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Buffets, Bambi and Big Plans at Rave’s Pizza Inn · Choppin’ It Up by Bloomberg Intelligence

• 0:13
  Speaker 1: Welcome to Chopping It Up. I'm your host, Mike Hanlon,
• 0:16
  Speaker 1: the senior Restaurant and Food Service analyst at Bloomberg Intelligence.
• 0:20
  Speaker 1: Our research and that a bi's five hundred analysts around
• 0:22
  Speaker 1: the globe can be found exclusively on the Bloomberg terminal.
• 0:25
  Speaker 1: If you enjoy the pod, please leave us a five
• 0:28
  Speaker 1: star review on Apple or Spotify. Today we're joined by
• 0:31
  Speaker 1: Brandon Solano, the CEO of Rave Restaurant Group. Rave is
• 0:35
  Speaker 1: the parent company of Pizza Inn and Pie five, two
• 0:37
  Speaker 1: franchise pizza chains, with one hundred and seventeen domestic restaurants
• 0:41
  Speaker 1: and twenty international stores at the end of calendar one Q.
• 0:44
  Speaker 1: Welcome to the pod.
• 0:45
  Speaker 2: Brandon, Hey, Mike, thanks for having me. Appreciate it.
• 0:48
  Speaker 1: You got it, man. We've had some overlaps, so you
• 0:50
  Speaker 1: worked at Domino's and Wendy's while I was covering those companies.
• 0:55
  Speaker 2: It was a great run. Mean big companies, right, a
• 0:57
  Speaker 2: lot more scale than what we have here. I've got
• 0:59
  Speaker 2: a lot more degrees of freedom here than you know
• 1:02
  Speaker 2: that I had here, which is both good and bad.
• 1:04
  Speaker 2: So you know, there's no guardrails and we're public. We're
• 1:06
  Speaker 2: listed on the Nasdaq, so I tell the team. You know,
• 1:09
  Speaker 2: the good news is we if we do a good job,
• 1:11
  Speaker 2: we're public. Everyone will know. If we do a terrible job,
• 1:14
  Speaker 2: you know, it's the bad news, everyone will know. So
• 1:16
  Speaker 2: we gotter do a good job.
• 1:18
  Speaker 1: Yeah, ticker r a ve for our listeners.
• 1:22
  Speaker 2: Yeah.
• 1:22
  Speaker 1: At Domino's you you were part of that impressive turnaround.
• 1:27
  Speaker 2: Yeah. Well actually I was famous, Mike. I got on TV.
• 1:30
  Speaker 2: You know, like you us famous guy's got to got
• 1:32
  Speaker 2: to stick together. But you know, Andy Warhol said, you know,
• 1:34
  Speaker 2: my fifteen minutes are up, brother, So yeah, it was.
• 1:37
  Speaker 2: It was great. I was the head chef. I was
• 1:39
  Speaker 2: VP of Innovation there, so you know, we rolled out
• 1:42
  Speaker 2: a whole bunch of innovation that you know made sense
• 1:44
  Speaker 2: with our strategy and day parts and consumers and all
• 1:47
  Speaker 2: those things occasions. But the big thing was the new
• 1:50
  Speaker 2: and improved pizza in twenty ten. You know, that really
• 1:53
  Speaker 2: blew the doors off, and you know, created about four
• 1:55
  Speaker 2: billion dollars in shareholder values. So you know, there's you
• 1:59
  Speaker 2: know a lot of success. I'm really happy for, you know,
• 2:01
  Speaker 2: for the franchisees and all the folks involved.
• 2:04
  Speaker 1: It was fun, yeah, I'm sure. And now Domino's is
• 2:07
  Speaker 1: a competitor. What initially drew you to the rave gig.
• 2:12
  Speaker 2: There was you know, it was a CEO gig. So
• 2:15
  Speaker 2: I was chief marketing officer. I was CMO at Wendy's
• 2:17
  Speaker 2: and you know Papa Murphy's and uh, you know che
• 2:20
  Speaker 2: is to be CEO of a publicly listed company, although
• 2:23
  Speaker 2: it was small, like that's kind of cool, like you know,
• 2:26
  Speaker 2: get to have earnings calls and you know where the
• 2:29
  Speaker 2: big suit and you know, pretend to be important and
• 2:31
  Speaker 2: I you know, might EGO really love that? But you know,
• 2:35
  Speaker 2: this is a brand that if it more public, private
• 2:37
  Speaker 2: equity would have scooped it up. You know, Pizza In is,
• 2:40
  Speaker 2: you know, a sixty plus year old brand has deep, deep,
• 2:44
  Speaker 2: what we call laytent equity. You know, Pizza Inn was
• 2:46
  Speaker 2: at one time the number two pizza brand behind Pizza Okay.
