing popularity—
the chain’s ads are ubiquitous on
cable TV, which has helped generate
strong name recognition even in markets it’s not located. That has enabled
the chain to boast a steady stream of
system-wide increases in same-store
sales, even during difficult economic
periods.
“Sonic is a really good business,”
Mason said. “Sometimes it’s better
than others.” He worried that rising gas prices would have an impact
on the company’s business in recent
years—given that its business is exclusively from drive-up traffic—but thus
far that hasn’t been the case.
Yet Mason said that the quality of
operations at a particular location is
more important to its ultimate success
than the overall economy. “Our success is based on our ability to run the
stores in a good way,” he said.
— Jonathan Maze
John T. Hjalmquist - President
Kirk Robison - Chairman & CEO
James C. Furman - CEO
Melissa Collins - CFO
Craig Maier - CEO
Donald Walker - VP/CFO
Abe Alizadeh - CEO/President
Bal Pal - Vice President
Jody Luihn - President
Al Luihn - CEO
$90 MIllIoN To $100 MIllIoN
70
Casual Rest. Concepts
Tampa, FL
31 Applebee’s
Franklin Carson - President
Annette Kirk - CFO
71
Morgan’s Foods, Inc.
Cleveland, OH
73 KFC
20 Yum! Multi
Leonard Stein-Sapir - CEO
Kenneth L. Hignett - CFO
72
Apple Creek Management
Duluth, GA
40 Applebee’s
Bill Palmer - President/CEO
Jerry Killinger -VP/CFO
Collectively, the
Monitor 200 rang
up $21.5 billion
in sales last year
at nearly 17,000
restaurants, a
5.5-percent increase
in revenues over
2006 and an
8-percent increase
in units. All told
these franchisees
operated 75
different concepts.
August 2008
67
Top 200 Restaurant Franchisees
#
Kevin Sonneborn
Seattle PJ Pizza
A
s he toured clubs and restaurants in Los Angeles in the
late 1970s, Kevin Sonneborn
never thought he’d one
day end up serving the food. He was
a jazz guitarist, after all, not a restaurant guy.
Yet here he is, 30 years later, on the
Monitor 200—199 to be specific—
thanks to his ownership of 42 Papa
John’s in Seattle and Portland, Oregon.
Sonneborn admits that the path from
musician to pizza franchisee is not
an obvious one but, “I just got into
accounting and I really enjoyed it. I
had experience working in restaurants
as a musician and ended up on that
side of it. It took off from there, and
I’m glad I did it.”
Sonneborn, who earned his MBA
and became a certified public accountant, bought into the Red Robin
franchise system in 1981 with two
partners. That system was good to
him, he said, but 15 years later they
were looking to expand their horizons
and try something else.
That’s when they tried starting their
own system, a casual restaurant called
Copper Sky. Yet that effort didn’t take
off—starting a new concept from
scratch is a lot different than buying
into an existing one. “We determined
that wasn’t working,” Sonneborn said.
“It didn’t fit our niche.”
Still looking for something else,
they went back to franchises. “I think
there’s a higher success rate in being
a franchise owner,” Sonneborn said.
They looked at numerous concepts
before settling on Papa John’s, the
Kentucky-based pizza delivery franchise started out of the back of a bar
in 1984.
The reason for picking the company, Sonneborn said, was simple:
its numbers were good. Papa John’s
had a 3-to-1 sales to investment ratio,
enabling the owners to make a quick
return on their investment.
They bought a dozen Papa John’s
in the Pacific Northwest in 1999 and
proceeded to build a dominant position in the market, opening three or
four new stores each year. The fran-
68
August 2008
73
Company
Major Concepts
Southern Multifoods, Inc.
Jacksonville, TX
51 Taco Bell
21 Yum! Multi
Senior Executives
Larry Durrett - President
Robert Cudd - CFO
$80 MIllIoN To $90 MIllIoN
74
Paradigm Investment Group
Rancho Sante Fe, CA
95 Hardee’s
75
ClP Corporation
Homewood, AL
43 McDonald’s
76
BurgerBusters, Inc.
Virginia Beach, VA
81 Taco Bell
10 Pizza Hut
77
Colonial Foods llC
Chesapeake, VA
96 Pizza Hut
3 Yum! Multi
Mike McClellan - President
Danny Ulik - CFO
78
MRCo, llC
Brentwood, TN
66 Taco Bell
18 Yum! Multi
Farzin Ferdowsi - President
Michael Shahsavari - Sr. VP/CFO
79
Pacific Bells, Inc.
Vancouver, WA
79 Taco Bell
Tom Cook - President
Mary Bottoms - CFO
80
Mach Robin, llC
Sun Valley, ID
31 Red Robin
Chris Stephens - CEO
Kevin Embree - CFO
81
Rage, Inc.
Wichita, KS
82
Muy Brands, llC
San Antonio, TX
48 Pizza Hut
9 Yum! Multi
83
Kessler Group, Inc.
