"While we are the smallest company at the conference," he said. "We are the company with the biggest opportunity ahead of us." The chain, founded in 1994, will open two more restaurants this year and six openings are planned for 2006. Silverstein forecasts a 40% annual growth rage for the company.
In its current eastern Massachusetts market, Not Your Average Joe's has a potential for 25 to 30 units, Silverstein said, and the company will soon enter new markets. Two of next year's six openings will be in Connecticut. "We're going to work our way out [of the region] slightly and then make a leap in 2007," he said. Not Your Average Joe's is looking at spaces in lifestyle centers and other suburban neighborhood locations.
Not Your Average Joe's sells what Silverstein refers to as "creative casual cuisine." The 55-item menu features items such as sandwiches and pizza, but also has entrées like pan-seared scallops and grilled sirloin tips. Dinner entrees (the restaurants also serve lunch) are less than $15.
The chain has had 5% year-over-year same-store sales increases over the last 39 quarters, according to Silverstein. He is poising Not Your Average Joe's for an IPO by the end of 2008.
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