back yard burgers
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love our burgers? now is the time to explore adding back yard burgers to your portfolio .
view information on current and former back yard burgers building locations. find leasing information, previous sales and currently active for sale and lease listings of properties where back yard burgers is located. research back yard burgers information, location photos and more .
history of mississippi' s back yard burgers founded in cleveland in 1987, back yard burgers has become mississippi' s most successfull fast - food franchise. check out this story on urltoken urltoken
back yard burgers has 57 restaurants in 12 states, down from a peak of 180 in 2007 .
axum said it would work closely to strengthen back yard burgers’ competitive position and execute its growth strategy .
founded in cleveland in 1987, back yard burgers has become mississippi' s most successfull fast - food franchise .
back yard burgers has been a past or current tenant within the buildings involved in these sale and lease transactions .
at the time of the merger, back yard burgers operated 181 restaurants in 20 states, primarily in the southeast .
to counteract that, back yard burgers is focused on executing at a high level and offering customers value, mcdougall said .
back yard burgers continued with its growth strategy in 2001. the company logo was redesigned and a web site was launched that year. back yard burgers opened small - sized outlets through co - branding with the convenience stores at gasoline filling stations. the fifth such unit opened in october 2001, with back yard burgers being approached by the convenience stores in each instance .
hansen, bruce ,
businessman bounces back from bankruptcy to found back yard burgers empire ,
memphis business journal, september 26, 1994, p. 46 .
seventeen company - owned back yard burgers restaurants, as well as three franchised locations, will remain open in the memphis area .
trena rice works the register at the back yard burgers restaurant in brentwood, tenn. , tuesday, may 16, 2017 .
cars use the drive thru at the back yard burgers restaurant in brentwood, tenn. , tuesday, may 16, 2017 .
back yard burgers names coo michael myers president ,
memphis business journal, april 6, 2001, p. 21 .
although most back yard burgers started as drive - through only locations, most have since added amenities so that patrons can dine at the restaurant, as well. in certain regions, back yard burgers even caters customers’ events provided an order is placed in advance .
a boardroom scuffle at back yard burgers' headquarters in nashville has led to a second lawsuit from one of the chain’s top executives .
ceo david mcdougall poses for portrait at the back yard burgers restaurant in brentwood, tenn. , tuesday, may 16, 2017 .
back yard burgers to take burger battle to air waves ,
commercial appeal, may 18, 1994, p. b4 .
nashville - based back yard burgers inc. has filed chapter 11 documents in u. s. bankruptcy court in wilmington, del. , court records show. wholly owned subsidiaries byb properties, nashville byb and little rock back yard burgers were also included in the filing .
the first back yard burgers location popped up in cleveland, mississippi in 1987, run by lattimore michael a grocery store owner. since then, back yard burgers began to franchise and now has nearly 200 restaurants in 20 states, primarily located in the south and midwest .
haman, john ,
back yard burgers soars in central arkansas ,
arkansas business, may 4, 1998, p. 23 .
but back yard burgers has since experienced a slow and steady comeback under ceo david mcdougall, who took the helm of the company in 2013 .
back yard burgers ads get a helping of' seinfeld,'
memphis business journal, january 12, 1998, p. 16 .
back yard burgers profits hit $ 682, 000 ,
nation' s restaurant news, march 27, 1995, p. 14 .
back yard burgers to fuel expansion with ipo cash ,
nation' s restaurant news, october 18, 1993, p. 13 .
triple net leased property guaranteed by back yard burgers corporate. a publicly traded company listed on the nasdaq. fifteen year base te ...
food, treats and drinks full of big and bold back yard flavor. take your pick .
back yard burgers’ board of directors, based upon the recommendation of a special committee of independent, non - management directors who negotiated the merger agreement, has unanimously approved the merger agreement and has recommended that back yard burgers’ stockholders vote in favor of the merger. officers and directors owning approximately 26. 74% of the outstanding capital stock have entered into voting agreements with bbac to vote their back yard burgers stock in favor of the transaction .
steve lynn, ceo of bbac, said, “we are excited at the prospect of adding our team’s expertise to the wonderful chain that the back yard burgers family has created since 1987. ” chairman of bbac, reid m. zeising, added, “our acquisition of back yard burgers will enable us to focus on extending a great legacy brand. back yard burgers represents a rare combination of niche status in qsr along with a strong regional growth opportunity. ”
back yard burgers cooking up 22 franchises in memphis in next three years ,
memphis business journal, july 29, 1988, p. 14 .
romine, linda ,
back yard offering alternative to fast - food burgers ,
memphis business journal, july 1, 1991, p. 24 .
under a franchise agreement, mississippi - owned back yard burgers sell “local favorites, ” which differ from site to site and can be found at urltoken .
back yard burgers posts $ 2. 95m loss in fy 1995 ,
nation' s restaurant news, april 1, 1996, p. 12 .
