In the latest episode of Behind the Numbers, hosts Rich Sweeney and Marc Cohen sat down with Bill Valentas, Chief Financial Officer of Freddy’s Frozen Custard & Steakburgers, to discuss the operational “secret sauce” behind one of America’s fastest-growing franchises. From its humble beginnings in Wichita, Kansas, in 2002, Freddy’s has exploded to over 550 locations across the U.S. and Canada.
For a brand with over 500 locations, technology isn’t just a luxury, it’s a requirement. Valentas emphasizes that running a modern restaurant business without being technology-enabled is nearly impossible.
One of the most profound takeaways from the episode is the concept of “feeling the pain early”. Valentas advises even small franchisees to implement robust systems like Restaurant 365 before they think they need them.
Setting up complex reporting, such as Actual vs. Theoretical (AvT) food costs, may be a hurdle for new operators, but it creates a “breeze” when opening the second or third location because the foundation is already built.
The restaurant industry is currently facing unique headwinds, including record-high beef prices and the “Starbucks effect,” in which consumers replace traditional meals with snack-oriented beverages.
When asked about his biggest industry grievance, Valentas didn’t hold back on third-party delivery companies. He advocates for a more transparent model, arguing that “double-dipping” fees from both the restaurant and the consumer is an unsustainable practice that needs to evolve.
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