655: Robert Thompson on Recovering from Failure

Over the last two decades, Robert Thompson, has opened more than a dozen restaurant concepts, experiencing a number of successes and a few failures. At one point, Thompson was ready to get out of the restaurant industry completely. However, his irrational stubbornness had other thoughts. Thompson decided to give everything he had – personally and financially - to develop a new dining and entertainment experience. In 2012 Punch Bowl Social,  a multifaceted, surprisingly intimate, social gaming, and dining space was born.  As of today, Punch Bowl Social consists of 19 locations with an additional 6 slated to open in the next 14 months.  Show notes… Favorite success quote or mantra: "is this was your last day on earth what would you do?" In this episode with Robert Thompson, we discuss:  The intricacies of growing an iconic brand.  With 19 restaurants, Thompson still doesn't feel like a success.  How better than average design and concept, still won't make up for bad real estate.  While it's good to be confident, over-confidence can lead to arrogance. Staying humble.  recovering from failure.  Starting with the end in mind; who is your target market?   knowing your market.  Reconnecting with the guest. Injecting your presence into the brand.  Using technology and data to select your location.  Transitioning into a new neighborhood gracefully. How Punch Bowl Social compartmentalizes its space to balance events and standard guest.  Thompson's plan to maintain their authenticity as the scale beyond 19 location.  Today's sponsor: BentoBox empowers restaurants to own their presence, profits and relationships. The hospitality platform disrupts third-party services that come between the restaurant and the guest. BentoBox puts the restaurant first and offers tools that drive high-margin revenue directly through the restaurant's website. BentoBox is trusted and loved by over 5,000 restaurants worldwide including Union Square Hospitality Group, Eleven Madison Park, Gramercy Tavern, Lilia and more. Gusto offers modern, easy payroll, benefits, and HR to small businesses across the country — they were even named best online payroll by PCMag. And as a listener, you'll get three months free when you run your first payroll. Sign up and give it a try at Gusto.com/unstoppable.  Restaurant365 is a cloud-based, all-in-one, restaurant-specific accounting and back-office platform that seamlessly integrates with POS systems, payroll providers, food and beverage vendors. It generates accurate real-time reporting and analysis in user-friendly dashboards, facilitating immediate, data-driven decision making. Restaurant365 eliminates manual, error-prone processes and is designed to help restaurant businesses grow with functionality that helps optimize labor costs, reduce food costs and increase revenue.   Knowledge bombs Which "it factor" habit, trait, or characteristic you believe most contributes to your success? Grind What is your biggest weakness? Grind What's one question you ask or thing you look for during an interview? People pipeline What's a current challenge? How are you dealing with it? Try to find out if they're competitive.  Share one code of conduct or behavior you teach your team. Zero tolerance for abuse. What is one uncommon standard of service you teach your staff? Moral obligation.  What's one book we must read to become a better person or restaurant owner? GET THIS BOOK FOR FREE AT AUDIBLE.COM  Double Your Profit in Six Months or Less.  What's the one thing you feel restaurateurs don't know well enough or do often enough? Not thinking about the guest.  What's one piece of technology you've adopted within your four walls restaurant and how has it influence operations? e-sites.  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? Look to the horizon Remember that you could die tomorrow Kiss your kids and wife.  Contact info: [email protected] put "Restaurant Hall-of-Fame" in the subject line if you want a job!  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 Robert Thompson 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!