We caught up with the brilliant and insightful Dominique Maddox a few weeks ago and have shared our conversation below.
Dominique, we’re thrilled to have you sharing your thoughts and lessons with our community. So, for folks who are at a stage in their life or career where they are trying to be more resilient, can you share where you get your resilience from?
My resilience comes from two sources, the first being a child raised in the crack epidemic in the 1980’s-1990’s. In the early 1980s, I experienced a lot of pain; I was put in situations a child should not have to experience. Drug addiction destroyed the family structure of my family and made me grow up fast.
My Grandmother, Mary Maddox, helped me build the resilience I have today. She relocated from California to Anchorage, Alaska. She entered my life when I was eight years old, living in Foster Care because The State of Alaska removed my siblings and me from the environment we were living in.
My Grandmother, in her mid-50s, legally adopted my five siblings and me as her children. We sometimes struggled financially, living on Section 8 public housing, food stamps, church donations, and family contributions. My Grandmother’s resilience in keeping my siblings and me together while trying to shield us from our hostile environment helped shape my personality today.
At a young age, I decided to hustle legally and be an entrepreneur. I focused on selling sports cards, vector knives, Kirby vacuums, and offering snow and trash removal services.
My Grandmother instilled in me that I was better or just as good as most people. It didn’t matter if they had more money than me or came from a better family background. She inspired me to use my upbringing as motivation instead of as an excuse not to be successful.
Appreciate the insights and wisdom. Before we dig deeper and ask you about the skills that matter and more, maybe you can tell our readers about yourself?
EATS Broker is a boutique restaurant brokerage exclusively selling restaurants, bars, and nightclubs. We help our clients through the complex process of selling a restaurant. Our company specializes in selling Restaurant Franchise Resales and Restaurant Resales.
At EATS Broker, we cater to a diverse range of clients, from mom-and-pop restaurants (non-franchise) to 5-star establishments and even restaurant franchise resales. Our services extend beyond just sales, as we also assist with Restaurant real estate site selection, Tenant Representation, Franchise Consulting, and Restaurant Price Evaluations. No matter the size or type of your restaurant, we have the expertise to meet the restaurant owner’s needs.
The most exciting part of being a Restaurant Broker is helping restaurant owners get a payday! In November 2019, I became the founder and president of EATS Broker and www.EATSbroker.com; the company was started to bring a new flavor to the restaurant brokerage industry.
EATS Broker currently sells restaurants in Texas, Georgia, New Mexico, Alabama, South Carolina, North Carolina, Tennessee, Virginia, Oklahoma, Arkansas, Ohio, and Kentucky.
If you had to pick three qualities that are most important to develop, which three would you say matter most?
The three most important qualities, skills, and knowledge to be successful as a Restaurant Broker are:
1. Be eager to learn and stay active- The best in the Business Brokerage industry are constantly learning, attending conferences, reading books, networking, and listening to podcasts. After 12 years of selling restaurants, I’m currently part of the Texas Association of Business Brokers (TABB), Georgia Association of Business Brokers (GABB), International Business Brokers Association (IBBA), and I hold a Certified Franchise Executive (CFE) designation.
2. Foster a long-term mindset, not a short-term one- Selling a restaurant typically requires an average of 6-8 months; this process demands patience. It’s crucial to understand that selling a restaurant is a unique endeavor, distinct from selling a home; only about 30%- 40% of restaurants listed for sale actually ever sell.
The business brokerage profession is about planting many seeds and waiting for them to grow. A highly performing broker has about 5-10 different sources to produce leads. Getting the right team of people who will refer clients to your business takes time.
3. Cultivate a genuine concern for the problem at hand- Restaurant owners reach out to us because they are facing a challenge and are seeking a solution. Each owner has their own unique reasons for wanting to sell a restaurant. As a Restaurant Broker, it’s essential to approach these situations with empathy and a genuine desire to help solve the problem.
To close, maybe we can chat about your parents and what they did that was particularly impactful for you?
My Grammy did many things for me that will positively impact my life, but the best was advising me to attend Morehouse College on a football scholarship. I had my mind set on playing college football on the West Coast in Washington, California, or Oregon. I received interest letters, but no scholarship offers came from the schools I had an interest in.
I heard about Morehouse College while spending the summer in Alameda, California, getting ready for my senior year in football. While sending my highlight VCR tape to various college athletic departments, I sent Morehouse a copy.
Running back coach Derrick Moore, a former NFL running back, contacted me to express Morehouse’s interest in my football ability, and he offered to fly me to Atlanta to visit the college. This was in 1999, so it was before the internet. I was clueless about Morehouse; I just knew it was an all-male Black college.
Once I flew from Anchorage, Alaska, for my recruiting trip to Morehouse College in Atlanta, Georgia, I instantly fell in love with the college and Atlanta. Once I returned home to tell my Grammy about my trip, she said it would make her proud if I became a Morehouse Man after she said that I stopped answering recruiting calls and committed to Morehouse College.
Attending Morehouse College was one of the best decisions of my life. My affiliation with Morehouse Alumni, Morehouse Football, and my chapter brothers of PSI Chapter of Omega Psi Phi Fraternity Inc. is a lifetime bond.
Contact Info:
- Website: https://eatsbroker.com/
- Instagram: https://www.instagram.com/eatsbroker/
- Facebook: https://www.facebook.com/EATSRestaurantBrokers
- Linkedin: https://www.linkedin.com/in/dominique-maddox-cfe-66587aa/
