Tap Handle #802: Bud Light - Jeff Foxworthy's Bar-B-Q

March 13, 2023

Tap Handle #802: Bud Light - Jeff Foxworthy's Bar-B-Q

Tap size: 11.5"

Rarity: restaurant closed, 10 or less seen

Mounting: internal 3/8" nut

Foxworthy prototype

The saga of the Jeff Foxworthy's Bar-B-Q restaurant is quite a tale. While you will read about the ill-fated restaurant's story below, there's really not much to tell about the associated tap. The top of it is a tire with the restaurant's name on it, painted in red and white. The tire is mounted to a "tree branch" the forms the rest of the tap. At the top of the tree branch, just under the tire, is a signage area; I have seen both Bud and Bud Light labels on other examples of this tap. There's a bit of paint loss here and there but it's pretty minor given the age of the tap. I also have a prototype version that is unpainted that Museum restoration artist Kelly purchased and intended to paint but never got around to it. The tap is actually pretty simplistic and doesn't have much detail, except for the tread pattern on the tire. I've only seen 3 others, plus 2 prototypes, on the secondary market, and the low numbers are due to the quick closure of the restaurant (open a little over a year) and its single location in Kissimmee, Florida. The tap dates back to 1998-99, the only year that the restaurant was open. Other than the prototypes, I haven't seen one since 2018. For one with a label, the historic price is about $30-$34; for one without a label, the price is about half of that.

Jeff Foxworthy's Bar-B-Q restaurant was formed as part of Redneck Foods Inc. in Asheville, North Carolina, though the first restaurant was established in Kissimmee, Florida in 1998. The comedian had signed a licensing agreement with Redneck Foods which allowed the company to use Foxworthy's name and likeness for advertising and promotions. Foxworthy was renowned for being a barbecue fanatic and it seemed like a natural fit, and the company went public to attract investors. Foxworthy purchased 2.5 million shares of stock for $50,000 in February 1997, which was the equivalent of 25.8 percent of the company's stock. Redneck Foods struck an agreement with Pigs R Us, in which the Pigs R Us restaurant in Kissimmee would be converted to the first Jeff Foxworthy's Bar-B-Q, with Redneck Foods having a 10% ownership. The company planned to build a second Foxworthy's location in Asheville, as well as to convert or build at least 8 more restaurants under the "Foxworthy Smoke House Grill" or "Foxworthy Bar-B-Q" names in Florida, and explore franchising after that.

To fast-track growth, Redneck Foods decided to pursue an acquisition of Woody's Bar-B-Q chain, a Jacksonville, Fla.-based chain with 33 restaurants, which would be converted to Foxworthy concepts. Redneck Foods had reported a loss in 1997, but expected to be profitable when the Woody's acquisition went through. But Foxworthy's faced serious challenges, such as well-established competitors and the high failure rate of celebrity-themed restaurants such as Rainforest Cafe and Planet Hollywood. Matters were further complicated by the Pigs R Us agreement, where 10% of ownership in the Kissimmee location wasn't bringing in enough revenue to help fuel growth. Redneck Foods made an offer to to buy out Pigs R Us, but a dispute arose over the exact amount for which Redneck Foods would guarantee the stock price for the Pigs R Us principals. In February 1999, the buy out was called off, and the agreement resumed its original terms.

Bad went to worse when the deal for Woody's BBQ could not be consummated as quickly as hoped for. Redneck Foods had deposited $870,930 into an escrow account, lent Woody's $125,000, spent $17,189 for Woody's advertising, and incurred expenses of $64,415 relating to the acquisition. But the Redneck Foods stock, once trading as high as $4 per share, had dropped to $1.25. The alarming drop in stock price spooked potential investors, and combined with the small amount of revenue from the Kissimmee location, capital began to dry up before the Woody's deal could be completed. Even Foxworthy himself was reluctant to pump more money into the venture and seemed prepared to cut his losses as the problems mounted. Redneck Foods was forced to eliminate all full time positions except for the President, Executive Vice President and Vice President - Controller. Then those positions were terminated in 1999, and due to their contracts, Redneck Foods was forced to reach a settlement with the terminated executives to avoid legal issues. By mid-1999, the CEO of Redneck Foods had resigned, and the company was dissolved. The Jeff Foxworthy's Bar-B-Q in Kissimmee closed, ending the venture before it really had a chance to get started.