lacy, sarah ,
back yard burgers opens seven new stores in expansion blitz ,
memphis business journal, august 20, 1999, p. 9 .
back yard burgers is listed in the franchise directory under the food category. it' s also listed in the section for franchises under $ 500, 000 .
axum capital partners has acquired a controlling stake in the 55 - unit burger chain back yard burgers from pharos capital group, llc, the company said on monday .
in many ways, back yard burgers pioneered the high - quality burger experience now dominated by five guys, smash burger and shake shack. high - quality beef and hand - cut vegetables, when paired with staple items like blackened chicken, hawaiian chicken, turkey burgers and veggie patty options, made back yard burgers’ flavor profile stand out in the market, said local owner ric thornburg .
allen, robin lee ,
back yard burgers spots use comic as front man ,
nation' s restaurant news, november 23, 1994, p. 12 .
smyth, whit ,
back yard burgers makes future bet on dine - in ,
nation' s restaurant news, november 16, 1998, p. 124 .
we’ll start you off with a free back yard classic burger... on us, just for signing up !
rengers, carrie ,
back yard business ,
arkansas business, may 24, 1993, p. 22 .
back yard burgers rides comeback to hit 30 years the nashville - based restaurant chain is eyeing careful growth after emerging from bankruptcy reorganization in 2013. check out this story on urltoken urltoken
hitting the 30 - year mark in the highly competitive restaurant industry is no easy feat, and nashville - based restaurant chain back yard burgers almost didn’t make it to the milestone .
back yard burgers, inc. st. cloud corner 500 church street, suite 200 nashville, tn 37219 p: 615. 620. 2300 f: 615. 620. 2301
- - - - - - ,
myers' changes have back yard burgers on more stable ground ,
memphis business journal, september 28, 2001, p. 35 .
this is your burger locator. use it to find burgers near you. or chicken sandwiches, or milkshakes, or whatever else you’d like from back yard burgers. pull up restaurant hours, local menus, which spots offer catering and more .
“what i love most about back yard burgers is the food, ” muhsin muhammad, axum managing director, said in a statement. “it has the best tasting burgers, and we are looking forward to being part of its future success. ”
back yard burgers, the nashville - based restaurant chain that filed for chapter 11 bankruptcy protection in october, has named dave mcdougall as its new ceo, according to a news release .
we' ve expanded since lattimore michael' s grocery store in 1987. today, you can find a back yard burgers in 12 states across the country. find one near you .
a meeting this spring of senior staff at back yard burgers’ headquarters in downtown nashville became heated — and resulted in a lawsuit — after a compliance officer addressed numerous complaints against ceo james boyd .
though back yard burgers is most eager to establish new franchises in memphis, nashville, little rock, florida, charlotte, kansas city, and atlanta, the company states it is also happy to put restaurants almost anywhere a franchisee would be interested in running them. absentee ownership is not permitted, and 60% of owners have control of more than one back yard burgers restaurant .
in the early days of back yard burgers, founder lattimore michael said franchises had rotating “burgers of the day” that included combinations like peanut butter and honey, cole slaw and chili, or a special hot sauce purchased from the graziosi family in the mississippi delta .
on may 19, if you donate any amount you can buy a classic back yard burger for only $ 1. 87 .
to create and cook a burger that’s just as good as the one you’d grill in your back yard — maybe even better .
back yard burgers is a publicly owned american fast food chain. back yard burgers differentiates itself from other fast food companies by making their hamburgers with 100% black angus beef. furthermore, customers can opt for salad, baked potatoes, or chili instead of french fries. if straight up beef burgers are not a customer’s favorite, they can always try the turkey burgers, chicken sandwiches, or garden burgers as an alternative. diners can then finish off their meal with a tasty dessert – either a milkshake or root beer float, or even a fresh - baked cobbler featuring a berry of their choice .
yet as competitors flourished, back yard burgers struggled. the chain had been a public company for much of its history before private equity firms pharos and cherokee advisors took the chain private. in 2007 .
this loopnet back yard burgers tenant and owner information is organized and aggregated from public records and the millions of historical and current sale and lease listings provided by members of the loopnet commercial real estate marketplace .
lattimore michael founded back yard burgers in 1987. at its peak, the chain had 180 locations and was considered a pioneer in the fast - casual better burger space that has exploded over the past decade .
back yard burgers operates 25 company - owned and 64 franchised restaurants throughout the country. it was founded in 1987 by lattimore michael in cleveland, miss. , and moved its corporate headquarters to memphis in 1990 .
back yard burgers’ majority owner and its secured lender have each agreed to the terms of the restructuring plan, which affects only company - owned locations, company officials reported. click here to see the company’s statement .
styles may have changed since that first back yard burgers, but the big, bold back yard taste we serve has not. today, we only use 100% black angus beef, continuously working with a team of beef experts to study how to raise the best meat, the perfect way to form a patty and how to retain flavor and tenderness .
this announcement comes on the heels of back yard burgers’ pre - arranged chapter 11 bankruptcy filing and subsequent reorganization plan, both aimed at protecting the brand’s value, which enjoys wide acceptance across a broad spectrum of consumers .
building was operated as a convenience store and fast food restaurant. previously sunoco branded with a back yard burger restaurant. 8 fuel ...
