Famous Toastery founder and CEO Robert Maynard discusses the possible minimum wage increases in certain states and what it would mean for the brand's franchise development.
The election day, voters in Arizona, Colorado, Maine and Washington will be making a decision on whether to raise the minimum wage in their state to $12 or more according to a recent article in the Wall Street Journal. This would impact many franchise brands planning to grow in those states, including rapidly expanding better breakfast franchise Famous Toastery, which has plans to expand throughout Colorado.
“It takes you to a point where you have to knock up prices a little bit more,” Robert Maynard, co-founder and CEO of Famous Toastery, told the Wall Street Journal. “But you also have to ask ‘How can we be faster?’, ‘Do we need as many people in the kitchen?’” Other factors impacting franchise growth include new overtime rules and Obamacare.
Read the full article here.