Steuben's Food Service was founded in 2006 by Josh Wolkon, a successful restaurateur in Denver, Colorado...

  

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Steuben's Food Service was founded in 2006 by Josh Wolkon, a successful restaurateur in Denver, Colorado Steuben's Food Service includes an in- dependent restaurant in uptown Denver specializing in unique comfort cuisine, as well as a food truck service, which regularly circuits through the city pro- viding both residents and travelers alike with quality tood and exceptional service. At Steuben's, heavy emphasis is placed on providing a unique dining experience that cultivates a sense of comfort and tamiliarity. The menu consists of a variety of regional American classics, which serve to inspire memories of favorite dishes from their customer's pasts. This is where Steuben's differentiates itself from other restaurants in Denver, bringing national appeal to a local spectrum. A Worthy Proposal In 2011, Wolkon was approached by a third-party business, who presented an investment proposal for a licensing agreement to use Steuben's brand and concept to open a location in Denver Interna- tional Airport. At the time, airports in large cities were looking to better represent their city by adding more independent and less commercial restaurants. By partnering with this business, Wolkon believed he would be doing a great service to the local Denver traveler, as well as worldwide visitors, by providing the experience, service, and food quality of the Steu- ben's brand in the airport's Terminal C. The licensing agreement would not require Wolkon to put up any money on his end, and he would receive a piece of the location's profit in the form of a licensing fee. QUESTIONS Inspiring Success 1. Do you think Steuben's should license its brand When Steuben's opened in 2006, it was busy from to a third-party and expand its business or re- day one. In the first year of operation, Steuben's main as an independent operator in one loca- raked in approximately $70,000 per week ($364,000 tion? How does planning play into this decision? annual revenue). From that point on, Steuben's 2. Are there other opportunities to expand the made a name for itself, which resulted in annual business growth due to a successfully run operation and positive word of mouth. From 2010 to 2011. Steuben's experienced 17% sales increase, and then in 2011, Steuben's was featured on Food Net- work's Diners, Drive-Ins and Dives. Subsequently, demand continued to grow and sales increased an additional 12 percent from 2011 to 2012, amount- ng to approximately $6 million in annual revenue. brand without possibly compromising Steuben's current brand and philosophy? 3. How would Wolkon benefit from the licens- ing agreement for the Terminal C proposal in terms of the expenses of purchasing kitchen equipment? 4. What are the advantages and disadvantages of offering a food truck service, in terms of equipment? Steuben's Food Service was founded in 2006 by Josh Wolkon, a successful restaurateur in Denver, Colorado Steuben's Food Service includes an in- dependent restaurant in uptown Denver specializing in unique comfort cuisine, as well as a food truck service, which regularly circuits through the city pro- viding both residents and travelers alike with quality tood and exceptional service. At Steuben's, heavy emphasis is placed on providing a unique dining experience that cultivates a sense of comfort and tamiliarity. The menu consists of a variety of regional American classics, which serve to inspire memories of favorite dishes from their customer's pasts. This is where Steuben's differentiates itself from other restaurants in Denver, bringing national appeal to a local spectrum. A Worthy Proposal In 2011, Wolkon was approached by a third-party business, who presented an investment proposal for a licensing agreement to use Steuben's brand and concept to open a location in Denver Interna- tional Airport. At the time, airports in large cities were looking to better represent their city by adding more independent and less commercial restaurants. By partnering with this business, Wolkon believed he would be doing a great service to the local Denver traveler, as well as worldwide visitors, by providing the experience, service, and food quality of the Steu- ben's brand in the airport's Terminal C. The licensing agreement would not require Wolkon to put up any money on his end, and he would receive a piece of the location's profit in the form of a licensing fee. QUESTIONS Inspiring Success 1. Do you think Steuben's should license its brand When Steuben's opened in 2006, it was busy from to a third-party and expand its business or re- day one. In the first year of operation, Steuben's main as an independent operator in one loca- raked in approximately $70,000 per week ($364,000 tion? How does planning play into this decision? annual revenue). From that point on, Steuben's 2. Are there other opportunities to expand the made a name for itself, which resulted in annual business growth due to a successfully run operation and positive word of mouth. From 2010 to 2011. Steuben's experienced 17% sales increase, and then in 2011, Steuben's was featured on Food Net- work's Diners, Drive-Ins and Dives. Subsequently, demand continued to grow and sales increased an additional 12 percent from 2011 to 2012, amount- ng to approximately $6 million in annual revenue. brand without possibly compromising Steuben's current brand and philosophy? 3. How would Wolkon benefit from the licens- ing agreement for the Terminal C proposal in terms of the expenses of purchasing kitchen equipment? 4. What are the advantages and disadvantages of offering a food truck service, in terms of equipment?

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