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Monitor 200Monitor 200 Being socialBeing socialMeet the new

FACEbook of Marriott,

Kathleen Matthews

Meet the new FACEbook

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Matthews

Toasting the largest restaurant franchisees

Toasting the largest restaurant franchisees

www.franchisetimes.com The News and Information Source for Franchising August 2008

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� e Restaurant Finance Monitor’s TOP 200 RESTAURANT FRANCHISEES

Toasting...the largest franchisee companies in the U.S. Long may they thrive...

Top 200 Restaurant Franchisees

1 NPC International, Inc. $679,500,000 888 Pizza Hut James K. Schwartz - President/CEOOverland Park, KS Troy D. Cook - Exec. VP/CFO

2 BF Companies/ERJ Dining 460,000,000 160 Wendy’s Junior Bridgeman - PresidentLouisville, KY 104 Chili’s Troy Hanke - CFO

3 Harman Management Corp. 425,200,000 155 KFC James D. Olson - Chairman/CEOLos Altos, CA 167 Yum! Multi James B. Jackson - CFO

4 Carrols Restaurant Group, Inc. 381,700,000 322 Burger King Daniel Accordino - President/COOSyracuse, NY Paul Flanders - CFO, VP & Treas

5 Apple American Group 379,600,000 142 Applebee’s Gregory G. Flynn - CEOSan Francisco, CA Lorin M. Cortina - CFO & EVP

6 Mason-Harrison-Ratliff Ent. 354,000,000 274 Sonic Ralph Mason - PartnerOklahoma City, OK H. Max Harrison - Partner

7 Boddie-Noell Enterprises 345,400,000 343 Hardee’s William L. Boddie - PresidentRocky Mount, NC 10 Moe’s SW Grill W. Craig Worthy - Sr. VP/CFO

8 Briad Group (The) 342,900,000 70 TGI Friday’s Brad Honigfeld - CEOLivingston, NJ 46 Wendy’s David Cahill - Sr. VP/CFO

9 Covelli Enterprises 320,000,000 134 Panera Bread Sam Covelli - PresidentWarren, OH 3 O’Charley’s Bob Fiorino - CFO

10 Pepper Dining, Inc. 300,000,000 100 Chili’s John McGlone - CEOCharlotte, NC Gary Sachs - CFO

11 Heartland Food Corp 296,400,000 273 Burger King Steve Wiborg - CEO/PresidentDowners Grove, IL Joel Aaseby - CFO

12 Strategic Restaurants 295,900,000 255 Burger King Jerry Comstock - CEOAcquisition Corp. Steven Grossman - CFOSan Ramon, CA

13 Kazi Management VI 292,600,000 231 KFC Zubair Kazi - CEOStudio City, CA 22 Burger King Michael J. Cook - CFO

14 ADF Companies 287,600,000 310 Pizza Hut Donald Harty - PresidentFairfi eld, NJ 8 Panera Michael Lubitz - CFO

15 Sunshine Restaurant 283,500,000 197 IHOP Langteau/Leonard - CEO/PresidentPartners/ACG Texas Shaw/Lakhani - CFOAtlanta, GA

16 Thomas & King 263,000,000 90 Applebee’s Mike Scanlon - PresidentLexington, KY 7 Johnny Carino’s Beth Waldrep - CAO

17 Pilot Travel Centers llC 256,500,000 141 Subway Jimmy Haslam - PresidentKnoxville, TN 46 Arby’s Mitch Steenrod - Sr. VP & CFO

18 AppleGrove Restaurants 255,600,000 104 Applebee’s Steve Grove - CEOAtlanta, GA Mike Rummel - CFO

# Company Revenue Major Concepts Senior Executives

The top 25The real operatorsBy Paul Olson

Much has happened in the chain restaurant industry since we last compiled the Monitor

200. At this time last year, we wrote about the difficult operating envi-ronment that seemed to be driving customers away from casual dining toward the thrift and convenience of quick service. Th e “aspirational” user, as industry jargon had it, was feeling the impact of a slowing housing mar-ket and the decline of ready home equity cash, and spending accord-ingly. Looking back, those were the good times.

Th en came the great housing bub-ble burst and with it the aftershocks that seized up credit markets and ush-ered in the bailouts. Americans were faced with the reality that their houses were worth considerably less than they thought. Restaurant traffi c fell off con-siderably.

Th at’s the environment the top 200 franchisees are operating in. Traffi c is down. Food, labor and energy costs are up. And there’s a royalty to pay, too. At times like this it’s good to be the franchisor. Restaurant company shareholders are reassured by fran-chise company executives with lines like: “We’re no longer in the restau-rant or capex business, we’re in the intellectual property business.” By that they mean the royalty collection business.

Th e franchisees are the real restau-rant operators. Th ey have to try to make money selling $1 burgers even when bun prices are doubling. Th ey have to put money aside to update their décor and repave the parking lot, often at the whim of the franchisor. Th ey have to invest in the new coff ee machines that’ll likely increase sales, but not necessarily profi ts.

During Burger King franchisee Carrol’s Restaurant Group’s recent earnings call, CFO Paul Flanders was asked about the corporate man-date that all restaurants stay open until 2 a.m. and how that was likely to impact sales. “I certainly think it’s

64 August 2008

Restaurant Franchisees Top 200

# Company Revenue Major Concepts Senior Executives

The top 25

# Company Major Concepts Senior Executives

$100 MIllIoN To $180 MIllIoN

26 Sun Holdings 77 Popeye’s Guillermo Perales - PresidentIrving, TX 48 Golden Corral Maria Castelao - CFO

27 Interfoods of America 165 Popeye’s Robert S. Berg - Chairman/CEOMiami, FL 18 Taco Bell Steve M. Wemple - President/COO

28 B & B Consultants 141 Sonic Barbara Stamner - PresidentLas Cruces, NM Leslie Berriman - CFO

29 Valenti Management 120 Wendy’s Darrell Valenti - Chairman & CEOTampa, FL 17 Chili’s Steve Nesbitt - CFO & VP

30 Fugate Enterprises 193 Pizza Hut Larry Fugate - PresidentWichita, KS 72 Taco Bell Ron Bazzelle - CFO

31 Caspers Company 78 McDonald’s Blake Casper - CEOTampa, FL Chuck Peterson, Jr. - CFO

32 Cedar Enterprises 134 Wendy’s J. David Karam - PresidentColumbus, OH James Evans - VP Finance

33 Applesauce, Inc. 81 Applebee’s W. Curtis Smith - President/Apple Illinois llC Jerome D. Kreger - CFO & EVPCrestview Hills, KY

26-200

19 Quality Dining, Inc. 247,000,000 120 Burger King Daniel B. Fitzpatrick - CEOMishawaka, IN 44 Chili’s John C. Firth - President

