Nick Stone

Of course, it was meant to be prudent and judicious, but the comments were build up a team and scale and try and get as big as you can. And at that point in time, maybe in the way the valuations were working, maybe that was the right idea. But ultimately... When we ran into an existential crisis like COVID, the cupboard was bare. We had no cash left.

Of course, it was meant to be prudent and judicious, but the comments were build up a team and scale and try and get as big as you can. And at that point in time, maybe in the way the valuations were working, maybe that was the right idea. But ultimately... When we ran into an existential crisis like COVID, the cupboard was bare. We had no cash left.

We had blown tens of millions of dollars on the opening stores, a lot of them in office buildings. And we didn't have the buffer that we needed, not only to make sure we were stable and strong during a crisis, but also to get on the front foot and go and acquire different stores and maybe benefit from, well, not benefit, but just maybe use a crisis and turn it into an opportunity to scale faster.

We had blown tens of millions of dollars on the opening stores, a lot of them in office buildings. And we didn't have the buffer that we needed, not only to make sure we were stable and strong during a crisis, but also to get on the front foot and go and acquire different stores and maybe benefit from, well, not benefit, but just maybe use a crisis and turn it into an opportunity to scale faster.

So there's two examples, but it's a very, very... tough needle to thread to know what advice to take. But I think the most important thing is your gut. If you get different signals and you have an ability to process it, and I had that, and I still do, because I also had the business acumen of working and advising companies for so long, plus working in high-performance teams.

So there's two examples, but it's a very, very... tough needle to thread to know what advice to take. But I think the most important thing is your gut. If you get different signals and you have an ability to process it, and I had that, and I still do, because I also had the business acumen of working and advising companies for so long, plus working in high-performance teams.

At times I should have said, I really appreciate the advice. Thank you, but I'm going to disagree and commit to this. And other times you've just got to think a little bit more objectively, like is really going international this early in our life cycle the easiest way to be successful? Because one of our board members said an amazing comment to me

At times I should have said, I really appreciate the advice. Thank you, but I'm going to disagree and commit to this. And other times you've just got to think a little bit more objectively, like is really going international this early in our life cycle the easiest way to be successful? Because one of our board members said an amazing comment to me

probably back in 2019, he said, Nick, you don't get paid extra for degree of difficulty. So what he was saying is you don't get paid more for doing something in a more complicated way. And that's so true. And it's probably the number piece of advice that I impart to other entrepreneurs. You don't get paid extra for degree of difficulty.

probably back in 2019, he said, Nick, you don't get paid extra for degree of difficulty. So what he was saying is you don't get paid more for doing something in a more complicated way. And that's so true. And it's probably the number piece of advice that I impart to other entrepreneurs. You don't get paid extra for degree of difficulty.

One of the things about hospitality that is I think so misunderstood is the level of complexity. And the reason being is when you look at a restaurant, it appears very linear. The building blocks are quite logical. You have an idea, you sign a lease, you hire staff, you buy the equipment, you buy the inputs, you make the product, you sell it. It is linear.

One of the things about hospitality that is I think so misunderstood is the level of complexity. And the reason being is when you look at a restaurant, it appears very linear. The building blocks are quite logical. You have an idea, you sign a lease, you hire staff, you buy the equipment, you buy the inputs, you make the product, you sell it. It is linear.

And a lot of people, and I think that's why they dive into it. They go, I can do this. It just makes a lot of sense. And what's so misunderstood is the complexity because you are effectively just coaching people the whole time. You're dealing with a perishable product. You're dealing with thousands of consumers that will assess you based on that experience.

And a lot of people, and I think that's why they dive into it. They go, I can do this. It just makes a lot of sense. And what's so misunderstood is the complexity because you are effectively just coaching people the whole time. You're dealing with a perishable product. You're dealing with thousands of consumers that will assess you based on that experience.

Not the experience they had two weeks ago, two months ago, a year ago. They will assess you and determine whether they repeat and come back to your business based on that experience alone. And it's very, very different from when you manufacture clothes and they sit on the shelf and you have six months to sell those jeans and you can then discount them.

Not the experience they had two weeks ago, two months ago, a year ago. They will assess you and determine whether they repeat and come back to your business based on that experience alone. And it's very, very different from when you manufacture clothes and they sit on the shelf and you have six months to sell those jeans and you can then discount them.

And people are more interested in the product than the experience. For hospitality, the experience is everything. Particularly what we're trying to do. We are not processed food out of a drive-thru window, selling soft drink and chips and things that ultimately aren't very good for people or society. We're in healthy food. We're in clean eating. We're in real food that goes off quickly.

And people are more interested in the product than the experience. For hospitality, the experience is everything. Particularly what we're trying to do. We are not processed food out of a drive-thru window, selling soft drink and chips and things that ultimately aren't very good for people or society. We're in healthy food. We're in clean eating. We're in real food that goes off quickly.

It's extremely hard. A lot of brands you go to, one including Starbucks, that when you order something, you'll see they'll take it out of a plastic bag. And why is that? It's because the bag is modified atmospheric packaging. It's nitro flushed. It's coming from probably a place in the middle of America, shipped in frozen.

It's extremely hard. A lot of brands you go to, one including Starbucks, that when you order something, you'll see they'll take it out of a plastic bag. And why is that? It's because the bag is modified atmospheric packaging. It's nitro flushed. It's coming from probably a place in the middle of America, shipped in frozen.