Chapter
The Restaurant Industry's Survival Strategies
1:12:30 - 1:23:46 (11:15)
Nick Kokonas, co-owner of The Alinea Group, discusses the challenges faced by the restaurant industry amidst the pandemic, criticizes the concept of gift certificates and gofundme, and gives insight into their strategy of prepaying vendors to negotiate discounts.
Clips
While it is easy to succumb to despair during the pandemic particularly if you are only ingesting news that highlights hopelessness, opportunities will arise for up-and-coming chefs to start their own restaurant within the next year or two.
1:12:30 - 1:14:43 (02:13)
Summary
While it is easy to succumb to despair during the pandemic particularly if you are only ingesting news that highlights hopelessness, opportunities will arise for up-and-coming chefs to start their own restaurant within the next year or two. However, it is still important to consider both good and bad tactics in the restaurant world during these times.
ChapterThe Restaurant Industry's Survival Strategies
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Nick Kokonas cautions restaurants against relying solely on gift certificate and GoFundMe campaigns during tough times, as they may only provide temporary relief and be a liability on their balance sheets.
1:14:44 - 1:18:56 (04:12)
Summary
Nick Kokonas cautions restaurants against relying solely on gift certificate and GoFundMe campaigns during tough times, as they may only provide temporary relief and be a liability on their balance sheets. Instead, he suggests channeling support towards impactful organizations and buying food directly from the restaurants.
ChapterThe Restaurant Industry's Survival Strategies
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
The failure of leadership in businesses and governments to plan ahead is leading to catastrophic consequences during times of crisis.
1:18:56 - 1:20:26 (01:29)
Summary
The failure of leadership in businesses and governments to plan ahead is leading to catastrophic consequences during times of crisis. It's not too late to start contingency planning and addressing uncertainty in the future.
ChapterThe Restaurant Industry's Survival Strategies
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Blue Hill Restaurant has a cash reserve that allows them to stay ahead of payments to their vendors and prepay for expensive items while also negotiating discounts.
1:20:27 - 1:23:46 (03:18)
Summary
Blue Hill Restaurant has a cash reserve that allows them to stay ahead of payments to their vendors and prepay for expensive items while also negotiating discounts. They also simplify financial models by only looking at money in, money out, and money left over.