20 United States Beef Corp. 246,100,000 253 Arby’s Jeff ery Davis - CEOTulsa, OK 4 Taco Bueno P. Brett Pratt - CFO

21 Doherty Enterprises 238,000,000 55 Applebee’s Edward Doherty - PresidentAllendale, NJ 17 Panera Bread Jerry Marcopoulos - CFO

22 Breckenridge Group, Inc. 223,100,000 31 Burger King John D. Gantes - President/CEORancho Santa Margarita, CA 26 Johnny Carino’s

23 JRN, Inc. 216,300,000 176 KFC John R. Neal - PresidentColumbia, TN 26 Yum! Multi Dick Moore - CFO

24 DavCo Restaurants 214,000,000 159 Wendy’s Joseph Cunnane - PresidentCrofton, MD Charles McGuire - VP Fin/Treas

25 K-MAC Enterprises 202,500,000 124 Taco Bell Sam Fiori - PresidentFt. Smith, AR 17 KFC Jennifer Kizer - Dir. Of Finance

going to increase sales,” he responded. “Whether or not those two hours are profi table obviously is questionable. If they were profi table, my assumption is we would have been open already until 2 a.m.”

So with that, we tip our hat to the Monitor 200 franchisees. Collectively, they rang up $21.5 billion in sales last year at nearly 17,000 restaurants, a 5.5-percent increase in revenues over 2006 and an 8-percent increase in units. All told these franchisees oper-ated 75 diff erent concepts.

Yum! Brands franchisees again dominate the ranking, its fi ve brands accounting for 6,246 of the repre-sented restaurants, over one-third of the total. Taco Bell is the most widely franchised concept of the 75 with 37 diff erent operators, followed by Burger King and KFC with 31 and Pizza Hut with 29. Th e 28 Applebee’s franchisees in the list operated 1,157 of the brands restaurants, 86 percent of the entire domestic franchised system.

Will franchise development slow in 2008 along with the economy? A number of restaurant companies have scaled back planned expansion, although the Monitor 200 franchisees will probably go against the grain and continue their growth. Th at’s what entrepreneurs do.

Given the volume of company stores looking for buyers, these large, established franchisees should have plenty of opportunity to add to their unit counts with attractively priced restaurants. Apple American Group’s addition of 41 Applebee’s restaurants and the private equity fi rm Olympus Partners’ purchase of 89 Chili’s early last year are likely just the tip of the iceberg.

Pepper Dining is a new addition to the top 10 this year, along with Wendy’s and Chili’s franchisee BF Companies/ERJ Dining (formerly Manna) and Panera and O’Charley’s franchisee Covelli Enterprises. Together, the top 10 companies generated $4 billion in sales in 2007, operating 2,921 fran-chised restaurants.

With rebate checks arriving as we go to press, perhaps restaurant traffi c will again pick-up. Either way, these companies will fi nd a way to make it through. Th ey’re operators, after all.

August 2008 65

34 T.l. Cannon Management Corp. 61 Applebee’s Matthew J. Fairbairn - CEOPonte Vedra Beach, FL 1 Urban Flats Flatbread Ritch Mabry - VP/CFO

35 Border Foods Inc. 91 Taco Bell Lee J. Engler - PresidentGolden Valley, MN 76 Pizza Hut Barry Zelickson - Sr. VP

36 Tacala, llC 171 Taco Bell Donald M Ghareeb - PresidentBirmingham, AL 5 Long John Silver’s Joey Pierson - CFO

37 Rose Group (The) 54 Applebee’s Harry T. Rose - Chairman & CEONewtown, PA 3 Corner BakeryCafe Christopher Tobia - CFO & VP

38 Western Reserve Rest. Mgmt. 111 Wendy’s Richard C. Fox - PresidentRochester, NY Robert L. Cottier - CFO

39 Apple Gold Group 72 Applebee’s Michael D. Olander - PresidentRaleigh, NC 6 Burger King Elizabeth McGee - CFO

40 Metro Corral Partners, Inc. 24 Golden Corral Eric Holm - PresidentOrlando, FL Diane Holm - Vice President

41 Jan Companies 96 Burger King Nicholas Janikies - President Cranston, RI 3 Popeye’s William Janikies - COO

42 Wisconsin Hospitality Group 83 Pizza Hut Mark Dillon - President/CEOWauwatosa, WI 41 Applebee’s Jason Westhoff - CFO

43 Restaurant Management Co. 133 Pizza Hut Hal W. McCoy II - CEOWichita, KS 17 Long John Silver’s Terry Freund - CFO

44 Carlisle Corporation 97 Wendy’s Gene Carlisle - PresidentMemphis, TN Paul Volpe - VP Finance

45 Friendly Franchisees Corp. 66 Carl’s Jr. Harshad Dharod - Pres./OwnerLa Palma, CA 14 Papa John’s Anthony Carrick - CFO

46 Quality Restaurant Concepts 54 Applebee’s Fred Gustin - PresidentBirmingham, AL 4 Up the Creek Charles Galloway - CFO

47 Carolina Restaurant Group 84 Wendy’s Quint Graham - PresidentCharlotte, NC Gary Miller - CFO

48 Kaizen Group of Companies 71 Burger King Syed Ahmad - PresidentBeaverton, OR 53 Denny’s Pierre LaBauve - CFO

49 Wendy’s of Colorado Springs 74 Wendy’s Richard W. Holland - PresidentColorado Springs, CO 10 Golden Corral Chris Rushing - Controller

50 BR Associates, Inc. 103 Long John Silver’s Robert Ruckriegel - PresidentJasper, IN 30 Wendy’s Jason Kelly - CFO

51 Pennant Foods Corp. 94 Wendy’s Mike Cardinal - CEOKnoxville, TN Tina Hertzal - CFO

52 Scarbrough Management Corp. 67 Burger King William L. Scarbrough - PresidentSan Ramon, CA 5 On the Border Kelly Scarbrough - President

53 D.l. Rogers Corp. 86 Sonic James Junkin - PresidentNorth Richland Hills, TX 1 Chicken Reds Mark Berger - CFO/Controller



Ralph Mason Mason-Harrison-Ratliff Enterprises

Ralph Mason didn’t bother to quit his day job when he bought a Sonic Drive-In franchise in 1964. At the

time, Mason worked for a subsidiary of IBM. He ran into a friend who owned a Sonic in Oklahoma City, thought it was a good opportunity and bought a store for himself.

“I thought at the time it would be a side business,” Mason said. He was wrong. It would be a great pri-mary business. “After I decided the fi rst one was good, I opened the sec-ond one and quit IBM and went down the road with Sonic. I was a great deci-sion.”

Indeed, today Mason is one of three partners who own the nation’s larg-est Sonic franchise. With ownership in 272 locations and annual revenues of $354 million, Oklahoma-based Mason-Harrison-Ratliff Enterprises is the country’s sixth largest restaurant franchisee. And its revenues and pres-ence continues to grow: In four years it has added 28 units and $81 million in revenue. It recently worked out a deal to open Sonic stores in Indiana, Illinois and Wisconsin.

