Restaurants Owner Strategies for Financial Sustainability Beyond 5 Years

Restaurants Owner Strategies for Financial Sustainability Beyond 5 Years by Raimi Gnonlonfoun MS, Finance and Management, Abomey-Calavi University, 2004 MS, Business Management, Abomey-Calavi University, 1997 BS, Economics, Abomey-Calavi University, 1995 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2017 Abstract The restaurant industry plays an essential role in the U.S. economy. Approximately 26% of smalland medium-sized enterprise restaurants fail during their first year of business operation and 60% cannot sustain beyond 3 years. The objective of this multiple case study was to explore the strategies that smalland medium-sized restaurant owners used to financially sustain business beyond 5 years. The purposive sample consisted of 4The restaurant industry plays an essential role in the U.S. economy. Approximately 26% of smalland medium-sized enterprise restaurants fail during their first year of business operation and 60% cannot sustain beyond 3 years. The objective of this multiple case study was to explore the strategies that smalland medium-sized restaurant owners used to financially sustain business beyond 5 years. The purposive sample consisted of 4 successful restaurant owners who have been in operation for at least 5 years in the southern region of the United States. The general systems theory was the conceptual framework of this study. The data were collected from semistructured interviews, cash flow statement, and profit and loss statements. Member checking and transcript review were used to strengthen the credibility and trustworthiness. The 3 themes that emerged from methodological triangulation after completing the Yin’s 5 steps of data analysis were market research, great customer service, and having passion. The findings of this study might serve as a guide for current and future SME restaurant owners to financially sustain business beyond 5 years. The findings of the study may contribute to social change as successful smalland medium-sized enterprise restaurant owners would help address unemployment issues by generating additional jobs and building wealth for themselves, their employees, communities, and the local economy. Restaurants Owner Strategies for Financial Sustainability Beyond 5 Years by Raimi Gnonlonfoun MS, Finance and Management, Abomey-Calavi University, 2004 MS, Business Management, Abomey-Calavi University, 1997 BS, Economics, Abomey-Calavi University, 1995 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2017 Dedication I dedicate this doctoral study to my mother and father, who early motivated me to prioritize educational goals. Thank you for all your love and encouragement. I dedicate this study to my wife, Rachidath, and my son, Rayane, for their sacrifice, patience, support, and encouragement throughout this journey. I thank my brothers, sisters, and other relatives who contributed to my success. Acknowledgments I would like to thank God for the strength and resources to accomplish this study. I am grateful to my committee chair, Dr. Erica Gamble, for her guidance and tremendous assistance. Dr. Gamble was always available to support when needed. I sincerely thank my second committee member, Dr. Janet Booker, and the university research reviewer (URR), Dr. Peter Anthony, for providing useful tips and valuable feedback that helped me to make progress. My sincere gratitude Dr. Lisa Kangas for her inputs and guidance. I would like to thank Dr. Freda Turner, Dr. Nina Nabors, Dr. Susan Davis, and other DBA faculty and staff for their guidance throughout this journey. I am also grateful to my family and friends for their support. My acknowledgement also goes to Dr. Paulin Adjagbodjou and Dr. Stella Fayomi-Olaleye for their support that helped me to stay focused and motivated.