Unbelievably Effective Ways Of Mainstream Business

My first mentor, investor, and first co-founder was a chef.

At 48 years old, he became wealthy by buying and selling restaurants.

The job

As a chef, Marcus learned how small things made big improvements to the overall product. At the office, one of our favorite treats was a turkey baguette sandwich. It was just turkey and bread, but the slight amount of butter made it incredible. The same holds true for tea and coffee, where there was just enough sugar to make it smooth but not sweet.

The experience

Working in restaurants, Marcus became head chef and made a comfortable living. In 1996, two years before joining me on a startup, he saw an opportunity with the Summer Olympics in Atlanta. Thus, he moved his family from Florida and settled north of Atlanta.

The vision

Understanding that a few small changes could make the difference between success and failure, he set out to buy failing restaurants. Then, cutting food costs without sacrificing quality, he revamped the menu, improved the experience, and removed complexity. Once profitable, he sold them for enormous gains.

The execution

“The first thing you must understand is that someone is stealing,” he explained while driving. “Instead of wasting time to figure out who, I just fired the whole staff.” This also ensured that the new staff was quickly sold on the vision. “You can always find inexpensive kitchen equipment as most new owners buy new and fail,” he told me. Everything from equipment to decorations was purchased at liquidation sales.

The customer

As a chef, walking out of the kitchen and talking to customers is essential. People want a connection with the restaurant that goes beyond food and service. When the chef engages, those customers feel important, and that results in repeat business—the lifeblood of restaurants and SaaS companies.

The application

The lessons I learned from Marcus are as follows:

• Focus on the details

• Talk to the customers

• Remove complexity

• Keep costs low

• Remove nonperforming staff quickly