486: The 2 ways to create financial sovereignty in your restaurant with Federico Castellucci

In this episode with Federico Castellucci III, we discuss: How you can literally cause your restaurant can burn down if you flirt with your guest's girlfriend. Especially if that guest is a mobster.  How vulnerable a high food cost restaurant concept is during a slow economy.  Charging what food is worth. There are other ways to provide value without giving food away.  Treating your small business as if it were a big business.  Making sure all your business partners have the same vision and mission. If they don't, there will be  too many people pulling in too many directions. Being intentional with your college experience.  Quantitating everything in your business so you can create standards and track progress.  Focusing on the aspects of your business that are the most important, especially during the early days.  How to create financial sovereignty in your restaurant.  The positives and negatives of being in a family business.  Using a mission statement and core values to to maintain consistency across multiple brands.  Keeping people motivated by creating work that matters.  Federico Castellucci III has been working in the restaurant business his entire life, holding his first job as an eleven year old in a bakery in Rhode Island. Soon after, as a teenager, he began working in the family business holding various roles in the kitchen including cook and kitchen manager before heading to Cornell University, where he studied Hospitality Management. Today, he has taken over the family business and serves as President and CEO of Castellucci Hospitality Group, which consist of 6 unique concepts and locations.   Show notes… Favorite Success Quote or Mantra. "Make it more personal."  Other resources mentioned  BarResturantSuccess.com Inner Circle Royalty Rewards  Today's Sponsor Sourcery allows you to streamline and digitize your entire Accounts Payable operation. Digital invoicing, backed with human verification, will save you countless hours of work and increase AP accuracy. Say goodbye to your file cabinets and enter the digital world. Kabbage. Apply for up to 250,000 of funding through Kabbage, and you'll get a $50 e-gift card when you quality. Get started! Knowledge bombs Which "it factor" habit, trait, or characteristic you believe most contributes to your success? Emotional intelligence  What is your biggest weakness? Overly optimistic. What's one question you ask or thing you look for during an interview? Ask questions that get to the core of who people are.   Example: Federico suggests having the interviewee tell you about a friend that they had to help. Why did you have to help? How did you help?  What's a current challenge? How are you dealing with it? Continuing to grow the brand in an extremely loud market place.  Share one code of conduct or behavior you teach your team. Be sincere.  Be authentic.  What is one uncommon standard of service you teach your staff? Ask a question of the guest to learn more about them. Use that questions to connect or relate and go deeper.  What's one book we must read to become a better person or restaurant owner? GET THIS BOOK FOR FREE AT AUDIBLE.COM  Good to Great: Why Some Companies Make the Leap and Others Don't  Share an online resource or tool. Slack Avero Audible  What's one piece of technology you've adopted in your restaurant and how has it influence operations? Gather If you got the news that you'd be leaving this world tomorrow and all memories of you, your work, and your restaurants would be lost with your departure with the exception of 3 pieces of wisdom you could leave behind for the good of humanity, what would they be? Know you get to write the story of your life. When things get tough, just think about how great it is going to make your story.  Recognize what makes you happen in life. Use it to make meaning work and relationships.  Contact Info email: [email protected] instagram: @fredcast3 Thanks for Listening! Thanks so much for joining today! Have some feedback you'd like to share? Leave a note in the comment section below!  If you enjoyed this episode, please share it using the social media buttons you see at the top of the post. Also, please leave an honest review for the Restaurant Unstoppable Podcast on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. And finally, don't forget to subscribe to the show on iTunes to get automatic updates. Huge thanks to Federico Castellucci for joining me for another awesome episode. Until next time!   Restaurant Unstoppable is a free podcast. One of the ways I'm able to make it free is by earning a commission when sharing certain products with you. I've made it a core value to only share tools, resources, and services my guest mentors have recommend, first. If you're finding value in my podcast, please use my links!