'Build the next McDonald's': Guzman & Gomez head to the US on way to IPO

When Steven Marks moved to Australia from the United States he was appalled by the Mexican food on offer. "I literally went to every single Mexican restaurant in Australia and they sucked, they were horrible," the born and bred New Yorker says.

Guzman y Gomez – named after two of Marks' childhood friends – sells a quick and 'clean' take on Mexican food made from fresh ingredients with no preservatives or additives. To fulfil its founders' and investors' goals, it will have to overcome rising regulatory concerns about the franchising business model and investor unease around fast food stocks, and take on a crowded market in the US.

"The reason why I always have the US in mind, even though Australia is home and the foundations are here, is because in Australia, it's so hard to build a great business," he says. Marks says the issue is the complexity of the system and labour laws need to be updated to reflect a 24-7 economy. Marks and Hazan started Guzman y Gomez with their own savings and then brought in 10 shareholders including Peter Ritchie, the founder of McDonald’s Australia,Kmart and Target, and former McDonald's executive Steve Jermyn, before attracting $44 million from private investment firm TDM Growth Partners in 2018.

"I normally don't invest in startups but I thought this could be great for our grandchildren or we could lose all our money," he says. "I loved the food and I loved him, he had all the passion you wanted in an executive.""I have a pretty philosophical view of overseas expansion because of McDonald's, which is open one shop and wait patiently to see if the customers love it, and if you can get the right economics out of the store," he says.

Hmmm... don’t like their chances. Very average food, expensive too

Bring it to Seattle and NY. Cover those coasts!!!

Expensive for what it is.

They understand Mexico is next door, right?

Chipotle. Good luck

Are they willing to give free bowls of chips and salsa to diners?

Australian create Mexico food and open market in neighout country Of Mexico! It is myth!

There's an empty Chipotle on every block in California and they think average Mexican food is going to fly? Good luck to them

I wish them luck. They will need it taking ice to eskimos...

Hmmm

Hard sell

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