In this FDD Talk 2017 post, you’ll learn the following:
- Section I – Background information on the HoneyBaked Ham franchise opportunity, including relevant news updates
- Section II – Estimated initial investment for a HoneyBaked Ham franchise, based on Item 7 of the company’s 2017 FDD
- Section III – Initial franchise fee, royalty fee, marketing fee, and other fees for a HoneyBaked Ham franchise, based on Items 5 and 6 of the company’s 2017 FDD
- Section IV – Presentation and analysis of HoneyBaked Ham’s financial performance representations, based on Item 19 of the company’s 2017 FDD, including information on the:
- 2016 average net sales for the 181 franchised HoneyBaked Ham Stores that were in operation for three years through the end of the company’s last fiscal year, which included the period from September 28, 2015 to September 25, 2016
- 2015 average net revenue, cost of goods sold, gross profit, labor costs, and profit after COGS and labor for the 129 franchised HoneyBaked Ham Stores that were open during the entire period from January 1, 2015 to December 31, 2015 and that provided year-end profit and loss statements to the franchisor on its standardized form for this period
Section I – Background Information
11 Things You Need to Know About the HoneyBaked Ham Co. & Cafe Franchise
New CEO
1. In late January 2017, the Honey Baked Ham Company, LLC announced that it had hired Linda Heasley as the company’s new CEO. Heasley, the former President and CEO of Ascena Retail Group’s plus size fashion segment, replaced HoneyBaked Ham Chairman and interim CEO Paul Roth.
2. According to Roth, the company had been interested in hiring Heasley for months due to her “proven track record of developing strong teams and delivering results.” Heasley is credited with revitalizing the Lane Bryant brand through her time with Ascena Retail Group.
Providing Thousands of Seasonal Jobs
3. The holidays are always the busiest time of year for The HoneyBaked Ham Co. & Cafe. To keep up with holiday demands, the company hires thousands of seasonal workers. This past holiday season, The HoneyBaked Ham Co. hired 12,000 seasonal workers, boosting its holiday workforce by 20 percent from 2015.
4. According to the company, from Thanksgiving until the start of the new year, The HoneyBaked Ham Co. serves more than 2.5 million customers, so the large holiday workforce is needed.
Creating a Millennial-Friendly Workplace
5. According to Forbes, The HoneyBaked Ham Co. is a company that millennials love working for. Many millennials who have worked for the company say that The HoneyBaked Ham Co. has created a very welcoming work environment that makes them feel at home.
6. Another thing that appeals to millennials is that the company is big on promoting a healthy work/life balance. According to the company, most managers work 45 hours a week, which is uncommon in the food service industry.
7. Young people enjoy working for the company long term because The HoneyBaked Ham Co. provides numerous opportunities for growth. The company often develops talent from within. Leaders often invest heavily in individuals who stand out and show great talent.
8. One of the biggest reasons why the company appeals to millennial employees is that employees receive daily feedback from their supervisors. According to Forbes, millennials are more likely to be engaged with their work when they receive regular feedback. The HoneyBaked Ham Co. makes sure to hold informal conversations with employees about their strengths and opportunities for growth rather than just providing an annual performance review.
Company History
9. The HoneyBaked Ham Co. was founded in 1957 by Harry J. Hoenselaar, who is also responsible for inventing the spiral slicer. Hoenselaar’s hams were the first to be sliced as one continuous spiral.
10. Today there are over 300 The HoneyBaked Ham Co. & Cafe locations across the United States.
Entrepreneur’s Franchise 500
11. The HoneyBaked Ham Co. & Cafe has ranked on Entrepreneur’s annual Franchise 500 list almost every year in the past decade. The company’s highest rank was No. 111 in 2017 and its lowest rank was No. 300 in 2013.
Section II – Estimated Costs
- Please click here for detailed estimates of HoneyBaked Ham franchise costs, based on Item 7 of the company’s 2017 FDD (updated).
Section III – Initial Franchise Fee, Royalty Fee, Marketing Fee, and Other Fees
- Please click here for detailed information on HoneyBaked Ham’s initial franchise fee, royalty fee, marketing fee, and other fees, based on Items 5 and 6 of the company’s 2017 FDD.
Section IV – Financial Performance Representations (Item 19, 2017 FDD) and Analysis
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