• 2:50
  Speaker 2: This is a massive, sleeping giant. And what appealed to
• 2:53
  Speaker 2: me was the ability to come in and you know,
• 2:56
  Speaker 2: revitalize that with you know, the latent equity that that
• 2:59
  Speaker 2: we have. There's a lot of pizza chains. You know,
• 3:00
  Speaker 2: there's new ones popping up every day. There's you know,
• 3:03
  Speaker 2: somebody from every part of the world and they show
• 3:05
  Speaker 2: up you know, and but for us, people remember, you know,
• 3:10
  Speaker 2: in our footprint which was most of the US. Now
• 3:13
  Speaker 2: we're mostly just southeast, but you know, they remember Pizza
• 3:17
  Speaker 2: In and they you know, they want us to come back.
• 3:19
  Speaker 2: When we open a new store, we post on social media,
• 3:22
  Speaker 2: you know, hey, we're opening a new store in Yukon, Oklahoma.
• 3:25
  Speaker 2: We just opened. We get all kinds of from all
• 3:27
  Speaker 2: over like, oh come back. We missed Pizza In. So
• 3:30
  Speaker 2: really drew me. You know, PI five was a player
• 3:32
  Speaker 2: in the fast casual pizza space. That was interesting to me.
• 3:35
  Speaker 2: I hadn't you know, done anything there and that's been
• 3:38
  Speaker 2: you know, just a really rough category for you know,
• 3:40
  Speaker 2: all the players involved, us included, but there was I thought,
• 3:44
  Speaker 2: an awful lot to be done. And upside to a company.
• 3:48
  Speaker 1: Like Rave cool, how do you define the competitive set
• 3:51
  Speaker 1: for Pizza in and who is its largest competitor in
• 3:54
  Speaker 1: most of its markets?
• 3:56
  Speaker 2: So you know a lot of our stores are more
• 3:58
  Speaker 2: rural and we might have a Dominoes or we might
• 4:01
  Speaker 2: have a pizza hut, you know, in our in our market,
• 4:04
  Speaker 2: I think people always want to go with the model
• 4:07
  Speaker 2: that looks closest. So hey, CCS, you know, well, CC's
• 4:10
  Speaker 2: is a pizza buffet, but they don't really operate in
• 4:12
  Speaker 2: our market. So, you know, we track everybody, you know,
• 4:16
  Speaker 2: everybody who's public. I know, you can buy the data
• 4:18
  Speaker 2: to you know, track everybody. We can't afford to do that.
• 4:21
  Speaker 2: We don't do that, So we wait for earning season
• 4:23
  Speaker 2: and see how everybody else did. But we tracked pizza,
• 4:26
  Speaker 2: but we tracked broader than that. Mostly we've been tracking
• 4:29
  Speaker 2: against Chipotle. You know, Chapotli's having a tough time of it,
• 4:32
  Speaker 2: but you know, Chipotle was the industry standard, and you know,
• 4:36
  Speaker 2: I don't. One of the games marketing people play is
• 4:39
  Speaker 2: to define the category really small, so you have a
• 4:42
  Speaker 2: big share and you look really good. I like to
• 4:44
  Speaker 2: have a category to be really big, so we have
• 4:46
  Speaker 2: a small share, there's more upside. And I like to
• 4:49
  Speaker 2: rank us against the toughest competitors. And you know, that's
• 4:52
  Speaker 2: really been Chipotle for the last several years. I've been
• 4:54
  Speaker 2: here almost six years, and so you know, we're always
• 4:58
  Speaker 2: taking a look at you know, like sam store sales,
• 5:00
  Speaker 2: same store traffic, how's Chipotle do it? Obviously they have
• 5:04
  Speaker 2: you know, I think they spill more on the floor
• 5:06
  Speaker 2: in a day than we sell in the year. They've
• 5:07
  Speaker 2: got such scale, they're so big. But you know, we
• 5:11
  Speaker 2: track you know, who's growing store account who's not. We
• 5:14
  Speaker 2: start at pizza and then we expand out to you know,
• 5:17
  Speaker 2: who's really doing well.
