"The growth of your business is directly related to your own personal growth."~ Jeffrey Summers, Founder|Principal Summers Hospitality Group
Typically, most contract management fees contain up to three major components. These are:
- Initiation Fee: This is based on the size of a property/operation and includes all the work related to the start-up, including staffing, internal controls and systems, accounting formatting, financial reporting, budgeting and inventory systems.
- Management Fee: This fee is always established as a percentage of revenue. Typically the percentage can range from 4 – 7 percent, based on the size of the operation. This fee provides the necessary motivation to the management team to benefit from improved sales or lose compensation if sales go down.
- Bonus Profit Incentive: This fee is based on a part of the profits of the business, ONLY if the business exceeds budgeted profitability as a bonus for exceeding expectations.
Of course, these fees are contextual, negotiable and vary with each business. Equally important are the exact responsibilities Summers Hospitality Group® is asked to provide and the depth of authority you authorize us to execute. Typically we will prepare a complete budget for your approval within 60 days of taking over operations. Then we usually have complete authority to write checks and perform other “owner functions,” but only within budgetary guidelines. Any expense or action outside of your approved budget must be approved by the operator.
Management companies are very different, and each concept needs its own disciplines. So, make sure the company you select has proven abilities in promoting, marketing (revenue growth), cost management and developing a great experience for your concept. Summers Hospitality Group® possess extensive operational and technical skills in all the key disciplines that have proven to yield substantial outcomes for our clients. Our extensive business and hospitality management experience enables us to help your business management team attack many of the challenges facing foodservice operators today. Refined over four decades of experience working with diverse and unique companies, we have the knowledge and perspective to identify opportunities for improvement in any environment.
Call us to discuss your opportunity. 855-744-4677.
What I Do To Help You Build A Better Business
Why You Should Hire Me
Whenever You’re Ready, Here Are Five Ways I Can Help You Start Growing Your Business Today:
1. Register for one of my EventWorx™ Learning workshops. Learn more about those here.
2. Join my BizWorx™ Coaching program and start growing your business the very day you start. I help business leaders rapidly grow their businesses with sustainability. If this fast growth interests you, call me at 855-744-4677 and talk to me about your opportunity at no charge.
3. Engage me in a GrowthWorx™ Consulting Project and finally set your business on the road to rapid and sustainable growth.
4. Conduct an Onsite Review in order to create a blueprint for growing your business in the coming year.
5. Have me Facilitate A Strategy Session for your leadership team. Most of our clients now do this every 6 months and it has provided the needed focus and accountability necessary to achieve sustainable growth.
5b. Have questions? Contact me to discuss your opportunity with no obligation to you for the first conversation.