When MaryAnn Waltz took the job as CFO of Dewey’s Pizza, a Cincinnati-based restaurant chain, she cut veggies, tossed dough and ran curbside deliveries to glean all she could about working in the industry. “In addition to gaining empathy for store team members, I learned their challenges and how my role as CFO could affect them,” Waltz told StrategicCFO360.
While Waltz found learning about restaurants was critical after 16 years at an industrial supply company, it wasn’t the finance chief’s first action item. In the interview below, she discusses forging relationships outside finance, working in a family business and a financial issue facing U.S. restaurants.
What strategies are you applying as CFO of Dewey’s Pizza that will support the company’s continued success?
My first area of focus has been to cultivate authentic and productive relationships between the finance team and the rest of the organization. Our restaurant team members create exceptional experiences for guests; those of us in support roles at the home office want to do the same for our team members. One of our values is to treat everyone—inside and outside the company—with warmth, kindness and hospitality. We have created the trust and familiarity critical to working as a team and achieving goals together.
Strategically, we have also redefined the budgeting process. Dewey’s traditionally took a top-down approach to budgeting. We created a holistic, company-wide approach to budgeting. The new approach layers in accountability at all levels and adds in the invaluable knowledge in-store team members have of their communities and guests.
In addition, the leadership team is setting strategic goals for the next three, five and 10 years (and beyond). We celebrated our 26th anniversary this spring. Now, we are embracing a vision of the next 25 years.
What are some of the challenges of being a CFO you have experienced?
One challenge is how to be effective and drive performance in a closely held family business. A family’s commitment to their dream does not have to be at odds with traditional strategic business purposes such as growth and profitability. Dewey’s Pizza is a perfect example of embracing the family vision and excellent business acumen. Cultivating a mutually respectful relationship between family members and non-family employees is critical. A commitment to creating a positive and inclusive culture lays the foundation for resolving conflict, at all levels of the organization. In addition, supporting a transparent and actionable succession plan allows for a smooth leadership transition. My goal for the founding family of Dewey’s Pizza is to be incredibly proud of the growth and enhancement of the business.
Although you stayed in the same geographic area when you joined Dewey’s in 2022, it’s a very different industry for you. How did you learn the restaurant business?
I found the easiest way to learn about the business and the company’s culture was to immerse myself in it by working in one of the restaurants. I experienced every position in the store and loved every minute!
Next, I connected with other restaurant finance professionals from Cincinnati restaurants. What started as a small group has continued to grow; now we have about two dozen professionals who meet regularly, collaborate often and share best practices and advice. Being in the restaurant business has its perks because we always have excellent food and wine at our meetings. I have discovered people in the restaurant industry are eager to connect, be helpful and be hospitable.
How do you stay current with financial trends in the industry?
I am closely watching the impact of the inverted yield curve and the spending behavior of consumers. I stay informed on [economic and market news] to benchmark Dewey’s Pizza against the industry and understand where we excel and have growth opportunities. In particular, as CFO, I:
- Pay attention to commodities markets such as cheese, chicken, butter, milk and beef
- Watch the financial markets, prices and interest rates, wage inflation and the real estate and construction markets
- Subscribe to ITR Economics to understand the different market segments
- Analyze the performance of publicly traded companies in the restaurant industry by listening to earnings calls
You said you are passionate about the tipped wage conversation and some states’ efforts to end or markedly increase the lower minimum wage for tip-earning workers.
This potential change is a radical departure from the typical operating structure and, in my opinion, violates the important relationship between a server and their guests. To be prepared, we are working hard to design a solution to protect our servers and ensure a positive outcome for guests.
The challenge restaurants face is maintaining profitability so we can continue creating opportunities for the team and exceptional experiences for guests. Furthermore, I feel restaurants are being painted in a negative light. The restaurant industry is a noble profession, and the team members who choose this profession do so because they are drawn to hospitality and love it.
At Dewey’s Pizza, we pride ourselves on nourishing our community, creating exceptional daily experiences and being at the next level. Doing the right thing for our team members is a priority.
