On June 18, 2020, we held a webinar featuring Nick Sarillo of Nick’s Pizza & Pub & The Trust & Track Institute. Nick discussed how he nearly lost two high-grossing and profitable restaurants in 2011. He also shared his emotional experiences of facing bankruptcy, tapping into the company’s strengths to bring it back to life, and battling complacency as a second virus. Below is a recording of the webinar. To learn about upcoming webinars, subscribe to our mailing list. SUMMARY NOTES Background of Nick’s Pizza and Pub Owned for 25 years One of the top independently owned restaurant Highly profitable Invested heavily in team with training and development as well as values First crisis in 2011 (Elgin) The issue: Post recession (had done okay in recession) Became harder at the end of recession Major supercenter coming nearby restaurant in Elgin Road construction had larger impact than anticipated Lost about 50% of sales during summer (busiest time) Needed to make it to Oct 1 with center opening, but not really making it The approach: A couple of weeks left of payroll in projection Wrote email to guests about closure (against advice of professionals, but team behind the idea) Brought wave of support from community, for several weeks with 110% increase in sales, able to continue business The lesson: Cash flow king Communication Team was the value, they had created it with guests Live to values Second crisis in 2019/2020 The issue: Third restaurant in Chicago not successful has to close Partnered with individual prepared to buy debt of Chicago restaurant closing and take over business and allow Nick to focus on new business of Trust and Track Individual funding fell through, unable to buy business Caused business to file Chapter 11 to restructure Pandemic hits and shuts down restaurant The approach: Pivot to more carry-out and different menu Mind-set shift Involve the team for decisions Put processes and standards to new protocols (e.g. curbside hostess) Able to keep about 60% of normal revenue and keep team employed and bring them back as they are able to open (without a PPP loan) The lesson: Trust in your team Pivot/adapt Extremely value driven, team is empowered to make decisions
On June 18, 2020, we held a webinar featuring Nick Sarillo of Nick’s Pizza & Pub & The Trust & Track Institute. Nick discussed how he nearly lost two high-grossing and profitable restaurants in 2011. He also shared his emotional experiences of facing bankruptcy, tapping into the company’s strengths to bring it back to life, and battling complacency as a second virus. Below is a recording of the webinar. To learn about upcoming webinars, subscribe to our mailing list. SUMMARY NOTES Background of Nick’s Pizza and Pub Owned for 25 years One of the top independently owned restaurant Highly profitable Invested heavily in team with training and development as well as values First crisis in 2011 (Elgin) The issue: Post recession (had done okay in recession) Became harder at the end of recession Major supercenter coming nearby restaurant in Elgin Road construction had larger impact than anticipated Lost about 50% of sales during summer (busiest time) Needed to make it to Oct 1 with center opening, but not really making it The approach: A couple of weeks left of payroll in projection Wrote email to guests about closure (against advice of professionals, but team behind the idea) Brought wave of support from community, for several weeks with 110% increase in sales, able to continue business The lesson: Cash flow king Communication Team was the value, they had created it with guests Live to values Second crisis in 2019/2020 The issue: Third restaurant in Chicago not successful has to close Partnered with individual prepared to buy debt of Chicago restaurant closing and take over business and allow Nick to focus on new business of Trust and Track Individual funding fell through, unable to buy business Caused business to file Chapter 11 to restructure Pandemic hits and shuts down restaurant The approach: Pivot to more carry-out and different menu Mind-set shift Involve the team for decisions Put processes and standards to new protocols (e.g. curbside hostess) Able to keep about 60% of normal revenue and keep team employed and bring them back as they are able to open (without a PPP loan) The lesson: Trust in your team Pivot/adapt Extremely value driven, team is empowered to make decisions
On June 18, 2020, we held a webinar featuring Nick Sarillo of Nick’s Pizza & Pub & The Trust & Track Institute. Nick discussed how he nearly lost two high-grossing and profitable restaurants in 2011. He also shared his emotional experiences of facing bankruptcy, tapping into the company’s strengths to bring it back to life, and battling complacency as a second virus. Below is a recording of the webinar. To learn about upcoming webinars, subscribe to our mailing list. SUMMARY NOTES Background of Nick’s Pizza and Pub Owned for 25 years One of the top independently owned restaurant Highly profitable Invested heavily in team with training and development as well as values First crisis in 2011 (Elgin) The issue: Post recession (had done okay in recession) Became harder at the end of recession Major supercenter coming nearby restaurant in Elgin Road construction had larger impact than anticipated Lost about 50% of sales during summer (busiest time) Needed to make it to Oct 1 with center opening, but not really making it The approach: A couple of weeks left of payroll in projection Wrote email to