Multi-Unit Franchisee Magazine Issue I, 2016 | Page 44

“I am Denny’s largest individually owned franchisee and one of the largest female restaurant franchisees in America.” PERSONAL First job: Taco Bell for 6 months until I could afford to buy a car to take me to Denny’s, where I ultimately wanted to work. Exercise/workout: I walk about 2.5 miles 5 days a week and try to work out with a trainer when I am in town and able. Formative influences/events: We didn’t have a lot when I was growing up so my mother always had to work hard. She had a great work ethic and I knew if I wanted things in life I was going to have to work hard as well and earn them myself. Best advice you ever got: When I bought my first restaurant at 23, I was worried I might fail. Thirty-five people were dependent on me for jobs. My mom said to me, “What is the worst thing that can happen—you start over at 26?” Once she said that, I was instantly okay and the fear went away. To this day, whenever I am faced with a challenge I still ask myself, “What is the worst thing that can happen?” It always empowers me to move past any obstacles I may be facing. Key accomplishments: I am Denny’s largest individually owned franchisee and one of the largest female restaurant franchisees in America. Biggest current challenge: The unknown factors of all the new laws and reporting requirements. Huge financial and reporting burdens are being put on employers and it is adding to the cost of doing business. Next big goal: To reimage and upgrade as many of my existing fleet as I am able. With so many locations it is a very large financial commitment and timing challenge, but I believe it will yield great results once we accomplish it. First turning point in your career: Buying my very first restaurant. It was the launching pad. Best business decision: Buying out my business partner. We had 13 restaurants at the time and a different business philosophy. Once I bought her out I was able to move forward and grow the business. Hardest lesson learned: If you can avoid it, never be 50/50 business partners with anyone. Business partnership is like marriage, only a lot more complicated. If you do have to be 50/50, have a trusted, unrelated third party appointed in advance to assist in conflict resolution. Try to set up a formula and a procedure for buyout should either party decide to exit and a mediation agreement in place to avoid litigation. Work week: When I am in town I am in the office every day. Due to the nature of my business, I also travel extensively. My restaurants are in 7 different states plus I sit on the Denny’s Franchisee Association Board and the Denny’s Development Brand Advisory Council as well as other committees that require me to travel. 42 What’s your passion in business? I love the art of the deal. Finding the site, negotiating for it, and finding the financing. I also love food and feeding people. How do you balance life and work? It is challenging at times because I love to work but I believe if I work hard I deserve to play hard as well. I make a point of always scheduling plenty of play time for my family and the fun things we all enjoy and love to do. Guilty pleasure: A long weekend in Las Vegas. Favorite book: The Success Principles by Jack Canfield. Favorite movie: The Barbra Streisand version of “A Star Is Born.” What do most people not know about you? I started as a hostess at Denny’s and bought my first restaurant off credit cards. Pet peeve: Tardiness. My time is valuable and I respect others’ time by showing up promptly and I expect others to do the same. What did you want to be when you grew up? I always had a dream of being self-employed. I didn’t know what I would be doing, I just knew I wanted to own my own company and be in charge of my financial and professional destiny. Last vacation: An Inspirato trip to Nantucket with friends. Person I’d most like to have lunch with: Oprah Winfrey. MULTI-UNIT FRANCHISEE IS S UE I, 2016 MUF16-1_lafreeda.indd 42 1/11/16 11:18 AM