Case Studies

What We Found What We Achieved $ Impact
-6% SSS +2% SSS (18 Mo.) EBITDA from $100M
to $120M
200 basis pts EBITDA
28% increase in
free cash
Apex Restaurant Group
Advisory and Mana

Improve an underperforming national QSR chain

What We Found:
• Declining sales in the high single digits
• Missing profit plan for the second consecutive year
• Poor new unit opening performance
• Declining rate of new unit openings
• Moribund limited time offer (LTO) product pipeline
How We Approached It:
• Added LTO activity
• Ramped up franchising
• Ramped up real estate closings
• Streamlined supply chain
• Identified alternative vendors
• Added gift cards

What We Accomplished:
• Improved sales to positive 2%, a trend change of
approximately 8 points
• Exceeded quarterly and full year plan for 18 months
• Streamlined new unit investment and shifted
strategy to significantly improve investment returns
• Opened 1,000 units over 18 months
• Launched 3 new LTO initiatives
• Positioned chain for private investment


What We Found What We Achieved $ Impact
Declining margins
Declining comp sales
Negative free cash flow
500 basis pts margin initiatives achieved
350 basis pt comp sales improvement
Positive free cash flow sustained
$20M free
cash flow
Excessive G&A cost 50% reduction to total G&A  
Declining EBITA 37% year 1 EBITDA  

Turnaround declining heritage brands

What We Found:
• Dramatically decreased number of units
• Negative cash flow
• Customers questioning value proposition
• No “menu news”

How We Approached It:
• Assumed control of operations, finance,
procurement, IT, HR & marketing
• Developed a coherent consumer message
• Systematized royalty collection
• Re-engineered menus
• Developed local store marketing (LSM) campaigns
for all corporate stores

What We Accomplished:
• SSS Improved from -2.5% to +1.0%
• Health insurance and benefit costs reduced by 12%
• Inventories reduced by 12%
• New credit availability increased by 20%
• Franchise network consolidated and strengthened


What We Found What We Achieved $ Impact
-6% SSS Flat SSS Increased EBITDA
Inflated G&A Reduced 45% 60% free cash increase
Inflated Labor Reduced 600pts  
8.5% operating Margin 12.3% operating margin  

Turnaround a high-visibility regional chain with
declining sales and negative cash flow

What We Found:
• 5-year-old southeast regional pasta chain; 3 years
declining sales
• Fluctuating margins
• Out of control labor
• Confusing consumer proposition

How We Approached It:
• Assumed control of operations, finance,
procurement, IT, HR, and marketing
• Closed inefficient head office; moved all support
functions to consolidated facility
• Re-engineered menu to focus on easily understood
pasta items
• Developed and built new prototype generating full
revenues in less than half the space
• Established national procurement contracts and
systematized HR
What We Accomplished:
• SSS from -6% to flat
• Unit payroll costs reduced 20%
• G&A costs reduced 45%
• 60% increase in consolidated free cash