After spending years in the hotel industry, New Jersey-based brand partner Peter Patel decided to diversify his portfolio and took on the opportunity to own a Wingstop. He now operates two locations and is in the restaurants nearly every day making sure his team morale is always high.
What made you want to become a brand partner?
In 2014, I was working in the hotel industry with my family and I started looking at some different opportunities to invest in. Some of my business partners were doing research and noticed that Wingstop restaurants were very profitable, and it just seemed like a great opportunity. In fact, Wingstop does so well that it’s comparable to an Apple store, which makes quite a bit for a brick-in-mortar retail store. So, it’s pretty impressive.
It’s also a relatively simple operating model. We decided to open one and it’s been a great experience.
What’s the most rewarding thing about being a brand partner?
I would say the most rewarding thing about being a brand partner is having the affiliation with a brand that people love. When I tell people I own a Wingstop, it’s really nice to know it resonates with our guests. It’s kind of like they give you a high five and say “dude, that’s awesome.” I hear all the time how much people love Wingstop and get a lot of great feedback about my locations specifically.
Do you have any tips for entrepreneurs?
Do whatever you can to maintain the morale. If your team members have high morale, then they’ll show up every day to work and stay committed. I have one of the lowest turnover rates in the industry and I believe it’s because my team loves their work environment.
The other thing I would say is that you need to have perseverance and know how to deal with stress. You can’t let stress affect your decisions. That makes the biggest difference in a successful entrepreneur.