About Jeffrey Summers Expertise I am the Founder & Owner of Restaurant Coaching Solutions, Inc. We have experience on any topic related to the restaurant & hospitality industry - from Menu R&D, Menu Engineering, Marketing Strategies, New Store Openings, P&L Analysis, Lease Negotiations, Staffing, Policies & Procedures, Building & Design, Site Location, Branding, PR & Promotions, Multi-Unit Development, and any other area effecting the operation of your business. Check us out on the web for more information at www.RestaurantCoachingSolutions.com or call us toll free at 877-535-2324.
Experience I am the Founder & Owner of Restaurant Coaching Solutions, Inc. We have experience on any topic related to the restaurant & hospitality industry - from Menu R&D, Menu Engineering, Marketing Strategies, New Store Openings, P&L Analysis, Lease Negotiations, Staffing, Policies & Procedures, Building & Design, Site Location, Branding, PR & Promotions, Multi-Unit Development, and any other area effecting the operation of your business. Check us out on the web for more information at www.RestaurantCoachingSolutions.com or call us toll free at 877-535-2324.
Organizations The National Restaurant Association Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry. Together with the National Restaurant Association Educational Foundation, the Association's mission is to represent, educate and promote a rapidly growing industry that is comprised of 925,000 restaurant and foodservice outlets employing 12.5 million people. The Society of Hospitality Management The Society for Hospitality Management is an education and professional development association and organization serving the hospitality industry. The SHM is a network of hospitality professionals committed to the education, training, and professional development of employees at all levels in the industry. Through training and educational programs, products, and services, industry professionals grow personally and professionally and in the process improve the performance of the properties and companies they serve. The Gerson Lehrman Leisure & Lodging Council The Gerson Lehrman Group Councils are global networks of executives, physicians, scientists, engineers, attorneys, and other professionals who deliver expertise and decision-making assistance to businesses, governments and investment leaders from around the world. The Professional Business Coaches Alliance The Professional Business Coaches Alliance is a knowledge sharing and peer coaching organization that concentrates on the delivery of effective business coaching - with an emphasis on usable strategies and tools - for the small business owner. The International Council on Hotel, Restaurant and Institutional Education Founded in 1946, the International Council on Hotel, Restaurant, and Institutional Education is the global advocate of hospitality and tourism education for schools, colleges, and universities offering programs in hotel and restaurant management, foodservice management and culinary arts.
Publications My articles and opinion pieces have been featured on several industry websites, magazines, blogs and forums including: Building Better Restaurants.com RestaurantOwner.com RestaurantEdge.com FoodService.com Ezinearticles.com RestaurantReport.com Restaurant Startup & Growth Magazine American Express' Briefing Newsletter Nation's Restaurant News and tons more!
Education/Credentials I hold degrees in Economics, English, Culinary Arts and industry certifications in Hospitality Management and Restaurant & Catering Management.
Past/Present Clients Here's a list of some of the teams Jeffrey has coached! Hardee's Super X Drug Stores Connie's Pizza Burger King Chili's Long John Silver's The Purple Sage Bistro Applebee's Shoney's T.G.I. Friday's Century 21 House of Realty La Dolce Vita Pastries & Catering Wal Mart 5 Seasons Sports Clubs Wendy's Bennigan's Riverside Publishing Godfather's Pizza Ovations Dining & Entertainment Romaine's Stew's Microbrewery & Eatery Xerox Food Service Double D's Sourdough Pizza and literally hundreds of other Independent Operations.
Question Jeffrey I have recently teamed up with three others , two of which own and operate 4 other restaurants. We are opening up a 5,000 square foot restaurant/bar/lounge and two of us a re going to primarily run and manage it...What type of salary should the two of us be making .. I am hoping the least the space will be making is one million a year...In addition all four of us are equal partners in this in terms of investment
Answer A managing partner agreement can take on pretty much any form the partners choose. The bottom line is always – how much value does the managing partner bring to the business. This is usually determined by the profitability of his management of the business. A salary plus bonus structure is getting to be more and more common also, as is salary negotiating.
As a rule of thumb, total management salaries should stay below 10% of sales.
Also, your sales and square footage numbers [$1,000,000 on 5,000 sf.] aren’t exciting. Pretty much anything less than $250 psf., and you’re losing money – or barely hitting your break even. For the type of concept you’re talking about, you need to see $250 - $350 psf.