500 church street, suite 200 nashville, tn usa 37219 phone: (615) 620 - 2300 website it all started back in 1987 when lattimore m. michael began serving one - of - a - kind, homemade hamburgers in his cleveland, mississippi grocery store. before he knew it, people were driving from miles around to enjoy his tasty grilled creations. so lattimore opened his very own back yard burgers restaurant. a year later, the first franchised back yard burgers also fired up its grill and the rest, as they say, is history. today, back yard burgers is known as the place to go for big and bold backyard taste. our burgers and chicken are made to order, topped with only the freshest, most flavorful ingredients and served straight from the grill — just like they were more than twenty years ago .
with a critical mass of back yard burgers stores in some markets, back yard burgers began to advertise on television in the fall of 1993. early commercials, titled
the great burger wars ,
satirized the national competitors. in june, the company launched a series of commercials featuring dennis r. phillippi, a popular comedian in memphis. in addition to regular performances at the comedy zone, phillippi appeared on a children' s television show and wrote a regular column for a local magazine. as spokesperson for back yard burgers, phillippi brought his ability to develop a rapport with the public. known as dennis the back yard burgers guy, phillippi obnoxiously asked questions of competitors' customers, then went on talking before they responded. the commercials advertised the company' s burgers as bigger, at one - third pound compared with the one - quarter pound burgers at national fast - food chains. in addition, the angled grill made a healthier, tastier burger, as the fat rolled away from the patty during cooking. the commercials succeeded in increasing sales 10 to 15 percent over the previous year .
in 1990 back yard burgers units opened in tennessee, alabama, arkansas, kansas, texas, georgia, florida, mississippi, and california. the san diego store came into being after a louisiana man stopped at the greenville store. he was so impressed he called a friend in california to tell him about back yard burgers. in addition to new franchises in north carolina, ohio, missouri, nevada, and south carolina, several more stores opened in tennessee and arkansas .
3, 200 square foot free standing restuarant adjacent to 120, 000 square foot publix center and wachovia. former back yard burger drive thru r ...
“ (back yard burgers) had gone through some extremely difficult times, but like anything, i didn’t think it was impossible to solve and if we were given some of the resources that we needed, which we were, then i thought we could clearly get things back on a better track, ” mcdougall said .
despite some measured success in the past few years, mcdougall said back yard burgers has felt the pain of the overall restaurant industry in the last year. restaurants nationwide are struggling due to overexpansion, decline in grocery prices, increased competition and labor shortages .
“david and his team have made great strides and we are pleased to support their next phase of growth, ” edna morris, axum’s managing director, said in a statement. “the better burger category remains strong, and back yard burgers is poised for growth. ”
the closing of the transaction is subject to, among other things, the approval by the holders of a majority of the outstanding common stock and preferred stock of back yard burgers, voting together as a single class, and to a financing contingency by bbac. bbac has received equity and debt financing commitments for the full amount of the merger consideration, subject to entering into definitive financing agreements and satisfaction of other customary closing conditions. the transaction is expected to be completed in the third quarter of 2007, dependent on the completion of sec filings and the timing of the back yard burgers stockholders meeting at which the merger will be voted upon, as well as other factors. upon completion of the transaction, back yard burgers will become a privately held company, and its common stock will no longer be publicly traded .
“as a company looking forward, there’s really three critical aspects for back yard burgers: one is remodeling our existing restaurants, two would be building a few new ground - up restaurants and three is a revamp of our current technology footprint inside the restaurants, ” mcdougall said .
a beginner' s guide to back yard burgers' taste get a taste of the mississippi - born fast food burger joint. here' s what they' re known for, along with local owner ric thornburg' s favorite burger. check out this story on urltoken urltoken
from there, back yard burgers introduced a guest satisfaction measurement system, which includes incentives to general managers if they achieve high overall satisfaction; reintroduced menu items that had been discontinued, including the seasoned fries, a customer favorite; and revamped the company branding, packaging and menu boards .
restaurant hours. local menus. catering options. find burgers, chicken sandwiches, milkshakes and more .
the news comes on the heels of an mbj report earlier today that back yard burgers has closed six restaurants in memphis along with eight stores in arkansas and one in jackson, tenn. last week, the company closed four nashville - area restaurants, bringing the total to 19 shuttered locations .
