Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.

{audio:0:00:20} Scott, can you share some context to Wingstop and the strategy, when you joined in 2004?

{audio:0:00:27} It was a small company of under 200 units; we had about 150 when I joined. We had another 75 or 100 in the pipeline. I remember when we opened up our 200thstore, it was a really big deal. It was in Las Vegas which became a really strong market for Wingstop, over time. During my time there, we got close to 1,000 stores.

{audio:0:00:55} Can you describe the original concept of Wingstop?

{audio:0:00:59} It was an interesting concept. Antonio Swad created Wingstop and, initially, they weren’t open during the daytime; they opened up at 4:00 in the afternoon until 11:00 or 12:00 at night. The thought was, someone who was retired could buy a retirement business, maybe go golfing during the day and run their business at night. Over time, there was a lot of pressure on sales to expand. If you can expand the day part, it’s almost a no-brainer. Wingstop eventually opened up for lunch.

{audio:0:01:35} There was a lot of initial push back from the original franchisees when that happened, because a lot of people liked the concept of just being open in the evening and not worrying about the restaurant during the day. Lunch didn’t take off at first; it took some growing. Eventually, the concept evolved out from a retired mailman buying a Wingstop franchise and operating it in the evening.

{audio:0:02:06} Another part of the initial start up was to not have a good location; to have a C location, a cheap location. Instead of paying $2,500 or $3,000 a month rent, to be on the corner slot, Wingstop encouraged you to buy the $1,500 rent slot, in the shopping center, two blocks away. That has also changed over time. You now want to have a great location and great sales. The initial Wingstop also took a couple of years to finds its customers. A franchisee could expect very low sales for the first two years and then start getting ramped up as more people started to get to know about you, to build your customer base that way.

{audio:0:02:54} They are now sourcing large multi-unit franchisors; people that can do 10, 15 or 20 locations without a problem.

{audio:0:03:06} But they do say that they even today they still look for only B and B minus locations; not the fully prime locations?

{audio:0:03:13} A lot of the franchisees that I worked with were looking at more and more prime locations. That might be in their sales literature.

{audio:0:03:24} So were those core, original franchisees retired males?

{audio:0:03:31} Yes, I would say that, typically, it was a male franchisee. A lot of husband and wife teams did it; it was often a family business. Maybe their kids were working the fryer, dad is cooking and mom is on the front register. That was very common in the early days.

{audio:0:03:51} What is so unique about the menu?

{audio:0:03:54} It’s so simple. A lot of restaurants think that if you add apple pies and so on, you’re going to increase sales. Wingstop was, pretty much, singularly focused. The economics of wings, over time, necessitated the installation of tenders and nuggets as the breast is more prevalent and easier to source than the wings. That was a hedge against the up and down wing market.

{audio:0:04:27} Basically, they’ve kept their menu simple. During the last crisis they tried chicken thighs and my understanding was that it didn’t go very well. The challenge with wings is that every chicken just grows two. When you think about a 10-wing order, it took five chickens to produce that. But generally, it has stayed singularly focused on chicken with just a couple of simple sides to go with it.

{audio:0:04:56} What is the $390,000 initial capex spend actually for?

{audio:0:05:11} It finishes out the space. Often, you will get a naked space that needs plumbing, adjusting, vent hoods and things like that, plus the cost of equipment. I think the investment is on the low end of the food service industry, as far as entry is concerned. One of the key reasons to Wingstop’s success is that they were so singularly focused and the food was cooked to order. They didn’t have heat lamps with a bunch of wings; if you walked in and ordered a 10 piece, it was dropped for you and you were told it will be 14 minutes. If you sat down and ate them, you were getting this piping hot piece of chicken and you were going to come back because it was a memorable experience. One of the keys to success is the cooked to order freshness.

{audio:0:06:03} They also had cravable flavors. I worked there for 10 years and I ate wings almost every day, I’m ashamed to say, but the flavors were cravable; you don’t get tired of them. It’s an interesting and unique product.

{audio:0:06:15} What exactly is the equipment required?

{audio:0:06:17} Basically, fryers, refrigeration and a small area of prep. I think the equipment package is still under $100,000. A lot of the $300,000 or $400,000 is finishing out the spot to have restrooms and so on.

{audio:0:06:38} The equipment seems really cheap?

