Ted Turner visits a Ted's Montana Grill in Denver, one of 57 Ted's locations around the country, while in town Thursday to attend the National Bison Association's annual meeting.
Ted Turner might be best known as the founder of CNN, which revolutionized the television and political landscape by introducing the 24-hour news cycle.
These days, Turner has left the media world behind and is focusing on his passion for the environment. The relentless entrepreneur put business sense behind his efforts, investing in solar energy company Turner Renewable Energy (which was sold to First Solar in late 2007) and bringing eco-friendly features such as paper straws, low-voltage lighting and biodegradable takeout containers to his namesake Ted's Montana Grill.
Turner, 70, is in Denver for National Bison Association's annual meeting along with Ted's Montana Grill co-founder and CEO George McKerrow.
Ted's Montana Grill has eight restaurants along the Front Range, and Denver is one of its top markets.
Turner and McKerrow recently sat down with the Rocky Mountain News to talk about bison as well as the state of the restaurant industry.
You started Ted's Montana Grill seven years ago in part to introduce consumers to bison meat and educate them on its health and environmental benefits. Have you accomplished that goal?
McKerrow: I think we've helped the industry tremendously. From the restaurant perspective, bison sales in our restaurants maintain about 40 percent of our total sales. We've introduced large parts of the country to bison, and that's increased demand. There's three times as many bison coming to market as when we started seven years ago, and I think that's the best testament.
How is your restaurant business doing these days, given the economy?
Turner: It's a struggle. Just about all retail businesses are struggling, and restaurants are no exception. But we feel like
we're doing a little better than the average restaurant.
McKerrow: We do think we're positioned, price-value-wise, since all of our food is so fresh and hormone- and antibiotic-free.
We think the consumer is primed to find Ted's Montana Grill more often. And of course we're only as good as how we do every day.
Do you have any plans to expand beyond your 57 locations right now?
Turner: No. We're not expanding right now; we're holding our own. But a lot of restaurants are closing now.
Do you think this economic downturn might usher in a cultural shift among consumers habits to dine out less?
Turner: I'm sure consumer habits will change some. Everything I read and hear indicates people are going to spend less money and try to save a little more.
McKerrow: We do think that there's an abundance of seats in the restaurant business and the consumer is cutting back on frequency. But you just have
to be better than the competition. That's our goal and always has been. We think if we can continue to deliver on our promise, we're a pretty healthy
business. And fortunately, we don't carry any debt. We're guardedly optimistic that 2009 will be an OK year.
(To Turner) You used to own the Atlanta Braves baseball team, taking them from nowhere to respectability in
the 1990s. How do you think the team has fared since Liberty Media purchased it two years ago?
Turner: I think they're doing a good job from everything I hear. I still go to the games occasionally.
Do you talk to John Malone much about team strategy?
Turner: I'm going to have lunch with him today. I haven't seen him in a while. I miss him. He's been a very good friend over the years.
If you were to make an investment in the media today, what would it be?
Turner: I'm 70 years old. I think my last startup was Ted's Montana Grill. And after all of those years
in the media business, it's refreshing to be in something different. Basically, pretty much all businesses
have a lot in common - to create happy customers for your product or service. Whereas I used to feed
people's minds and hunger for information with CNN, now I feed their stomachs.