He says he’s happy with his three current brands and their solid unit-level economics, which is why he plans to keep his focus squarely on growing those brands. Always looking for ways to improve, San Miguel says he wants to do a better job delegating authority to his team. “I value my team’s opinions and seek to get their buy-in, but my tendency is to assume the lead on important matters.” Expect him to move aggressively through 2021 focusing on building sales, managing costs, and uncovering development opportunities with solid ROI potential on his way to 100.
Counting His Own Beans Halfway to 100 with 3 brands Written By KERRY PIPES
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uis San Miguel is halfway to his next big goal of operating 100 franchise units. The president and CEO of Fresh Dining Concepts oversees a total of 50 Auntie Anne’s, Cinnabon, and Carvel locations across New York, Florida, and Pennsylvania. At 61, San Miguel has a diverse business background and a successful history in franchising. He has been a financial manager and CFO, worked at Burger King Corp., been a Burger King franchisee, and is now a franchisee of Auntie Anne’s, Cinnabon, and Carvel. His Coral Gables, Florida-based Fresh Dining Concepts is the third-largest Auntie Anne’s operator in the country. Before becoming a franchisee with Auntie Anne’s and Cinnabon, San Miguel was CEO of Toms King, a company with
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Multi-Unit Franchisee
a portfolio of 58 Burger Kings and annual revenue of $70 million. “I could have continued my career as a financial professional,” he says of his early career. “But I developed a desire to lead an organization and not just count other people’s beans but to create my own beans.” San Miguel was born in Cuba and emigrated to the U.S. with his family when he was 9. He overcame language and cultural barriers to graduate college and build a successful business career, at one point serving as CFO of a company with annual revenues of more than $700 million. Coming off 2020 and the effects of the pandemic, San Miguel is looking forward to adding new units and growing thirdparty delivery and catering sales in 2021. ISSUE 1, 2021
PERSONAL First job: Auditor with KPMG. Subsequent to that, I held various financial management positions with companies in various industries including technology, travel, and retail. Most notably, I worked at Burger King Corp. After that, I became a Burger King franchisee and subsequently an Auntie Anne’s, Cinnabon, and Carvel franchisee. Formative influences/events: I was born in Cuba and emigrated to the United States with my family when I was 9 years old. I still remember the challenge of learning a new language, which created struggles in school. I am grateful for the warm welcome my family and I received from the United States, and in particular, the community in Miami. I’m also grateful for the educational and professional opportunities made available to me. I received my college degree from Fordham University in New York. Living on my own in New York exposed me to multiple cultures and ethnicities and helped me develop my leadership and communication skills. Key accomplishments: Becoming a father, completing an IPO on the Nasdaq. Biggest current challenge: Finding high-quality development opportunities at reasonable prices to achieve ROI objectives. Next big goal: Reaching 100 units (a doubling of current unit count). First turning point in your career: Leaving KPMG was not a decision that I initiated, and it helped me realize that I needed to take charge of my career and not just rely on corporate processes for progression. Best business decision: I had a successful career as a finance professional and CFO and completed a number of public and private equity and debt financings. I could have continued my career as a financial professional. But over the years I developed a
