The General Managers selected for partnership have been among the top performers for the sports bar restaurant chain. Each has purchased a portion of the cash flow of the restaurant they currently operate and will subsequently earn 5% of the incremental cash flow for the next seven years, and the opportunity to earn a large lump sum payout at the end of the term of their agreement based on performance.
The new Managing Partners include Amy Adams in Addison, TX; Brian James in Las Colinas, TX; Tim Klunk in Lennox, OH; Kevin O'Hare in Indianapolis; Tom McCabe in Westlake, OH; Donny Feinberg in King of Prussia, PA; and James Rennie in Lansing, MI.
Market Partner Agreements provide similar opportunities for financial gain for the two Directors of Operations, Stan Ryback in the Northeast and Joe Gainor in the Midwest. Each Director has purchased a portion of the cash flow in the restaurants in their regions and will subsequently receive 3% of cash flow for the next seven years and the opportunity for significant financial gain at the end of the term of their agreements based on the performance of the restaurants.
CEI believes the partnership program will increase profitability for the company and has identified several additional candidates to whom it plans to offer partnership agreements.
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