Subsequent Events

3 Months Ended

Dec. 25, 2018

Subsequent Events [Abstract]

Subsequent Events

Note 13. Subsequent Events

On February 6, 2019, the Company concurrently entered into and closed on a Membership Interest Purchase Agreement (the “Purchase Agreement”) with RGWP, LLC (the “Seller”), pursuant to which the Company agreed to acquire (the “Acquisition”) all of the membership interests of three joint venture entities to which the Company is already a party to: Bad Daddy’s Burger Bar of Seaboard LLC, Bad Daddy’s Burger Bar of Cary, LLC, and BDBB of Olive Park NC, LLC. The purchase price is approximately $3.0 million, plus working capital adjustments. These entities, in which the Company already owns a controlling interest, own and operate three Bad Daddy’s Burger Bar restaurants in the greater Raleigh, NC market. The purchase agreement contains various representations, warranties, and covenants of the Seller that are customary in transactions of this nature.