When Mary Ann Waltz took over as CFO of Cincinnati-based restaurant chain Dewey's Pizza, she learned all she could about working in the industry by chopping vegetables, mixing dough, and making curbside deliveries. “Not only did I gain empathy for our store team members, I learned about their challenges and how my role as CFO would impact them,” Waltz told StrategicCFO360.
After 16 years working for an industrial supply company, Waltz realized it was important to learn about restaurants, but it wasn't his first assignment as finance chief. In the interview below, Waltz talks about building relationships outside of finance, working for a family-owned business, and the financial challenges facing American restaurants.
As CFO of Dewey's Pizza, what strategies are you employing to support the company's ongoing success?
My first focus was building true, productive relationships between our finance team and the rest of the organization. Our restaurant team members provide a great experience for our guests, and we in supporting roles at corporate headquarters want to provide the same experience for our team members. One of our company values is to treat everyone, inside and outside the company, with warmth, kindness and hospitality. We have built the trust and familiarity that is essential to working as a team and achieving our goals together.
Strategically, we also redefined our budgeting process. Dewey traditionally took a top-down approach to budgeting. We adopted a holistic budgeting approach across the company. This new approach overlaps accountability at all levels and adds the valuable knowledge that store team members have about their communities and customers.
Additionally, our leadership team sets strategic goals for the next 3, 5, 10 years (and beyond). We celebrated our 26th anniversary this spring, and we're currently mapping out our vision for the next 25.
What are the challenges of being the CFO of this organization?
One is how to effectively perform in a closely held, family-owned business. Working on a family dream does not have to conflict with traditional strategic business objectives such as growth and profitability. Building mutually respectful relationships between family and non-family employees is key. Committing to creating a positive, inclusive culture lays the foundation for resolving conflicts even among family members. Additionally, supporting Dewey's transparent and actionable succession planning allows for a smooth transition of leadership. My goal is for the founding family to be extremely proud of growing and strengthening the business.
Although we were in the same geographic area, it's a completely different industry for you when you joined Dewey's in 2022. How did you learn the restaurant business?
I found that the easiest way to learn about the business and company culture was to work in one of the restaurants and immerse myself in that world. I held every position within the restaurant and loved every minute of it.
Next, I connected with other restaurant finance professionals in Cincinnati restaurants. What started as a small group continued to grow, and now we have about two dozen professionals who meet regularly, collaborate frequently, and share best practices and advice. Being in the restaurant industry has its perks, like great food and wine always being served at our meetings. I found that people in the restaurant industry are eager to connect, help each other, and entertain.
How do you stay on top of financial trends in your industry?
I am closely watching the impact of an inverted yield curve and consumer spending behavior. [economic and market news] Compare Dewey's Pizza to the industry and understand where we excel and where we have opportunities for growth. Specifically, as CFO, I will:
- Focus on commodity markets such as cheese, chicken, butter, milk and beef
- Focus on financial markets, prices and interest rates, wage inflation, real estate and construction markets
- To understand various market segments, subscribe to ITR Economics.
- Listen to earnings reports and analyze the performance of publicly traded companies in the restaurant industry
You've said you're passionate about the debate over tipped wages and efforts in some states to eliminate or significantly increase low minimum wages for tipped workers.
I believe this potential change would be a fundamental departure from our typical operating structure and would violate an important relationship between our servers and guests. In preparation for this, we are working hard to design solutions to protect our servers and ensure a positive outcome for our guests.
The challenge restaurants face is to remain profitable, continue to provide opportunities for their teams, and provide a great experience for their guests. Additionally, they feel that restaurants are portrayed in a negative light. The restaurant industry is a noble profession, and team members who choose this profession do so because they are drawn to hospitality and they love it.
At Dewey's Pizza, we pride ourselves on cultivating community, creating amazing everyday experiences, and being next level. Doing the right thing for our Team Members is our number one priority.