“dave has built an enviable career based on integrity, inspiring others and understanding the needs of both franchisees and franchisors. he brings the whole package to our brand and we couldn’t be more delighted, ” said jim phillips, chairman of the board of directors of back yard burgers, inc .
a statement from the company reads: “we regret having to close some of our company - owned restaurants in memphis. like any responsible company during these challenging times, back yard burgers is conducting a comprehensive review of its business to ensure the company is operating efficiently and is positioned for future growth. we remain committed to continuing to provide high - quality, freshly prepared, great - tasting food to our customers in our remaining memphis locations and other markets we serve. we are pleased to report that back yard burgers’ franchise - owned locations remain in memphis as well as 17 company - owned locations. ”
lattie michael, chairman and ceo of back yard burgers, said, “we are very excited to be able to announce this agreement after many months of discussions with bbac. we believe this transaction brings real value to our stockholders, franchisees, customers and employees. for our stockholders, the $ 6. 50 share price is significantly higher than the market price of our shares over the past two years. for our franchisees, the management team of bbac, headed by steve lynn, has a proven track record in the quick service restaurant industry for growing proprietary brands. the back yard burgers brand is unique in our industry, and i am confident that under steve’s leadership, the brand will be taken to a much higher level. the focus on our quality offerings will bring the back yard burgers brand to many new customers who will come to appreciate our great - tasting food, as our existing customers already do. ”
carl diaz, who had joined back yard late last year as vice president of human resources and corporate compliance, claims he was physically assaulted by boyd, then fired on the spot at the may meeting .
back yard burgers rebounded slightly in 1996 as the company increased menu prices 3. 5 percent at the beginning of july, generating $ 22. 3 million in sales from company - owned units and $ 1 million in royalty fees. while same - store sales at company stores continued to stagnate, franchisees experienced a 3. 7 percent increase. at the end of 1996, back yard burgers counted 34 company - owned units, including ten in the memphis area and 11 throughout tennessee, and 11 in arkansas, including five in little rock. of 47 franchises, seven were located in both tennessee and north carolina, five each in arkansas and mississippi, and four each in ohio and florida. other stores were located in kansas, alabama, oklahoma, nebraska, kentucky, and south carolina. in 1996 back yard burgers recorded $ 24 million in revenues, including franchise fees for 11 new units, and $ 357, 000 in net income .
new outlet of burgers is different ,
commercial appeal, december 3, 1989, p. c1 .
“as the next chapter unfolds for the company with our emergence from restructuring and our fresh new start, we feel that dave’s seasoned leadership will be invaluable in returning the back yard brand to one of prominence. ”
back yard burgers prepared to take the company public in mid - 1993. the company merged with double s development, the largest franchisee with five units, and american back yard burgers, the arkansas franchisee. with the merger the company owned and operated eight units, while franchisees operated 37 units, for a total of 45 stores in 13 states. the merger was designed to show higher operating income to potential investors by adding store revenues to income from royalties. the franchise fee increased to $ 25, 000. to enhance the company' s clout among investors, back yard burgers hired veterans of the fast - food industry for executive positions: john arnold from wendy' s for vice - president of franchise services; h. ray jones from pizza hut for vice - president of training; and stephen reid from burger king for vice - president of research and development. michael sold his supermarket to concentrate on his duties as chairman of the board and ceo of the company .
in september another commercial promoted the company' s new bacon - cheddar and bacon - swiss burgers. in these spots phillippi encouraged patrons to attempt the tongue twister ,
back yard burgers' bigger, better, bacon burger .
phillippi introduced the new honey - mustard chicken sandwich in november. franchisees in small markets used audio from the television commercials for less expensive radio advertising. direct - mail advertising supplemented the television and radio commercials .
potential franchisees should have a net worth that exceeds one million dollars, with at least half of that readily available in liquid assets. the franchise fee is $ 25, 000 and the total initial investment can cost from one to two million dollars. franchisees must pay a 4% royalty fee to back yard burgers on all sales .
the most significant change myers made sought to improve the back yard burgers concept as an alternative, gourmet burger outlet through the introduction of a burger made with black angus beef, the best quality beef available. after six months of testing 100 percent black angus beef burgers in memphis, the company instituted use of the branded beef at all company - owned stores in late 2000. the company rolled out black angus beef at all franchises in early 2001 .
this is your burger locator. use it to find burgers near you. or chicken sandwiches, or milkshakes, …
the initial stock offering took place in july. the company netted $ 9 million from a sale of 1. 5 million shares at $ 6 per share. back yard burgers applied the funds to pay $ 400, 000 in debt, buy back the territory rights for atlanta, fund a television advertising campaign, and open 14 company - owned restaurants in memphis, nashville, and central arkansas. the company held commitments for 16 franchises as well .
