Who Owns Good Times Company?

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Who Owns Good Times Restaurants Inc.?

Understanding the ownership of Good Times Restaurants Inc. is key to grasping its strategic trajectory and accountability in the quick-service and casual dining markets. The company, established in 1996, manages and franchises restaurants, notably Good Times Burgers & Frozen Custard and Bad Daddy's Burger Bar.

Headquartered in Golden, Colorado, the company focuses on delivering a superior fast-food experience by prioritizing high-quality, natural ingredients and sustainable operations. As of July 2023, Good Times operates 31 locations, mainly in Colorado and Wyoming, while its Bad Daddy's brand boasts 40 locations across seven states.

Good Times Restaurants Inc. is a publicly traded entity on Nasdaq under the ticker GTIM. Its market capitalization was approximately $26 million as of February 2025. The company's strategic direction has been shaped by its dual-brand approach, with Bad Daddy's Burger Bar currently driving the most significant revenue. This exploration will examine the ownership history of Good Times Restaurants Inc., including founder stakes, major investors, public shareholders, and significant structural changes over time, offering insights into its Good Times BCG Matrix.

The story of Good Times Company ownership begins with its predecessor, 'Round the Corner Restaurants', founded in 1968. This initial venture focused on gourmet, sit-down hamburger restaurants and grew to operate 30 locations across four states. The transition to the now-familiar drive-through model marked a significant shift in the company's direction and ownership structure.

Founding of 'Round the Corner

Good Times Company's roots trace back to 1968 with the establishment of 'Round the Corner Restaurants'. This initial concept focused on gourmet, sit-down hamburger dining experiences.

Development of the Drive-Thru Concept

In 1986, a new entity was formed to develop the drive-through concept. The first Good Times Drive-Thru Burgers opened in Boulder, Colorado, in 1987.

Key Founder

Boyd Hoback is recognized as the founder of the Good Times Drive-Thru Burgers concept. His vision led to the creation of the company's signature fast-service model.

Corporate Restructuring

Between 1990 and 1993, 'Round the Corner became a subsidiary of Good Times Restaurants, Inc. This period saw a consolidation of operations before a spin-off in 1995.

End of 'Round the Corner

'Round the Corner filed for bankruptcy in 1996, with Good Times as its sole secured creditor. By 2000, the last 'Round the Corner restaurant was sold.

Evolution to Good Times Restaurants Inc.

Good Times Restaurants Inc. emerged as the primary operating entity, concentrating on the successful quick-service drive-through business model. Specific early equity details remain undisclosed.

The ownership of Good Times Company has evolved significantly since its inception. Initially, the focus was on the 'Round the Corner' chain, but the strategic development of the drive-through concept led to the formation of Good Times Restaurants, Inc. This shift solidified the company's identity and operational focus. While Boyd Hoback is credited as the founder of the drive-through model, detailed information regarding initial equity splits or early angel investors is not publicly available. The company's history includes a period where 'Round the Corner was a subsidiary before its eventual bankruptcy and sale, with Good Times emerging as the sole secured creditor. This transition underscores the company's resilience and adaptation in the competitive fast-food market, a journey that has informed its Marketing Strategy of Good Times.

Early Ownership Landscape

The early ownership of the company was intrinsically linked to the growth and eventual restructuring of its predecessor, 'Round the Corner Restaurants'. The transition to the Good Times drive-through model marked a pivotal moment in its ownership trajectory.

• Founding of 'Round the Corner in 1968.
• Development of the Good Times drive-through concept in 1986.
• Boyd Hoback identified as the founder of the drive-through model.
• 'Round the Corner became a subsidiary of Good Times Restaurants, Inc. from 1990-1993.
• 'Round the Corner spun off in 1995 and filed for bankruptcy in 1996.
• Good Times Restaurants Inc. became the primary operational entity.

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The ownership structure of Good Times Restaurants Inc. has seen significant shifts, most notably with its acquisition by Small Island Investments on September 25, 2023. This event marked a transition where Small Island Investments became the parent entity, influencing the company's operational direction and strategy.

As of July 20, 2025, Good Times Restaurants Inc. is a publicly traded entity on Nasdaq under the ticker GTIM, with a market capitalization of approximately $20 million. The company's ownership is heavily concentrated among its insiders, who collectively hold a substantial majority of the shares. This insider dominance suggests a strong internal influence on the company's strategic decisions and future direction. The recent acquisitions of franchised locations in fiscal 2024 and early fiscal 2025 further underscore a move towards a more centralized, company-owned operational model for the brand.

