From Indian ashram, HRC vet Tigrett seeks Bozo's sale

Nation's Restaurant News,  Nov 5, 2007  by Lisa Jennings

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Tigrett said the Bozo's project began about five years ago. After moving to Tennessee to care for his seriously ill mother, Tigrett refamiliarized himself with the region's many noted barbecue restaurants, including the original Bozo's.

At the time, Orlando, Fla.-based Darden Restaurants was growing its Smokey Bones barbecue brand, and Minneapolis-based Famous Dave's was spreading outside its core market in the Midwest.

Tigrett said he believed the time was right for a national barbecue brand to emerge and he began "churning out ideas."

His current vision for a new-and-improved Bozo's, however, looks nothing like the humble original. The new Bozo's is designed to be colorfully kitschy, with memorabilia that evokes the freak show attractions of a county fair midway, such as the "two-headed snake" and the "giant ball of twine."

The Tigrett-devised Bozo's would include late-night dining, live music and branded merchandise. Aspects that he contends have huge potential are overnight shipping of barbecue as well as catering and takeout.

After his mother died, however, Tigrett lost interest in taking Bozo's to the next phase.

"My life changed," he said.

Industry veterans wonder what sort of buyer would be interested in taking on such risk, despite Tigrett's track record with lucrative, high-volume chain concepts.

Tigrett "may have a thorough business plan and his name lends credibility," said foodservice consultant Dennis Lombardi of WD Partners in Columbus, Ohio. However, "Until you build a couple of stores, you're really only making projections," he added, observing that Bozo's would need to generate high volumes to justify the expected start-up investment.

David Epstein, a principal at Chicago-based investment bank J.H. Chapman Group LLC, agreed. "This is not something I'd recommend for my clients," he said. "This is an equity play. Someone's going to have to put in all the dollars in terms of equity, total risk capital."

Regional barbecue chains, such as the 10-unit Lucille's Smokehouse Bar-B-Que, based in Signal Hill, Calif., are finding success with their concepts. Lucille's 10,000-square-foot units average about $8.5 million in annual sales.

Darden, however, earlier this year put its remaining 73 Smokey Bones restaurants up for sale after closing 54 branches and conceding that varying regional taste preferences posed challenges for operating a large-scale barbecue chain.

At press time, results of Darden's auction of Smokey Bones were expected to be disclosed this month.

Famous Dave's has come closest to creating a national barbecue brand. With a presence in 36 states, the company's typical 6,000-squarefoot restaurants averaged $47,894 in weekly sales last year.

ljenning@nrn.com

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