4 Lessons from a McDonald's Business Owner

🎧 Podcast Episode 160 with Stephen Yeung

Running and scaling a business is no small feat, and few know this better than Stephen Yeung, a seasoned entrepreneur and owner of five McDonald's locations.

With experience that spans over two decades, Stephen shares invaluable insights on hiring, workplace culture, community impact, and employee compensation. Here are four amazing lessons from Stephen Yeung’s journey that can inspire and guide aspiring business owners.

1. Embrace and Support Young Talent

Stephen emphasizes the importance of understanding and adapting to the unique qualities of the younger workforce. He believes that today's youth, though different from previous generations, possess incredible potential. Stephen has observed that effective communication and respect are crucial in engaging young staff.

Instead of being directive, he advocates for an approach that seeks understanding and buy-in. By explaining the reasons behind tasks and showing their broader impact, young employees are more likely to be engaged and motivated. Stephen’s strategy includes early and continuous communication, from the application process through regular check-ins, ensuring new hires feel supported and valued.

2. Foster a Positive Workplace Culture

A key element of Stephen’s success is his dedication to creating a supportive and positive workplace culture. Recognizing the diverse backgrounds of his employees, Stephen tailors his management style to respect individual differences and needs. This personal approach helps in building trust and fostering a sense of belonging among staff. Stephen also implements innovative strategies to maintain engagement, such as cultural weeks, potluck events, and casual clothing days.

These initiatives help employees feel connected beyond their work roles, promoting better communication and teamwork. Moreover, Stephen’s focus on constant communication and feedback ensures that issues are addressed promptly and effectively, maintaining a healthy work environment.

3. Prioritize Fair and Competitive Compensation

Stephen understands that compensation is a crucial factor in employee satisfaction and retention, especially in the face of rising living costs and inflation. To address this, he maintains a structured development roadmap within the fast-food industry, offering clear pathways for promotion and growth.

Stephen ensures that compensation packages are not only competitive but also include individualized benefits, such as flexible work schedules, 100% dental and medical coverage for managers, and transportation support like Uber rides for late shifts. This holistic approach to compensation helps offset the pressures of minimum wage increases and ensures that employees feel valued and fairly compensated for their work.

4. Prioritize Community Impact

Stephen’s philosophy extends beyond the confines of his restaurants. He is deeply committed to making a positive impact on the community. Whether it's through sponsoring local school activities, collaborating with organizations like the Salvation Army, or participating in events like McHappy Day, Stephen ensures his business contributes meaningfully to the community.

His approach underscores the importance of partnerships and being responsive to community needs. Stephen’s engagement with the Ronald McDonald House exemplifies this commitment, supporting families in their times of need and fostering a strong connection between his restaurants and the community.

Stephen Yeung's journey from managing gas stations to owning multiple McDonald's locations offers valuable lessons in effective management, workplace culture, community engagement, and employee compensation. By embracing young talent, fostering a positive workplace environment, prioritizing fair compensation, and making a meaningful community impact, Stephen demonstrates that business success is not just about financial gains but also about making a significant difference.