{"id":4312,"date":"2023-10-18T23:52:53","date_gmt":"2023-10-19T05:52:53","guid":{"rendered":"https:\/\/jjg.royalestudios.com\/prensa\/meet-the-billionaire-guatemalan-family-taking-on-chick-fil-a-2\/"},"modified":"2025-04-11T14:54:12","modified_gmt":"2025-04-11T20:54:12","slug":"meet-the-billionaire-guatemalan-family-taking-on-chick-fil-a-2","status":"publish","type":"prensa","link":"https:\/\/jjg.royalestudios.com\/en\/press\/meet-the-billionaire-guatemalan-family-taking-on-chick-fil-a-2\/","title":{"rendered":"Meet The Billionaire Guatemalan Family Taking On Chick-Fil-A"},"content":{"rendered":"\n

Original article published by Jonathan Ponciano for\u00a0Forbes M\u00e9xico<\/a>.<\/p>\n\n\n\n

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Over the course of 103 years, three generations have transformed CMI into one of Latin America\u2019s largest food conglomerates. Now, their restaurant chain, Pollo Campero, is gearing up for expansion throughout the US.<\/em><\/p>\n\n\n\n

On\u00a0March 15, a yellow chicken mascot named Pollito (Spanish for chick) wearing a rust-colored sombrero, white chef uniform and cravat descended upon Times Square and began waving to bystanders before heading to the Port Authority and Herald Square, where Guatemala-based fast food chain Pollo Campero was opening its first Manhattan locations. Inside the restaurants, nostalgic Spanish-speaking families, including many immigrants from Central America, feasted on empanadas and fried chicken breasts\u2014breaded with a generations-old family recipe. Meanwhile, curious Americans, hungry for chicken sandwiches, inquired about unfamiliar menu offerings like horchata (a sweet drink made of white rice) being sold alongside the to-be-expected yuca fries.<\/p>\n\n\n\n

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For decades, Pollo Campero has had a cult following in Latin America. The chain\u2019s bright yellow bags and distinct aroma are a staple on flights to the U.S. from Guatemala and El Salvador. Its parent company, 103-year-old Corporaci\u00f3n Multi-Inversiones, has quietly grown into one of Latin America\u2019s largest conglomerates, making the Guatemalan family that owns it worth $3 billion, by Forbes\u2019<\/em> estimate. Now, CMI is ready to make its presence felt in the U.S by seizing on Americans\u2019 fast-food chicken obsession to fuel its already impressive growth.<\/p>\n\n\n\n

\u201cI always say we are not a big business,\u201d says CMI Foods chair Juan Jos\u00e9 Gutierrez, 65, who leads the family enterprise in its third generation, speaking in Spanish from CMI\u2019s headquarters in Guatemala City\u2019s leafy, high-end Zona 10. \u201cWe are a grand business.\u201d<\/p>\n\n\n\n

Semantics aside, CMI is in fact a very big business. It\u2019s already one of Guatemala\u2019s biggest employers, with more than 40,000 workers worldwide. Last year, its revenues topped $4 billion, having tripled over the past 8 years alone, says Gutierrez, who projects sales this year could approach $6 billion.<\/p>\n\n\n\n

The sprawling empire processes over 4 million chickens each week and sells dozens of brands of packaged foods ranging from flour, pastas and cookies to pet food. In <\/strong>addition to Pollo Campero (2022 sales: $684 million from nearly 400 locations), CMI owns three other fast-food chains with more than 1,500 locations in Latin America: Pollolandia, Don Pollo and Pizza Siciliana. A second arm of the family\u2019s holdings, CMI Capital, is chaired by Gutierrez\u2019s cousin Juan Luis Bosche. It develops clean energy products in Central America and invests in real estate; in 2021 it issued $700 million of green bonds.<\/p>\n\n\n\n

Until this spring, the U.S. remained a largely untapped market for CMI, with just 85 Pollo Campero locations in the U.S. But what better way to break into the U.S. market than through two sizzling categories? \u201cQuick-service chicken restaurants are hot,\u201d says Morningstar analyst Sean Dunlop, adding that they\u2019ve been the fastest growing fast-food vertical\u2014think Chick-fil-A or Jollibee\u2014in the U.S. over the past five years, with sales jumping 69% over the period to reach some $40.5 billion in 2022. The next fastest grower during that period? Latin American restaurants, which have grown annual sales by 44% to $30.2 billion.<\/p>\n\n\n\n

A year ago CMI announced plans to invest roughly $1.8 billion in expansion over the next three years, with $1 billion of that allocated to CMI Foods and nearly 20% of the $1 billion going toward the family\u2019s U.S. subsidiary, Dallas-based CamperoUSA, which owns and operates restaurants in the states. Pollo Campero is opening nearly 40 locations in the U.S. by next year, hitting more than 100 overall, and aims to pick up the pace from there, with a goal of reaching 250 by 2026, including an expansion of franchised outlets.<\/p>\n\n\n\n