Mason-Harrison has grown by following Sonic’s franchising strat-egy of encouraging ownership. Th e company no longer operates any stores. Instead, it recruits partners for each of the stores—mostly hus-band-and-wife management teams. Th e partners operate the stores, and Mason-Harrison acquires the land and builds the units. It also helps the franchisees get fi nancing.

“We help people get into the Sonic business and continue to be in the Sonic business,” Mason said. “We didn’t start that process, but it’s worked very well.”

Mason then quoted Sonic’s founder, Troy Smith, who used an analogy of a high school kid’s fi rst car to describe the benefi ts of franchising: “He said, if there’s a young guy and he borrows his Dad’s car, he might wash and take care of that car. But if he has his own car, he’ll be out there shining that car

66 August 2008

54 The Napoli Group 73 McDonald’s Peter Napoli - OwnerWindham, NH Sal Napoli - Owner

55 RPM Pizza 134 Domino’s Pizza Glenn A. Mueller - PresidentGulfport, MS Richard P. Mueller, III - COO

56 Bistro Group (The) 31 TGI Friday’s James Rieger - PresidentCincinnati, OH 5 McAlister’s Peter McKnight - CFO

57 Apple-Metro, Inc. 25 Applebee’s Roy Raeburn - PresidentHarrison, NY 2 Chevys Fresh Mex Frank Venice - CFO & EVP

58 Concord Hospitality, Inc. 42 Applebee’s Larry Bird - CEOLincoln, NE 6 Village Inn John Gabel - CFO

59 Simmonds Restaurant Mgmt 72 Burger King Michael Simmonds - PresidentOmaha, NE 7 Taco John’s Paula Glissman - CFO

60 Strang Corporation 25 Panera Donald W. Strang III - PresidentCleveland, OH 27 Applebee’s Gerald M Stoffl - CFO

61 Daland Corporation 93 Pizza Hut Willam J. Walsh Jr. - PresidentWichita, KS 16 Panera Bread Alan Seiwert - CFO

62 Palo Alto Inc. 70 Taco Bell Robert Alvarado - Chairman/CEODenver, CO 40 Pizza Hut David M. Godfrey - CFO

63 Pacifi c Island Restaurants, Inc. 50 Pizza Hut Greg Dollarhyde - ChairmanHonolulu, HI 40 Taco Bell Kevin Kurihara - VP/CFO

64 Duke & King Acquisition Corp 106 Burger King Rodger Head - PresidentBurnsville, MN Becky Moldenhauer - CFO

65 Pizza Properties, ltd 40 Peter Piper Pizza John T. Hjalmquist - PresidentEl Paso, TX 26 Burger King Kirk Robison - Chairman & CEO

66 Tar Heel Capital 76 Wendy’s James C. Furman - CEOBoone, NC Melissa Collins - CFO

67 Frisch’s Restaurants Inc. 35 Golden Corral Craig Maier - CEOCincinnati, OH Donald Walker - VP/CFO

68 Foodservice Management Co 71 Jack in the Box Abe Alizadeh - CEO/PresidentRoseville, CA Bal Pal - Vice President

69 luihn Food Systems 36 KFC Jody Luihn - PresidentMorrisville, NC 26 Taco Bell Al Luihn - CEO


70 Casual Rest. Concepts 31 Applebee’s Franklin Carson - PresidentTampa, FL Annette Kirk - CFO

71 Morgan’s Foods, Inc. 73 KFC Leonard Stein-Sapir - CEOCleveland, OH 20 Yum! Multi Kenneth L. Hignett - CFO

72 Apple Creek Management 40 Applebee’s Bill Palmer - President/CEODuluth, GA Jerry Killinger -VP/CFO



and cleaning it even if it was an old clunker. He’s much more interested in that car than he’d be if it were some-body else’s.”

Mason-Harrison has been around nearly as long as Sonic, which got its start in 1953 and has more than 3,400 locations nationwide. In more recent years, Mason-Harrison has benefi ted from Sonic’s growing popularity—the chain’s ads are ubiquitous on cable TV, which has helped generate strong name recognition even in mar-kets it’s not located. Th at has enabled the chain to boast a steady stream of system-wide increases in same-store sales, even during diffi cult economic periods.

“Sonic is a really good business,” Mason said. “Sometimes it’s better than others.” He worried that ris-ing gas prices would have an impact on the company’s business in recent years—given that its business is exclu-sively from drive-up traffi c—but thus far that hasn’t been the case.

Yet Mason said that the quality of operations at a particular location is more important to its ultimate success than the overall economy. “Our suc-cess is based on our ability to run the stores in a good way,” he said.

— Jonathan Maze

Collectively, the Monitor 200 rang

up $21.5 billion in sales last year at nearly 17,000 restaurants, a

5.5-percent increase in revenues over

2006 and an 8-percent increase

in units. All told these franchisees

operated 75 diff erent concepts.

August 2008 67

73 Southern Multifoods, Inc. 51 Taco Bell Larry Durrett - PresidentJacksonville, TX 21 Yum! Multi Robert Cudd - CFO


74 Paradigm Investment Group 95 Hardee’s Don Wollan - ChairmanRancho Sante Fe, CA Brian Kelley - Managing Owner

75 ClP Corporation 43 McDonald’s James Black - PresidentHomewood, AL Richard Wood - CFO

76 BurgerBusters, Inc. 81 Taco Bell Tassos Paphites - CEOVirginia Beach, VA 10 Pizza Hut David Lajoie - CFO

77 Colonial Foods llC 96 Pizza Hut Mike McClellan - PresidentChesapeake, VA 3 Yum! Multi Danny Ulik - CFO

78 MRCo, llC 66 Taco Bell Farzin Ferdowsi - PresidentBrentwood, TN 18 Yum! Multi Michael Shahsavari - Sr. VP/CFO

79 Pacifi c Bells, Inc. 79 Taco Bell Tom Cook - PresidentVancouver, WA Mary Bottoms - CFO

80 Mach Robin, llC 31 Red Robin Chris Stephens - CEOSun Valley, ID Kevin Embree - CFO

81 Rage, Inc. 106 Pizza Hut Dale Roach - PresidentWichita, KS Steve Stansbury - CFO

82 Muy Brands, llC 48 Pizza Hut Jim Bodenstedt - PresidentSan Antonio, TX 9 Yum! Multi John Haynie - CFO

83 Kessler Group, Inc. 46 Friendly’s Laurence Kessler - PresidentRochester, NY 21 Burger King Dennis Kessler - Executive VP

84 Twins Group (The) 63 Pizza Hut Nick Kallergis - PresidentBannockburn, IL 34 Taco Bell John Kallergis - CEO


85 Austaco, Inc. 73 Taco Bell Dirk Dozier - CEO/PresidentAustin, TX Dave Polis - Sr. Vice President

86 Royal Capital 112 Church’s Chicken David Davoudpour - PresidentAtlanta, GA

87 AB Enterprises 14 Burger King Joseph Wong - PresidentRedding, CA 11 Applebee’s Bob Kirshner - CFO

88 Stanton & Assoc., Inc. 61 Wendy’s Mark Behm - Co-OwnerJackson, MI 1 Tim Horton’s Caroline Lowe - CFO

89 QK, Inc. 64 Denny’s Robbie Qualls - PresidentHolbrook, AZ 5 Del Taco Doug Koch - Vice President

90 Goldco, llC 59 Burger King Frank Rackstraw - PresidentDothan, AL



Kevin SonnebornSeattle PJ Pizza

68 August 2008

As he toured clubs and restau-rants in Los Angeles in the late 1970s, Kevin Sonneborn never thought he’d one

day end up serving the food. He was a jazz guitarist, after all, not a restau-rant guy.