{audio:0:06:43} Correct; the barrier to entry to opening up a wing place is not high. You need a fryer, a cash register and some area of refrigeration to store your food. What Wingstop has done is pretty amazing and they really don’t have any competition in this space. There are no other large players doing what they do, exclusively sticking with chicken and wings. Even Buffalo Wild Wings has burgers, salads and a whole menu. They are really unique in the food service area.

{audio:0:07:12} What makes Wingstop so disciplined to stick to just wings?

{audio:0:07:18} I think that singular focus allowed people that weren’t restaurant people to come in to the system and all you had to do was to execute chicken properly. If you cooked the chicken for 14 minutes and tossed it in the sauce, you were going to have a happy customer. It was very simple. Whereas if it had a broader menu, it requires a different skill set. I think the simplicity of it made it easy for the early investors to execute and to have good operations; high quality food, clean restaurants and friendly service.

{audio:0:07:59} As I said, in a lot of those early stores, the wife was running the register, so she was always going to be friendly to the customers. For the most part, dad was cooking the chicken and either an employee – or maybe another family member – was cooking fries. It was a small operation; not like it is now, with the average unit volumes at about a million and a half. They probably have 25 or 30 staff at each restaurant. It’s now a whole different ballgame.

{audio:0:08:23} How does the fact that it is relatively simple to run change the attraction to potential franchisees, versus other chains or formats?

{audio:0:08:36} Let’s just say I’m a retired banker and I want to dip my toe into the restaurant business; I can get my head around a simple operation. But if you start thinking about a Buffalo Wild Wings, that’s a full-blown restaurant and is very complex. You can get your arms around running a simple, in line space. I think the simplicity of it is the beauty of it, on so many levels. You are able to execute to the guests properly and consistently. The whole operation being so simple is the key to the success.

{audio:0:09:20} I came on after they’d been around for a few years and I’d heard the initial stories about sales being very low. I can see the temptation had been there to, say, add a burger in here; let’s add hot dogs; let’s do this, that and the other. But they didn’t. They just stuck with the vision that Antonio Swad had.

{audio:0:09:43} I just watched them grow. In the 10 or 11 years I was there, we had same store sales growth every single quarter. It was a great place to work.

{audio:0:09:58} What drives that consistency in same store sales growth?

{audio:0:10:02} I think it’s the things that I’ve been talking about. If you come in, every time, and we cook your wings just for you, with the flavor you want, you get it and it’s hot. It’s not as if we left them under the heat lamps a bit too long. If you do it properly, there’s no room for error. The fries are also cooked to order, so there is no bin holding a bunch of French fries. Sometimes, when you go out, you get great hot, crispy French fries; other times, you get soggy, limp ones. That didn’t happen at Wingstop; there were no heat lamps or places to hold food. I think you got consistently good food; you had small, family-run businesses, so you always had good service, and the point of pride of small, family-run business is that the store is always clean. I’ve literally had franchisees that I would visit where you could eat off the floor. I remember a guy in Abilene, Texas, his restaurant was so clean, you could actually eat off the floor. It was spotless.

{audio:0:11:15} There are a lot of anecdotal stories like that about franchisees that had really rough financial times for the first couple of years and then it would just take off for them and they would end up being very wealthy people. There are a lot of Wingstop millionaires out there, right now.

{audio:0:11:29} Looking at the growth in store count, why are the three largest states California, Texas and Illinois?

{audio:0:11:39} When we opened the sixth or seventh store, in California, we opened it in Oakland. There was a little retail pad on the Walmart parking lot that faced Walmart and it was right down the road from Oakland airport. That restaurant opened up doing $15,000 a week. That may not sound like a lot of money, but the AUVs, at that time, were $8,000 or $9,000 a week. Walmart wasn’t open yet. When Walmart opened, it jumped to $30,000 a week and Wingstop had never seen those sales. The success of that restaurant, coming off what the average was, showed the potential for Wingstop in certain locations, especially in California. Because of that restaurant, we sold a lot of franchises in California and northern California just really took off.

{audio:0:12:40} Then in southern California, there still is a franchisee who now has about 40 or 50 Wingstops and he started with one. He grew the LA market, along with a few other franchisees. The restaurants really started taking off with the advent of lunch. California has always had huge volumes.

