Dick's Wings & Grill Franchisees Become Company Shareholders
Dick’s Wings & Grill has a new incentive for franchisees: company ownership in the form of shares. All current franchisees were awarded shares of ARC Group Inc. (ARCK:OTCQB), Dick's Wings parent company, on the date the new program was implemented by the Jacksonville-based franchisor.
All current franchisees will receive additional shares of company stock each January if they satisfy certain performance and other criteria in the preceding year.
Dick’s Wings, founded 23 years ago, has 17 restaurants in Florida, 5 in Georgia, and 2 concession stands at EverBank Field, home of the NFL's Jacksonville Jaguars.
ARC Group said that the purpose of the shares awards to franchisees is for them to have a stake in the company as shareholders, in addition to their franchisee interests. The program is intended to strengthen the company's ability to reward franchisee performance that enhances long-term shareholder value, to increase franchisee stock ownership through performance-based compensation, and to strengthen the company's ability to attract and retain outstanding franchisees.
Seenu G. Kasturi, president and chief financial officer of ARC Group, stated, ”I am very excited to offer our franchisees this unique opportunity to share in the growth of our company.” He continued, ”The long-term success of ARC Group is directly tied to the success of our franchisees. The better they do, the better we do. In light of this, we believe that if our franchisees perform well for us, they should share in our success. We are very committed to supporting our franchisees and have big plans for ARC Group. We would like nothing more than to see the value of our franchisees' shares grow over time.”
Richard W. Akam, CEO of ARC Group added, ”We are very appreciative of our franchisees for all of the hard work they devote to their Dick's Wings & Grill restaurants, the passion they bring to their jobs, and the delight they bring to our customers in sharing our signature chicken wings with them. …Each of our franchisees are talented, hard-working individuals who have contributed significantly to our success. This program provides our franchisees with the opportunity to obtain consistent and material ownership of stock in ARC Group based on their individual performance. We are excited to express our gratitude to our franchisees by making them owners in our company."