This Franchisee Owns 112 Restaurants and Gives Ownership Stakes to His Staff: ‘It Helps Them Know It’s a Team’
Franchisee innovates by offering staff ownership stakes in 112 restaurants to foster teamwork.
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Wade Oney, who owns 112 restaurants including 96 Papa John's locations, allows managers and executives to buy minority stakes in their restaurants. His franchise group, Bam-Bam Pizza, generates $160 million in annual revenue, and this ownership model encourages team cohesion and a sense of investment among staff.
Why It Matters
This employee ownership approach may enhance retention and productivity among management, potentially influencing unit economics positively for franchisees. Additionally, it highlights innovative management strategies that could attract interest from investors examining employee engagement models.
Wade Oney, the President of Bam-Bam Pizza Inc., owns 112 restaurants across three brands, including 96 Papa Johns locations, with an annual revenue of $160 million. His unique approach to franchise management includes allowing his managers, supervisors, and executives to purchase minority ownership stakes in the restaurants they operate. This initiative has engaged about a third to half of his leadership team, fostering a sense of investment and commitment among employees.
Oney, who began his career as a Domino’s store assistant in 1981 and rose through the ranks to become COO of Papa Johns, emphasizes the importance of teamwork in his business model. He stated, “It helps them know it is a team and a career and not just a job. That is a pretty cool thing that has happened, and our people love it.”
This move is seen as a strategy to enhance employee motivation and retention, leading to a more dedicated workforce. Other franchise operators may take notice of this model as a potential way to reduce turnover and boost morale, especially in the competitive food service sector. The implications of Oney's approach for franchisees suggest that shared ownership could lead to higher employee satisfaction and performance.
The effectiveness of this ownership initiative may depend on how well it translates to operational improvements and employee engagement in the long term.
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