• 5:19
  Speaker 1: Yeah, and I mean that makes sense because you're a
• 5:21
  Speaker 1: buffet concept, right, you have buffet stores. You have Delco
• 5:25
  Speaker 1: stores too, I read, but you have a lot of
• 5:27
  Speaker 1: buffet stores, So it would make sense anywhere you're going
• 5:29
  Speaker 1: to sit down and eat would be a competitor. It's
• 5:33
  Speaker 1: interesting that you mentioned Chipotle because they recently released a
• 5:37
  Speaker 1: new family meal. It seems to me that they're going
• 5:40
  Speaker 1: after some pizza occasions there.
• 5:42
  Speaker 2: What do you think, Yeah, I mean I think I
• 5:44
  Speaker 2: think it's interesting. I just saw it right, it's brand new.
• 5:48
  Speaker 2: I think it's kind of fun to be able to
• 5:50
  Speaker 2: kind of create your own, build your own, you know,
• 5:52
  Speaker 2: kind of Chipotle kid. What, I don't know that that's
• 5:56
  Speaker 2: how consumers want to use Chipotle. Maybe they do. Okay,
• 5:59
  Speaker 2: Chipotle's got a lot of resources and a lot of research,
• 6:02
  Speaker 2: and I won't from the outside second guess what they're doing.
• 6:04
  Speaker 2: They've been ridiculously successful, but you know, it's a it's
• 6:08
  Speaker 2: a change in the use education, you know, how that
• 6:11
  Speaker 2: brand is used. That's always a risk, but you know
• 6:15
  Speaker 2: there's a lot of upside too, if you know you
• 6:17
  Speaker 2: can enter a new date part or you know, change
• 6:18
  Speaker 2: or the use education occasion. I think you know you
• 6:21
  Speaker 2: can do well. But you know, certainly, you know there's
• 6:23
  Speaker 2: a delivery aspect to it. They've been, you know, had
• 6:25
  Speaker 2: a really solid diet in business when everybody was you know,
• 6:29
  Speaker 2: so relyant on the drive through. But you know, I think,
• 6:32
  Speaker 2: you know, it's hard to bet against those guys. They're
• 6:34
  Speaker 2: you know, they're not doing what they want to, but
• 6:37
  Speaker 2: you know they're a fantastic brand.
• 6:39
  Speaker 1: Pizza in has multiple formats, as I mentioned earlier, which
• 6:43
  Speaker 1: ones are you prioritizing in the United States?
• 6:47
  Speaker 2: Yeah, it's it's very clear. We've been very clear about this.
• 6:49
  Speaker 2: We prioritize our pizza in buffets. So you know, the
• 6:53
  Speaker 2: buffet concept is you know, it's not a unique concept,
• 6:56
  Speaker 2: but it's a differentiated concept. There aren't a lot of
• 6:58
  Speaker 2: buffets around, if we will, we have a few del
• 7:01
  Speaker 2: Co stores, we have a handful of Express stores, which
• 7:04
  Speaker 2: are inconvenience stores. And you know, in terms of volume,
• 7:08
  Speaker 2: in terms of you know, brand impression, you know, the
• 7:10
  Speaker 2: Delco stores are are not my favorite. You know, I've
• 7:13
  Speaker 2: I've closed, you know, a couple of dozen of them
• 7:15
  Speaker 2: since I got here. When renewals come up, I don't
• 7:18
  Speaker 2: renew them. I've got you know, one operator in Arkansas
• 7:21
  Speaker 2: who does such a great job, you know, and the
• 7:24
  Speaker 2: folks who are doing a great job, we have an
• 7:26
  Speaker 2: obligation to them, We have a franchise agreement with them.
• 7:28
  Speaker 2: We honor that, but when they're over, we've not been
• 7:31
  Speaker 2: renewing them, with the exception of one operator who's just fantastic.
• 7:35
  Speaker 2: But you know, we're we're a buffet concept and that's
• 7:38
  Speaker 2: where the volume is. You know, our average unit volume
• 7:40
  Speaker 2: is over a million, four which is very high for pizza.
• 7:45
  Speaker 2: And you know, we feel great about it. We've got
• 7:47
  Speaker 2: you know, four and five million dollar buffet restaurant, so
• 7:50
  Speaker 2: we feel great about it. We're opportunistic about carry out,
• 7:55
  Speaker 2: about delivery. We're up on all the third party delivery services,
• 7:59
  Speaker 2: you know where we have them. I mean, we have
• 8:01
  Speaker 2: some really rural stores. By going a store tour, I
• 8:04
  Speaker 2: might be two hours without cell phone service in the
• 8:06
  Speaker 2: middle of the North Carolina mountains. Some of our locations
• 8:11
  Speaker 2: don't have access most do, and where we do, we're
• 8:14
  Speaker 2: you know, we're in door Dash and Uber Eats and grub.
