Regular readers of this blog have heard the old adage “the bigger they are the harder they fall”. In this case of Lawrence R. (Larry) Johnston, Former Chairman & CEO of Albertsons Inc., has acquired a major stake in the "Peach Cobbler Factory Franchise Company LLC" one of America's fastest growing dessert franchises. Johnston is not falling he is looking up at a huge opportunity to drive top-line growth and bottom-line profits from within the restaurant sector according to Steven Johnson, Grocerant Guru® at Tacoma, WA based Foodservice Solutions®.
This is not a case of the ‘great resignation. However, we most note that a new Pew Research Center survey finds that low pay, a lack of opportunities for advancement and feeling disrespected at work are the top reasons why Americans quit their jobs last year. The survey also finds that those who quit and are now employed elsewhere are more likely than not to say their current job has better pay, more opportunities for advancement and more work-life balance and flexibility.
The study went on to say that the majority of workers who quit a job in 2021 say low pay (63%), no opportunities for advancement (63%) and feeling disrespected at work (57%) were reasons why they quit, according to the Feb. 7-13 survey. Knowing that you what you should be doing to get and keep workers.
Now in this deal, Johnston will form a partnership with Greg George the Peach Cobbler Factory's CEO to assist in accelerating the company's rapid growth and success forward into the future.
Johnston stated, "I am excited to be partnering with Greg George and the Peach Cobbler Factory Team of associates and franchisees to achieve a goal of bringing this exciting dessert concept to millions of people across America and beyond."
So, in this transaction, the Edgertons have divested their interest in the company to Mr. Johnston and will remain as valued advisors and franchisees. The terms and details of the acquisition were not revealed.
Most of our regular readers know that Johnston is the former Chairman, CEO and President of Albertsons Inc., a Fortune 50 company with over $40 Billion in Revenues and 240,000 employees. During Mr. Johnston's tenure the company operated a nationwide network of over 2,500 stores in the grocery and drugstore industries under the brand names Albertsons, Jewel, Acme, Shaws, Sav-On & Osco.
Prior to joining Albertsons in 2001 as Chairman and CEO, Mr. Johnston spent 28 years with the General Electric Company. In his final role at GE he served as President and CEO of GE Appliances a multi-billion dollar global division of the company. In this role he reported directly to GE's legendary Chairman and CEO Jack Welch.
Are you looking for top-line growth, and bottom-line profits? Have you considered transitioning from one sector to another, or to a related sector with foodservice? We can help.