{audio:0:13:00} Texas is the home state of Wingstop and so it grew well there. It’s got all the big cities in Texas. I think there are probably 350 or 400, just in Texas alone. Illinois came later but, again, the first store in Illinois was very, very successful. They got sales up to $40,000 or $50,000 a week.

{audio:0:13:26} Why was the first store in Illinois so good?

{audio:0:13:27} It was in a crappy, dirty shopping center and those guys were doing as much, in a day, that other Wingstops were doing in a week.

{audio:0:13:43} Is it just different parts of the country take to wings differently?

{audio:0:13:47} I think wings are a blue-collar meal for a lot of people, so Wingstop did really well in the early days where the early adapters were the blue-collar neighborhoods where Joe SixPack was going to get a beer and some wings on the way home. Now they are doing well everywhere; it’s now a more acceptable type of food. An interesting statistic that came along later was that men are the users of Wingstop, but women decide the purchase. There are a lot of women that go to Wingstop to buy for Monday Night Football for dad and the kids or for when they’ve got their friends coming over for Super Bowl. Super Bowl was crazy; the average restaurant would do three, four or five times what they did on a normal day.

{audio:0:14:36} The Super Bowl is another big thing that, I think, helped enhance the popularity; wings and football are almost inseparable. If you look at the popularity of football, in the United States, and the popularly of Wingstop, I think you will find a correlation there. Football and wings became synonymous with each other and now you’ve got Thursday Night Football, Monday Night Football plus football at the weekend. Football is on three, four or five days a week so it became that wings could almost become an everyday event.

{audio:0:15:16} Is there any reason, in your mind, why a certain part of the country may not hit the same AUVs?

{audio:0:15:29} The Southeastern United States had a wing presence with a lot of mom-and-pop wing places. The Southeast was a tougher market to crack. The Northeast is a different animal too, because of the population densities. It’s very expensive to do business in New York City. The people that are used to going and renting a space in Texas, for $2,000, $3,000 or $4,000 a month might find that, in New York City, it’s $12,000 a month. Some of those numbers are very scary to potential investors. Wingstop is making inroads in the Northeast, but it’s still a lagging part of the country.

{audio:0:16:11} It’s just much more competitive in the Southeast and it put pressure on order volumes?

{audio:0:16:17} You might have your favorite – Joe’s Wings – so if Wingstop opens up, it’s not as big a deal. Whereas in Illinois, California or Bozeman, Montana, you open up and no one has ever had a wing place before so it becomes a bigger deal.

{audio:0:16:34} Management has released a slide in their recent earnings saying that, in the West and Southwest, you’ve got AUVs at roughly 1.5 million and, in the North and Southeast, as you said, it’s more difficult and there are only roughly 880,000. How do you think Wingstop could improve AUVs in the North and Southeast, towards that 1.5 million?

{audio:0:17:09} I think it’s just a matter of time. It is still relatively new, compared to how long they’ve been around in Texas. California just took off and, given the population of California, we found a lot of markets were under-restauranted; there were places that needed more restaurants and Wingstop stepped in and filled a gap. Again, the population densities and doing business in California and doing business in Texas and some of those states is just very different. The South, given that they had the mom-and-pop places sprinkled around made it a little more challenging to get the brand out there. I think, over time, Wingstop will conquer that.

{audio:0:17:52} How can fortressing change the AUVs in the North and Southeast?

{audio:0:17:59} Another issue is penetration and marketing dollars? Let’s say you are trying to penetrate Baltimore, if you have six stores in Baltimore, you can’t afford to do much advertising. You would probably need to have 50 stores in Baltimore to properly advertise. I interviewed with Starbucks at one point and I think the lady told me they have something like 200 Starbucks in Manhattan; just a crazy number. I was in Chicago last week and there was a Starbucks on every corner and Starbucks doesn’t really market that much. For a fast, casual restaurant chain, to have money to market and be effective, you have to have market penetration. In the newer markets, there’s firstly a challenge getting into the markets and then, secondly, penetrating enough to be a noted presence where you become top of mind among the customers.

{audio:0:18:57} Wingstop recently moved from a local advertising plan to national, but that still gets allocated on a regional basis, roughly based on number of stores? The higher the number of stores, the more dollars you get in Baltimore, for example?

