OUTBACK STEAKHOUSE

@michael_girdley

102.0K followers · usually 16.8K views a post

Views

50.4K

Likes

690

Comments

34

Shares

29

SoundTikTok sound · original sound - michael_girdley

Promoted product

Outback Steakhouse

Outback Steakhouse. The home of juicy steaks, spirited drinks and Aussie hospitality. Enjoy steak, chicken, ribs, fresh seafood & our famous Bloomin' Onion.

2 videos2 creators

Why it worked

The video leverages a common brand name (Outback Steakhouse) and presents a compelling narrative about its business downfall, tapping into audience interest in business case studies and the impact of financial decisions on company success.

Summary

This video explains the business decisions that led to Outback Steakhouse's decline, starting from its founding in 1988 and culminating in a private equity buyout in 2007 during the Great Recession. The video highlights how the buyout, coupled with a change in management structure, created a recipe for disaster.

Structure

1Introduction of Outback Steakhouse and the premise of its decline
2Founding and early success of Outback Steakhouse, including the Bloomin' Onion
3The 2007 private equity buyout and its timing during the Great Recession

Original caption

Outback Steakhouse Shorts

More from @michael_girdley

Product placement

Outback Steakhouse: ACTS - it is a restaurant chain whose history and business decisions are discussed. Removing it would change the entire video. Texas Roadhouse: APPEARS - it is shown as a competitor, but its interface is not operated and no specific result comes from it. Removing it would not change what happens in the video.

Call to action

check the comments below or on my bio for a link to a longer video about Outback Steakhouse

On-screen text

OUTBACK STEAKHOUSE Outback Steakhouse ISNT DYING BECAUSE OF HIGH BEEF PRICES COMPETITION FROM TEXAS ROADHOUSE NO RULES JUST RIGHT OR ANYTHING LIKE THAT IT'S ACTUALLY DYING THAT WAS DONE BACK IN 2007 IN 1988, FOUR GUYS DECIDED TO OPEN UP AN AUSTRALIAN THEMED STEAKHOUSE IN TAMPA, FLORIDA THEY DID DINNER ONLY THEY INVENTED THE BLOOMIN' ONION THAT WAS INCREDIBLY MAGICAL THEY BROUGHT IN GMS AND GAVE THEM OWNERSHIP INDIVIDUAL RESTAURANT 2006 THEY WERE DOING $4 billion sales OVER $4 BILLION A YEAR IN SALES ACROSS 1200 RESTAURANTS THEN IN 2007 A PRIVATE EQUITY FIRM WITH NEARLY A BILLION DOLLARS THEY WANTED TO BUY THE CHAIN THAT DEAL CLOSED IN JUNE 2007 AT A BAD TIME THE GREAT RECESSION WAS ABOUT TO START JUST A FEW MONTHS LATER SUDDENLY THE CHAIN WITH A MOUNTAIN OF DEBT AND GETTING RID OF ALL THOSE GMS WHO HAD FELT LIKE OWNERS AND WHO WERE SUDDENLY NOW JUST EMPLOYEES SUDDENLY IT WAS A RECIPE FOR DISASTER IF YOU WANT TO LEARN MORE I DID A LONG FORM VIDEO ENTIRE TOPIC OF OUTBACK STEAKHOUSE COMMENTS BELOW OR ON MY BIO

Transcript

Outback Steakhouse isn't dying because of high beef prices, competition from Texas Roadhouse, or anything like that. It's actually dying because of a deal that was done back in 2007. In 1988, four guys decided to open up an Australian themed steakhouse in Tampa, Florida. They did dinner only. They invented the Bloomin' Onion. That was incredibly magical. They brought in GMs and gave them ownership of each individual restaurant. 2006 they were doing $4 billion sales, over $4 billion a year in sales across 1200 restaurants. Then in 2007, a private equity firm with nearly a billion dollars, they wanted to buy the chain. That deal closed in June 2007 at a bad time. The Great Recession was about to start. Just a few months later, suddenly the chain with a mountain of debt and getting rid of all those GMs who had felt like owners and who were suddenly now just employees, suddenly it was a recipe for disaster. If you want to learn more, I did a long form video on the entire topic of Outback Steakhouse. You can find a link in the comments below or on my bio.