By Kara Sherrer
In the Executive Edge track of the Vanderbilt Executive MBA program, students are assigned to a cross-function C-Team, designed to emulate a C-suite of executives. During their final spring semester, each C-Team completes a capstone strategy project, consulting on real business challenges.
The Client: Founded in 2012 by the father-son team of Nick Bishop, Sr. and Nick Bishop, Jr., Hattie B’s has quickly become one of the most well-known names on the Nashville hot chicken scene. The fast-casual restaurant concept now boasts five locations across three cities — Nashville, Birmingham, and Memphis — with more on the way.
The Project: While the Bishops have maintained a close eye on the restaurants so far, that personal day-to-day involvement won’t be possible as the concept continues to expand. Hattie B’s tasked the EMBA team with providing strategic recommendations for how the company could grow organically without taking on a lot of debt, going the private equity route, or moving into franchises.
The Analysis: The EMBA team started with industry research to get up to speed on the restaurant space, leveraging the librarians at the Walker Management Library for help. They also used frameworks from Professor Jon Lehman’s strategy class to guide the structure of their recommendations.
Hattie B’s kept in contact with the team and provided information via phone, emails, and in-person meetings. The team used selective financial data provided by Hattie B’s to project future growth.
Photo credit: Lindsey Freitas, Bellalu Photography
The Recommendations: The EMBA team put together a financial model that paced the next four years of growth for Hattie’s B. They also prioritized four new locations — Raleigh-Durham and Charlotte in North Carolina, and Jacksonville and Orlando in Florida — based on fast casual restaurant industry research and Hattie B’s demographics.
Because Hattie B’s was not interested in franchising, the team also recommended an operating partner strategy for opening multiple new restaurants in larger markets. Under this model, the partner would establish the first three restaurants in a new location, hire someone to oversee them at the supervisor level, then build three more restaurants in a new market and continue the cycle.
The Feedback: “To have a group of professional, business-minded students working as consultants for Hattie B’s turned out to be one of the most rewarding partnerships I have experienced,” said Nick Bishop, Sr. “Outside of our initial meeting and a few follow-up sessions, the EMBA project allowed us to focus on the business of running restaurants and required little time.”
“The final presentation was exceptional, with all members of the EMBA program totally engaged and contributing as a team,” he continued. “We will absolutely implement most, if not all, of the recommendations brought forth by the EMBA team.”
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