Yet here he is, 30 years later, on the Monitor 200—199 to be specifi c—thanks to his ownership of 42 Papa John’s in Seattle and Portland, Oregon. Sonneborn admits that the path from musician to pizza franchisee is not an obvious one but, “I just got into accounting and I really enjoyed it. I had experience working in restaurants as a musician and ended up on that side of it. It took off from there, and I’m glad I did it.”

Sonneborn, who earned his MBA and became a certifi ed public accoun-tant, bought into the Red Robin franchise system in 1981 with two partners. That system was good to him, he said, but 15 years later they were looking to expand their horizons and try something else.

Th at’s when they tried starting their own system, a casual restaurant called Copper Sky. Yet that eff ort didn’t take off—starting a new concept from scratch is a lot diff erent than buying into an existing one. “We determined that wasn’t working,” Sonneborn said.

“It didn’t fi t our niche.”Still looking for something else,

they went back to franchises. “I think there’s a higher success rate in being a franchise owner,” Sonneborn said. They looked at numerous concepts before settling on Papa John’s, the Kentucky-based pizza delivery fran-chise started out of the back of a bar in 1984.

The reason for picking the com-pany, Sonneborn said, was simple: its numbers were good. Papa John’s had a 3-to-1 sales to investment ratio, enabling the owners to make a quick return on their investment.

Th ey bought a dozen Papa John’s in the Pacifi c Northwest in 1999 and proceeded to build a dominant posi-tion in the market, opening three or four new stores each year. Th e fran-

91 Team Schostak 60 Burger King Mark S. Schostak - President/CEOFamily Restaurants 3 Del Taco Mike Devlin - VP of FinanceLivonia, MI

92 Mancha Development Company 36 Burger King Vince Eupierre - CEOCorona, CA 18 Denny’s Bob Gonda - CFO

93 Sizzling Platter, Inc. 22 Sizzler Ted Morton - PresidentMurray, UT 52 Little Ceasar’s Steve Pack - Controller

94 Patterson & Associates 52 Wendy’s James Patterson - PresidentLouisville, KY Mark Wheeler - Vice President

95 Altes llC/Setla llC 102 Rally’s Robert Alrod - CEOBoca Raton, FL 6 Checker’s Mitch Alrod - Managing Director

96 W.K.S. Restaurant Corp. 51 El Pollo Loco Roland C. Spongberg - PresidentLakewood, CA 4 Denny’s Matthew McGuinnes - CFO

97 V&J Holding Inc. 64 Pizza Hut Valerie Daniels-Carter - PresidentMilwaukee, WI 38 Burger King John Daniels - Vice President

98 CFRA, Inc. 41 IHOP Tom Gough - CFOConcord, NC

99 K Investments of ohio 43 Perkins John Klingerman - PresidentBloomsberg, PA Russ Berner - Vice President

100 Benton Properties, Inc. 62 Sonic Pete Esch - President/CEORogers, AR Ron Babcock - CFO

101 William Tell, Inc. 17 Applebee’s John B. Prince - PresidentSalt Lake City, UT 8 Famous Dave’s Douglas C. McDougal - CFO

102 Marwin Management 62 CiCi’s Mario Cernadas - President/CEODallas, TX Greg Cook - CFO

103 Churpeyes, Inc. 53 Sonic Leon Irons - PresidentColumbia, SC 32 Church’s Robert Elmerick - CFO

104 Austin Sonic 57 Sonic Jerry Conway - PresidentAustin, TX Vic Lacy - CFO

105 Falcon Holdings 101 Church’s Chicken Aslam Kahn - CEO/PresidentOak Brook, IL Giovanna Koning - CFO


106 RGT Management, Inc. 51 Taco Bell Sean Tuohy - CEOMemphis, TN 20 Long John Silver’s Michael Roe - COO

107 High Plains Pizza 76 Pizza Hut William Colvin - PresidentLiberal, KS Amy Hinkle - CFO/Controller

108 McEssy Investment Co. 30 McDonald’s Bill McEssy - CEOLake Forest, IL Ernie Masucci - President/COO

109 J&B Restaurant Partners 33 Friendly’s Joe Vitrano - PresidentRonkonkoma, NY 11 Taco Bell Jerry Snearly - CFO



chisee now owns 42 units; enough to dominate most of Seattle and Portland, and the company—Seattle PJ Pizza—plans to keep opening restaurants in the coming years.

Th e company is focused exclusively on pizza, having sold its Red Robin holdings back to the franchisor shortly after getting into the pizza business. Th at focus will continue in the future, Sonneborn said, despite a difficult operating environment. High cheese costs, on top of gas prices and labor costs, have hammered many pizza chains in recent years, draining prof-its at a time when many consumers are opting for low-cost pizzas.

Yet Sonneborn considers the econ-omy an opportunity. Th e company’s size enables it to get better food prices, and it can withstand the economic onslaught better than the many mom-and-pop pizza shops against which Papa John’s competes. Many of those mom-and-pops are closing, he said.

“It’s a tough time to be in business but a good time to gain market share,” Sonneborn said.

Still, it’s not a good time to be a guitar-playing franchisee, either. Sonneborn doesn’t play guitar like he used to—the pizza is taking up all of his time. “I don’t play,” he said. “I should. But ever since I’ve been in the pizza business, I’ve been too busy to play.”

—Jonathan Maze

August 2008 69

Yum! Brands franchisees dominate the ranking,

its fi ve brands accounting for 6,246 of the represented

restaurants, over one-third of the total. Taco Bell is the most widely franchised concept of

the 75 with 37 diff erent operators, followed by

Burger King( a non-YUM brand) and KFC with 31 and Pizza Hut with 29.



