Financing for Small Southern Style Restaurants

Financing for Small Business Southern Style Restaurants by Kenneth Delwin Brown MBA, Keller Graduate School, 2006 BS, Syracuse University, 1989 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University June, 2016 Abstract The focus of this case study was to explore the strategies small restaurant business owners used to acquire capital funding to sustain their business through the first 5 years of business. The participants for this study included 4 purposefully selected small restaurateurs in New York State who have been in business for a minimum of 5 years. The conceptual framework for this study was based on the organizational life cycle theory supported by working capital management theory and the liability of newness. Data were collected through semistructured interviews with each restaurant owner, and archived data. The data were analyzed using thematic analysis of the interviews and content analysis of the documents. Five themes emerged that small business owners might benefit in acquiring financing to assist in sustaining the business longer than 5 years. The themes included education, third party auditor, economic conditions, banking track record, and a solid professional team. The results of this research may contribute to social change by identifying strategies needed to be successful in the financing process. The findings of this research may improve upon the knowledge of entrepreneurs and, consequently, strengthen the U.S. economy by educating America’s job creators.The focus of this case study was to explore the strategies small restaurant business owners used to acquire capital funding to sustain their business through the first 5 years of business. The participants for this study included 4 purposefully selected small restaurateurs in New York State who have been in business for a minimum of 5 years. The conceptual framework for this study was based on the organizational life cycle theory supported by working capital management theory and the liability of newness. Data were collected through semistructured interviews with each restaurant owner, and archived data. The data were analyzed using thematic analysis of the interviews and content analysis of the documents. Five themes emerged that small business owners might benefit in acquiring financing to assist in sustaining the business longer than 5 years. The themes included education, third party auditor, economic conditions, banking track record, and a solid professional team. The results of this research may contribute to social change by identifying strategies needed to be successful in the financing process. The findings of this research may improve upon the knowledge of entrepreneurs and, consequently, strengthen the U.S. economy by educating America’s job creators. Financing for Small Business Southern Style Restaurants by Kenneth Delwin Brown MBA, Keller Graduate School, 2006 BS, Syracuse University, 1989 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University June, 2016 Dedication I would like to dedicate this dissertation to my father, Samuel Brown Jr. who was not here in the physical world to witness my graduation but instilled in me the dedication to reach for and achieve the goals I set for myself. In addition, I dedicate this project to my mother, Sarah Brown, for her unwavering support throughout this entire journey. Thank you for always standing in the gap without hesitation. You have been an inspiration my entire life and you are my hero. Finally, I dedicate this project to my family, Ronda Brown, Kenneth Brown Jr., Brandon Brown, and Kaalon Brown. You allowed me to work late into the night and take time out of family fellowship. You did not disturb or harass me. I am truly thankful for your consideration. Your encouragement gave me the strength to persevere. I love you all. Acknowledgments I would like to acknowledge the tireless efforts of my chairperson, Dr. Julie Durcharme. Your dedication, encouragement, and support helped me immensely. To Dr. Kevin Davis and Dr. Michael Ewald thank you for your expertise and professionalism. You provided tough guidance and I appreciate it because you pulled out of me my best work. It is important to acknowledge my good friends David Gurfein, Lisa St.Rose, and Jill Hamburg. Your consistent encouragement eliminated failure as an option.