Key Stakeholders in Good Times Company Ownership

Understanding who owns Good Times Company reveals a landscape dominated by insiders, with institutional investors holding a smaller, yet significant, portion. This concentration impacts corporate governance and strategic planning.

• David Dobbin is the largest individual shareholder, holding 8.30 million shares, representing 78.41% of the company.
• Other significant insider holders include Charles E. Jobson (6.79 million shares, 64.15%), Penelope Dobbin (4.20 million shares, 39.66%), and Robert J. Stetson (2.45 million shares, 23.10%).
• Institutional investors like Vanguard Group Inc. hold 3.94% (417,401 shares).
• Small Island Investments Ltd. and Delta Partners LP are also identified as major insider holders.
• The acquisition by Small Island Investments in September 2023 positions it as the parent company.

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As of February 2025, Good Times Restaurants Inc. is governed by a Board of Directors with a maximum of five members, all elected annually. The 2025 Annual Meeting of Shareholders, held on February 20, 2025, saw the election of Charles E. Jobson, Jason S. Maceda, Sophia Rivka Rossi, Jennifer C. Stetson, and Ryan M. Zink. Ryan M. Zink also holds the positions of Director, President, and Chief Executive Officer, while Charles E. Jobson serves as the Chairman of the Board.

The voting power for Good Times Restaurants Inc. common stock is structured on a one-share-one-vote principle. Directors are elected through a plurality of votes cast by shareholders present in person or by proxy. Cumulative voting is not permitted by the company's bylaws, preventing shareholders from consolidating votes to elect a minority director. The board composition includes individuals with significant industry experience; for instance, Charles Jobson has a background in hedge funds and private equity, and Jason S. Maceda previously served as Chief Development Officer for Inspire Brands. Sophia Rivka Rossi was appointed as an independent non-employee Director on July 23, 2024. Keri A. August fulfills the roles of Corporate Secretary, Principal Financial Officer, Principal Accounting Officer, and Senior Vice President of Finance and Accounting. Provisions within the company's articles of incorporation, bylaws, and Nevada law are in place to potentially deter or delay acquisitions or changes in control, such as the prohibition of cumulative voting and specific requirements for calling special meetings.

Understanding Good Times Company Ownership and Leadership

The ownership structure of the Good Times Company is directly tied to its shareholder voting power. Understanding who owns Good Times Company involves looking at the board of directors and their roles in guiding the company's strategic direction, which is crucial for any investor or interested party.

• The company operates under a one-share-one-vote system for its common stock.
• Directors are elected annually by a plurality of votes cast.
• Cumulative voting is not allowed, impacting how minority shareholders can influence director elections.
• Key executives, like the CEO, are also members of the Board of Directors.
• The Growth Strategy of Good Times is influenced by the leadership and decisions made by the board.

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In recent years, Good Times Restaurants Inc. has been actively reshaping its ownership structure, with a strategic focus on increasing company-owned locations. This shift aims to bolster brand consistency and operational control across its restaurant portfolio.

Financially, the company experienced revenue fluctuations in fiscal year 2025. The first quarter saw a revenue increase of 9.6% to $36.3 million, returning to profitability with a net income of $0.2 million. However, the second quarter reported a 3.3% decrease in total revenues, reaching $34.3 million. In a move to strengthen its financial position, the company paused its share buyback program in February 2025, prioritizing cash accumulation and debt repayment over returning capital to shareholders.

Board of Directors Expansion

Sophia Rivka Rossi joined the board as an independent director in July 2024. Her expertise in entrepreneurial and digital media is expected to contribute to the company's strategic direction.

Operational Focus

CEO Ryan M. Zink leads efforts in product development and operational efficiency. As of April 2025, two-thirds of the system had undergone remodels, enhancing the customer experience.

Ownership Trends

The company's strategy involves transitioning franchised locations to company-owned. This move is intended to improve brand consistency and control, impacting the overall Good Times Company ownership structure.

Financial Strategy Shift

A pivot from share buybacks to cash accumulation and debt reduction highlights a focus on balance sheet strength. This financial management approach is key to the Good Times Company's current operational phase.

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