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Pizza Pizazz
By Taylor Mallory

Valerie Daniels-Carter, a commercial banker turned entrepreneur, opened her first fast-food franchise 23 years ago. Now her company, V&J Holdings Companies Inc. – in which the "J" refers to her brother and silent partner, John – owns and operates 70 Pizza Hut franchises and 38 Burger King franchises in Massachusetts, Michigan, New York and Wisconsin, bringing in $90 million annually.

She tells PINK about her rise as a fast-food mogul – and her new venture with a giant star.

Why did you pick these franchises?
I was approved by several major fast-food franchisors, but Burger King had a program for new franchisees where, if it wasn't working after three years, they'd help you get out. They partnered with Operation Push to attract minority candidates – to let people with other strong skill sets consider food management. I opened my first Burger King in 1984. After a year, I knew it was long-term for me, so I opened a second restaurant in 1985 – and then many more. Then in 1997, Pizza Hut offered me the opportunity to buy 61 restaurants.

How did you franchise at first?
Through commercial lending. Because of my banking experience, I knew how to structure a loan without putting my personal assets up as collateral. Between the loan and my brother's investment, we brought $100,000 to the table for the franchise fee and initial funding to get the first business going. Then I put all my profits into the second restaurant.

What's next?
A joint venture with the O'Neal Group, basketball legend Shaquille O'Neal's company. We just opened our first Auntie Anne's Pretzels franchise last month in Michigan and are going global [starting in the Caribbean and South Africa]. His team will handle the corporate initiatives while [V&J] will be the operator and 50 percent owner.

How would you describe your Life/Work balance?
My life is very complicated. We own 14 other companies that complement our food businesses. I do speaking engagements and am very involved in my church and community. I recently chaired the development of a 140,000-square-foot community center with two schools, plus boys' and girls' programs, in honor of my mother. But most importantly, I'm a single mother with a teenage son who has a life of his own that I want to be very involved in. I travel a lot, but I have a very supportive family – and great employees, who work as a team to let me have a life.

How do you motivate your staff?
I have 3,500 of the greatest employees in the world, some here more than 20 years. They've grown our company and understand this is not just my success; it's theirs too. The entire management team meets each October to talk about how we can improve, set goals for the next year and decide how to celebrate each success. This gives them ownership of goals. Our company motto is YATSE – you are the standard of excellence. And I've tried to create a culture around that by being positive and having an open-door policy. There's nothing we can't talk about or discuss. When people feel good about themselves and their organization, you get more positive people working for you.

What does your company do to celebrate the holidays?

We have an initiative with my church, Holy Redeemer, to make sure all children of prisoners get gifts during holiday seasons. We have holiday parties and have a leadership banquet celebrating the successes of the restaurant and our team members. Two years ago, we built an orphanage in Africa for children with AIDS, and we're doing it again this year.

 

What advice do you have for women thinking about buying a franchise?

Make sure the culture of the franchise reflects your values, that the franchisor has the financial ability to help you grow, and that there are support systems in place to foster diversity among franchisees. I'm talking with 25 years of wisdom. It was very difficult for me to break the cement wall (it wasn't just a glass ceiling). I got into franchising because of the opportunity. But now when I look for franchises to get involved in, I have a totally different checklist: relationship-building competency, promotion of diversity, financial strength, management and board structure, corporate culture and whether they have long-term viability.

 

What was your biggest career mistake, and what did you learn from it?

Many women are very fearful of taking risks that men consider to be the normal state of business operations. I didn't aggressively pursue certain opportunities for development. I was given the chance to purchase some KFCs in Illinois, but was scared of doing business in such a politically challenging environment. I just stepped aside when I should have jumped in. Women have a deeper sense of deserving; we just have to be comfortable to make aggressive decisions and move to our destiny. Once we understand who we are and where we're going and what we're doing, it becomes easier to take challenges.

 

What's your success secret?

I believe God has a purpose for my life. I see faith and favor in my daily life, and I don't take that for granted. I am in a very tough, competitive industry – an industry where a number of men and women have not been successful. I believe I'm destined for greatness. Always live on top of your principles and surround yourself with those who support and celebrate your organization – and don't be afraid to support and celebrate others. Several years ago, Burger King was in a downward spiral and there were a number of individuals who had to exit their businesses. I would hold executive meetings on Monday and tell them that we would not be defeated, that we would find ways to succeed.