diaz filed a lawsuit in federal court against back yard burgers on tuesday, alleging that boyd retaliated against him for presenting findings about the ceo’s conduct. according to the complaint, boyd' s “erratic behavior, abusive nature and continual acts of bullying, ” resulted in “employee alienation, mass walk - outs, and threats of potential claims and litigation. ”
the memphis closures are part of a larger company effort to shutter restaurants that aren’t meeting financial goals as a result of its recent chapter 11 bankruptcy filing. a total of eight stores in arkansas closed, including six in little rock and two in jonesboro. back yard burgers also closed a location in jackson, tenn. , and four in the nashville market .
the suit — view it here — maintains that back yard burgers' employment attorney urged diaz to investigate claims that boyd had mistreated both field and office workers. the attorney, kelly gooch carlson out of memphis, also recommended diaz present his findings to the company’s c - level staff. but things didn' t go over smoothly at the may 1 meeting .
at back yard burgers we are proud to partner with no kid hungry in a commitment to raise funds to help in the fight against childhood hunger. we began our partnership by joining the dine out for no kid hungry fundraiser in september of 2014. since then, our partnership has grown to also include a fundraiser in may as part of national burger month .
franchisees found back yard burgers an attractive investment, not only as a gourmet alternative niche, but also for its low cost. a franchise on leased land with a prefabricated building cost $ 260, 000 to $ 400, 000 to open compared with $ 1 million for national chain franchises. costs included approximately $ 200, 000 for the building and equipment, $ 35, 000 for signs and canopies, a $ 16, 000 franchise fee, which included four weeks of training for three managers, plus funds for site work and working capital. franchisees paid a 1 percent advertising fee and 4 percent royalties to back yard burgers. for each additional unit opened, a franchisee paid the company a $ 5, 000 fee .
burgers so good you' ll flip! !! ! haha! haha. ha. ha... eh. urltoken
early this week, back yard’s former coo, andy abbajay, also filed suit — in davidson county circuit court —against the burger chain and boyd. abbajay alleges that he was let go after expressing concern to the board over diaz' s firing .
within a few months michael received inquiries about franchise opportunities. he had already considered the possibility that he might open another three or four stores if the first succeeded, so he had been careful in plotting the methods and procedures used at the original store. a year after back yard burgers opened, a franchise store opened in greenville, mississippi. soon more franchises opened, including two units in the memphis area, three in florida, and another in mississippi. by the end of 1988, the company owned one unit and franchised 11 units; these garnered revenues and royalties of $ 561, 000 that year. back yard burgers' success attracted several private investors and, in january 1990, the company relocated to memphis where it planned to develop into a major market area .
back yard burgers decided to slow development of new franchises and company stores to focus on improving operations and sales. the company increased its menu prices twice in 1997, by 4 percent in may and 3 percent in september. in january 1998 a new series of radio commercials featured the voice of john hurley, who played j. peterman on the popular television sitcom
seinfeld .
by november back yard burgers had converted two - thirds of the company - owned and franchised stores. with 2, 700 square feet of space, each dining room seated 84 people. in 1998 same - store sales increased 7 percent and 6. 5 percent for company - owned units and franchises, respectively. the increases were attributed to the september price increase, the availability of indoor seating, and improvements in customer service. increased sales at franchise units boosted royalty payments 11. 5 percent to $ 1. 3 million. back yard burgers recorded systemwide operating revenues of $ 59. 6 million, $ 25. 1 million from 33 company - owned stores and $ 34. 5 million from 48 franchises. overall company revenues of $ 27. 4 million garnered net income of $ 1. 2 million .
back yard burgers, inc. offers a gourmet alternative to the traditional fast - food hamburger: a charbroiled, 100 percent black angus beef burger dressed with fresh red onions, tomatoes, and green leaf lettuce. the company owns and franchises nearly 100
fast - casual
restaurants in 17 states, primarily in the mid - south. in addition to a variety of burgers, the menu includes grilled chicken sandwiches; seasoned or waffle fries; milkshakes made from hand - dipped, premium ice cream; fresh - squeezed lemonade; and fresh - baked cobbler .
this building is extremely well located and features a 2, 922 ft building currently occupied by backyard burgers. the tenant will vacate the ...
with a $ 124, 000 bank loan and an investment from his two brothers, michael opened the first back yard burgers store in cleveland, mississippi, in march 1987. the small size of the store, at 525 square feet, on leased land allowed for a low start - up cost. for $ 1. 69 back yard burgers offered charbroiled, all beef hamburgers with fresh slices of red onion and tomato, pickles, green leaf lettuce, mustard, ketchup, and mayonnaise. with service at two drive - thru windows, the gourmet burger place filled an order in less than a minute, and each unit served 120 to 140 cars per hour, potentially generating up to $ 600 in sales per hour at peak business times. although the store did not have indoor seating, michael placed picnic tables outside, keeping with the backyard concept .