Rochester, NY
46 Friendly’s
21 Burger King
84
Twins Group (The)
Bannockburn, IL
63 Pizza Hut
34 Taco Bell
106 Pizza Hut
Don Wollan - Chairman
Brian Kelley - Managing Owner
James Black - President
Richard Wood - CFO
Tassos Paphites - CEO
David Lajoie - CFO
Dale Roach - President
Steve Stansbury - CFO
Jim Bodenstedt - President
John Haynie - CFO
Laurence Kessler - President
Dennis Kessler - Executive VP
Nick Kallergis - President
John Kallergis - CEO
$70 MIllIoN To $80 MIllIoN
85
Austaco, Inc.
Austin, TX
86
Royal Capital
Atlanta, GA
87
AB Enterprises
Redding, CA
14 Burger King
11 Applebee’s
Joseph Wong - President
Bob Kirshner - CFO
88
Stanton & Assoc., Inc.
Jackson, MI
61 Wendy’s
1 Tim Horton’s
Mark Behm - Co-Owner
Caroline Lowe - CFO
89
QK, Inc.
Holbrook, AZ
64 Denny’s
5 Del Taco
Robbie Qualls - President
Doug Koch - Vice President
90
Goldco, llC
Dothan, AL
59 Burger King
Frank Rackstraw - President
73 Taco Bell
112 Church’s Chicken
Dirk Dozier - CEO/President
Dave Polis - Sr. Vice President
David Davoudpour - President
Restaurant Franchisees Top 200
#
Company
Major Concepts
Senior Executives
91
Team Schostak
Family Restaurants
Livonia, MI
60 Burger King
3 Del Taco
Mark S. Schostak - President/CEO
Mike Devlin - VP of Finance
92
Mancha Development Company
Corona, CA
36 Burger King
18 Denny’s
Vince Eupierre - CEO
Bob Gonda - CFO
93
Sizzling Platter, Inc.
Murray, UT
22 Sizzler
52 Little Ceasar’s
94
Patterson & Associates
Louisville, KY
52 Wendy’s
95
Altes llC/Setla llC
Boca Raton, FL
96
W.K.S. Restaurant Corp.
Lakewood, CA
51 El Pollo Loco
4 Denny’s
Roland C. Spongberg - President
Matthew McGuinnes - CFO
97
V&J Holding Inc.
Milwaukee, WI
64 Pizza Hut
38 Burger King
Valerie Daniels-Carter - President
John Daniels - Vice President
98
CFRA, Inc.
Concord, NC
41 IHOP
99
K Investments of ohio
Bloomsberg, PA
43 Perkins
100
Benton Properties, Inc.
Rogers, AR
62 Sonic
101
William Tell, Inc.
Salt Lake City, UT
17 Applebee’s
8 Famous Dave’s
102
Marwin Management
Dallas, TX
62 CiCi’s
103
Churpeyes, Inc.
Columbia, SC
53 Sonic
32 Church’s
104
Austin Sonic
Austin, TX
57 Sonic
105
Falcon Holdings
Oak Brook, IL
102 Rally’s
6 Checker’s
101 Church’s Chicken
Ted Morton - President
Steve Pack - Controller
James Patterson - President
Mark Wheeler - Vice President
Robert Alrod - CEO
Mitch Alrod - Managing Director
Tom Gough - CFO
John Klingerman - President
Russ Berner - Vice President
Pete Esch - President/CEO
Ron Babcock - CFO
John B. Prince - President
Douglas C. McDougal - CFO
Mario Cernadas - President/CEO
Greg Cook - CFO
Leon Irons - President
Robert Elmerick - CFO
Jerry Conway - President
Vic Lacy - CFO
Aslam Kahn - CEO/President
Giovanna Koning - CFO
$60 MIllIoN To $70 MIllIoN
106
RGT Management, Inc.
Memphis, TN
51 Taco Bell
20 Long John Silver’s
107
High Plains Pizza
Liberal, KS
76 Pizza Hut
108
McEssy Investment Co.
Lake Forest, IL
30 McDonald’s
109
J&B Restaurant Partners
Ronkonkoma, NY
33 Friendly’s
11 Taco Bell
chisee now owns 42 units; enough to
dominate most of Seattle and Portland,
and the company—Seattle PJ Pizza—
plans to keep opening restaurants in
the coming years.
The company is focused exclusively
on pizza, having sold its Red Robin
holdings back to the franchisor shortly
after getting into the pizza business.
That focus will continue in the future,
Sonneborn said, despite a difficult
operating environment. High cheese
costs, on top of gas prices and labor
costs, have hammered many pizza
chains in recent years, draining profits at a time when many consumers are
opting for low-cost pizzas.
Yet Sonneborn considers the economy an opportunity. The company’s
size enables it to get better food prices,
and it can withstand the economic
onslaught better than the many momand-pop pizza shops against which
Papa John’s competes. Many of those
mom-and-pops are closing, he said.
“It’s a tough time to be in business but
a good time to gain market share,”
Sonneborn said.
Still, it’s not a good time to be
a guitar-playing franchisee, either.
