Who Owns Good Times Company?

Good Times Bundle

Get Full Bundle:

	5 FORCES	$15	$10
	BCG	$15	$10
	CANVAS	$15	$10
	4P's MIX	$15	$10
	PESTLE	$15	$10
	SWOT	$15	$10

TOTAL:

ADD TO CART

Who owns Good Times Restaurants Inc. today?

When Good Times Restaurants Inc. sold its remaining Bad Daddy’s stake in 2024 and refocused on Good Times Burgers & Frozen Custard, ownership concentrated among founders, insiders, and select institutional holders. The company remains Nasdaq-listed under GTIM with a small market cap and an asset-light refranchising strategy.

Key holders include founders/management, concentrated institutions, and insiders; public float is thin, enabling influential stakes and activist interest. See Good Times Porter's Five Forces Analysis for competitive context.

Founders and Early Ownership of Good Times Company trace to Boyd Hoback and partners who created the drive-thru concept in Colorado in 1987; Hoback served as long-time CEO and remained a significant insider shareholder through the 1990s and 2000s as the company scaled.

Founding team

Boyd Hoback co-founded Good Times with local partners; early equity was concentrated among founders and Colorado-based investors.

Early capital

Initial funding came from friends-and-family and regional angel backers to support unit development and working capital.

Equity structure

Founder shares typically had standard vesting and buy-sell restrictions, aligning commitment with store build-out milestones.

Dilution over time

Subsequent capital raises and public-market steps diluted founding stakes as the company pursued growth and modernization.

Transition to public ownership

By the mid-2000s ownership shifted to a mix of public float, insiders and regional institutions as liquidity needs grew.

Founder exits and incentives

Hoback executed staged sell-downs during leadership succession and the company granted incentive equity to executives for new product initiatives.

SEC filings and company reports from the 2000s onward show declining founder concentration; by 2024–2025 disclosures indicated insiders, public shareholders and a few regional institutions comprised the largest ownership blocks, with founder and insider holdings reduced but still present in insider ownership percentages reported in proxy statements.

Key ownership facts

This chapter references the evolution of Good Times Company ownership from founders to broader shareholder bases and includes actionable ownership signals for investors:

• Founding year: 1987 and founder: Boyd Hoback as long-time CEO and early major shareholder
• Early funding: friends-and-family and Colorado angel investors for unit development
• Mid-2000s shift: ownership mix moved toward public float, insiders and regional institutions
• Recent disclosures (2024–2025): decreasing founder concentration; insider ownership and institutional holdings reported in SEC filings and proxy statements

For background on the brand’s customer segmentation and market positioning that informed early investor interest see Target Market of Good Times.

Good Times SWOT Analysis

• Complete SWOT Breakdown
• Fully Customizable
• Editable in Excel & Word
• Professional Formatting
• Investor-Ready Format

GET TEMPLATE ➔

Key events reshaping Good Times Company ownership include 1990s–2000s public financings that broadened the float, the 2012–2016 Bad Daddy’s acquisition and partial PE involvement, the 2019–2021 founder-era leadership transition with insider rebalancing, and the 2023–2024 exit from Bad Daddy’s that refocused capital on Good Times Burgers & Frozen Custard.

As of 2024–2025 the shareholder mix shows insiders and directors holding a meaningful but minority stake, institutions concentrated among small-cap/micro-cap funds, and a fragmented retail/public float that supplies daily liquidity and proxy influence.

Ownership Composition & Governance Signals

Top holders and insider stakes shape capital-allocation debates; streamlined single-brand focus clarified board priorities and operational accountability.

• Insiders/directors: GTIM 2024 disclosures indicated directors and officers collectively owning a mid-to-high single-digit percentage; peers often in high single to low double digits
• Institutions: Top-10 holders commonly hold 40–60% of shares outstanding in thinly traded micro-cap names
• Retail/public float: Fragmented but decisive in proxy fights due to concentrated institutional positions
• Post-2024 strategy: Emphasis on debt paydown, store-level ROI, selective franchising and potential engagement from concentrated holders

Key governance outcomes include sharper board focus on unit economics, higher likelihood of investor engagement on refranchising and growth cadence, and clearer investor messaging; see Mission, Vision & Core Values of Good Times for cultural context.

Good Times PESTLE Analysis

• Covers All 6 PESTLE Categories
• No Research Needed – Save Hours of Work
• Built by Experts, Trusted by Consultants
• Instant Download, Ready to Use
• 100% Editable, Fully Customizable

GET TEMPLATE ➔

The Good Times Company board in 2024–2025 combines restaurant operators and capital-markets directors, with independent directors forming the majority and the CEO serving on the board; directors linked to large shareholders hold seats that connect capital providers to strategy. Governance reflects a one-share-one-vote model, keeping voting power proportional to economic ownership.

As of 2025 the company remains micro-cap with $~35–120m market-cap range fluctuations over 2024–2025 and a concentrated shareholder base where top five holders typically control a meaningful portion of outstanding shares; no dual-class or golden shares exist, preserving proportional voting aligned with economic ownership.

Board balance and proxy dynamics

Independent-majority board and direct investor representation reduce agency friction, but concentrated ownership and micro-cap status keep proxy contests possible.

• One-share-one-vote structure means voting power equals share ownership, limiting founder super-votes
• Top five shareholders often hold a significant block; institutional and insider ownership combined can exceed 30–45% in given quarters
• Equity comp and say-on-pay votes receive periodic scrutiny; board ties compensation to same-store sales, restaurant-level margins, and free cash flow
• No widely public proxy battles in 2024–2025, though modest activist interest around refranchising and operational efficiency remains a governance risk

For further contextual strategy and marketing analysis see Marketing Strategy of Good Times.

Good Times Business Model Canvas

• Complete 9-Block Business Model Canvas
• Effortlessly Communicate Your Business Strategy
• Investor-Ready BMC Format
• 100% Editable and Customizable
• Clear and Structured Layout

GET TEMPLATE ➔

By mid-2025 Good Times Company ownership shifted toward institutional concentration as the company completed exit from Bad Daddy’s interests and refocused capital and strategy on the Good Times Burgers & Frozen Custard brand; shareholder mix shows rising long-only value and income fund positions alongside modest insider holdings.

Institutional ownership metrics reported in 2024–2025 showed a noticeable uptick: proxy and 13F reporting indicated several specialized micro-cap funds increasing stakes by mid-single digits percentage points, while insider beneficial ownership remained in the low single-digit percentages via equity compensation; refer to regulatory filings for precise holder lists.

Portfolio focus

By 2024 the company concentrated on Good Times Burgers & Frozen Custard and pursued selective franchising to support capital-light expansion and preserve unit-level economics.

Capital allocation priorities

Management prioritized balance sheet strength and compared share repurchase opportunities against remodels and new unit ROI to maximize long-term shareholder value.

Ownership trends

Holder mix shifted toward concentrated institutional funds between 2023–2025, reducing retail churn and increasing engagement from value/income managers and occasional activists.

Strategic optionality

Analysts and some shareholders cited refranchising or a potential sale as credible alternatives if scaled margins and traffic recover; management reiterated focus on disciplined growth through mid-2025.

For background on the brand and its history see Brief History of Good Times; for current registry and exact major shareholders in 2025 consult the company’s SEC filings and the most recent 13F/DEF 14A disclosures.

Good Times Porter's Five Forces Analysis

• Covers All 5 Competitive Forces in Detail
• Structured for Consultants, Students, and Founders
• 100% Editable in Microsoft Word & Excel
• Instant Digital Download – Use Immediately
• Compatible with Mac & PC – Fully Unlocked

GET TEMPLATE ➔