It’s no secret that real estate costs make it difficult for any small business to succeed in this day and age—especially in the restaurant industry, where profit margins are razor thin. Rising interest rates, coupled with the desire of private investors to turn a quick and sizable profit, are often a huge barrier to entry for aspiring entrepreneurs looking to open a new independent restaurant or bar. Self-made millionaire and “professional risk taker” Richard Johnson is hoping to change that, and in turn, reinvigorate struggling small towns across America through the empowerment of local entrepreneurs—beginning with Burgaw, NC.
The small community of Burgaw, just off the North Carolina coast, has been called “the most famous town you’ve never heard of.” It has served as the backdrop to over 40 Hollywood films and TV series, is home to the state’s oldest railroad and train depot, and has a prime location just a short drive to several highly visited beach towns. But like many small towns across the country, Burgaw was in decline—buildings sat empty, there hadn’t been a new business open downtown in over a decade, and the area was in desperate need of economic investment.
Then came Richard Johnson: A “social entrepreneur” with a new vision for community-supported businesses. Johnson found early success during the dot-com boom after developing the world's first interactive job board, Hotjobs.com, and mortgaging his life savings for a 30-second Super Bowl commercial that sent the company viral. After taking the company public and selling to Yahoo!, Johnson has spent the last 20 years in the nonprofit world; serving on boards, advising leadership and starting several non-profits of his own.
Several years ago Johnson purchased a 500-acre tree farm just outside of Burgaw, and quickly saw the town was in need of investment. Johnson purchased seven vacant buildings within the town square and founded Burgaw Now, with the mission of reinvigorating Burgaw and encouraging people to spend more time downtown. Believing that hospitality businesses are the heart of any community—and that existing restaurant real estate models are largely broken—Johnson decided to fund several endeavors under his “social entrepreneurship” model, which allows for a lower upfront return on his real estate investments over a longer period of time. Since its launch in 2018, Burgaw Now has built two new restaurants: A retro NY-style pizzeria called Fat Daddy’s, and Burgaw Brewing, the town’s first brewpub, which opened this month.
Following the success of these new businesses, Johnson created the Own Your Own (OYO) Competition—a nationwide search that will give one aspiring entrepreneur a $1 Million budget to design and build a turnkey restaurant in picturesque Burgaw. The dedicated space is 2,250 square feet and features a large patio and exposed brick walls. The competition is open to anyone 18 and older, and applications will be accepted through March 31, 2023. Although it is valued, previous hospitality experience isn’t a requirement—OYO is looking for those with a passion for food, a mind for business and a heart for community. Finalists will participate in a series of challenges that highlight their culinary expertise, creativity, leadership, ability to problem solve, and people skills.
To judge the competition, OYO has tapped a diverse roster of local culinary talent, including Myra McDuffie, Co-owner of MeMa’s Chick’n & Ribs; Christi Ferretti, Owner of Pine Valley Market; and James Beard nominees for “Best Chef of the Southeast” Dean Neff of Seabird, and Keith Rhodes of Catch Modern Seafood.
Part of Johnson’s mission is to inspire other investors to understand the value created in long-term community development. Since founding Burgaw Now and Own Your Own, ten new businesses have opened in downtown Burgaw. Johnson is hoping Burgaw will serve as a model for how this type of investment strategy can create social and economic opportunity for both investors and communities—and be used to open hospitality businesses in small towns across America (they're already taking applications to nominate the next town primed for revitalization).
Plan to Attend the Annual Bar & Restaurant Expo
To learn about the latest trends, issues and hot topics, and to experience and taste the best products within the bar, restaurant and hospitality industry, plan to attend or participate in the annual Bar & Restaurant Expo. Visit BarandRestaurantExpo.com for details.
To book your sponsorship or exhibit space at Bar & Restaurant Expo 2024, contact:
Veronica Gonnello (for companies A to G) e: [email protected] p: 212-895-8244
Tim Schultz (for companies H to Q) e: [email protected] p: 917-258-8589
Fadi Alsayegh (for companies R to Z) e: [email protected] p: 917-258-5174
Also, be sure to follow Bar & Restaurant on Facebook and Instagram for all the latest industry news and trends.