We recently summarized the panel discussion at the Getting the Deal Done Breakfast Conference and it’s just as important to share the high points from our speaker, Jim Eschweiler, CEO of Top Pot Doughnuts & Coffee. Here are five takeaways:
- Costs are up, way up. Since 2020 wages are up 29%, supplies 24%, and prices 26% and still it’s been difficult to hit a 20% contribution margin to overhead, growth, shareholder returns, etc. And, Jim shared with me that from the event on November 13 to Thanksgiving they had six 911 calls at their stores. Think of that business disruption. Who wants to get coffee or a doughnut when the police are there?
- Sustainable growth needs investment, shown by their recent move to a much larger facility.
- “Culture is in many ways intangible…but it comes down to people knowing What they do, How they do it….and WHY they are supposed to do it.” Jim talked about how they hire for values not skills as they can teach the skills. Their motto is, “You can do this with good people.”
- Quality has to be number one with both their people and their products, which is why they recently upgraded their coffee roasting so customers will come for the coffee (not just the doughnuts).
- Metrics are very important, so you know where you are. Good management reports and relevant KPIs.
Pretty good stuff, wouldn’t you agree?