Sonneborn doesn’t play guitar like
he used to—the pizza is taking up all
of his time. “I don’t play,” he said. “I
should. But ever since I’ve been in the
pizza business, I’ve been too busy to
play.”
—Jonathan Maze
Sean Tuohy - CEO
Michael Roe - COO
William Colvin - President
Amy Hinkle - CFO/Controller
Bill McEssy - CEO
Ernie Masucci - President/COO
Joe Vitrano - President
Jerry Snearly - CFO
Yum! Brands franchisees
dominate the ranking,
its five brands
accounting for 6,246
of the represented
restaurants, over onethird of the total. Taco
Bell is the most widely
franchised concept of
the 75 with 37 different
operators, followed by
Burger King( a non-YUM
brand) and KFC with 31
and Pizza Hut with 29.
August 2008
69
Top 200 Restaurant Franchisees
#
Guillermo Perales
Sun Holdings
G
uillermo Perales never
stops working. Oh sure,
there are times when he’s
not on the clock, so to
speak, yet he can’t ever quite shut that
business radar off, not even when he’s
on vacation.
“He’s always looking out for a new
business opportunity,” said Federico
Reyes, who has known Perales for
more than 20 years. “He stops somewhere, sees a good location, takes
information and looks at it. We say,
‘Hey, we’re on vacation.’ But that’s one
of the reasons he’s successful. He’s
basically always thinking business.”
Perales’ constantly running business
motor has served him well in the franchise world, enabling him to go from
zero to major multi-unit, multi-concept franchisee in just about a decade.
His company, Sun Holdings, is one of
the fastest Hispanic-owned businesses
in the nation. It is the largest Golden
Corral franchisee with 48 units. It is
also a big developer of Popeyes and
now Perales has his mind set building
his own Burger King Empire.
Yet even as he expands and builds
new stores—he has another 18 restaurants under construction—Perales is
looking for something else: another
restaurant concept, perhaps, or even
another hotel. “I love to develop, and
I’m a very aggressive developer,” the
45-year-old said. “I love to work.”
But Guillermo Perales’ success is
not simply a story of hard work and
persistence despite long odds and periodic setbacks (though it is), it’s about a
businessman who recognizes that failure is a distinct possibility—especially
when that business is a restaurant—
and takes steps to alleviate that risk.
Perales grew up in Saltillo, Mexico,
a city of 630,000 in the Sierra Madre
Mountains west of Monterrey. The son
of an engineer, Perales is described as a
hard worker by those who know him,
the type of person who will answer
e-mails at 2 a.m.—and sometimes
wonder why it takes until after sunrise for them to be answered.
In 1992 he became a franchisee of
Golden Corral. Perales and his busi-
70
August 2008
Company
Major Concepts
Senior Executives
110
Ansara Restaurant Group, Inc.
Farmington Hills, MI
20 Red Robin
5 Big Boy
111
Emerald Foods, Inc.
Houston, TX
61 Wendy’s
112
Al Hut, Inc.
Independence, OH
113
Apple J, lP
Greenville, SC
32 Applebee’s
114
Carisch, Inc.
Wayzata, MN
73 Arby’s
115
RoHoHo, Inc.
Charleston, SC
55 Papa John’s
21 Qdoba
Philip L Horn, Jr. - President
Peggy Hunt - CFO
116
Coastal QSR
Port Charlotte, FL
34 Taco Bell
11 Yum! Multi
Carlos Silva - Vice President
Wiley Turner - CFO
117
leVecke & Company
Guadalupe, AZ
56 Carl’s Jr.
9 Pizza Patron
118
Fowler Foods
Jonesboro, AR
34 KFC
20 Yum! Multi
119
GenXmex Foods
Wentzville, MO
36 KFC
30 Taco Bell
Peter Rook - President
Scot Wederquist - CFO
120
Southern Bells, Inc.
Indianapolis, IN
55 Taco Bell
5 KFC
Craig Fenneman - President
Doug Shafer - CFO
121
R & l Foods Inc.
San Antonio, TX
30 Pizza Hut
17 Yum! Multi
Richard Breakie - President
John Haynie - CFO
122
West Quality Food Service
Laurel, MS
60 KFC
11 Yum! Multi
Richard West - President
David Childress - CFO
123
Hospitality Restaurant Group
Traverse City, MI
60 Taco Bell
31 Pizza Hut
124
Melton Management Co.
Jupiter, FL
28 McDonald’s
Keith Melton - Owner
Mark Whatson - Owner
125
Apple Core Enterprises, Inc.
Minot, ND
22 Applebee’s
Myron Thompson - President
Robert J. Lamont - CFO
110 Pizza Hut
Victor Ansara - President
Lewis Ansara - VP
Donald L. Feinstein - Chairman
Mark J. George - President
Charles D. Hudson - CEO
Christopher M. Flocken - CFO
Art Everson - President/CEO
Coye Mann - CFO
Gerald Carisch - Partner
George Carisch - Partner
Jason LeVecke - President
Annette Atkisson - CFO
Chris Fowler - President
Jamie King - Controller
Ken Underwood - President
Diane Burns - CFO
$50 MIllIoN To $60 MIllIoN
126
Bailey Company (The)
Golden, CO
59 Arby’s
2 Good Times
Geoffrey Bailey - President
William D. Whitehurst - CFO
127
Cimm’s Inc.