in 1995, back yard burgers experienced a decrease in sales related to a lack of sustained interest on the part of its customers. although sales from company - owned stores increased 35. 8 percent to $ 21. 2 million, with 14 new units opened in late 1994 and in 1995, same - store sales, from stores open more than one year, declined by 10. 9 percent. the company attributed the decline to competitive discounting and promotions by the national chains as well as to a lack of indoor seating. profits also declined as the costs of labor and of the company' s own promotions increased. back yard burgers changed its accounting system to better reflect the true valuation of impaired assets, resulting in a $ 2. 56 million non - cash charge in 1995. overall revenues of $ 22. 7 million in 1995 garnered a net loss of $ 3 million .
to bring a new perspective into the business, the company hired michael w. myers as chief operating officer. myers brought 14 years' experience with whataburger, inc. , where he held the position of regional vice - president when he left for back yard burgers. myers initiated several new programs to improve operations, including implementation of incentive programs for unit managers. he eliminated coupons and discounting programs, a marketing approach that he viewed as sending a mixed message, given that the company was offering a premium product. the company also hired consultants to evaluate operations and facilities, including building design, signage, and site plans, to streamline the restaurant for a new prototype. in may 2000 back yard burgers purchased franchise properties in jackson, tennessee; tupelo, mississippi; and jonesboro, arkansas - - high - volume units that fit into the company' s strategy to build critical mass for media advertising in the memphis vicinity .
the place: lattimore m. michael’s grocery store in cleveland, mississippi. it' s in this store that mr. michael started serving one - of - a - kind, homemade hamburgers. and much like the best back yard cookouts, people flocked, driving from miles around to get a taste .
back yard burgers, inc. (nasdaq: bybi) announced today that it has entered into a definitive merger agreement with bbac, llc and its wholly - owned subsidiary, bbac merger sub, inc. bbac, llc is an investment partnership managed by cherokee advisors llc, an atlanta - based firm, and its principal investors include reid m. zeising of cherokee advisors, pharos capital group, llc, based in nashville, tennessee, and c. stephen lynn, former chairman and ceo of shoney’s, inc. and sonic corp. under the terms of the merger agreement, the holders of back yard burgers common stock and preferred stock will be entitled to receive $ 6. 50 per share in cash, which represents a 29% premium above the closing price of $ 5. 05 per share on june 8, 2007, the last trading day before this announcement. the total value of the transaction, including debt to be repaid by bbac, is approximately $ 38 million .
back yard’s former vice president of human resources and corporate compliance carl diaz first sued ceo james boyd jr. after boyd allegedly assaulted diaz in a boardroom meeting. diaz had been addressing the board about complaints related to boyd' s management when the scuffle took place. diaz sued byb and boyd in june for firing him in retaliation .
it all started back in 1987 when lattimore m. michael began serving one - of - a - kind, homemade hamburgers in his cleveland, mississippi grocery store .
to deliver the highest quality service and best tasting food in a clean environment for a fair price. that is our mission statement, and to achieve it, we at back yard burgers are constantly scrutinizing every aspect of our business, from scheduling to equipment to ingredients. whenever we find a way to enhance our customers' dining experience, we look for ways to implement that improvement. after all, our goal is to offer you, our customer, a delicious meal and exceptional service every time you visit .
our burgers are all individually prepared from juicy 100% black angus beef. heat lamps? no way. the heat comes from the flame on our real grills. order up .
“i think we’re really positioned now to take that next step and grow within the southeast, grow where we’re known and get back to where we were, ” mcdougall said .
diaz is asking the court for back pay, front pay, compensatory damages, punitive damages, relocation expenses, attorney' s fees and other expenses for his allegedly abrupt firing .
reid m. zeising – managing partner mr. zeising is the founder and managing partner of cherokee advisors. mr. zeising founded bbac llc, which was created to acquire back yard burgers, inc. in addition, he founded bluebird advisors llc, which focuses primarily on quantitative based, statistics arbitrage, mean reversion hedge fund strategies, and institutional advisors which is a private merchant - banking firm. through institutional advisors mr. zeising invested in and advised cosi, inc. (cosi) and also participated in and advised on five separate financings for cosi. institutional advisors assisted william blair in taking cosi public .
love burgers? like deals? be the first to know about our newest menu items and latest offers. more food. less money. commence mouthwatering. well, sign up first, then commence your mouthwatering .
by the end of 1994, back yard burgers owned and operated 26 units, while franchisees operated 39 units. the total of 65 units accounted for 12 store closures and 16 new store openings, and one store converted from a franchise to company owned. sales from royalties and company - owned stores rose from $ 6 million in 1993 to $ 17. 2 million in 1994. same - store sales increased 6. 4 percent on the strength of its television advertising. net profit increased also, from $ 22, 000 in 1993 to $ 682, 000 in 1994. the company ended the year with commitments for seven single franchise units to open early the following year .
