Breakfast restaurant chain targets market
A restaurant chain that serves breakfast, brunch and lunch is looking for space in West Michigan.
Described as “IHOP on steroids” by co-founder Robert Maynard, Famous Toastery would like to open three units in the Grand Rapids area next year.
The chain makes everything in house in the morning, Maynard said, and is “a $1 more but with food and service 100 times better” than other national breakfast chains.
Famous Toastery operates seven restaurants, six in the Carolinas and one in Florida, and plans to open 30-35 new locations by the end of 2016.
West Michigan is a market Maynard said has garnered a lot of interest. Other stores will be opening in the Carolinas, Virginia, Florida, Philadelphia and New York.
“We have gotten a lot of calls from Lansing and Grand Rapids,” Maynard said. “We’ve been lucky to have a lot of press in publications like Entrepreneur and Wall Street Journal, so people visit us. At the end of the day, we get phone calls of, ‘Can we open up a restaurant?’”
Maynard said the company is seeking franchisees who fit with the company’s culture, but it could end up opening corporate locations in the area. He said it costs between $470,000 and $750,000 to open a location, depending on the real estate selected. A location generates about $1.4 million in sales annually.
“We’re trying to find someone who wants to bring jobs to the area, who knows the area,” Maynard said. “We’d like to see a locally owned store give back to the area.”
With breakfast being a habitual meal, Maynard said it’s easier to maintain a built-in clientele at a breakfast restaurant.
It also serves as a lifestyle brand for restaurant employees, who can be home by 4 p.m. each day.
“Our food is every day,” Maynard said. “That’s what keeps us busy: people coming in three to four times a week, on their way to work or after dropping the kids off at school.”
Famous Toastery was started in 2005 in Huntersville, N.C. by Maynard and Brian Burchill.
The company began franchising in 2013.