Glendale, CA
51 Burger King
Ralph Cimmarusti - President
Lawrence Cimmarusti - Chairman
128
Southeast QSR
Martinez, GA
54 Taco Bell
1 Pizza Hut
Jim Chandler - Vice President
Thaddeus Foster - Vice President
Restaurant Franchisees Top 200
#
Company
Major Concepts
Senior Executives
129
Meritage Hospitality Group
Grand Rapids, MI
49 Wendy’s
4 O’Charley’s
Robert E. Schermer - CEO
Gary Rose - CFO & COO
130
First Sun Management Corp.
Clemson, SC
48 Wendy’s
Kelly Durham - President
Clark Mizell - CFO
131
Dolan Foster Enterprises, llC
Pleasanton, CA
65 Taco Bell
Paul Luce - CFO
R. Rodrigues/R. Low - Owners
132
Apple Corps, l.P.
Wichita, KS
24 Applebee’s
133
lunan Corp.
Chicago, IL
65 Arby’s
7 Burrito Beach
Gregory Schulson - President
Steve Ganek - Controller
134
Restaurant Management Group
Concord, NC
45 Hardee’s
16 Little Ceasars
Jack Mangan - CEO/President
Craig McClure - CFO
135
C.H. James Restaurant Holdings
Deerfield, IL
43 Burger King
Charles H James III - President
Michael Nicholas - CFO
136
Twoton Inc.
Lancaster, PA
39 Burger King
William L. Harrington - CEO
Gerald E. Mitchell, Jr. - President
137
Hallrich Inc.
Kent, OH
83 Pizza Hut
Anthony Szambecki - CEO
Dennis R. Abbuhl, Jr. - CFO
138
lDF Food Group, Inc.
Wichita, KS
42 Wendy’s
Larry Fleming - Chairman
Don Haynes - President
139
C.J.K. & Associates
Lodi, CA
19 Applebee’s
10 Burger King
David Knox - CEO
Cheryl Maveety - CFO
140
C & l Restaurant Group
Canoga Park, CA
33 Burger King
9 Denny’s
Daniel Chu - President
Lindsay Luu - CFO
141
Metz Enterprises
Dallas, PA
12 TGI Friday’s
4 Krispy Kreme
142
Desert de oro Foods, Inc.
Kingman, AZ
55 Taco Bell
143
Quantum Management
Draper, UT
40 IHOP
144
DRM, Inc.
Omaha, NE
68 Arby’s
145
Cleveland Restaurant oper.
Independence, OH
9 TGI Friday’s
22 Baja Fresh
Ross Farro - CEO
Ed Casey - President
146
Bros. Management Inc.
Knoxville, TN
27 McDonald’s
Tom Cochran - President
Gary Magee - CFO
147
DoRo Inc.
Eau Claire, WI
61 Hardee’s
4 Taco John’s
Jon J. Munger - President
Fred Koch - Vice President
148
Gala Corporation
Los Alamitos, CA
18 Applebee’s
3 Del Taco
Anand Gala - President
Cyrus Commissariat - VP Finance
David Rolph -President
Mark Rouleau-CFO
Jeffrey C. Metz - President & COO
Greg Polk - VP of Finance
Krystal Burge - President
Mark Peterson - Vice President
Stanley Wong - President
Sue Lynn - CEO
Matt Johnson - President & CEO
Mike Morgan - CFO
ness partners set an ambitious goal: 10
restaurants throughout Mexico, the
first in his hometown of Saltillo.
Perales’ dream was close to a reality by December 1994. He and his
partners secured the financing. They
bought the land. It was leveled, and
workers were ready to pour concrete
for the parking lot.
That effort quickly fell apart when
the Mexican government devalued
the peso. Economic investment in the
country grounded to a halt. Interest
rates skyrocketed. Perales and his
partners were forced to abandon their
plans.
The setback would ultimately work
in Perales’ favor, however. Indeed, it’s
entirely possible that he would not be
in the position he is today had that not
happened. “To every bad thing there
is a good thing,” he said.
Perales moved back to the U.S.,
losing some of his partners in the process. He was able to convince Golden
Corral to let him transfer his development rights to the Dallas area. He
secured financing from the SBA and
opened his first unit in Richardson,
Texas, in 1997—five years after he first
set about to go into business.
“I wanted to do two or three stores
fast,” he said. “Th at way, if I failed
with one, I could support that one
with the good stores. You always get
dogs.”
He opened four Golden Corrals,
and it turned out to be a wise move.
The Richardson store didn’t do well.
The second store faltered and later
closed. But his third and fourth stores
did brisk sales. “There is no question
that if I opened one or two stores, I’d
be out of business,” Perales said.
