I think it’s less about effective LTOs. LTOs cost a lot of money. They don’t really drive a lot of new traffic and we haven’t seen huge success in driving profitability as much as we have just generally marketing the brands that are open and inviting customers in.
Alton Stump: Got it. Makes sense. Thanks for that. And then last question, and I’ll hop back in the queue. But grad [ph] certainly, getting the Smokey Bones deal done. As you mentioned, it is now only your second casual chain along with Twin Peaks. I guess should we be reading that this may potentially mean that you could look at other casual dining options down the road? Or is it just a case of a very good asset came up at the right price for you.
Andrew Wiederhorn: Well, so two things. We consider Twin Peaks and Smokey Bones to being what we call polished casual because they’re higher AUVs and higher alcohol percentage. Then we have Buffalo’s cafe Native Grill & Wings and Hurricane Grill & Wings in the casual space along with Ponderosa and Bonanza. And so — and those also have a good bar business, but there’s opportunity at Smokey Bones for our franchise sales team to really distribute that brand through our franchisee portfolio and get traction. The Twin Peaks franchise partners have obligations and have capacity to build a good 20 stores next year, plus we’ll build some corporate stores and convert some corporate stores. But I don’t think that you’ll see us buy another Smokey Bones conversion opportunity in the next 12 months or so because we’re sort of full with all we need to check the box for development opportunities.
I mean we bought another brand. I don’t think we could find another 40 stores that we could open at the same time in the next 12 to 24 months. It’s just too much to ask from our team in terms of openings and capital to be deployed. So I think that’s not on the table today. Although there are other acquisition opportunities that we’re interested in, that will drive our factory business, and there are some that are just flat out good deals out there. Finally, I think I’ve complained about before a year ago that we really didn’t see sellers take — really take thought of their multiples and their asking prices as rates went up 550 basis points, and you didn’t see prices come down. And now I think you’ve seen prices come down to levels where deals can get done.
So that’s definitely good news. It doesn’t mean that we are going to go on another acquisition binge, but rather if there’s the right deal from a delevering perspective, it’s a good cash flow multiple that fits in our other verticals, and we can use our synergies of our back office and one platform to acquire than we will. But really, we’re focused on growing this hockey stick of growth between peak and also the factory, which has so much excess capacity that we’re excited about those two things and the organic pipeline.
Alton Stump: Great. Thanks so much. In the excitement I said [ph] polished casual. Thank you very much, Andrew. Appreciate it. I’ll hop back. Thank you.
Andrew Wiederhorn: Thank you.
Operator: Our next question comes from Roger Lipton with Lipton Financial. Please go ahead.
Roger Lipton: Hi, Andy, Rob, Ken. So the Smokey Bones deal closed on October 1?
Andrew Wiederhorn: September 25 which is technically the first day of the new quarter.
Roger Lipton: Of the new quarter, so it’s obviously then not reflected in your results at all. So as of the beginning — as of this quarter, you’re now operating 61 company stores like.
Andrew Wiederhorn: Yes. I mean it brings our total in something 185 company-owned stores, somewhere in there between 61 Smokey Bones, 57 Fazoli’s, 33 Hot Dog on a Sticks and 30-something Twin Peaks.
