Goodwin & Associates Blog
The most trusted name in hospitality.Archive for December, 2011
Interview Tip- Preparation
The key to preparing for an interview is being able to answer the question “Why do you want to work for us?” If a company doesn’t sense a genuine interest level, they are not likely to feel you are a good fit. The best recommendation to knock this interview question out of the park is to do your RESEARCH. This begins with scouring their website for details – look at the info they offer to describe their company, their culture and mission, their career offerings, and even their management team. If they offer stock information as a publicly traded company, do research on their stock performance over the last year. Search for restaurant reviews online to see what their guests think. In addition, the best source of research is to do an actual visit to the restaurant and dine there. There is no better way than a firsthand experience to help you learn as much as you can, sometimes even seeing the person you will be interviewing with you in action.
When you do a restaurant visit, go to the interview prepared to discuss your observations. Always start by offering the positive feedback – what did you notice that you were impressed by and would make you want to work there. It is then appropriate to offer a concern or opportunity you observed based on having a critical eye. Pick the one area that you think may affect the operation or guest the most and highlight your observation, why you think it is an area of concern, and then offer a time you overcame a similar obstacle so that the hiring manager gets a sense you are a solution oriented manager.
Professional References- An Important Component to the Interview Process
One of the most important parts of the interview process, yet often the area least thought about, is professional references. In the mind of a hiring manager “past performance indicates future performance” so it is very common for a company to want to speak to former employers. While many companies have a no reference policy and will only verify dates of employment and eligibility for rehire, it is still commonly expected that a job seeker can supply names and phone numbers of former supervisors and colleagues. A good rule of thumb is to be able to offer the name and phone number of a former supervisor for your last three employers. More often than not, a hiring manager prefers to speak with someone who managed you as opposed to a colleague, someone you managed, or vendor. Very rarely will a company look to speak to a personal reference so be prepared with appropriate contact information.
In addition, it is imperative that the people whose names and numbers you provide are aware they are references for you and are willing to chat with potential employers on your behalf. Every time you are in search mode, you should be updating these people so they can be prepared to expect calls and return calls in a timely manner. If a reference doesn’t follow up to an employer within a timely manner, that is usually detrimental to your overall presentation to the client.
The other sticky situation is being able to provide a reference from your current employer. It is always helpful if you can provide someone at your current job, but many companies understand that is not always possible. This is when it may be appropriate to offer the name and number of someone who is currently working there in a lateral position to you as opposed to a supervisor or maybe even a former supervisor who is no longer with the company. If you truly feel there are no options to provide a reference from your current employer, let them know that you are discreetly searching and no one at your current place of employment is aware, but if an offer is extended you would be happy to provide someone at that time.
Landry’s to buy Morton’s for $116.6M
Tilman J. Fertitta, owner of Landry’s Inc., said Friday he has agreed to buy Morton’s Restaurant Group Inc., the owner of the 77-unit steakhouse chain, for about $116.6 million.
Fertitta said he has offered $6.90 per share for Morton’s outstanding stock, a 34-percent premium over Morton’s close of $5.16 a share on Thursday. Morton’s has 16.9 million outstanding shares that have traded between $4.18 and $7.75 in the past 52 weeks. Fertitta already owns about 5 percent of Chicago-based Morton’s outstanding stock, which he said made him one of Morton’s largest individual shareholders.
“Morton’s is one of the most recognizable and successful high-end steak brands in the world,” Fertitta said in a statement. “They are a dominant operator in the high-end steak category. Morton’s will be refreshed and modernized while still maintaining its first-class atmosphere and food quality.”
Fertitta, who on Nov. 8 agreed to acquire Portland, Ore.-based McCormick & Schmick’s Seafood Restaurants Inc. in a $131.6 million deal, added that Morton’s plans to introduce new food items and expand its menu.
Christopher J. Artinian, president and chief executive Morton’s, said, Fertitta “really understands the value of the Morton’s brand and our people, and is well-positioned to further enhance our reputation as the world’s best steakhouse.”
Morton’s Steakhouse generates more than $300 million in annual revenue. For the third quarter ended Oct. 2, its net loss was $2.4 million, or 15 cents per share, compared with a net loss of $2.1 million, or 13 cents per share, a year earlier. Revenue for the quarter rose 7.8 percent to $71.4 million, compared with $66.2 million a year earlier.
Morton’s same-store sales rose 5.1 percent in the third quarter, its seventh consecutive period of same-store sales increases.
Fertitta has created Fertitta Morton’s Restaurants Inc. and Fertitta Morton’s Acquisition Inc., both affiliated with Landry’s Inc., to complete the acquisition.
Landry’s, which Fertitta took private last year, owns a variety of hospitality and gaming companies that are expected to generate about $2 billion in revenues in 2011. Restaurant brands include casual-dining Landry’s Seafood House, Rainforest Cafe, The Chart House, Bubba Gump Shrimp Co., Claim Jumper, Saltgrass Steak House and Oceanaire, as well as a fine-dining Vic & Anthony’s, Grotto, Willie G’s and others.
Landry’s also owns the Golden Nugget Hotel & Casinos in Las Vegas and Laughlin, Nev., and Atlantic City, N.J. as well the Kemah (Texas) Boardwalk, the San Luis Resort Hotel in Galveston, Texas, and the Downtown Aquariums in Denver and Houston.
The following information is from an article today published on Nation’s Restaurant News by Ron Ruggless.
Read more: http://nrn.com/article/landry%E2%80%99s-buy-morton%E2%80%99s-1166m?ad=finance&utm_source=MagnetMail&utm_medium=email&utm_term=rgoebel@goodwin-associates.com&utm_content=NRN-News-NRNam%20Breaking%20News-12-16-11&utm_campaign=News%20Alert%3A%20Landry%27s%20to%20buy%20Morton%27s%20for%20$116.6M#ixzz1giIpDd00
Interview Tip
15 minutes early is considered on time! When it comes to interviewing, the rule of thumb is early is on time and on time is late. Always show up about 15 minutes before you are scheduled to meet the interviewer; any earlier and you look nervous. Be sure to take the time to really plan your route, potential traffic issues, and the parking situation. Always take the phone number of the location where you are meeting so if there is an unforeseen circumstance you can call ahead (at least 15 minutes before scheduled meeting time) to let them know you may be delayed. If you can’t speak with the interviewer directly, be sure to get the name of the person you speak with and asked to pass the message along for you.
Interview Tip
Every time you embark on an interview you should be prepared to discuss strengths and weaknesses. While this question can make even the most confident of managers shake in their non-skids, all it takes is a little preparation! The key is to offer information that will make you the best candidate for the particular job you are applying for; this is not the time to use a cookie cutter, rehearsed answer. When preparing for the interview, think about the job description, job advertisement, and company information available on their website. This should describe the areas of responsibility and characteristics they are looking for their managers to have. Think of specific examples of how you have had success in one or two of these areas and how you are passionate about it and you have your strength. For example – if they are looking for a manager who can be the face of the restaurant, think of ways you have developed great relationships in your community in a prior position and how it increased sales. When it comes to discussing your weakness, it is okay to be honest. Demonstrate your ability to be coached and willingness to grow by sharing something that you have already recognized is an opportunity but then back it up with examples of things you are doing to improve it on a day to day basis. Hiring managers appreciate someone who can self analyze and are open to becoming stronger, no matter how seasoned of a manager one might be.
