Rick Ross has amassed a fortune since he stormed into the mainstream in 2006. The man with the larger-than-life persona has banked millions from record sales, endorsements and touring since he embarked on the road to super stardom.
Ross has been investing, utilizing an entrepreneurial streak he has nursed since he was a teenager. His string of Wingstop franchises has been reported on extensively. As told in part one of this interview, his elder sister is the unsung hero in the construction of his empire.
BlackEnterprise.com talked further with Tawanda Roberts, who broke down her role in helping make her younger brother the multimillionaire success he is today.
Tell us more about yourself. Do you have children?
I have two kids. I have a 15-year-old and 23-month-old.
How do you juggle the enormous responsibilities that come with your schedule while raising a teenager and a toddler?
It just comes naturally (laughs). I also take my kids around with me when I travel.
We keep getting conflicting reports. Does team Ross have 25 Wingstop franchise locations?
Let me make sure I clarify that. We have a development agreement for 25 shops. So right now we have nine stores open. This summer I’ve been taking my time and going to different markets to scout out new locations. Last week I was in Huntsville, Alabama. So the deal is we have to open up 25 stores as per the development agreement.
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Yes. Within two years we have to open up 16 more. We also have other ideas and brands in the works, so we’re not stopping here.
Read more about how Tawanda Roberts talks Ross’ journey into franchising …
How did you get involved with Wingstop? Why that franchise concept?
Rick loved Wingstop. He visited quite often when he went to his barber because there was a location close-by. He just called me on the phone and said you know what we need to get one of these. So him and I, along with our mom went to a discovery day in Dallas and we’ve been committed ever since. That was in 2010 and we opened our first shop in 2011.
How do you pick staff or locations?
First we pick the market. We lock down development rights for a market so no-one else can pick a location we’ve committed to.
You drive around and take notes on how residential or commercial the area is because you want a mix. You never know if it’s going to be box office, a winner, it’s really just taking risks. You want a place close to a Target or a Wal-mart or other anchors. I’m also a licensed Florida realtor so that gives me a little edge. As you know, location is everything with the business. I ride around town, at night or during the day, just to look at the traffic and look to see if people are out after 9 p.m. because Wingstop stays open till midnight. We also work closely with commercial realtors in that market.And staff?
We place ads for positions like cashiers or managers and just interview. If we get the right feel and they have the right background, we look to hire. Cashiers and cooks are entry level because we train all of those people, but managerial you have to have some food or restaurant experience.
So any exit strategies for your franchises knowing they won’t last forever?
No. This is still fun for us. We have a 10-year commitment and we haven’t really started to focus on exit strategies.
So what’s next for Tawanda Roberts and team Ross?
We are in the market for another franchise (laughs). We keeping it close right now. We’ll definitely call you when we are ready to let the world know.