April 06, 2010 // Franchising.com // TAYLOR, Texas – Refusing to let today's economic challenges get in the way of the company's growth, Stockade Companies recently launched an incentive program designed to ease start-up costs for new and existing franchisees.
Effective through the end of 2010, the incentive program is available to those interested in all three of Stockade Companies' brands – Montana Mike's, Sirloin Stockade and Coyote Canyon – and includes a 50 percent reduction in the initial franchise fee ($20,000 to $10,000) and 1.5 percent royalty fees for the first year.
Already, Stockade Companies has successfully signed three deals in Illinois, North Dakota and Mexico as part of the incentive, said COO Terry Harstad, noting the growing interest in franchisees looking to become part of a successful international multi-concept chain in the buffet and casual dining categories.
"Given the continued uncertainty in the economy, we are excited to offer this program to help both existing and potential new franchisees grow within the Stockade Companies family," Harstad added. "Millions of people dream of owning their own business, but lack the financial backing to do so. Our incentive program boosts their chances - and their hopes."
To qualify for the incentive program, franchise agreements must be signed by December 31, 2010, and construction of the new restaurants must be completed by June 1, 2011. The incentive is being offered in the United States and Mexico.
Although not a household name, Stockade Companies is not small, boasting nearly 100 restaurants throughout the United States and Mexico. Since opening its first Sirloin Stockade in Oklahoma City in 1966, the company has grown into a multi-concept chain. Sirloin Stockade is an all-you-can-eat buffet, with many locations also offering steak entrees and featured lunch items. Montana Mike's Steakhouse, added in 1998, is a full-service steakhouse concept. Coyote Canyon, added in 1999, is a casual all-inclusive, one-price concept with an all-you-can-eat steak buffet prepared before the customer on a display grill.
According to Vice President of Marketing Pat Patterson, while Stockade Companies has continued to grow, the company prefers more controlled growth to help its franchise owners as much as possible, evidenced by the company's plans to open 6-8 new restaurants per year.
"We are not trying to build 50 restaurants in the next year," Patterson said. "We prefer a more managed growth strategy that allows us to provide each of our franchisees with the attention they deserve. It is important for us to know our franchisees on a first-name basis and guide them to success every step of the way."
Stockade Companies operates and franchises nearly 100 steak-buffet and casual dining restaurants. Its flagship concept, Sirloin Stockade, offers a variety of beef, chicken, and pork entrees along with a buffet-style salad bar. The company also operates restaurants under the names Coyote Canyon and Montana Mike's Steakhouse. Stockade Companies has locations in Kansas, Texas, and about a dozen other states, and in Mexico. Founded in 1984 by a group of Sirloin Stockade franchisees, the company is owned by a management group led by CEO and franchisee Tom Ford.