Advice for Buying a Restaurant and Selling a Restaurant

Romano Discusses Incubator Project with Restaurant Brokers

Posted by Robin Gagnon on Jun 9, 2014 7:02:00 AM

Phil Romano

The We Sell Restaurants radio show airs every Saturday at noon (12pm) in Atlanta on AM Talk 920 and Sunday at 1pm on Biz 1190AM, (The Wall Street Journal Network), in the nation’s 7th largest media market. The goal of our show is to satisfy our listener’s appetite for acquisition, feed the need for restaurant reality and serve up a recipe for business success.

The Restaurant Brokers were recently joined by Phil Romano, creator of six (yes six!) national restaurant concepts - Fuddruckers, Romanos Macaroni Grill, Spageddies, Cozymels, Rudys Country Store and eatZis that generated more than $20 billion in revenue. He is at it again with his latest project Trinity Groves and his Restaurant Incubator Concept. You'll learn...How landing a spot at Trinity Grove resembles a Shark Tank audition.  Why he says "If I didn't do things people told me not to do, I wouldn't be where I am today."  How his start up concepts at Trinity Grove are starting out with NO debt service and are generating $2.0 Million in Sales in 2500 square feet in the first year.

Phil Romano is an investor, entrepreneur, artist and nationally renowned restaurateur.  Nation’s Restaurant News named him as one of the top 20 restaurateurs in 2000 and also awarded him the “1995 Inventor of the Year” award.  He’s known as an international trend setting along with being named one of the most innovative and inspiring marketers who have most successfully established and repositioned a brand.   

Restaurant Broker Robin Gagnon begins by asking Romano to describe the new Trinity Groves Restaurant Concept Incubator Program.  Romano talks about how the program is basically doing for the government what he describes as what the government cannot do for itself which is create jobs and opportunities for young people…mainly, the Millennials, they think differently, act differently.  He calls them “new people”.  They like everything new.  They want it their way; it’s their world and the want people to give them the room to do it.  So he believes that you give them opportunities through jobs and careers.  Their unemployment is 30% above the national average.  He’s bought 80 acres of dilapidated land in the Dallas area and his attitude is that “anyone will go anywhere for a good restaurant”.  So he’s put together a group of good restaurants together and decided to attract the millennial market.  Romano decided to incubate the restaurant concept.  He has seen that the Millenials want something new and different and he wants to bring the Milllenials in to ask their thoughts on what they want.  They have good ideas and they want to own their own business; part of something that’s going to grow and make them successful in life.  They basically decide to fund the concept, up to $500,000, and in exchange they have a matrix of items they have to meet in order to be succesful.  If they hit a homerun great, if it fails, oh well but the general public gets to see new and different things. 

So far, however, the Concept is doing extremely well and their ideas are good.  The Millennial ideas are good and Romano states that they do assist in the idea generation; “if they are successful, we are successful”.

At this point in his life, Romano sees this as an intrinsic value; he sees it as giving back to the community and assisting younger adults in leaving behind a legacy.  This is good because he’s giving back to the community, it’s creating jobs and helping young people get jobs and start businesses; it’s helping the economy.

To download a copy of the show, here more about Romano and his visionary Restaurant Concept Incubator Program, visit iTunes or on the wesellrestaurants website.  Remember, We Sell Restaurants is the nation‘s largest restaurant brokerage firm based on the number of listings, transaction count and offices. The company is franchising nationwide and has offices in Florida, Georgia, Colorado and Tennessee.

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Topics: Restaurant Brokers