{audio:0:19:15} Yes, and to have a budget to be national. When I was there, it was a big deal that we would be on a football night on Monday; maybe we had one ad. Coke has 22 ads on a football game. It’s just a matter of your budget and being able to make impressions to become top of mind so when people go to lunch on Monday, they’re thinking about you.

{audio:0:19:37} What do you think could be a potential limitation or challenge to growing new stores, in the US?

{audio:0:19:43} I think there’s a lot of fight for the franchise dollar right now; there are a lot of companies that are out there, selling franchises. From the franchisee side, a lot of people are looking at what is going to be the next big thing to hit? Is the air about to rise in this new, latest, greatest thing? Is this going to be the new McDonald’s? Everybody wants to grow but there is a lot of competition for those franchise dollars.

{audio:0:20:17} But do they other franchises have the 40-50% unlevered cash on cash return, that Wingstop has?

{audio:0:20:23} Very few do. Wingstop is not owner-operated for the land and building; there are a lot of franchises where people want to develop the land. It just depends on the objectives of the investor. When it was mom-and-pop, it was easier to say, we don’t have one here, in Lubbock, Texas; let’s put one here and, with a 200,000 population maybe, eventually, we could have two or three. Now they are looking at investors that are going to take on Baltimore, for example, and, over time, maybe build 20 or 30 stores. But the numbers have to line up. You have to find a shopping center with a good enough rent, that meets the demographics that you are looking for. It’s much more scientific now than it was back in the day.

{audio:0:21:11} How do the more professional franchisees look at the return, to choose Wingstop versus the old mom-and-pop smaller franchisees?

{audio:0:21:22} Everybody is looking for return on investment. I think the challenge is probably finding locations. As I said, the fast casual segment is very popular. You’ve got Chipotle, Jimmy John’s and all the variations that are all fighting for the same spot. If a corner spot opens up in XYZ shopping center, you might be the fifth guy to call and it might be too late.

{audio:0:21:59} In the newer parts of town, where it’s maybe easier to get a spot, you might have to wait a couple of years for the spot to develop. Maybe the housing development is running behind a year and they’re building a shopping center counting on the housing development and, all of a sudden, everything doesn’t line up quite right. But as the area matures, you will see the sales growth you were anticipating. There are a lot of different challenges in different parts of the country.

{audio:0:22:27} When you talked about the franchisees wanting to develop the land, are you suggesting that, because Wingstop is now bigger and they are going after larger regions, looking for franchisees that can do 20, 30, 40 stores, instead of one or two, that franchisee looks at different things to earn their return and require different skill sets from the mom-and-pop franchisees?

{audio:0:22:48} Yes, I think so. You still need the restaurant manager; you still need a great crew. You need district managers and a director of operations. If you have a 20-store organization, it is run very differently from the original mom-and-pop store. You can see that, sometimes, if you are with an organization where things aren’t running quite right. Maybe the cleanliness isn’t quite there; maybe the service isn’t quite right; maybe the crew uniforms aren’t quite right. In my opinion, some of the bigger organizations lose some control. I’m not talking Wingstop specifically. We’ve all gone into a place where you know that wasn’t how it was envisaged; that your lunch or your sandwich wasn’t going to look like that, that your service wasn’t going to be snarky. I think those are the challenges with larger franchisees versus the original mom-and-pops.

{audio:0:23:47} Can we step into the shoes of a large franchisee? Someone who is going to build out a city or 20, 30, 40 stores? How do they look at Wingstop versus Buffalo Wild Wings or another concept?

{audio:0:24:05} I think they all go in wanted to be that million and a half dollar store. The reality is, if you have 10 stores, you might have two at two million, two at 700,000 and you might have two at a million. The secret is, how do you build the $2 million stores first so it all works out? What happens, on occasion, is you build a $700,000 store, then you build another $700,000 store and you say, you know what, I don’t know if this thing is going to go in this part of the world, so a lot of the development deals go away at that point.

{audio:0:24:39} Now the guy that opens up a $2 million store and then he opens up a $1.5 million store, he is signing leases all over the place; he wants to get this thing going. I think, sometimes, having the patience and the understanding of the ebb and flow of a concept is important. If you have a portfolio of restaurants, you are very lucky if they are all performing at the highest level.

{audio:0:25:06} Can we just walk through the economics? Of the $390,000 initial capex, how much does the franchisee need? Do they need the full $390,000 or can they borrow from the bank?

