Long time lurker here, first time posting.
So I've been an executive chef at one restaurant for a couple of years now, and now we're expanding to open a second restaurant in the coming months. As is relatively typical for my city, I have no contract currently for the position I'm in. I am salaried, get some benefits, and have potential for a monthly bonus depending on sales, food cost, and labor. All pretty standard I think.
Well now that we're opening a second concept, I would like things to be on paper, and to make sure I do the best for both the restaurant group and for myself for the future. The restaurant I'm currently exec at is a more "chef driven", relatively low margin concept. The new place is going to be a fast casual, bar driven, high margin place. I will be a part of, if not completely responsible, for coming up with the menu, creating all of the recipes, and developing all of the systems the restaurant uses on the kitchen side. Again, standard exec stuff. I can handle that.
My questions are when it comes to compensation and contracts moving forward. The restaurant I am currently at and the new concept will have the same majority owner, with whom I have very good rapport and a good relationship with, but this is both of our first venture into the contract side of the business when it comes to multiple restaurants and we both want to make sure we do it correctly for everyone involved. I've asked a couple trusted chefs for advice, but there aren't many in this city with relative experience. So basically what I'll be is our group's chef moving forward and for every new place that we open. The advice that I was given to best benefit myself is to have either an increased base salary with every new place, or a share of either sales or profits, or both in some form or fashion. Asking for equity was something I was advised against, and although "chef-owner" is something I'd like to be someday, I'm not at a place currently where I'm willing to risk the liability that comes with ownership. Also, a severance contact or clause has been advised to me, stating that for any reason that the ownership decides to go in a different direction, I'm covered for a few month salary and benefits in exchange for not going for unemployment or suing the group for anything. Also this new restaurant is a concept that, hopefully, could expand to a few locations in a few years (gap in the market), and i'd like to know how I can be taken care of if these things happen. If they're using my recipes and systems, and i'm helping open and oversee the day to day functions of all of these places, i'd like to be taken care of for it in a fair way.
This is just a whole new world to me, and although I am not completely business ignorant, there aren't a ton of resources I can reach out to to find clear guidance here. I'm sure some of y'all have the experience that I don't. If there's anything I can do to clarify things or help with some answers, let me know. Thank you!