110 Ansara Restaurant Group, Inc. 20 Red Robin Victor Ansara - PresidentFarmington Hills, MI 5 Big Boy Lewis Ansara - VP

111 Emerald Foods, Inc. 61 Wendy’s Donald L. Feinstein - ChairmanHouston, TX Mark J. George - President

112 Al Hut, Inc. 110 Pizza Hut Charles D. Hudson - CEOIndependence, OH Christopher M. Flocken - CFO

113 Apple J, lP 32 Applebee’s Art Everson - President/CEOGreenville, SC Coye Mann - CFO

114 Carisch, Inc. 73 Arby’s Gerald Carisch - PartnerWayzata, MN George Carisch - Partner

115 RoHoHo, Inc. 55 Papa John’s Philip L Horn, Jr. - PresidentCharleston, SC 21 Qdoba Peggy Hunt - CFO

116 Coastal QSR 34 Taco Bell Carlos Silva - Vice PresidentPort Charlotte, FL 11 Yum! Multi Wiley Turner - CFO

117 leVecke & Company 56 Carl’s Jr. Jason LeVecke - PresidentGuadalupe, AZ 9 Pizza Patron Annette Atkisson - CFO

118 Fowler Foods 34 KFC Chris Fowler - PresidentJonesboro, AR 20 Yum! Multi Jamie King - Controller

119 GenXmex Foods 36 KFC Peter Rook - PresidentWentzville, MO 30 Taco Bell Scot Wederquist - CFO

120 Southern Bells, Inc. 55 Taco Bell Craig Fenneman - PresidentIndianapolis, IN 5 KFC Doug Shafer - CFO

121 R & l Foods Inc. 30 Pizza Hut Richard Breakie - PresidentSan Antonio, TX 17 Yum! Multi John Haynie - CFO

122 West Quality Food Service 60 KFC Richard West - PresidentLaurel, MS 11 Yum! Multi David Childress - CFO

123 Hospitality Restaurant Group 60 Taco Bell Ken Underwood - PresidentTraverse City, MI 31 Pizza Hut Diane Burns - CFO

124 Melton Management Co. 28 McDonald’s Keith Melton - OwnerJupiter, FL Mark Whatson - Owner

125 Apple Core Enterprises, Inc. 22 Applebee’s Myron Thompson - PresidentMinot, ND Robert J. Lamont - CFO


126 Bailey Company (The) 59 Arby’s Geoff rey Bailey - PresidentGolden, CO 2 Good Times William D. Whitehurst - CFO

127 Cimm’s Inc. 51 Burger King Ralph Cimmarusti - PresidentGlendale, CA Lawrence Cimmarusti - Chairman

128 Southeast QSR 54 Taco Bell Jim Chandler - Vice PresidentMartinez, GA 1 Pizza Hut Thaddeus Foster - Vice President

Guillermo PeralesSun Holdings

70 August 2008

Guillermo Perales never stops working. Oh sure, there are times when he’s not on the clock, so to

speak, yet he can’t ever quite shut that business radar off , not even when he’s on vacation.

“He’s always looking out for a new business opportunity,” said Federico Reyes, who has known Perales for more than 20 years. “He stops some-where, sees a good location, takes information and looks at it. We say, ‘Hey, we’re on vacation.’ But that’s one of the reasons he’s successful. He’s basically always thinking business.”

Perales’ constantly running business motor has served him well in the fran-chise world, enabling him to go from zero to major multi-unit, multi-con-cept franchisee in just about a decade. His company, Sun Holdings, is one of the fastest Hispanic-owned businesses in the nation. It is the largest Golden Corral franchisee with 48 units. It is also a big developer of Popeyes and now Perales has his mind set building his own Burger King Empire.

Yet even as he expands and builds new stores—he has another 18 restau-rants under construction—Perales is looking for something else: another restaurant concept, perhaps, or even another hotel. “I love to develop, and I’m a very aggressive developer,” the 45-year-old said. “I love to work.”

But Guillermo Perales’ success is not simply a story of hard work and persistence despite long odds and peri-odic setbacks (though it is), it’s about a businessman who recognizes that fail-ure is a distinct possibility—especially when that business is a restaurant—and takes steps to alleviate that risk.

Perales grew up in Saltillo, Mexico, a city of 630,000 in the Sierra Madre Mountains west of Monterrey. Th e son of an engineer, Perales is described as a hard worker by those who know him, the type of person who will answer e-mails at 2 a.m.—and sometimes wonder why it takes until after sun-rise for them to be answered.

In 1992 he became a franchisee of Golden Corral. Perales and his busi-



129 Meritage Hospitality Group 49 Wendy’s Robert E. Schermer - CEOGrand Rapids, MI 4 O’Charley’s Gary Rose - CFO & COO

130 First Sun Management Corp. 48 Wendy’s Kelly Durham - PresidentClemson, SC Clark Mizell - CFO

131 Dolan Foster Enterprises, llC 65 Taco Bell Paul Luce - CFOPleasanton, CA R. Rodrigues/R. Low - Owners

132 Apple Corps, l.P. 24 Applebee’s David Rolph -PresidentWichita, KS Mark Rouleau-CFO

133 lunan Corp. 65 Arby’s Gregory Schulson - PresidentChicago, IL 7 Burrito Beach Steve Ganek - Controller

134 Restaurant Management Group 45 Hardee’s Jack Mangan - CEO/PresidentConcord, NC 16 Little Ceasars Craig McClure - CFO

135 C.H. James Restaurant Holdings 43 Burger King Charles H James III - PresidentDeerfi eld, IL Michael Nicholas - CFO

136 Twoton Inc. 39 Burger King William L. Harrington - CEOLancaster, PA Gerald E. Mitchell, Jr. - President

137 Hallrich Inc. 83 Pizza Hut Anthony Szambecki - CEOKent, OH Dennis R. Abbuhl, Jr. - CFO

138 lDF Food Group, Inc. 42 Wendy’s Larry Fleming - ChairmanWichita, KS Don Haynes - President

139 C.J.K. & Associates 19 Applebee’s David Knox - CEOLodi, CA 10 Burger King Cheryl Maveety - CFO

140 C & l Restaurant Group 33 Burger King Daniel Chu - PresidentCanoga Park, CA 9 Denny’s Lindsay Luu - CFO

141 Metz Enterprises 12 TGI Friday’s Jeff rey C. Metz - President & COODallas, PA 4 Krispy Kreme Greg Polk - VP of Finance

142 Desert de oro Foods, Inc. 55 Taco Bell Krystal Burge - PresidentKingman, AZ Mark Peterson - Vice President

143 Quantum Management 40 IHOP Stanley Wong - PresidentDraper, UT Sue Lynn - CEO

144 DRM, Inc. 68 Arby’s Matt Johnson - President & CEOOmaha, NE Mike Morgan - CFO

145 Cleveland Restaurant oper. 9 TGI Friday’s Ross Farro - CEOIndependence, OH 22 Baja Fresh Ed Casey - President

146 Bros. Management Inc. 27 McDonald’s Tom Cochran - PresidentKnoxville, TN Gary Magee - CFO

147 DoRo Inc. 61 Hardee’s Jon J. Munger - PresidentEau Claire, WI 4 Taco John’s Fred Koch - Vice President

148 Gala Corporation 18 Applebee’s Anand Gala - PresidentLos Alamitos, CA 3 Del Taco Cyrus Commissariat - VP Finance

ness partners set an ambitious goal: 10 restaurants throughout Mexico, the fi rst in his hometown of Saltillo.

