Fennel Considers ESOP for Jose?s
by August 24, 1998 12:00 am 63 views
The owner of Fayetteville’s highest-grossing restaurant says he’s considering an employee stock option purchase plan but it may be several years down the road.
“I’ve got a lot of people who’ve been with me a long time,” says Joe Fennel. “I’m trying to find a way to take care of them.”
Fennel owns three restaurants in his Dickson Street building: Jose’s Restaurant & Club, a Mexican restaurant; Bordino’s, an Italian eatery; and Jose’s Streetside, a sidewalk cafe. Together, the three made Jose’s the city’s Number 1 dining establishment for 1997, with a total of $2.3 million in revenue for the year.
“I’m just thinking about ways to digest my investment here,” says Fennel, who, at 46, says he’s looking down the road to retiring eventually.
The three restaurants employ about 110 workers, 80 percent of whom are part-time employees.