Raz: Five Guys' worldwide revenue is approaching $2 billion
“And if you add up all of the restaurants and franchises around the world, he says they are approaching two billion dollars in revenue.”
Murrell: Mastering basic services like burgers, drinks, or haircuts guarantees steady income
“In fact, my mom used to say, if you can make a good hamburger, or serve a good drink, or give a good haircut, you'll always... Have something to do, yeah. Have an income.”
Murrell: High school friends who bought early Five Guys stock became millionaires
“When I started Five Guys, I let three or four of my buddies that I went to high school with buy stock in my company, because I thought it would be a great thing for them, because they didn't have money. A little bit, they had a little bit of money, but not muc…”
Murrell: The Murrell family still owns 75% of Five Guys
“We own about 75% of the company, me and my family.”
Murrell: Five Guys perfected operations for 17 years before franchising
“Most franchisers start off to franchise. We didn't start off to franchise. We had no idea we were going to do that. We started off to build a family business, and we put 17 years into it, and we figured out how to do it right. So when it came time to franchisi…”
Murrell: Early investors got a cut of gross revenue, not profit
“We'd say, give us 5000 dollars, we'll give you a certain percentage of the gross, not never the profit, because there was always too many ways to get cheap people that way.”
Murrell: Five Guys would rather raise prices than exceed 30% food costs
“We would always say, food costs would stay around 30%. Whatever we gotta do, if we gotta raise prices, we raise prices. And we said, if we have to worry about price, we don't want to be in this business.”
Murrell: Five Guys was profitable from its very first day
“And we made money from our very first day, and we were breaking even, and we were paying our rent.”
Murrell: Five Guys was originally named for Jerry and his four sons
“We had three sons plus one more son with Janie. My fifth son wasn't born yet, so it was four sons and me, so we said, well, we'll call it Five Guys for now, and then we'll change it.”
Murrell: Five Guys opened its first location with just $35,000
“Our first story put 35,000 dollars in it.”
Murrell: Hidden real estate locations proved genuine customer demand
“And we said, well, if we can put it where, you know, it's hard to find, but if we can get people coming there, then we know we got something.”
Murrell: Five Guys idea came from focusing simply on burgers and fries
“So me and the kids, that got into our mind, like, you know, hamburgers, fries, keep it simple, might work. And that's where the idea came from.”
Murrell: Attempted oil and bottled water ventures in the 1970s
“I tried a few businesses. I started an oil business in Texas, and I did a couple other dumb things. I tried to start a water business, of all things. I thought selling bottled water back then would have been a good idea, and everybody laughed at me. I had a ha…”
High school friends who bought early Five Guys stock became millionaires
“When I started Five Guys, I let three or four of my buddies that I went to high school with buy stock in my company, because I thought it would be a great thing for them, because they didn't have money. A little bit, they had a little bit of money, but not muc…”
Jerry Murrell and his family still own 75% of Five Guys
“We own about 75% of the company, me and my family.”
Five Guys funded early expansion using gross revenue share agreements
“We'd say, give us 5000 dollars, we'll give you a certain percentage of the Gross. Not, never the profit, because there was always too many ways to get cheap people that way. So I said, we'll give you a certain percentage of the gross. We'll give you the money …”
Thrasher's French Fries inspired the simple Five Guys menu model
“There must have been 20 places selling boardwalk fries, but only one place had a long line, and that was Threshers. It was, the line was a hundred feet long all day long. So me and the kids, that got into our mind, like, you know, hamburgers, fries, keep it si…”
Jerry Murrell tried launching a bottled water business in the mid-1970s
“I tried to start a water business, of all things. I thought selling bottled water back then would have been a good idea, and everybody laughed at me. I had a hard time raising money.”