Perales’ dream was close to a real-ity by December 1994. He and his partners secured the fi nancing. Th ey bought the land. It was leveled, and workers were ready to pour concrete for the parking lot.

Th at eff ort quickly fell apart when the Mexican government devalued the peso. Economic investment in the country grounded to a halt. Interest rates skyrocketed. Perales and his partners were forced to abandon their plans.

Th e setback would ultimately work in Perales’ favor, however. Indeed, it’s entirely possible that he would not be in the position he is today had that not happened. “To every bad thing there is a good thing,” he said.

Perales moved back to the U.S., losing some of his partners in the pro-cess. He was able to convince Golden Corral to let him transfer his devel-opment rights to the Dallas area. He secured fi nancing from the SBA and opened his fi rst unit in Richardson, Texas, in 1997—fi ve years after he fi rst set about to go into business.

“I wanted to do two or three stores fast,” he said. “Th at way, if I failed with one, I could support that one with the good stores. You always get dogs.”

He opened four Golden Corrals, and it turned out to be a wise move. Th e Richardson store didn’t do well. The second store faltered and later closed. But his third and fourth stores did brisk sales. “Th ere is no question that if I opened one or two stores, I’d be out of business,” Perales said.

Th at’s why he owns his own real estate. When a store went under, his company still had its building and land that could be leased or sold.

“Every restaurant company complains about dogs,” Perales said. “You always get some. You have to live with them. But you close them. You sell the real estate. If you own the real estate, you can sell it or put it to a diff erent use.”

Perales didn’t wait until his fi rst Golden Corral was open to start look-ing for other concepts. Perales wanted a chicken concept and felt Popeyes

August 2008 71

Sun Holdings continued on 72

149 Whit-Mart, Inc. 27 Applebee’s Gary Whitman - CEOCharleston, SC Michael Wiser - CFO

150 Janjer Enterprises, Inc. 31 Popeye’s Jerome Friedlander - PresidentSilver Springs, MD Jan Strompf - Vice President

151 U.S. Restaurants, Inc. 37 Burger King Steven M. Lewis - PresidentBlue Bell, PA Michael J. Kadelski - CFO

152 B & G Food Enterprises 37 Taco Bell Gregory Hamer - PresidentMorgan City, LA 7 KFC Ellen Pennison - CFO

153 Northcott Company 21 Perkins Arnold Angeloni - PresidentChanhassen, MN 4 Houlihan’s Brian Schwen - CFO

154 Mirabile Investment Corp. 42 Burger King Joseph W. Mirabile - CEOMemphis, TN 4 Popeye’s Robert Cook - President

155 laBelle Management 10 Ponderosa Brad Hansen - CEOMt. Pleasant, MI 15 Bennigan’s Tom Binder - CFO

156 Tricorp Food Services, Inc. 13 TGI Friday’s Steve Bell - PresidentChesterfi eld, MO Brad Bax - CFO

157 Trigo Hospitality 31 Pizza Hut Joyce L. Lunsford - PresidentSt. Joseph, MI 17 Panera Bread Greg Molter - Managing Partner


158 Spokane Food Services, Inc. 23 McDonald’s Mark Ray - PresidentSpokane, WA

159 Zancanelli Management 30 KFC Gary Zancanelli - PresidentGrand Junction, CO 11 Yum! Multi T. Scott Sullivan - CFO

160 El Apple, llC 10 Village Inn James. J. Gore - PresidentEl Paso, TX 9 Applebee’s Ruth M. Blankenship - CFO

161 RREMC 26 Denny’s John Metz - CEOWest Palm Beach, FL 6 Bennigan’s Gary Bloome - CFO

162 Wesfam Restaurants 27 Burger King Rich Wyckoff - PresidentHuntsville, AL Tim Mitchell - CFO

163 Cotti Foods Corp. 58 Taco Bell Peter Capriotti - President & CFORancho Santa Margarita, CA 8 Pizza Hut Express Steve Dees - COO

164 oCAT, Inc. 35 Taco Bell David Olson - PresidentModesto, CA 1 Yum! Multi Joyce Machado - CFO

165 Wendco Group 39 Wendy’s Roger W. Webb - PresidentPensacola, FL Rick Watson - CFO

166 S-Group Companies 34 Wendy’s John Stock - PresidentSandusky, OH Dave Volz - Controller

167 Waterloo Restaurant 12 Romano’s Macaroni Barry McGowan - Pres. & CEOVentures, Inc. Grill Paul Acker - CFOVancouver, WA



Chicken & Biscuits’s menu was unique enough to thrive in a compet-itive environment. He was off ered the entire Dallas-Fort Worth market.

Dallas “is the most competi-tive market for chicken in the U.S.,” Perales said.

Today, Popeyes’ market share in Dallas is four times what it was when Perales bought it. He is also a three-time winner of the compa-ny’s developer of the year award and is the company’s second-largest fran-chisee. “He built out and dominated the market,” said Greg Vojnovic, vice president of development for Popeyes.

“Th e best way to dominate a market is to build it out.”

From chicken to burgersPerales said he bugged Burger King

in the late 1990s to become a franchi-see—the company had just come off a few years worth of strong sales. “Th ey didn’t want to let me develop,” he said.

“Finally they let me build two stores. Th ey gave me some of the markets they hadn’t prioritized.”

Th e units weren’t as successful as he had predicted. One of them is now closed. Th e other is growing but is not strong. His explanation is simple: Th e buildings were 4,300 square feet with playgrounds. “Th ey were Taj Mahals,” he said. Th ey were too big to justify sales. Th e fi rst one closed. Th e second is growing, but is still not where he wants it to be.

As a result, Perales didn’t become a large developer of Burger King like he did with Popeyes and Golden Corral. Th at’s about to change, he said, because the company has changed.

“The new prototype is smaller and has no playground,” he said. “It requires a smaller piece of land. I can build a Burger King for $1 million to $1.1 million. Th e fi rst two stores cost $1.6-$1.7 million. You do the math.”

The smaller footprint reduces upfront and annual costs and boosts unit economics. “A lot of franchisors have made the buildings smaller,” he said, “so you’re able to make the invest-ment work.” Now bullish on the King, Perales is aiming to increase his Burger King holdings.