Th at’s why he owns his own real
estate. When a store went under, his
company still had its building and
land that could be leased or sold.
“Every restaurant company complains
about dogs,” Perales said. “You always
get some. You have to live with them.
But you close them. You sell the real
estate. If you own the real estate, you
can sell it or put it to a different use.”
Perales didn’t wait until his fi rst
Golden Corral was open to start looking for other concepts. Perales wanted
a chicken concept and felt Popeyes
Sun Holdings continued on 72
August 2008
71
Top 200 Restaurant Franchisees
#
Sun Holdings
continued from 71
Chicken & Biscuits’s menu was
unique enough to thrive in a competitive environment. He was offered the
entire Dallas-Fort Worth market.
Dallas “is the most competitive market for chicken in the U.S.,”
Perales said.
Today, Popeyes’ market share
in Dallas is four times what it was
when Perales bought it. He is also
a three-time winner of the company’s developer of the year award and
is the company’s second-largest franchisee. “He built out and dominated
the market,” said Greg Vojnovic, vice
president of development for Popeyes.
“The best way to dominate a market is
to build it out.”
From chicken to burgers
Perales said he bugged Burger King
in the late 1990s to become a franchisee—the company had just come off a
few years worth of strong sales. “They
didn’t want to let me develop,” he said.
“Finally they let me build two stores.
They gave me some of the markets they
hadn’t prioritized.”
The units weren’t as successful as
he had predicted. One of them is now
closed. The other is growing but is not
strong. His explanation is simple: The
buildings were 4,300 square feet with
playgrounds. “They were Taj Mahals,”
he said. They were too big to justify
sales. The first one closed. The second
is growing, but is still not where he
wants it to be.
As a result, Perales didn’t become
a large developer of Burger King like
he did with Popeyes and Golden
Corral. That’s about to change, he said,
because the company has changed.
“The new prototype is smaller
and has no playground,” he said. “It
requires a smaller piece of land. I can
build a Burger King for $1 million to
$1.1 million. The first two stores cost
$1.6-$1.7 million. You do the math.”
The smaller footprint reduces
upfront and annual costs and boosts
unit economics. “A lot of franchisors
have made the buildings smaller,” he
said, “so you’re able to make the investment work.” Now bullish on the King,
Perales is aiming to increase his Burger
King holdings.
72
August 2008
Company
Major Concepts
Senior Executives
149
Whit-Mart, Inc.
Charleston, SC
27 Applebee’s
150
Janjer Enterprises, Inc.
Silver Springs, MD
31 Popeye’s
151
U.S. Restaurants, Inc.
Blue Bell, PA
37 Burger King
Steven M. Lewis - President
Michael J. Kadelski - CFO
152
B & G Food Enterprises
Morgan City, LA
37 Taco Bell
7 KFC
Gregory Hamer - President
Ellen Pennison - CFO
153
Northcott Company
Chanhassen, MN
21 Perkins
4 Houlihan’s
154
Mirabile Investment Corp.
Memphis, TN
42 Burger King
4 Popeye’s
155
laBelle Management
Mt. Pleasant, MI
10 Ponderosa
15 Bennigan’s
Brad Hansen - CEO
Tom Binder - CFO
156
Tricorp Food Services, Inc.
Chesterfield, MO
13 TGI Friday’s
Steve Bell - President
Brad Bax - CFO
157
Trigo Hospitality
St. Joseph, MI
31 Pizza Hut
17 Panera Bread
Gary Whitman - CEO
Michael Wiser - CFO
Jerome Friedlander - President
Jan Strompf - Vice President
Arnold Angeloni - President
Brian Schwen - CFO
Joseph W. Mirabile - CEO
Robert Cook - President
Joyce L. Lunsford - President
Greg Molter - Managing Partner
$40 MIllIoN To $50 MIllIoN
158
Spokane Food Services, Inc.
Spokane, WA
23 McDonald’s
159
Zancanelli Management
Grand Junction, CO
30 KFC
11 Yum! Multi
Gary Zancanelli - President
T. Scott Sullivan - CFO
160
El Apple, llC
El Paso, TX
10 Village Inn
9 Applebee’s
James. J. Gore - President
Ruth M. Blankenship - CFO
161
RREMC
West Palm Beach, FL
26 Denny’s
6 Bennigan’s
John Metz - CEO
Gary Bloome - CFO
162
Wesfam Restaurants
Huntsville, AL
27 Burger King
163
Cotti Foods Corp.
Rancho Santa Margarita, CA
58 Taco Bell
8 Pizza Hut Express
164
oCAT, Inc.
Modesto, CA
35 Taco Bell
1 Yum! Multi
165
Wendco Group
Pensacola, FL
39 Wendy’s
Roger W. Webb - President
Rick Watson - CFO
166
S-Group Companies
Sandusky, OH
34 Wendy’s
John Stock - President
Dave Volz - Controller
167
Waterloo Restaurant
Ventures, Inc.