{audio:0:25:16} I think for the SBA, it is 20%; if you have $80,000 or so, you could probably go in and borrow that much with the SBA loan, if you have good credit and things like that.

{audio:0:25:28} The levered return must be incredible?

{audio:0:25:36} If you and I went and bought a Wingstop and it only did $700,000 but you and I were working there, we’d probably do okay and be happy. But if we buy that and we hire a manager, an assistant manager and have all the other parts of that, it may be a breakeven proposition. Different objectives, different outcomes, different things people invest in.

{audio:0:26:02} In your experience, what are some of the reasons why there is a $700,000 store? What is the reason they don’t get to that $1.5 million?

{audio:0:26:10} In my experience at Wingstop, we had one location, in Illinois, where the traffic was just booming on this road in front of it, but the shopping center that it was in had very low traffic; there were a few empty spots. Sometimes you have a location that is not where you’re going, but where you’re going past. If you’re going to the shopping center for the dry cleaning, maybe you pick up dinner there. Maybe you go to the grocery store, you go to the laundromat and then you pick up some wings to take home, so mom doesn’t have to cook tonight.

{audio:0:26:57} But then you may have a shopping center where people aren’t going in, for whatever reason – obviously, the developer of this shopping center wasn’t a dummy; they’ve invested millions of dollars – but there are tons of cars going past. There was a Kentucky Fried Chicken across the way that had closed down but, again, the traffic would say, hey, this is going to be a great spot. This wasn’t in downtown Chicago; it was one of the far out suburbs, about an hour out of town. For some reason, people didn’t stop on this street. They were going to the shopping center a mile down here or they were going to the shopping center a mile down there, but they didn’t stop there.

{audio:0:27:38} Honestly, sometimes it’s luck; sometimes you create your own luck. Let’s say this person is an amazing marketer and he has the radio station down there, with flags going on out front; maybe there is a guy in a chicken suit walking around. Maybe this guy could work. But maybe the guy that bought that plot says, I don’t want to do a chicken suit; I’m not going to call the radio station. I invested my money; where’s my return? There are a lot of people like that. Business doesn’t work like that; entrepreneurship doesn’t work like that. You are always taking a risk with any investment.

{audio:0:28:22} I guess there is an answer somewhere, but sometimes the people that are supposed to know, maybe don’t know.

{audio:0:28:30} Going back to the original point, what could be the challenge to long-term growth? They’ve got roughly 1,600 stores today; they have plans to grow to 3,000 in the US, 3,000 internationally. So you’re suggesting one of the biggest challenges is really just getting access to those larger franchisee investors that can scale cities and regions?

{audio:0:28:53} Yes. The reason that companies go the franchise model is because they don’t have the funds, the resources or the talent to do it themselves. Very few companies have done that. I believe In-N-Out Burger have done it; it is not quite a franchise system that they have. It is a West Coast family-owned business and I think they finance their own growth and they only grow what they can afford to grow. On the other side of that, they’ve got a lot more control. If you are a franchisee, I’m trusting you to do our vision of the clean store, the friendly service and providing hot fresh food to every guest. If you decide to take short cuts, I can talk to you, we can write you letters to ask you not to do that anymore but, at the end of the day, you are the owner of that business, doing what you think is right but it may not be right for this system or the chain.

{audio:0:29:48} Do you think there is any reason why they can’t get to 3,000 stores in the US, over time?

{audio:0:29:52} No; I think they’ll do it. I don’t know what their time goal is but I think it’s a well-run company; Charlie Morrison is a really sharp guy.

{audio:0:30:05} How do you look at how the value proposition translates internationally?

{audio:0:30:10} I don’t know, but it’s an excellent point. The price of wings has always been a challenge. Sometimes it will go up and sometimes it goes down, but when it goes up, you struggle with that price value. There were times when the wing prices were so high that we had to ask the franchisees to suck it up for a few months, until the wing prices came back down, where we should have properly charged $13 for a lunch order. Now, that’s not such a big deal to pay $10 or $13 for lunch, but 10 years ago, it was a big deal and you start looking at the price value proposition.

{audio:0:30:50} I think we’ve all gone into a restaurant where you’ve said, the food was okay, the service was good, but $150? The price value proposition didn’t match the guest expectation. I think that is a challenge in the wing business. Right now, wings are very hard to source and I know that Wingstop currently has some challenges keeping all the stores growing.

