With 40+ robust years in the hospitality industry and experience at locations like Quiznos, Hurricane Grill and Wings, and Famous Brands International, David had amazing things to say on this episode. Here’s a quick rundown of some of his main points:
1) Get Aligned
If you want to grow, everyone from investors to managers to frontline employees needs to be on the same page. A vertical organizational structure helps with this synergy.
2) The Right Outcome Needs The Right Capital
The type of capital you raise affects your alignment. David has had positive and negative experiences with private equity, but no matter your investment choice, you need a vision and values behind it.
3) Tech Needs To Enhance The User Experience
David is a “tech first” kind of restaurateur, but he and Zack both noted that the rest of the industry isn’t as quick to adopt new technologies. Why? According to David, they didn’t need to for a long time. The old formula worked. But margins got worse over time, and now it’s “adapt or die.”
4) Read ‘The Future Is Faster Than You Think’
By Peter H. Dimandis and Steven Kotler, David recommends this book due to its discussion on the impact of technology on supply chains and other areas of our lives’. We live in the “age of convergence”, when formerly separated technologies are coming together and changing everything.