steven n. neuroth – partner in addition to being a vice president at cherokee advisors, mr. neuroth currently serves as the chief financial officer for back yard burgers where he is working with management to help drive the initiatives that cherokee advisors put forth. in addition to cherokee advisors, mr. neuroth is a principal with bluebird advisors, which focuses primarily on quantitative based, mean reversion hedge fund strategies. prior to bluebird advisors mr. neuroth was an analyst at servidyne systems in atlanta, ga. mr. neuroth holds a master of science degree in quantitative and computational finance from the georgia institute of technology in atlanta, georgia and a bachelor of science degree in industrial engineering from the same institution .
it’s like someone pointed a shrink ray at one of our classic burgers, but somehow kept the classic taste. science? magic? skynet! no, no. our chefs just know how to deliver big, bold flavor in any size .
now, the chain best known for its black angus burgers and seasoned french fries is eyeing growth in the southeast, including in nashville, memphis and knoxville. the company owned by pharos capital group plans to make technology upgrades and remodel its restaurants to stay relevant to consumers .
lattimore
lattie
michael opened the first back yard burgers drive - thru restaurant in 1987. michael owned and managed the grocery store started by his father in rosedale, mississippi, but he wanted to start a business himself. he opened a discotheque in jackson in 1979, but the pearl river flood damaged the club and, after renovation, the melancholy mood of the town hampered business. he recovered from his losses and began to look for a new challenge. after reading an article about double drive - thru restaurants, michael thought to open one himself. he considered a variety of foods - - chicken, pizza, barbeque - - and decided on hamburgers. to compete with the national fast - food hamburger chains, he decided to offer something different, a premium quality hamburger like those he made in his own backyard .
who are you calling a turkey? oh, our classic turkey burger? well, ok then. top this char - grilled turkey with crisp lettuce, fresh tomato and mayo and we won’t have a problem. or put whatever you want on it, we’re pretty laid back .
reestablishing back yard burgers as a premium product resulted in a slight decline in sales during 2000. michael and myers attributed the decline to the loss of part of the customer base when the company cut its discount programs; the change, however, was intended to improve overall profitability and long - term growth. company - owned stores generated $ 26. 18 million in 2000 with 35 stores, down from $ 26. 5 million in 1999. same - store sales declined 5. 6 percent at company - owned stores and 5 percent at franchises. franchises paid $ 1. 7 million in royalty fees on $ 42. 3 million in revenues with ten new units opened in 2000. the company rebounded from a loss of $ 558, 000 in 1999, due to an impairment charge of $ 1. 4 million, to a net income of $ 466, 000 on $ 29. 3 million total revenue in 2000 .
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the restaurants employed an average of 15 workers each, according to the company .
the company was publicly traded on the nasdaq exchange from 1993 until 2007, when it was acquired by bbac llc and bbac merger sub inc. after it was acquired, bbac announced it was moving its headquarters from memphis to nashville .
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from 1992 through 1999, mr. zeising was first vice president of the robinson - humphrey company (rhc) in charge of european capital markets. rhc clients focused on business, consumer and financial services companies and airlines. in addition, he focused on convertible debentures and the corporate buyback business at rhc. prior to rhc, mr. zeising ran an overseas office for reich & co. , southeast research partners, in paris, france. he also founded and owns genki inc. , urltoken, a noodle and sushi bar in atlanta, ga. mr. zeising is a member of ypo, urltoken, he was raised in tokyo, japan, and adelaide, australia. he holds a ba in international economics – far east from the university of michigan, ann arbor, mi .
dr. david miller, director of princeton university faith & work initiative and president of the avodah institute dr. miller is director of princeton university faith & work initiative and president of the avodah institute, an organization who mission is to help leaders integrate the claims of their faith with the demands of their work. for the past five years, he served as the executive director of the yale center for faith & culture at yale university divinity school, and as assistant professor (adjunct) of business ethics. david brings an unusual “bilingual” perspective to the academic world, having spent 16 years in senior positions in international business and finance. prior to academia, david lived and worked in london, england for eight years, where he was a partner in a private equity firm that specialized in international investment management, corporate finance, and mergers and acquisitions. before that he was a senior executive and director of the securities services and global custody division of hsbc group, having held the same position at midland bank plc before its acquisition by hsbc. he first moved to london as the managing director of the european operations of state street bank and trust, a leading us securities services bank. he started his management career in the u. s. , working for ibm for eight years in a variety of sales and marketing management positions in new jersey and new england. david also speaks german, having lived, studied, and worked in germany. he is a graduate in business administration from bucknell university. after his corporate experience, he entered academia, receiving his m. div. and a ph. d. in ethics from princeton theological seminary. while doing his doctoral work in ethics, david began working with ceos and senior executives in his capacity as president and co - founder of the avodah institute. he is a successful author and a frequent speaker at gatherings of business leaders, corporate events, and academic conferences. his views are often cited in the media, including in the new york times, wall street journal, fortune magazine, radio, and the major television networks .
j. michael mccarthy, j. michael mccarthy financial advisor inc. mr. mccarthy currently manages and advises on assets totaling approximately $ 200 million. previously, mr. mccarthy spent 23 years as executive vp and cfo as well as board of directors member for waffle house, inc .
we have an intense focus on completing the objectives of our clients, whether that is the completion of a transaction or the funding of their growth, we never take our eye off the ball .
