There is a new burger joint in our hood. You can call me late in the game, as this is the first time I’ve heard of Five Guys. As it turns out, Five Guys Famous Burgers & Fries seems to be all the rage up and down the Eastern corridor.

James & I checked it out last night, since I had been impressed with their prices and quality. It was the perfect answer for a meal on a hot and sticky night with nothing in the fridge and we didn’t want to pay an arm and a leg for your average DC restaurant.

Aside from the great burger, for the rock bottom price of $3.09 plus tax, the best part was meeting one of the part owners. We were checking out an article on the wall about Five Guys when the manager asked if there was anything else we needed. We got the scoop from him on how they select locations and where they have been most profitable. Another interesting component was that the franchise uses a model where the line crew are eligible for bonuses for good customer service.

The story about Five Guys is the best part. Five Guys is a family owned business that thrived in their neighborhood with multiple locations. Named after the five brothers, when they came of age their father gave each of them the option to take the money he had saved for their education and go to college, or to invest that into the business to have their own part of it. While the father pointed out that college would be a lot easier, all five brothers opted to buy into the family business. They also had an interest in seeing the business grow. While originally the father didn’t ever intend to franchise the business, he was swayed by the enthusiasm of his sons.

Now there are over a hundred locations up and down the East coast, more popping up all the time. According to the article on the wall of the restaurant, the business was worth $50 Million in 2005 and the Future 50 projected them making it to their first $100 Million by this year. Not bad for a burger joint.

The great lesson in all of this is how interest in a family business can really make a difference.

Miel

MANAGE YOUR MONEY TOGETHER

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1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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