So far, the U.S. Pollo Campero restaurants are averaging about $2.8 million in annual sales each. That\u2019s in line with an average McDonald\u2019s, but a lot more than the $1.5 million a year other fast food brands like Taco Bell, Wendy\u2019s or Burger King average. While it\u2019s still little more than half the colossal $5 million per store that Chick-fil-A boasts, that could change as CMI sets its sights on ever higher traffic spots in the U.S. \u201cThe upcoming locations are iconic,\u201d says Gutierrez, pointing to restaurants under construction in <\/strong>New York\u2019s renovated Penn Station, San Francisco\u2019s Fisherman Wharf and Orlando\u2019s Florida Mall. \u201cI think we\u2019re just getting started.\u201d<\/p>\n\n\n\n

In 1923, Juan Bautista Gutierrez, a Spanish immigrant then in his 20s, started running a small grocery store established three years before by his father in the rural Mayan town of San Crist\u00f3bal, Totonicap\u00e1n, some 117 miles west of Guatemala City. As a teenager Bautista Gutierrez, also known as Don Juanito, had joined his father, who had immigrated from Spain earlier, in Guatemala. His father started out buying grain in 100-pound bags in the nearby city of Quetzaltenango and then sold it by the pound in San Crist\u00f3bal. Bautista Gutierrez decided he needed to learn how to help his dad with the books. He started making a three-hour bicycle ride to night classes at a business school. After class, he\u2019d bunk down for the night and then peddle back home at the break of day to open the store.<\/p>\n\n\n\n

After more than a decade running the store, Bautista Gutierrez made his first big move in 1936, investing in a wheat mill called Molino Excelsior. <\/strong>The business quickly expanded. A few years later, he bought La Sevillana, a supermarket selling imports from Spain, England and Germany. After realizing the business created a surplus of bran, he started a pet food business, too. One day, a chicken farmer approached Bautista Gutierrez <\/strong>lamenting that he couldn\u2019t <\/strong>pay for his wheat. Instead, he offered up 1,000 chickens. Bautista Gutierrez took the deal, fattened up the chickens, bought some more, and thus launched CMI\u2019s poultry operations. \u201cI could tell you a strategic story about why we got into agriculture, but it was just a repayment of debt,\u201d admits grandson Gutierrez.<\/p>\n\n\n\n

In 1967, the poultry farming led Bautista Gutierrez to open up a restaurant, selling fried chicken, french fries and beer. It was an overnight success\u2014and on April 28, 1971, after testing additional recipes and ingredients, he opened the first official Pollo Campero in Guatemala, appointing his son, and Gutierrez\u2019s father, Dionisio Gutierrez, as president.<\/p>\n\n\n\n

Then tragedy struck. In October 1974, Dionisio and his brother-in-law Alfonso Bosch, boarded a plane to Honduras, on a mercy mission taking supplies to victims of Hurricane Fifi. Seven minutes after takeoff, the plane crashed into a mountain, killing the second generation of CMI\u2019s family leadership. The oldest of the five children comprising the next generation was Gutierrez. Despite being a teenager and still in high school, he started combining his studies with trips to the office and meetings, doing so alongside Bosch\u2019s son, Juan Luis Bosch Guti\u00e9rrez, who today leads CMI Capital as chairman.<\/p>\n\n\n\n

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After working in the meat processing side for years, Gutierrez took over as head of Pollo Campero in 1982. There were 12 restaurants in Guatemala and two in El Salvador. \u201cIt was a time of violence, insecurity, and people were in need of tools and materials,\u201d recalls Gutierrez, noting the restaurants, while owned by the family, operated fairly independently, with a local manager deciding how to operate and what to sell. That made it difficult to deliver consistent service or quality\u2013or to expand. \u201cThe only thing these stores had in common was the sale of fried chicken, so we started to standardize.\u201d After establishing consistent processes and menus across the outlets, Gutierrez started opening new ones, adding another 10 by 1988.<\/p>\n\n\n\n

By then, Pollo Campero had amassed a large following in Central America, and Gutierrez set his sights on the United States. \u201cMiami is the closest city to Guatemala, and there\u2019s plenty of Hispanics, so we went to Miami,\u201d he explains. Made sense, but it didn\u2019t go well. Employee turnover was nearly seven times higher in the U.S. than in Guatemala, where workers were onboarded informally and then stayed. Culture shock only made the problem worse, says Gutierrez. \u201cOne year was enough to know we were not prepared to achieve the goal of coming to the United States,\u201d he laments. And so he closed up shop.<\/p>\n\n\n\n

Back home, Gutierrez focused on expanding in Latin America; over the next decade, he opened about 85 new locations in Honduras, Nicaragua, Costa Rica, Panama and Ecuador, as well as Guatemala. With that came training manuals, new formulas, efficient kitchen designs and food safety standards. \u201cThat\u2019s when the concept became transferable,\u201d says Gutierrez. \u201cAnd so I told myself, \u2018Let\u2019s go back to the U.S.\u2019\u201d<\/p>\n\n\n\n