Vancouver, WA
12 Romano’s Macaroni
Grill
Mark Ray - President
Rich Wyckoff - President
Tim Mitchell - CFO
Peter Capriotti - President & CFO
Steve Dees - COO
David Olson - President
Joyce Machado - CFO
Barry McGowan - Pres. & CEO
Paul Acker - CFO
Restaurant Franchisees Top 200
#
Company
Major Concepts
Senior Executives
168
Bartlett Management Services
Savoy, IL
38 KFC
8 Yum! Multi
Michael W. Bartlett - President
Robert Clawson, COO
169
Romulus, Inc.
Phoenix, AZ
23 IHOP
Christopher Milisci - President
Mark Steinmetz - CFO
170
WMCR Co.
Alpena, MI
36 KFC
3 Yum! Multi
Timothy E. Fitzpatrick - President
Douglas C. Horne - CFO
171
Miller Apple lP
Flint, MI
20 Applebee’s
William Wentworth, Sr. - Chairman
172
RlC Enterprises, Inc.
Northbrook, IL
43 Taco Bell
9 KFC
Iris M. Cohn - President
Terry Haseman - Exec. VP
173
Shamrock Co., Inc.
Hinsdale, IL
31 Taco Bell
14 KFC
Stephen McGue - CEO/President
Dick Rediehs - CFO
174
leHigh Valley Restaurant Group
Allentown, PA
15 Red Robin
Stephen Hanzlik - President
Brian Slotter - CFO
175
Premier Restaurant Mgmt
Orange Village, OH
46 KFC
5 Yum! Multi
Thomas Arnold - CEO
Chris Mullins - CFO
176
Scottish Food Systems
Laurinburg, NC
26 KFC
8 Pizza Inn
177
DiPasqua Enterprises
Winter Park, FL
85 Subway
178
J & S Restaurants, Inc.
Cleveland, TN
42 Hardee’s
179
RedKing Foods, llC
Minnetonka, MN
36 Burger King
180
Pizza Hut of Arizona
Tucson, AZ
36 Pizza Hut
181
Wendy’s Management Group
Zanesville, OH
31 Wendy’s
Robert Goodrich - CEO
Robert Thuma - President
182
PFC/Classic Dining
Crystal Lake, IL
27 Denny’s
Darrell Imler - President
Ken Kilberger - CFO
Thomas A. Broome - President
Bruce Goodwin - CFO
Peter DiPasqua Jr - CEO
Michael Mackubin - CFO
Julia Scoggins - President
Tammy Bivens - Controller
Jim Reddin - President
Scot Wederquist - CFO
Brent Kyte - Chairman
Pat McConaughey - President
$30 MIllIoN To $40 MIllIoN
183
Century Fast Foods
Los Angeles, CA
36 Taco Bell
184
Mountain Range
Restaurants, llC
Tempe, AZ
24 Denny’s
185
Huse, Inc.
Bloomington, IN
38 Arby’s
186
H & K Partners
Milwaukee, WI
41 KFC
8 Yum! Multi
Robert Brunson - President
James DeBoard - CFO
Robert Gentz - Principal
William Cox - Principal
Stephen Huse - Chairman
Thomas R. Browne - President
Peter Helf - President & CEO
Rick Schroeder - CFO
Perales enjoys building new units,
but he also looks for good deals, buying stores out of bankruptcy, for
instance, or buying multi-unit franchisees with room to grow in their
markets. “You pay five times the business value of a 20-store franchisee or a
20-store market that supports another
20 stores,” he said. “At the end the
price you paid is not going to be a lot
if you look at the bigger picture. You
pay down a little, and now you have
40 stores. You didn’t pay for the business value, you created them.”
These days, Perales has franchises
in places far away from Texas, including Indiana and Florida—though he
acknowledges that it’s wiser for a franchisee to remain in a specific region of
the country because it’s easier to run
all the stores. And now he’s looking for
other opportunities, perhaps another
restaurant brand, such as Mexican
food or Asian food. He also mentioned the possibility of buying into
a hotel brand.
Popeyes’ Vojnovic says that Perales’
success is due to his energy, his willingness to put resources into the
business and his involvement in the
stores. “Franchisees who are active in
running their businesses have a higher
likelihood of success,” Vojnovic said.
“The more involved you are, the more
you can understand it.”
He added that Perales is an example that other franchisees follow.
“Every franchise system needs leaders,”
Vojnovic said. “Other franchisees need
franchisees to model themselves after,
and he runs the best financial model.”
Perales is also emerging as a leader
in the Hispanic business community at large. His company for several
years was named one of the fastestgrowing Hispanic-owned businesses
by Hispanic Business magazine. And
Latino Leaders magazine recently
named him among the 101 most
influential leaders in the Latino community.
“I hate it when everybody thinks
we procrastinate,” said Perales, speaking of an old stereotype of Hispanic
workers—one that his 2 a.m. e-mails
suggest is a bit off the mark. “If we’re
able to develop more leaders, more
Hispanics active in the community
and in politics, that would be great.”