72 August 2008

Sun Holdings continued from 71

168 Bartlett Management Services 38 KFC Michael W. Bartlett - PresidentSavoy, IL 8 Yum! Multi Robert Clawson, COO

169 Romulus, Inc. 23 IHOP Christopher Milisci - PresidentPhoenix, AZ Mark Steinmetz - CFO

170 WMCR Co. 36 KFC Timothy E. Fitzpatrick - PresidentAlpena, MI 3 Yum! Multi Douglas C. Horne - CFO

171 Miller Apple lP 20 Applebee’s William Wentworth, Sr. - ChairmanFlint, MI

172 RlC Enterprises, Inc. 43 Taco Bell Iris M. Cohn - PresidentNorthbrook, IL 9 KFC Terry Haseman - Exec. VP

173 Shamrock Co., Inc. 31 Taco Bell Stephen McGue - CEO/PresidentHinsdale, IL 14 KFC Dick Rediehs - CFO

174 leHigh Valley Restaurant Group 15 Red Robin Stephen Hanzlik - PresidentAllentown, PA Brian Slotter - CFO

175 Premier Restaurant Mgmt 46 KFC Thomas Arnold - CEOOrange Village, OH 5 Yum! Multi Chris Mullins - CFO

176 Scottish Food Systems 26 KFC Thomas A. Broome - PresidentLaurinburg, NC 8 Pizza Inn Bruce Goodwin - CFO

177 DiPasqua Enterprises 85 Subway Peter DiPasqua Jr - CEOWinter Park, FL Michael Mackubin - CFO

178 J & S Restaurants, Inc. 42 Hardee’s Julia Scoggins - PresidentCleveland, TN Tammy Bivens - Controller

179 RedKing Foods, llC 36 Burger King Jim Reddin - PresidentMinnetonka, MN Scot Wederquist - CFO

180 Pizza Hut of Arizona 36 Pizza Hut Brent Kyte - ChairmanTucson, AZ Pat McConaughey - President

181 Wendy’s Management Group 31 Wendy’s Robert Goodrich - CEOZanesville, OH Robert Thuma - President

182 PFC/Classic Dining 27 Denny’s Darrell Imler - PresidentCrystal Lake, IL Ken Kilberger - CFO


183 Century Fast Foods 36 Taco Bell Robert Brunson - PresidentLos Angeles, CA James DeBoard - CFO

184 Mountain Range 24 Denny’s Robert Gentz - PrincipalRestaurants, llC William Cox - PrincipalTempe, AZ

185 Huse, Inc. 38 Arby’s Stephen Huse - ChairmanBloomington, IN Thomas R. Browne - President

186 H & K Partners 41 KFC Peter Helf - President & CEOMilwaukee, WI 8 Yum! Multi Rick Schroeder - CFO



Perales enjoys building new units, but he also looks for good deals, buy-ing stores out of bankruptcy, for instance, or buying multi-unit fran-chisees with room to grow in their markets. “You pay fi ve times the busi-ness value of a 20-store franchisee or a 20-store market that supports another 20 stores,” he said. “At the end the price you paid is not going to be a lot if you look at the bigger picture. You pay down a little, and now you have 40 stores. You didn’t pay for the busi-ness value, you created them.”

Th ese days, Perales has franchises in places far away from Texas, includ-ing Indiana and Florida—though he acknowledges that it’s wiser for a fran-chisee to remain in a specifi c region of the country because it’s easier to run all the stores. And now he’s looking for other opportunities, perhaps another restaurant brand, such as Mexican food or Asian food. He also men-tioned the possibility of buying into a hotel brand.

Popeyes’ Vojnovic says that Perales’ success is due to his energy, his will-ingness to put resources into the business and his involvement in the stores. “Franchisees who are active in running their businesses have a higher likelihood of success,” Vojnovic said.

“Th e more involved you are, the more you can understand it.”

He added that Perales is an exam-ple that other franchisees follow.

“Every franchise system needs leaders,” Vojnovic said. “Other franchisees need franchisees to model themselves after, and he runs the best fi nancial model.”

Perales is also emerging as a leader in the Hispanic business commu-nity at large. His company for several years was named one of the fastest-growing Hispanic-owned businesses by Hispanic Business magazine. And Latino Leaders magazine recently named him among the 101 most infl uential leaders in the Latino com-munity.

“I hate it when everybody thinks we procrastinate,” said Perales, speak-ing of an old stereotype of Hispanic workers—one that his 2 a.m. e-mails suggest is a bit off the mark. “If we’re able to develop more leaders, more Hispanics active in the community and in politics, that would be great.”

August 2008 73



187 Bloomin Apple/Heartland Apple 19 Applebee’s Kevin Allardice - PresidentMount Pleasant, SC Marianne Allardice - CFO

188 Pizza Hut of S. Wisconsin 35 Pizza Hut Richard Divelbiss - PresidentMadison, WI Jon Kaull - CFO

189 Brodersen Management Inc. 25 Popeye’s John Brodersen - PresidentMilwaukee, WI Brenda Cook - CFO

190 Tem-Kil, Inc. 31 KFC Lucille DeWitt - PresidentNacagdoches, TX 4 Yum! Multi Leon Lloyd - CFO

191 Den-Tex Central, Inc. 32 Denny’s Dawn LaFreeda - PresidentSan Antonio, TX Lori Hildebrand - CFO

192 Apple Arkansas, Inc 13 Applebee’s Alan Smith - PresidentTexarkana, TX 5 El Chico Barrie Thomson - Vice President

193 GZK Inc. 33 Arby’s Neil M. Kaufman - CEODayton, OH 15 Lee’s Famous Recipe Steven R. Stanforth - CFO

194 Peak Interests 44 Pizza Hut Joseph Aragon - CEOGolden, CO

195 Wendy’s of Montana 22 Wendy’s Gregory McDonald - Pres./CEOBillings, MT Kari Malnaa - Controller

196 Plaza International 6 Houlian’s James C. White II - CEOMelbourne, FL 4 Sizzlers Deborah A. Foley - CFO

197 Saxton Pierce Restaurant Corp. 19 McAlister’s Deli Kelly Saxton - PresidentDallas, TX Jim Robertson - Vice President

198 Restaurant Company (The) 18 Arby’s John Ripp - ControllerRichmond, VA Richard Ripp - President


199 Seattle PJ Pizza, llC 42 Papa John’s Kevin Sonneborn - OwnerRedmond, WA Lael Sonneborn - Owner

200 ocedon 22 Burger King Kenneth Donahue - Pres./CEOCastle Rock, CO

About the Monitor

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other top restaurant franchise owners, contact Technomic at 312-506-3844 or e-mail [email protected].

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restaurant industry’s premier business publication that focuses solely on the business side of the restaurant industry and what it takes to succeed in today’s environment.

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Topics covered include those that are vital to anyone involved in restau-rant fi nancing, including the growth of public equity, sale-leasebacks, buyout funds, mezzanine loans, recapitaliza-tions, SBA loans, franchise fi nancing, acquisition loans, securitizations and many others.

It’s read by growth-minded exec-utives looking for inside information on the restaurant industry. Subscribers include CEOs, CFOs and vice pres-idents of top restaurant companies. Th ey also include fi nancial executives with banks, fi nance companies, bro-kerage fi rms, real estate developers and investment bankers.


