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Business development Bucks Burger Bars Inc. (BBB) is a major international player in the fast-food industry. Steven McCormack, a Canadian entrepreneur founded BBB 40 years ago While on holiday in the UK he found that the fast-food on offer was so variable and uncertain in terms of availability and quality that he decided that this was a niche he could fill.
Also, he was hoping to get married shortly and so needed either a job that paid well or preferably) a company to run He started with a fleet of ice cream vans, selling good quality products to tourists in London and the seaside resorts of the UK. When this proved to be successful, he developed a range of products to include fish and chips and other hot foods.
Alongside this, he developed a range of outlets to include fish and chip shops, burger bars, and ice cream parlors. At the end of five years, McCormack had at least one BBB outlet in every city and large town in England, and many had more than one. The initial phase of business development had been flexible and fluid. business development
Anyone who wanted to join what had, by now, become known as the ‘BBB dream’ could do so more or less on their own terms. Those who wanted to take out franchise arrangements were given full support, subject only to a legally binding contract in terms of the products on sale, the cleanliness and the quality and appearance of the premises, and terms and conditions under which the franchise staff was employed.
Those who wanted to work for McCormack as employees could do so and those who chose to do were placed in specific branches and outlets as managers and executives. A full franchise and management training and development program Supported the whole venture. There were also absolute standards of product and service delivery, training for all staff, and cleaning rotas and schedules. business development
The whole range of activities was very successful in the UK, and McCormack realized that the idea could be introduced elsewhere if it could be tailored to suit the different markets and locations. So he looked to North America for his next ventures. He opened his first chain of coffee bars in the US on the twenty-first anniversary of the first UK opening, and he also opened a range of fast-food outlets, in direct competition with McDonald’s, Burger King, and Wendy.
These business development ventures were successful, and the US activities quickly expanded so that there was a total of 950 BBB outlets in all in Canada, McCormack opened a total of 70 BBB outlets selling doughnuts, coffee in all the big cities, although here they concentrated on and breakfasts From small beginnings, McCormack had built for himself a major business empire. In particular, his ability to take the strengths of his UK company and adapt these according to the demands of the US and Canadian markets was seen as a major corporate and strategic strength of the company Having built the company to this present position of strength and reputation.
business development
McCormack now sold the company to a management buyout backed by venture capital By this time, all aspects of the company were fully profitable, and total revenues for the year of the buyout were $90bn, generating a profit of $7.5bn The new owners and management of BBB now took stock. Since the departure of McCormack, several issues had come to light. business development
There was a lack of any form of management structure All branch managers had always reported more or less directly to McCormack himself, or to the four chosen under managers who he had employed and who had been with him since the start (known to the rest of the company as the four horsemen of the apocalypse).
The managers involved in the buyout quickly came to realize how little they really had had to do with the direction and executive management of the company. They knew little about the plans for the future, and still less about where the revenues came from, they had total figures, but no detailed breakdowns either by product or location The venture capitalists backing the buyout also wanted answers. They had been drawn in based on McCormack’s success, and they needed and wanted to know what the new executive management team was going to do. business development
Funding was not a problem however, strategy and direction were needed. Everyone recognized the success of the company to date now it was time to be moving on to the next stage Also, because of the reputation of the company built up by McCormack, it was going to be relatively straightforward to raise funds and additional backing should this be needed
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Business development case study questions
1 What are the strengths and weaknesses of Bucks Burger Bars?
2 Where do the priorities now lie?
3 What options are now open to the new management team and the venture capitalists?