In this Episode, Francis Schott has seen it all. As a seasoned New Jersey restaurateur, he talks with Kelly and Brian about the financial crises, the pandemic, and the importance of financial adaptability, maintaining brand integrity, and building strong community relationships to win in the restaurant business!
Entrepreneurial Spirit: Francis and his partner Mark started their restaurant business with a strong entrepreneurial spirit and a willingness to take risks. Despite the potential financial dangers, they chose to pursue their passion for the restaurant industry instead of more conventional careers (lawyer and actuary).
Adaptability and Change: Over the years, Francis observed and adapted to significant changes in the restaurant industry. He noted the increasing challenges and regulatory hurdles in opening and operating a restaurant today compared to when he started.
Real Estate and Business Sustainability: Owning the restaurant property can be a key factor for long-term success and financial stability as it reduces dependency on external factors and can provide an additional revenue stream or security.Maintain Quality and Brand Identity: Francis chose not to lower his standards or prices during the 2008 recession, believing that this would pay off in the long run by preserving the reputation of his restaurants. He was correct.