Alphabetical ListingCOMPANY Rank COMPANY Rank COMPANY Rank COMPANY Rank

AB Enterprises 87

ADF Companies 14

Al Hut, Inc. 112

Altes LLC/Setla LLC 95

Ansara Restaurant Group, Inc. 110

Apple American Group 5

Apple Arkansas, Inc 192

Apple Core Enterprises, Inc. 125

Apple Corps, L.P. 132

Apple Creek Management 72

Apple Gold Group 39

Apple J, LP 113

AppleGrove Restaurants 18

Apple-Metro, Inc. 57

Applesauce, Inc./Apple Illinois

33

Austaco, Inc. 85

Austin Sonic 104

B & B Consultants 28

B & G Food Enterprises 152

Bailey Company (The) 126

Bartlett Management Services

168

Benton Properties, Inc. 100

BF Companies/ERJ Dining 2

Bistro Group (The) 56

Bloomin Apple/Heartland Apple

187

Boddie-Noell Enterprises 7

Border Foods Inc. 35

BR Associates, Inc. 50

Breckenridge Group, Inc. 22

Briad Group (The) 8

Brodersen Management Inc. 189

Bros. Management Inc. 146

BurgerBusters, Inc. 76

C & L Restaurant Group 140

C.H. James Restaurant Holdings

135

C.J.K. & Associates 139

Carisch, Inc. 114

Carlisle Corporation 44

Carolina Restaurant Group 47

Carrols Restaurant Group, Inc. 4

Caspers Company 31

Casual Rest. Concepts 70

Cedar Enterprises 32

Century Fast Foods 183

CFRA, Inc. 98

Churpeyes, Inc. 103

Cimm’s Inc. 127

Cleveland Restaurant Oper. 145

CLP Corporation 75

Coastal QSR 116

Colonial Foods LLC 77

Concord Hospitality, Inc. 58

Cotti Foods Corp. 163

Covelli Enterprises 9

D.L. Rogers Corp. 53

Daland Corporation 61

DavCo Restaurants 24

Den-Tex Central, Inc. 191

Desert de Oro Foods, Inc. 142

DiPasqua Enterprises 177

Doherty Enterprises 21

Dolan Foster Enterprises, LLC 131

DORO Inc. 147

DRM, Inc. 144

Duke & King Acquisition Corp 64

El Apple, LLC 160

Emerald Foods, Inc. 111

Falcon Holdings 105

First Sun Management Corp. 130

Foodservice Management Co 68

Fowler Foods 118

Friendly Franchisees Corp. 45

Frisch’s Restaurants Inc. 67

Fugate Enterprises 30

Gala Corporation 148

GenXmex Foods 119

Goldco, LLC 90

GZK Inc. 193

H & K Partners 186

Hallrich Inc. 137

Harman Management Corp. 3

Heartland Food Corp 11

High Plains Pizza 107

Hospitality Restaurant Group 123

Huse, Inc. 185

Interfoods of America 27

J & S Restaurants, Inc. 178

J&B Restaurant Partners 109

Jan Companies 41

Janjer Enterprises, Inc. 150

JRN, Inc. 23

K Investments of Ohio 99

Kaizen Group of Companies 48

Kazi Management VI 13

Kessler Group, Inc. 83

K-MAC Enterprises 25

LaBelle Management 155

LDF Food Group, Inc. 138

LeHigh Valley Restaurant Grp 174

LeVecke & Company 117

Luihn Food Systems 69

Lunan Corp. 133

Mach Robin, LLC 80

Mancha Development Co. 92

Marwin Management 102

Mason-Harrison-Ratliff Ent. 6

McEssy Investment Co. 108

Melton Management Co. 124

Meritage Hospitality Group 129

Metro Corral Partners, Inc. 40

Metz Enterprises 141

Miller Apple LP 171

Mirabile Investment Corp. 154

Morgan’s Foods, Inc. 71

Mountain Range Restaurants 184

MRCO, LLC 78

Muy Brands, LLC 82

Northcott Company 153

NPC International, Inc. 1

OCAT, Inc. 164

Ocedon 200

Pacifi c Bells, Inc. 79

Pacifi c Island Restaurants, Inc. 63

Palo Alto Inc. 62

Paradigm Investment Group 74

Patterson & Associates 94

Peak Interests 194

Pennant Foods Corp. 51

Pepper Dining, Inc. 10

PFC/Classic Dining 182

Pilot Travel Centers LLC 17

Pizza Hut of Arizona 180

Pizza Hut of S. Wisconsin 188

Pizza Properties, Ltd 65

Plaza International 196

Premier Restaurant Mgmt 175

QK, Inc. 89

Quality Dining, Inc. 19

Quality Restaurant Concepts 46

Quantum Management 143

R & L Foods Inc. 121

Rage, Inc. 81

RedKing Foods, LLC 179

Restaurant Company (The) 198

Restaurant Management Co. 43

Restaurant Management Group

134

RGT Management, Inc. 106

RLC Enterprises, Inc. 172

RoHoHo, Inc. 115

Romulus, Inc. 169

Rose Group (The) 37

Royal Capital 86

RPM Pizza 55

RREMC 161

Saxton Pierce Restaurant Corp.

197

Scarbrough Management Corp.

52

Scottish Food Systems 176

Seattle PJ Pizza, LLC 199

S-Group Companies 166

Shamrock Co., Inc. 173

Simmonds Restaurant Mgmt 59

Sizzling Platter, Inc. 93

Southeast QSR 128

Southern Bells, Inc. 120

Southern Multifoods, Inc. 73

Spokane Food Services, Inc. 158

Stanton & Assoc., Inc. 88

Strang Corporation 60

Strategic Restaurants Acquisition

12

Sun Holdings 26

Sunshine Rest Part/ ACG Texas

15

T.L. Cannon Management Corp.

34

Tacala, LLC 36

Tar Heel Capital 66

Team Schostak Family Rest. 91

Tem-Kil, Inc. 190

The Napoli Group 54

Thomas & King 16

Tricorp Food Services, Inc. 156

Trigo Hospitality 157

Twins Group (The) 84

Twoton Inc. 136

U.S. Restaurants, Inc. 151

United States Beef Corp. 20

V&J Holding Inc. 97

Valenti Management 29

W.K.S. Restaurant Corp. 96

Waterloo Restaurant Ventures

167

Wendco Group 165

Wendy’s Management Group 181

Wendy’s of Colorado Springs 49

Wendy’s of Montana 195

Wesfam Restaurants 162

West Quality Food Service 122

Western Reserve Rest. Mgmt. 38

Whit-Mart, Inc. 149

William Tell, Inc. 101

Wisconsin Hospitality Group 42

WMCR Co. 170

Zancanelli Management 159

August 2008 75

Monitor 200 sponsored by AIG Franchise Finance

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Congratulations and best wishes for continued success to the 2008 Monitor 200!

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