Comfort Food Comeback: How Mina Haque Plans To Make Tony Roma's Sizzle Again

It's a rare scenario when someone conducting M&A due diligence becomes CEO of the company.

But that’s exactly what happened when Mohaimina (Mina) Haque went from Tony Roma's legal advisor to overseeing the entire restaurant chain.

In 2020, Tony Roma’s landed on the auction block after struggling financially, a situation that worsened by market saturation and the COVID-19 pandemic. A sale to Equity Investors of New England, Inc. in 2021 at an undisclosed price provided an opportunity for a fresh start. By summer 2024, Haque — previously the chain’s buy-side counsel — became the company’s first female CEO in its 50-plus-year history.

Today, Tony Roma's, once celebrated as a go-to destination for BBQ ribs and other comfort foods, is embarking on a comeback story. Haque brings an expertise unlike other CEOs, she says: one rooted in corporate law.

Benzinga spoke with Haque about the brand’s renewed focus and ambitious expansion plans, as well as the political issues facing the ever-evolving restaurant sector.

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Benzinga: What’s special about Tony Roma’s?

Haque: It survived the test of time after going through different economic hardships. Franchisees remain dedicated. Although it’s a legacy brand, I saw some potential in taking a startup-like approach. That means being extremely sensitive to cost, making sure all team members are aligned and everyone’s willing to give their best. I have team members who go beyond their designated titles. They jump in, roll up their sleeves and do everything possible for the brand to shine. So, I see that potential.

BZ: What do you bring to the table?

Tony Roma’s has a presence in more than 20 countries. With the startup approach that we have now, there are some ideas I have in terms of modernizing the brand. For example, back in the day, it used to be 10,000 square feet. No one really opts for that big real estate space for restaurants anymore. So, I see opportunities in terms of cutting back that cost and cutting back on the corporate level. From a business finance perspective, I saw a great opportunity where not only my legal advice — I also built my own firm (The Law Office of Mohaimina Haque, PLLC) — some of those principles I can apply here.

BZ: Are there lessons you learned as a lawyer that apply to being CEO?

As a lawyer, they teach us something in law school that I found helpful for Tony Roma’s. It’s this framework called IRAC: issue, rule, application, conclusion. All legal papers are built on that framework. First, identify the issue. Next, explain all the rules and then apply the rules. And then you conclude. In business form, I do the same thing. I spot the issue; I look at the rules; I apply them and arrive at a conclusion or outcome.

My attention to detail is a little bit different from other executives. I get into the nitty-gritty of the contract and what went into the deal. So if you look at TGI Fridays and Red Lobster — both filed for bankruptcy this year. Part of the reason was mismanagement. Because I do contract negotiations for Tony Roma’s myself, as a general counsel, I discovered opportunities for cost savings. I also found how bad contracts can drive you out of business. So, I’m hyper-vigilant when it comes to terms, termination clauses, the length of contracts and managing vendor partnerships. There are some key areas where I found my legal knowledge extremely instrumental.

BZ: What’s the global stage look like?

There’s a lot of interest globally. We are in Dubai and Berlin as well as Kuala Lumpur, Malaysia and Perth, Australia. There is a lot of brand awareness. Stateside, as Gen Z and millennials were growing up, there was a decrease in unit size. So, we are working on building that bridge between those who are nostalgic for Tony Roma’s and those who haven’t experienced it yet. There are challenges, including the supply chain and ensuring that franchise partners uphold our intellectual property.

BZ: Is M&A still on the cards?

It is a possibility. We have parties interested in helping us to expand our global and national footprint. So, it’s still in the cards, with either a venture capital or private equity firm. For anyone interested and who wants to see more explosive growth for the company, we are looking for partners capable of heavy capital infusion.

BZ: What size investment do you think would you go to ballpark it?

If I have to ballpark it, maybe somewhere between $10 million and $20 million

BZ: Many restaurants depend on immigrant workers. Does the threat of mass deportations in 2025 worry you?

When I see the news and hear about the policies, it is jarring. I put my lawyer hat on, and think about it within the parameters of what is being promised on a campaign trail and what the executive branch can or cannot do. The way the U.S. government was designed, it’s the best innovation in the world. Our founding fathers did an amazing job. Obviously, the government has augmented presidential power over the years. Nevertheless, I still believe in advocacy. I still believe that whenever there is rule-making in an executive agency, it’s something that the interest groups and the think tanks pay attention to. But the public should pay attention to it as well. Everyone should submit data, and voice arguments to federal agencies. Administrative procedures have given people that power.

BZ: With a Republican sweep of all three branches of government, wouldn’t it make advocacy all the more difficult?

It’s about timing. In two years, we are going to have a midterm election, and there is a possibility it may swing the other way. So, these two years are crucial. They may enact certain policies, and these policies might face litigation. And sometimes it takes a long time when something is in litigation to go through the court docket. I’m still a believer in the system that our founders have devised for us. But the system’s going to face its toughest test this time.

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Image: Shutterstock, The Law Office of Mohaimina Haque PLLC