This time, he tried a new market\u2014Los Angeles, and he doubled down on catering to Latinos, choosing a site just a few blocks from the immigrant hub of MacArthur Park, with more than a third of its population from Mexico or El Salvador. \u201cYou\u2019re there, and you\u2019re in Central America,\u201d Gutierrez observes. On April 28, 2002\u201431 years to the day after his grandfather opened up in Guatemala\u2014he tried a second time to break into the U.S.. \u201cWe were a sensation; we were the novelty,\u201d he exclaims, recalling lines down the block, with police directing traffic and news helicopters flying overhead to film the raucous crowd. It took just 22 days to ring up $1 million in sales.<\/p>\n\n\n\n

After nearly four decades leading CMI, Gutierrez turned to outside talent to help manage its next leg of growth. \u201cThe family enterprise is not just somewhere to work,\u201d he says. \u201cIt\u2019s a legacy, a responsibility we have to the family\u2026 and the family\u2019s presence is important, but we know there will always be someone better equipped to be CEO.\u201d <\/strong>It\u2019s for that reason, he says, that in 2018 CMI tapped Jos\u00e9 Gregorio Baquero, a now 58-year-old Wharton MBA born in Venezuela, as the company\u2019s first non-family CEO. Baquero started his career as a Procter & Gamble brand manager and then, after earning his MBA, began advising dozens of food companies as a Booz & Co. consultant\u2014which is how he started working with CMI in 2009.<\/p>\n\n\n\n

As a consultant, Baquero helped CMI consolidate businesses and cut redundancy across its sprawling operations and developed a close relationship with the family. In 2016, he became one of three non-family members on the company\u2019s seven-person board. \u201cI want executives who\u2019ve done what I\u2019ve done\u2014but three or four times over,\u201d Gutierrez says in explaining why he recruited Baquero for the CEO\u2019s job. \u201cIt\u2019s easier for someone who\u2019s already opened up 1,500 restaurants to help me reach 1,500 restaurants as quickly as possible.\u201d<\/p>\n\n\n\n

Like Gutierrez, Baquero is fixated on growth, particularly in the states. \u201cPeople would have never imagined that we\u2019d have a Pollo Campero on Sixth Avenue in New York,\u201d he says. \u201cThe locations give you visibility, which gives the brand awareness.\u201d And that\u2019s essential, since U.S. growth plans are built on appealing to more than just Hispanic Americans. In fact, some 30% of sales in the U.S. are already made to non-Hispanics. CMI hopes that figure will reach 60% after its expansion. Baquero points out that new restaurant locations such as one near Chicago\u2019s famed Michigan Avenue (a hub for commerce and tourism), have a smaller Hispanic clientele and have adjusted their menus to place a larger focus on American favorites like sandwiches and nuggets called Camperitos.<\/p>\n\n\n\n

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In 2021, near the depths of the pandemic, <\/strong>Baquero set a target of growing CMI Foods revenues by at least 50% within five years\u2014a goal <\/strong>others at the company deemed crazy. He boasts that he reached that goal in March of this year\u2014three years ahead of schedule. Now, he\u2019s focused on making the U.S. one of Pollo Campero\u2019s top two markets\u2013it\u2019s currently number three, after Guatemala and El Salvador. Another goal? Boosting the number of franchise restaurants in the U.S. to help bolster profitability. So far, about 16% of U.S. locations are franchised, the rest corporate-owned. By 2026, Pollo Campero hopes to lift that to 30%, inching toward the rates of chains like Chick-fil-A and KFC, which are mostly franchised.<\/p>\n\n\n\n

So far, a half dozen members of the family\u2019s fourth generation have gone to work for CMI, with anywhere from one to nine years under their belts. They\u2019re obviously not ready to take the reins for now, and it\u2019s likely none will ever be CEO. That\u2019s because the family itself recently decided no family member should ever be CEO again, says Gutierrez. \u201cIt\u2019s very difficult for family to report to family, and it\u2019s difficult for someone in the family to have two or more sombreros,\u201d he explains, adding that his decision to tap Baquero as CEO has turned out to be one of his best ever. For now, however, 100% of CMI\u2019s ownership stays in the hands of the third generation\u2014nine members divided into two family branches, each owning 50% of the business.<\/p>\n\n\n\n

Asked whether his family will ever sell the business, Gutierrez laughs. \u201cSelling the business would be like selling one of my children,\u201d he says. \u201cWe hope it will be in the hands of our family for the next 100 years.\u201d<\/p>\n","protected":false},"featured_media":4301,"template":"","class_list":["post-4312","prensa","type-prensa","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nMeet The Billionaire Guatemalan Family Taking On Chick-Fil-A - Juan Jos\u00e9 Guti\u00e9rrez Mayorga<\/title>\n<meta name=\"description\" content=\"Interview by Forbes magazine with Juan Jos\u00e9 Guti\u00e9rrez Mayorga, regarding the history of Pollo Campero and its trajectory in CMI Alimentos.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meet The Billionaire Guatemalan Family Taking On Chick-Fil-A - 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