KAUAI TAKES DURBANITE FROM CASHIER TO CO-OWNER
The new Kauai Hillcrest, launched in June, is co-owned by joint venture partner Kim Ryan. Loyal employees, like Ryan, who have been with the company for three years or more and have excelled in running their stores, are given the opportunity to take a 49% stake in a store.
To assist employees Kauai accesses pre-approved Industrial Development Corporation (IDC) funding. The IDC fund is a special loan with interest rates of prime minus 5% for job-creating companies like Kauai who have a proven record of successful business practice. Kauai loans the employee R200 000 in order for them to access the IDC loan of up to R800 000.
This enables employees, who would otherwise not be able to raise the funds, to take a 49% stake in the business. Kauai owns the remaining 51% and continues to provide administration, field and fiscal support. Kauai is now on their third loan facility with the IDC, as the drive to empower people through training, and ultimately ownership is key to the company.
“Kim is totally focused on making Kauai the number one franchise with her unyielding commitment to customer service and satisfaction. She is the perfect example of a person who shows that passion, commitment and hard work do pay off,” said Thompson.
Ryan began her career at Kauai as a cashier at the Kingspark store. She was promoted to assistant store manager then store manager. After a spell working abroad, Ryan returned to manage the La Lucia store and was offered a joint venture partnership in the Hillcrest store.
“Kauai motivates its staff to achieve bigger and better goals. I would never have been able to afford to buy shares in a store but with Kauai’s support I am now a proud business owner,” said Ryan. “I am really excited about the opportunity to promote Kauai’s menu to the Durban market, a market which is hungry for a fresh, healthy ‘food on the move’ alternative.”