4 Areas Family Entertainment (FEC) Can Create Better Brands

Considering the current world events with COVID-19 and its impact on entertainment everywhere, I want to give back from my over 30 years in the entertainment and food & beverage industries many of the lessons I’ve learned.?Thus, I am happy to announce my upcoming series of articles that I will be posting on various topics weekly for the next 100+ weeks, that will explore in-depth, the entertainment industry with an emphasis on family entertainment centers (FEC), theme parks and water parks.?My intent is to help others understand what it takes to run a successful FEC business both operationally and financially in an ever-changing landscape like today.?In addition, I want to share some of the greatest lessons I’ve learned over time from some great companies and leaders I’ve been fortunate and blessed to work with including working for my own family’s FEC when I grew up in New Jersey…over 40 years ago.

Food & Beverage, Corporate Events & Retail:?One of the first categories of subjects to be discussed will be Food & Beverage. In this category, I will be discussing the importance of food and beverage choices at your parks and how to pick the best opportunities for your location(s). I will also be covering the importance of allowing guests to host corporate events, birthday parties, and other special events, as well as how to determine the size and location of meeting spaces available at your parks. If you’re planning on hosting events, having catering options available can be an asset.?Finally, retail is a major component that often gets overlooked, so let’s maximize this area.

Finance & Technology:?Another series of topics will fall under the category of Finance as I have spent many years as a CFO for companies. For your park to succeed, understanding the park’s cash flow, return on investments, and margins are critical and will be essential to your future. I will explore how to choose the best pricing models for your parks, which POS and technology systems might work best, and how to choose insurance plans and risk management systems that ensure your parks have the right protections.

Marketing & Branding:?When setting your park up for success, proper marketing and branding will give you an advantage over competitors. In this category, I will cover how to establish your brand’s consistency, understand your park’s demographics, manage relationships with guests, and what promotions your parks can offer to build volume and frequency for the long term.

Operations, Attractions, Labor & Safety:?Lastly, I will be discussing how to manage your park’s operations and how people are your #1 asset. I will answer how to choose and place attractions and arcade games. I will also discuss how you can properly maintain your parks, schedule labor for both peak and slow seasons, optimize the park’s layout to reduce labor costs, and attract competitors’ business. However, and most importantly today, I will also focus on safety, staff training, and following industry standards, as well as ensure how your parks can distinguish themselves from the competition.

Please stay tuned in for these weekly topics in family entertainment…?

07-09-22

?Tim Murphy is CEO of APX Operating Company, dba Boomers Parks, under the ownership of Cerberus private equity ($55B assets). Boomers Parks owns six family entertainment centers and two water parks with locations in California, Florida, and New Jersey.

As CEO of Boomers Parks since 2020, Tim took these eight parks from bankruptcy to profitability in just a year – in the middle of a global pandemic. When Boomers acquired these parks, they were operating at a $10 million loss. Tim transformed the customer experience and added new revenue streams to generate a 180% increase in revenue in 2021 (and on track to be a 250% increase in 2022).?

Tim launched his 35+ year career at Walt Disney World and has since served more than 150 entertainment, restaurant, and food & beverage brands across more than 10,000 locations in C-suite and senior positions.

?Additionally, Tim is a Board Director with Coney Park, Happy City, and YuKids - Family Entertainment & Amusement Parks, part of The Carlyle Group ($275B assets), a private equity firm that operates 150+ family entertainment centers and amusement parks in Latin America.?

?Tim has worked with top-tier entertainment and restaurant brands including Disney, Rebounderz Trampoline Parks, Darden Restaurants (Olive Garden, Bahama Breeze, etc.), Red Lobster, Jimmy John’s, Applebee’s, Sonny’s Bar-B-Q, Denny’s, El Pollo Loco, Hardee’s, Golden Corral, and Firehouse Subs.?

Tim has overseen more than 35 purchase transactions involving over 1,200 restaurants, stores, and park locations.?With extensive experience in buying and selling businesses, handling negotiations with buyers and sellers, and creating strategic partnerships to build strong brands, Tim has facilitated deals ranging from $11 million to $350 million+.

?Tim is a member of IAAPA, CAPA, FAA, AAMA & WWA. He is a licensed commercial real estate broker in the State of Florida. Tim earned a BS/BA in Accounting from the University of Central Florida and?an MBA in Finance from Orlando College.