{audio:0:31:22} I think they recently increased the prices 10% to combat that inflation; 5% to the franchisee and they are wearing 5% themselves which, obviously, pushes up that price and the price to value proposition is tricky.

{audio:0:31:37} Unless you and I are getting a raise at the same time, more of our dining out budget goes on that. Maybe instead of eating out five or six times a week, we start eating out three or four times a week, just to offset it.

{audio:0:31:52} Can we walk through sourcing chicken and, specifically, the bone-in wings which I think is about 60% of the chicken COGS but 30% of the total cost of sales. What is the first step in sourcing those bone-in wings?

{audio:0:32:07} There is a whole team of people that are sourcing chicken all the time, talking to all the different growers and manufacturers. When I was there, we had people at every poultry event in the country, making contacts with all the different chicken companies, just to have the relationships and places to source the birds. I’m guessing they have an even bigger and better purchasing department now.

{audio:0:32:34} Do they buy centrally, for every store?

{audio:0:32:36} Yes; they arrange for the distributor to have enough chicken. If your restaurant uses 100 cases a week and mine uses 100 cases a week, Wingstop is going to make sure the distributor has those 200 cases a week that we need. Additionally, they do fresh chicken, so it’s not frozen. The other challenge is that the chicken has to be killed and used within about seven days. There is a whole balancing act in that realm.

{audio:0:33:07} The chicken that they source for the stores is mainly fresh?

{audio:0:33:12} Correct. The chicken that is maybe killed on a Saturday is showing up at your restaurant on Thursday.

{audio:0:33:22} Why do they use a distributor versus doing it themselves or doing part of it themselves, in the supply chain? I think PFG is their distributor.

{audio:0:33:30} I think it’s a very expensive, specialized industry. Those people gather products from all over the country. Even an operation like Wingstop probably has 150 items they order every week, from straws, lids, cups, napkins, paper towels, toilet paper. We could go on and on; each different sauce, the ingredients for the beans. Each of their dressings have three, four or five ingredients. All of a sudden it doesn’t seem like it, but you have 150 items. The warehouses and the distribution people earn their keep, in my opinion.

{audio:0:34:13} Given that it’s mainly fresh chicken, how often do you have to buy? Is it weekly replenishment?

{audio:0:34:21} They are projecting the usage of each restaurant, pretty closely, and placing orders based on the projected usage.

{audio:0:34:32} Probably per week but, I believe, that a chicken has a shelf life of about 10 days from the kill date. If a chicken is killed on the 1st, I think it expires on the 10th, where it’s not edible anymore. They keep it really cold, just a tad above freezing; it’s kept at 33° or 34° to extend the shelf life as much as possible.

{audio:0:34:58} The distributor does the cold chain logistics and then ships it?

{audio:0:35:06} I think the chicken plant has their trucks that ship it to a distributor, rather than going to each individual restaurant. For the convenience of the operation of the restaurant manager, you don’t want 20 deliveries a day; you just want your deliveries to come on Tuesday and Thursday and then you are only dealing with it twice a week.

{audio:0:35:27} Why are the wings priced on the spot market, versus the boneless is annual and fixed price?

{audio:0:35:35} A lot of those products are frozen and the chickens are grown for the breast; they are not grown for the wing. I think the life of a chicken is about six to eight weeks from birth to when they kill it; it’s a short lifespan. Pilgrim’s will decide how many eggs to hatch today and those chickens are fed and grow into full size. Often, the size of the wings varies depending on whether they kill the chickens on Friday or Monday; it could grow an extra pound over the weekend. The boneless wings and tenders – the tender is a specific part of the breast – are basically chunks of the breast.

{audio:0:36:34} You can buy them annually, from a farmer?

{audio:0:36:38} You buy them a little differently from the wings.

{audio:0:36:41} As you said, the farmers grow the chickens mainly for the breasts because they are sold forward, a year in advance?

Wingstop: Franchise Economics, Chicken Sourcing, & US Store Growth

Former Vice President at Wingstop

inpractise.com/articles/wingstop-franchise-economics-chicken-sourcing-and-us-store-growth

Executive Bio

Scott Lack

Former Vice President at Wingstop

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Wingstop: Franchise Economics, Chicken Sourcing, & US Store Growth(November 8, 2021)

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