August 2008
73
Top 200 Restaurant Franchisees
#
About the
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T
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Company
Major Concepts
Senior Executives
187
Bloomin Apple/Heartland Apple
Mount Pleasant, SC
19 Applebee’s
188
Pizza Hut of S. Wisconsin
Madison, WI
35 Pizza Hut
Richard Divelbiss - President
Jon Kaull - CFO
189
Brodersen Management Inc.
Milwaukee, WI
25 Popeye’s
John Brodersen - President
Brenda Cook - CFO
190
Tem-Kil, Inc.
Nacagdoches, TX
31 KFC
4 Yum! Multi
191
Den-Tex Central, Inc.
San Antonio, TX
32 Denny’s
192
Apple Arkansas, Inc
Texarkana, TX
13 Applebee’s
5 El Chico
193
GZK Inc.
Dayton, OH
33 Arby’s
15 Lee’s Famous Recipe
194
Peak Interests
Golden, CO
44 Pizza Hut
195
Wendy’s of Montana
Billings, MT
22 Wendy’s
196
Plaza International
Melbourne, FL
197
Saxton Pierce Restaurant Corp.
Dallas, TX
19 McAlister’s Deli
198
Restaurant Company (The)
Richmond, VA
18 Arby’s
6 Houlian’s
4 Sizzlers
Kevin Allardice - President
Marianne Allardice - CFO
Lucille DeWitt - President
Leon Lloyd - CFO
Dawn LaFreeda - President
Lori Hildebrand - CFO
Alan Smith - President
Barrie Thomson - Vice President
Neil M. Kaufman - CEO
Steven R. Stanforth - CFO
Joseph Aragon - CEO
Gregory McDonald - Pres./CEO
Kari Malnaa - Controller
James C. White II - CEO
Deborah A. Foley - CFO
Kelly Saxton - President
Jim Robertson - Vice President
John Ripp - Controller
Richard Ripp - President
$26 MIllIoN To $30 MIllIoN
199
Seattle PJ Pizza, llC
Redmond, WA
42 Papa John’s
Kevin Sonneborn - Owner
Lael Sonneborn - Owner
200
ocedon
Castle Rock, CO
22 Burger King
Kenneth Donahue - Pres./CEO
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Restaurant Franchisees Top 200
Alphabetical Listing
COMPANY
Rank
COMPANY
Rank
COMPANY
AB Enterprises
87
Covelli Enterprises
9
ADF Companies
14
D.L. Rogers Corp.
53
Metz Enterprises
Al Hut, Inc.
Altes LLC/Setla LLC
Ansara Restaurant Group, Inc.
Apple American Group
Metro Corral Partners, Inc.
Rank
40
COMPANY
Southern Bells, Inc.
141
Southern Multifoods, Inc.
Rank
120
73
112
Daland Corporation
61
Miller Apple LP
171
Spokane Food Services, Inc.
95
DavCo Restaurants
24
Mirabile Investment Corp.
154
Stanton & Assoc., Inc.
88
Strang Corporation
60
Strategic
Restaurants Acquisition
12
Sun Holdings
26
Sunshine Rest Part/ ACG
Texas
15
110
5
Den-Tex Central, Inc.
191
Morgan’s Foods, Inc.
71
Desert de Oro Foods, Inc.
142
Mountain Range Restaurants
Apple Arkansas, Inc
192
DiPasqua Enterprises
177
MRCO, LLC
184
78
Apple Core Enterprises, Inc.
125
Doherty Enterprises
21
Muy Brands, LLC
82
Apple Corps, L.P.
132
Dolan Foster Enterprises, LLC
131
Northcott Company
153
Apple Creek Management
72
DORO Inc.
147
NPC International, Inc.
39
DRM, Inc.
144
OCAT, Inc.
164
T.L. Cannon
Management Corp.
34
Apple Gold Group
Ocedon
200
Tacala, LLC
36
66
Apple J, LP
113
Duke & King Acquisition Corp
64
1
158
AppleGrove Restaurants
18
El Apple, LLC
160
Pacific Bells, Inc.
79
Tar Heel Capital
Apple-Metro, Inc.
57
Emerald Foods, Inc.
111
Pacific Island Restaurants, Inc.
63
Team Schostak Family Rest.
Applesauce, Inc.
/Apple Illinois
33
Falcon Holdings
105
Palo Alto Inc.
62
Tem-Kil, Inc.
130
Paradigm Investment Group
74
54
85
First Sun Management Corp.
The Napoli Group
Austaco, Inc.
Patterson & Associates
94
16
104
68
Thomas & King
Austin Sonic
Foodservice Management Co
B & B Consultants
28
B & G Food Enterprises
152
Bailey Company (The)
126
Bartlett Management
Services
168
Benton Properties, Inc.
100
BF Companies/ERJ Dining
Bistro Group (The)
Bloomin Apple/Heartland
Apple
Boddie-Noell Enterprises
2
56
187
7
Fowler Foods
Friendly Franchisees Corp.