guests about closure (against advice of professionals, but team behind the idea) Brought wave of support from community, for several weeks with 110% increase in sales, able to continue business The lesson: Cash flow king Communication Team was the value, they had created it with guests Live to values Second crisis in 2019/2020 The issue: Third restaurant in Chicago not successful has to close Partnered with individual prepared to buy debt of Chicago restaurant closing and take over business and allow Nick to focus on new business of Trust and Track Individual funding fell through, unable to buy business Caused business to file Chapter 11 to restructure Pandemic hits and shuts down restaurant The approach: Pivot to more carry-out and different menu Mind-set shift Involve the team for decisions Put processes and standards to new protocols (e.g. curbside hostess) Able to keep about 60% of normal revenue and keep team employed and bring them back as they are able to open (without a PPP loan) The lesson: Trust in your team Pivot/adapt Extremely value driven, team is empowered to make decisions
On June 18, 2020, we held a webinar featuring Nick Sarillo of Nick’s Pizza & Pub & The Trust & Track Institute. Nick discussed how he nearly lost two high-grossing and profitable restaurants in 2011. He also shared his emotional experiences of facing bankruptcy, tapping into the company’s strengths to bring it back to life, and battling complacency as a second virus. Below is a recording of the webinar. To learn about upcoming webinars, subscribe to our mailing list. SUMMARY NOTES Background of Nick’s Pizza and Pub Owned for 25 years One of the top independently owned restaurant Highly profitable Invested heavily in team with training and development as well as values First crisis in 2011 (Elgin) The issue: Post recession (had done okay in recession) Became harder at the end of recession Major supercenter coming nearby restaurant in Elgin Road construction had larger impact than anticipated Lost about 50% of sales during summer (busiest time) Needed to make it to Oct 1 with center opening, but not really making it The approach: A couple of weeks left of payroll in projection Wrote email to guests about closure (against advice of professionals, but team behind the idea) Brought wave of support from community, for several weeks with 110% increase in sales, able to continue business The lesson: Cash flow king Communication Team was the value, they had created it with guests Live to values Second crisis in 2019/2020 The issue: Third restaurant in Chicago not successful has to close Partnered with individual prepared to buy debt of Chicago restaurant closing and take over business and allow Nick to focus on new business of Trust and Track Individual funding fell through, unable to buy business Caused business to file Chapter 11 to restructure Pandemic hits and shuts down restaurant The approach: Pivot to more carry-out and different menu Mind-set shift Involve the team for decisions Put processes and standards to new protocols (e.g. curbside hostess) Able to keep about 60% of normal revenue and keep team employed and bring them back as they are able to open (without a PPP loan) The lesson: Trust in your team Pivot/adapt Extremely value driven, team is empowered to make decisions
On June 18, 2020, we held a webinar featuring Nick Sarillo of Nick’s Pizza & Pub & The Trust & Track Institute. Nick discussed how he nearly lost two high-grossing and profitable restaurants in 2011. He also shared his emotional experiences of facing bankruptcy, tapping into the company’s strengths to bring it back to life, and battling complacency as a second virus. Below is a recording of the webinar. To learn about upcoming webinars, subscribe to our mailing list. SUMMARY NOTES Background of Nick’s Pizza and Pub Owned for 25 years One of the top independently owned restaurant Highly profitable Invested heavily in team with training and development as well as values First crisis in 2011 (Elgin) The issue: Post recession (had done okay in recession) Became harder at the end of recession Major supercenter coming nearby restaurant in Elgin Road construction had larger impact than anticipated Lost about 50% of sales during summer (busiest time) Needed to make it to Oct 1 with center opening, but not really making it The approach: A couple of weeks left of payroll in projection Wrote email to guests about closure (against advice of professionals, but team behind the idea) Brought wave of support from community, for several weeks with 110% increase in sales, able to continue business The lesson: Cash flow king Communication Team was the value, they had created it with guests Live to values Second crisis in 2019/2020 The issue: Third restaurant in Chicago not successful has to close Partnered with individual prepared to buy debt of Chicago restaurant closing and take over business and allow Nick to focus on new business of Trust and Track Individual funding fell through, unable to buy business Caused business to file Chapter 11 to restructure Pandemic hits and shuts down restaurant The approach: Pivot to more carry-out and different menu Mind-set shift Involve the team for decisions Put processes and standards to new protocols (e.g. curbside hostess) Able to keep about 60% of normal revenue and keep team employed and bring them back as they are able to open (without a PPP loan) The lesson: Trust in your team Pivot/adapt Extremely value driven, team is empowered to make decisions