It appears that JOES has a GREAT Management team, here is WHY...
As explained to me by Joe.
#1. Mr. Nalvini spent 32 years working for Cara Operations in Toronto Canada. While with Cara, Mr. Nalvini was one of the senior executives with the company and he was responsible for the development of the Swiss Chalet chain and grew that from only 2 stores to 200 stores.
(Note: Now folks, THAT IS Impressive. Can he do this with Eat At Joe's 8 stores and 3 Koo Roo's ? I don't know but I bet he thinks he can and Why Not?)
I understand Mr. Nalvini was making big bucks working for Cara and he came to work for "Eat At Joe's" for a very small salary BUT a VERY BIG Stock incentive performance package. (Folks, If true, I find that very interesting, especially for the longer term investors in JOES)
Coming in under those "Performance Incentives" to me is VERY significant. This equates to the assumption that Mr. Nalvini came, not for a pay check but rather for the VALUE of what he believes he can BUILD Eat At Joe's into, which is perhaps another 200 unit profitable chain.
Folks, if Mr. Nalvini did actually spend 32 years, was successful and making big bucks. To then come to a small start up like JOES with nothing but a very big incentive performance package. Then common sense tells me this is a man who BELIEVES in himself enough to make that risk and has the past performance success to actually make it happen. If HE is successful, then what does that common sense tell me as an investor in JOES :)
Joe said we would see Mr. Nalvini on TV and see him as a down to earth kind of guy but also backs up what he says.
#2. Gary Usling, CFO for Eat At Joe's: Gary worked for one of the largest developers in the country and was responsible for building the real-estate portfolio for that developer. Like Mr. Nalvini, Gary Usling ALSO came to work for JOES on a very small salary BUT a very large incentive performance base stock option. SO, both of these individuals have a VERY BIG vested interest in growing this company and making it the success that THEY are accustom to in their
Management performance.
#3. Joe himself: Joe told me personally that he has not taken one dime out of this company personally since started, AND that he has over a million dollars invested in this company. Joe stated he was NOT in this for a pay check but rather the VALUE he can create with the paper.
#4. It is my opinion that to be successful one must first surround themselves with LOYALTY first because with that all else breaks down fast. It appears these 3 people have a loyal mutual respect for each other as business men and great confidence.
EXPERIENCE and ABILITY is #2, looks that is ALL in place here.
CONFIDENCE is the next thing I would look for and there seems to be an over abundance of that.
In closing and as an investor in JOES, I wish these folks success and the results will determine my own.
These are my perceptions and thoughts.
Regards,
Malcolm |
