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Famous Dave's of America Inc. Message Board

  • Rocket_1924 Rocket_1924 Jan 22, 1998 9:38 AM Flag

    Company Vision

    There are certainly enough reasons to question some of Dave's strategies. They have yet to prove they can be successful outside the Twin Cities. A lot of people think that a rib tastes are too regional to ever be successful in a national chain.
    I went to the shareholders meeting last April-May and got a good 30 min of private time with Payne and the new CFO. I also got to listen to Dave explain his vision. Over the last year I have been looking for some consistency out of what they told me.
    I believe that Dave is a great visionary who knows how to create great entertainment/food value. It is not fair to compare prices of large potion, quality food served in a rich atmosphere with another restraunt that just serves food. I believe that Dave's provides great food value for the price.
    I also believe that Dave himself does not know how to create a national franchise. The intial restraunt projects were all over the board in terms of design, & layout. Intially, Dave's model was to buy the land and own the buildings of each restraunt. This adds $1,000,000 to the cost of each start up.
    Dave hired the best management he could find to help him create the best, easiest to implement and most profitable model to take his few restraunts to thousands as quickly as they can.
    I believe that this management team is still adjusting for the best model. I had hoped that maybe they would know more by now and I am looking forward to the next shareholders meeting to see what they have learned.
    I believe that the stock got too far ahead of itself based on some unrealistic expectations. This is a seasonal business and hub and spoke concept needs time to roll out in each new area.
    Every start up investment has lots of risk. If we knew all the answers then we would all be worried that this product concept was not unique enough to work.
    I do know that every time I visit a Daves I enjoy myself, the employees enjoy themselves and other customers enjoy themselves. I always walk away thinking I should buy more stock but one of the first rules of investing is to not get emotional with any one stock. I work from a fairly strict allocation model and if may opinion of this company changed, I would dump it in a minute.

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