Frisch’s Restaurants Inc.
Fugate Enterprises
Peak Interests
Pennant Foods Corp.
Tricorp Food Services, Inc.
156
51
Trigo Hospitality
157
Twins Group (The)
194
67
Pepper Dining, Inc.
10
30
PFC/Classic Dining
182
Pizza Hut of Arizona
180
United States Beef Corp.
Pizza Hut of S. Wisconsin
188
V&J Holding Inc.
97
Valenti Management
29
90
193
Pizza Properties, Ltd
H & K Partners
186
Plaza International
196
W.K.S. Restaurant Corp.
Hallrich Inc.
137
Premier Restaurant Mgmt
175
Waterloo Restaurant
Ventures
167
Wendco Group
165
Wendy’s Management Group
181
Harman Management Corp.
QK, Inc.
89
Quality Dining, Inc.
19
107
Quality Restaurant Concepts
46
Hospitality Restaurant Group
123
Quantum Management
143
Huse, Inc.
185
R & L Foods Inc.
121
High Plains Pizza
Breckenridge Group, Inc.
22
3
65
11
Brodersen Management Inc.
189
Interfoods of America
27
Bros. Management Inc.
146
J & S Restaurants, Inc.
178
RedKing Foods, LLC
179
J&B Restaurant Partners
109
Restaurant Company (The)
198
C & L Restaurant Group
140
Jan Companies
C.H. James Restaurant
Holdings
135
Janjer Enterprises, Inc.
C.J.K. & Associates
139
Carisch, Inc.
114
44
Carolina Restaurant Group
47
Carrols Restaurant Group, Inc.
4
Caspers Company
31
Casual Rest. Concepts
70
Cedar Enterprises
32
Century Fast Foods
CFRA, Inc.
183
98
Churpeyes, Inc.
103
Cimm’s Inc.
127
Cleveland Restaurant Oper.
145
CLP Corporation
Coastal QSR
75
116
Colonial Foods LLC
77
Concord Hospitality, Inc.
58
Cotti Foods Corp.
163
20
GZK Inc.
50
Carlisle Corporation
151
119
BR Associates, Inc.
76
136
U.S. Restaurants, Inc.
GenXmex Foods
Heartland Food Corp
BurgerBusters, Inc.
Twoton Inc.
Pilot Travel Centers LLC
Goldco, LLC
17
84
148
35
8
45
Gala Corporation
Border Foods Inc.
Briad Group (The)
118
91
190
41
150
JRN, Inc.
23
K Investments of Ohio
99
Kaizen Group of Companies
48
Kazi Management VI
13
Kessler Group, Inc.
83
K-MAC Enterprises
25
LaBelle Management
155
LDF Food Group, Inc.
138
LeHigh Valley Restaurant Grp
174
LeVecke & Company
117
Luihn Food Systems
Lunan Corp.
69
133
Rage, Inc.
Restaurant Management Co.
81
43
162
West Quality Food Service
122
Western Reserve Rest. Mgmt.
38
Whit-Mart, Inc.
149
William Tell, Inc.
101
106
WMCR Co.
170
RLC Enterprises, Inc.
172
Zancanelli Management
159
RoHoHo, Inc.
115
Romulus, Inc.
169
Rose Group (The)
37
Royal Capital
86
RPM Pizza
161
Saxton Pierce Restaurant
Corp.
197
Scarbrough
Management Corp.
176
Seattle PJ Pizza, LLC
199
102
S-Group Companies
166
Shamrock Co., Inc.
173
Simmonds Restaurant Mgmt
Melton Management Co.
124
Sizzling Platter, Inc.
Meritage Hospitality Group
129
Southeast QSR
42
52
Scottish Food Systems
108
Wisconsin Hospitality Group
Congratulations to this
year’s Restaurant Finance
Monitor 200. Their achievements are a result of their
determination and overcoming adversity along the way.
AIG Franchise Finance
understands the challenges of
today’s operating environment.
As part of an investment-grade
rated financial services company, we bring a relationship
philosophy to the business in
addition to industry and capital markets expertise. Our goal
is to supplement your existing
financing sources for new real
estate, refinancings, new site
development and acquisitions.
Understandable, you may
not yet be aware of us since we
do not try to be all things to
all people. Our target market is
proven franchisees, franchisors
and chains of scale who value
strong, client focused service. If
you would like to explore ways
AIG Franchise Finance can
help you achieve your strategic objectives, please call Greg
Burns at (952) 449-5150.
Congratulations and best
wishes for continued success
to the 2008 Monitor 200!
55
RREMC
92
6
Wesfam Restaurants
RGT Management, Inc.
80
McEssy Investment Co.
195
134
Mancha Development Co.
Mason-Harrison-Ratliff Ent.
49
Wendy’s of Montana
Restaurant
Management Group
Mach Robin, LLC
Marwin Management
Wendy’s of Colorado Springs
96
Monitor 200
sponsored
by AIG
Franchise
Finance
59
93
128
August 2008
75