, reid m. zeising, managing partner .
3424 peachtree road, suite c - 100, atlanta, ga 30326. phone 404 495 - 7400
according to the lawsuit, boyd accused diaz and abbajay of conspiring to take over the company. abbajay described the work environment after diaz' s firing as “hostile. ” he was called into boyd' s office and fired on account of “poor operations” in june .
the lawsuit alleges that abbajay was not fired “for cause” pursuant to the details of his contract. he' s seeking severance pay, future and past wages and other damages .
on average, each restaurant comprised 15 employees, though company ceo james boyd said none of the units it closed employed more than 18 workers .
“we are hopeful the remaining restaurants can meet established targets and we are working to provide them with the support they need, ” boyd said in an interview with mbj. “we feel confident they will meet targets and that they will require no further action to hit financial targets. ”
bankruptcy protection allows the company to renounce some of its existing leases and position it to re - negotiate others. high lease rates were one factor contributing to the financial inefficiencies of the 19 closures, boyd indicated .
the company now owns and operates 25 restaurants along with 64 franchised locations across 35 franchisees. it operated as many as 181 restaurants in 2007 .
“during the presentation, boyd flew into a rage against diaz because of diaz’s refusal to remain silent about boyd’s illegal activities, ” the lawsuit reads. “specifically, boyd [... ] moved his 6’5” frame towards diaz in a confrontational manner and stared him down. diaz refused to engage boyd, which further infuriated boyd. boyd then had diaz removed from the building and told diaz not to return .
a phone message left for boyd wasn' t returned as of wednesday afternoon .
from franintel inc. , an atlanta - based financial and operations c - level services firm supporting emerging to midsize franchisors, where he served as president for two years .
mcdougall, who has a successful track record as a senior leader in both qsr and full - service restaurants, joins the 85 - unit chain, with more than 30 - years - experience in franchising, operations, international and supply chain management. throughout his foodservice career, mcdougall earned a reputation for operations optimization, financial engineering, technology enhancements and international expansion, as well as team leadership .
the restructuring plan, which did not include franchise - owned locations and had full support of both the company’s owner and secured lender, was recently confirmed by the u. s. bankruptcy court for the district of delaware. the company now has 22 company - owned and 63 franchised locations in 20 states .
prior to his tenure at franintel, mcdougall served as the senior vice president of qsr operations for nexcen brands, inc. , a multi - brand franchise company based in atlanta. nexcen operated such brands as marble slab creamery, great american cookie and pretzel maker, had over 1, 200 locations with annual sales of $ 375 million and operated in twelve countries before being sold to global franchise group.
back yard burgers , inc. , is an american regional franchise chain of quick serve restaurants . its headquarters is located in nashville , tennessee . as of november 2014 , there were 65 locations in the southern and midwestern united states , chiefly in tennessee and mississippi . in august 2008 , there had been 171 locations . although it is the most common commercial breed in the country , the franchise 's marketing tries to distinguish itself from other hamburger chains by the use of 100 % black angus beef . back yard burgers also offers salads , baked potatoes , and other side items as optional replacements for fries in its combo meals , and also offers a vegetarian garden burger . 
back yard burgers, inc., is an american regional franchise chain of quick serve restaurants. its headquarters is located in nashville, tennessee. as of november 2014, there were 65 locations in the southern and midwestern united states, chiefly in tennessee and mississippi. in august 2008, there had been 171 locations. although it is the most common commercial breed in the country, the franchise's marketing tries to distinguish itself from other hamburger chains by the use of 100% black angus beef. back yard burgers also offers salads, baked potatoes, and other side items as optional replacements for fries in its combo meals, and also offers a vegetarian garden burger.
back yard burgers, inc., is an american regional franchise chain of quick serve restaurants. its headquarters is located in nashville, tennessee. as of november 2014, there were 65 locations in the southern and midwestern united states, chiefly in tennessee and mississippi. in august 2008, there had been 171 locations. although it is the most common commercial breed in the country, the franchise's marketing tries to distinguish itself from other hamburger chains by the use of 100% black angus beef. back yard burgers also offers salads, baked potatoes, and other side items as optional replacements for fries in its combo meals, and also offers a vegetarian garden burger.