Yard House Restaurants Rewards 100 Employees With Phase Two of Its Equity Stake Program - www.theearthtimes.org -

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Thu, 10 Jul 2008 14:15:24 GMT
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Yard House Restaurants
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Press Release








IRVINE, CA -- 07/10/08 -- 
<br /> Some 100 employees of Yard House USA, Inc., a
<br />20-unit casual restaurant chain known for its American Fusion fare and
<br />world's largest selection of draft beer, are celebrating.  The group, which
<br />consists of a cross-section o..


IRVINE, CA -- 07/10/08 --
Some 100 employees of Yard House USA, Inc., a
20-unit casual restaurant chain known for its American Fusion fare and
world's largest selection of draft beer, are celebrating. The group, which
consists of a cross-section of employees including everyone from assistant
restaurant managers to entry-level office workers,
have been tapped to receive equity stake after a five-year vesting period.
The company first began offering limited ownership opportunities in 2005
when a trio of long-time employees was the first to benefit.



Founded in 1995 by seasoned restaurateur Steele Platt and headquartered in
Irvine, California, the once privately held company sold 70-percent of its
interest to a private-equity firm last year as part of a strategic growth
plan to take the award-winning concept nationwide. Currently there are 20
units throughout Southern California and Arizona with single units in
Denver, suburban Chicago, Kansas City, Palm Beach Gardens, Waikiki, and Las
Vegas.



When Yard House first introduced its equity incentive program, three
long-term employees credited with helping to make Yard House one of the
fastest growing restaurant chains in the country were rewarded for their
efforts. Among them was a former line cook, who started with the company
before the first restaurant opened its doors, and has risen through the
ranks to become the company's regional kitchen manager. As part of the
second vesting phase, more than 100 employees, including those based at the
company's home office in Irvine, California, and several assistant general
managers, are now eligible to take part in the program.



"We are extremely grateful for the many contributions our employees have
made to get us to this point," says Platt, founder and chief executive
officer. "We feel it's important to reward our hard working and dedicated
team members, and this is one of the most effective and meaningful ways to
show our appreciation. Each and every one has been instrumental in
building a solid foundation for the company."



While Yard House was initially to be a stop-over on their way to
establishing careers elsewhere, many of the recipients, such as Jennifer
Morrison, found their professional callings instead. Like every college
student, Jennifer needed a job for spending money and was hired by Yard
House as a server. Upon graduation, she took an outside sales position
with a major firm while continuing to work at Yard House. Her intent was
always to quit her "side" job and focus on her "real" job, but instead she
ended up quitting her "real" job to concentrate on a career with Yard
House. Jennifer is now in charge of the company's extensive employee
training program Yard Core, where she serves as training and development
coordinator.



Aurea Victoria has a similar story. After graduating college she accepted
a job several hundred miles away from Southern California. Bad weather
and pangs of homesickness brought her back to the region. She needed a job
while she looked for her "dream job," so she went to work in the home
office of Yard House as a payroll clerk. After three months, the business
marketing major learned of an opening in the company's marketing
department. After meeting with her supervisor and convincing Harald
Herrmann, president and COO of Yard House that she might be a good fit for
the job, she was hired as the new marketing coordinator. Unwittingly, she
found her dream job and, less than a year after being hired, is able to
take part in the company's equity stake program.



"What truly impressed me about Yard House was their willingness to invest
in me," says Aurea. "They helped develop my strengths, created a life
changing opportunity, and are now rewarding my efforts. I don't know many
companies that do as much for their employees. It makes me feel valued."



Yard House is among only a handful of casual-restaurant chains to offer
employees equity stake. Platt and his partners, Harald Herrmann and
Carlito Jocson, have found such a plan to be a powerful retention tool in
what many consider a highly competitive industry. By creating limited
ownership, Yard House has created a consistent product, as well as service,
at each of its locations. Platt has also found that such a plan has
appealed to industry veterans, as well as those who want a career in the
restaurant industry. On average, Yard House receives approximately 1,000
applications for employment when recruiting for a new restaurant location.



"We are expanding at an incredible rate," says partner Harald Herrmann,
president and chief operating officer for Yard House USA, Inc.. "We need
the best the industry has to offer, both in front of the house and at the
heart of the house. We want our staff to think of Yard House as if were
their own venture, not just a place to pass time and collect a paycheck.
The truth is every employee's contribution matters, from the receptionist
answering the phones at our home office to the server who directly
interacts with our guests."



In addition to the equity stake incentive, employees can also receive
additional benefits such as performance-based promotions, 401(K) plan,
comprehensive training, a 50-hour/5-day work week, two consecutive days
off, family health benefits, life insurance, paid vacations, and dining
privileges.



Yard House USA, Inc., which grossed more than $138 million in 2007, is
based in Irvine, California. Sales are expected to reach more than $177
million this year.



Last month Yard House opened Yard House Bar & Grill in Chino Hills, a
suburban community located about 60 miles east of Los Angeles. The
restaurant, a "little sister" to the original concept, is a neighborhood
eatery offering some of Yard House's most popular dishes and a selection of
50 beers on tap. First year sales are estimated to be more than $6
million.



About Yard House USA, Inc.:



Yard House USA, Inc. was created by restaurant veteran Steele Platt in
1995. Platt, along with his partners launched the first Yard House
restaurant a year later along the Long Beach waterfront just south of Los
Angeles. Today there are 19 units in eight states. In 2007, Platt and his
partners, Harald Herrmann and Carlito Jocson, sold 70% of the company to a
private-equity firm in order to take the company nationwide. Yard House has
received rave reviews from both consumer and trade publications and is the
recipient of many dining accolades and awards. Most recently it was named
as having the "Best Beer List" by both Nation's Restaurant News and Cheers
Magazine. For more information visit www.yardhouse.com.


 


Facts At-A-Glance:
Founder & CEO: Steele Platt
Headquarters: Irvine, California -- Orange County
Founded: 1996
Holdings: 19 units/7 states: California, Arizona, Kansas, Hawaii,
Florida, Colorado, Illinois, Nevada
Employees: 3100
Financials: $138 million in sales for 2007
Average Check Per Person: $14 lunch/$22 dinner

 


 


Contact:

Elizabeth Borsting

562.856.9292











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