Viewpoint
Culture happens whether we plan it or not by Bob Gershberg, CEO & Managing Partner,
Wray Executive Search
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Bob Gershberg
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"Our culture is friendly and intense, but if push comes to shove we'll settle for intense" - Jeff Bezos
Culture can be defined as a set of shared beliefs. Culture is the system of knowledge shared by a group of people.
Culture is communication; communication is culture. Culture in its broadest sense is cultivated behavior: the totality of a person's learned, accumulated experience.
Culture is symbolic communication. Some of its symbols include a group's skills, knowledge, attitudes, values, and motives. A culture is the values and practices shared by the members of the group.
Company Culture, therefore, is the shared values and practices of the company's employees. Company culture is important because it can make or break your company. Companies with an adaptive culture aligned to their business goals routinely outperform their competitors. Some studies report the difference at 200% or more. To achieve results like this for your organization, you have to figure out what your culture is, decide what it should be, and move everyone toward the desired culture. Full Article �
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The Markets
Activists v. Darden: Look Beyond the Real Estate by John Gordon, Principal Pacific Management Consulting Group
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John Gordon
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Watching the ongoing war between the Barington and Starboard activists that have stalked the casual dining giant since late 2013 has been like watching a tennis game where the two players volley consistently in the air above each others heads. The value of Darden's real estate is the real activist's objective and no one is making the substantive pros and cons fully. Full Article � |
Big News
April 9, 2014, by Whitney Felon
Chick-Fil-A Competitor Super Chix Opens in Arlington
Fast food conglomerate Yum Brands officially launched its test concept Super Chix today in Arlington in what seems to be an effort to give chicken chain Chick-Fil-A a run for its money. The restaurant, which is thus far the only Super Chix location in existence, is located in a nondescript Arlington strip mall conveniently situated just a stone's throw from the UT Arlington campus, and naturally it was mobbed by UTA students at lunchtime today - even at 2 p.m. the line still snaked most of the way around the restaurant, and nearly everyone in it clutched coupons for free food that were distributed through Super Chix's Facebook page. Full Article �
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Big News Too
by Chris Nichols April 8, 2014 The Exchange
Zoe's Kitchen ups IPO range; here's how shares could see mid-$20s
(Note: Zoe's Kitchen had earlier expected to sell its shares at $11 to $13, but the estimated range has now increased to $13 to $15.) Though it's not profitable and its expenses are considerable, Zoe's Kitchen is likely to get a premium price from Wall Street soon after it goes public this week. Interest certainly appears to be picking up as it prepares to trade. Full Article �
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Tavistock Restaurants named John T. Bettin as chief executive officer of its Upscale Collection of restaurants.
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CEC Entertainment, Inc. ("CEC" or the "Company"), which operates 577 Chuck E. Cheese's stores, today announced that Michael H. Magusiak, President and Chief Executive Officer, intends to retire from the Company, effective June 2, 2014. Full Article �
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President and Chief Executive Officer Don Thompson announced that Chief Operating Officer Tim Fenton, 56, has decided to retire from McDonald's Corp., effective October 1, 2014. Full Article �
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There will soon be a new face atop the chain of command at Arlington-based Elevation Burger. The company, which was founded in 2005 by Hans Hess, has named Rick Altizer as its new CEO. Full Article �
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Cos�, Inc. Names Veteran Restaurant Executive and Cos� Franchisee R.J. Dourney as President and CEO
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Restaurant closures and lower same-store sales led to a third-quarter revenue loss for Ruby Tuesday Inc., the Maryville-based casual-dining chain reported. The $7.4 million loss compares to a net income of $4.7 million for the same quarter in the prior year. Full Article �
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Sonic Corp., the nation's largest chain of drive-in restaurants, announced results for the second fiscal quarter ended February 28, 2014. Full Article �
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Quiznos, one of the nation's premier quick-service restaurant chains and pioneer of the toasted sub, today announced that its senior lenders have voted overwhelmingly in favor of a "pre-packaged" restructuring plan that will reduce the Company's debt by more than $400 million. Full Article �
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The Big Apple
New York's Coffee Culture by Joe Radice, Vice President, Wray Executive Search
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When Starbucks first opened on Broadway and 87th in April 1994, the Manhattan coffee house was re-invented. At that time, diners and delis were delivering New York's coffee as a thin, watery liquid. Coffee houses existed primarily in Greenwich Village and were associated with the bohemian counter-culture. Whether or not you liked its strong, over-roasted taste, Starbucks coffee was a much needed jolt of caffeine at a shockingly high price. Howard Schultz boasted of his intent to locate a Starbucks on every corner in New York. Many scoffed, calling that vision a dream, but Schultz, in fact, realized that dream as a reality, and even before it happened, would-be competitors opened stores up and down the avenues in an attempt to trade on Starbucks' success. Many of them failed initially, but the urban coffee shop had been transformed forever and Schultz had dramatically raised the bar. Full Article �
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Top 10 Tips to Help You Recruit Smarter
by Rebecca Patt, Vice President of Development, Wray Executive Search
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Rebecca Patt
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Here's how to edge out the competition in recruiting a winning team of restaurant executives.
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Culture Matters
The Restaurant Industry Turns Up The Heat On M&A Activities by Tom Rollert, Vice President of Culture Integration, Wray Executive Search
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Tom Rollert
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Like many of you I had the privilege of attending the Restaurant Leadership Conference in Scottsdale last week and it was a truly formative experience. Corporate officers were discussing many issues they have in common and not least of the topics under discussion were M&A possibilities for all sectors of the restaurant industry. Last year GE Capital told us that; The U.S. restaurant industry is beginning to sizzle, according to the 23rd edition of the Chain Restaurant Industry Review, which was released today at the Restaurant Leadership Conference by GE Capital, Franchise Finance (GEFF). Merger and acquisition activity increased to $3.9 billion from $3.7 billion, and the total volume of syndicated leveraged loans in the restaurant space increased almost 21 percent last year. Full Article �
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Financial Edge
Pent up demand in spring 2014 by David Ulrich, EVP Wray Executive Search
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The winter of 2014 will go down in the history books as being one of the coldest, if not the coldest one in recent memory. Much of the US had been plagued with continuous severe weather throughout the winter months leaving many restaurant companies with negative comps, while they're customers were stuck at home because they couldn't even get out of their homes. The constant storms caused many folks to flock to Florida and other warmer climates, where the restaurants and retail establishments have benefited greatly, showing well-above normal comps across all categories. Full Article � |
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