• 8:16
  Speaker 1: Up very cool and PI five you kind of alluded
• 8:20
  Speaker 1: to the you know, the struggles of the entire casual
• 8:25
  Speaker 1: fast casual pizza market. Is there any other things going
• 8:30
  Speaker 1: on there in terms of the underperformance versus pizza in
• 8:34
  Speaker 1: and what are your plans to improve seam source sales there.
• 8:38
  Speaker 2: Yeah, I think there's a big issue with the entire
• 8:40
  Speaker 2: you know, fast casual pizza category, and you know Pie
• 8:43
  Speaker 2: five is not immune to that. So, you know, there's
• 8:46
  Speaker 2: a value issue relative to QSR pizza. You know, the
• 8:50
  Speaker 2: pizza is better, but you know, so far the category
• 8:52
  Speaker 2: is not demonstrated that it's that much better that you know,
• 8:55
  Speaker 2: the volumes are high. When those stores started, they were
• 8:59
  Speaker 2: very very high volume, and so the rents are really high.
• 9:02
  Speaker 2: And so when you have you know, rent in a
• 9:04
  Speaker 2: restaurant should be about nine percent of sales. The fast
• 9:07
  Speaker 2: casual pizza restaurants volume is not you know, low for pizza, right,
• 9:13
  Speaker 2: they're they're in the you know, ten to fourteen thousand
• 9:16
  Speaker 2: dollars range, but their real estate, the real estate strategy
• 9:20
  Speaker 2: for fast casual pizza has been, you know difficult when
• 9:24
  Speaker 2: when you'll you know, these things came out and they're
• 9:26
  Speaker 2: doing thirty thousand, forty thousand, you can afford a ten
• 9:29
  Speaker 2: thousand dollars a month rent. You know, we have stores
• 9:31
  Speaker 2: next to Chipotle, and you know, Chipotle's doing four times
• 9:35
  Speaker 2: a volume and we're paying the same rent. So you know,
• 9:37
  Speaker 2: we've got rent issues, to be honest, And I think
• 9:40
  Speaker 2: you know, the other players, Blaze and Mod and the others,
• 9:43
  Speaker 2: are experiencing similar issues. You know, Domino's had lower volume
• 9:48
  Speaker 2: for years, but they had really terrible real estate that
• 9:50
  Speaker 2: was cheap because they were a delivery concept and you know,
• 9:53
  Speaker 2: nobody knew where the store was. And you know when
• 9:55
  Speaker 2: I was there, we changed a lot of that. But
• 9:58
  Speaker 2: you know, I think the problem is you have very
• 10:00
  Speaker 2: average volumes in fast casual pizza and you have you know,
• 10:04
  Speaker 2: a locations with very high rent, which is you know,
• 10:07
  Speaker 2: not a great model. So you know, we've been working
• 10:09
  Speaker 2: to get sales up at you know, at our Pig
• 10:11
  Speaker 2: five locations. We've retooled the menu, we have a lot
• 10:14
  Speaker 2: of great new new products, but we continue to lose
• 10:18
  Speaker 2: store account. You know, PI five had one hundred when
• 10:21
  Speaker 2: I when at one point at the peak. Okay, they
• 10:24
  Speaker 2: had fifteen when I started. Today we have seventeen, and
• 10:28
  Speaker 2: so it's been you know, it's been a tough road.
• 10:30
  Speaker 2: The stores that are operating at a high level, our
• 10:33
  Speaker 2: stores for PI five are doing doing pretty well. We've
• 10:36
  Speaker 2: got stores that are copy positive, you know, that have
• 10:38
  Speaker 2: high volume, that are doing great. If you're an average
• 10:41
  Speaker 2: or below average operator, it's you know, it's difficult, gotcha.
• 10:45
  Speaker 1: And for the entire chain, Pizza in UH and PI five,
• 10:50
  Speaker 1: do you plan on closing any more US stores over
• 10:53
  Speaker 1: the next eighteen months? And you know, when do you
• 10:57
  Speaker 1: think you can get back to unit growth?
• 11:01
  Speaker 2: So unit growth on PI five is probably a long
• 11:03
  Speaker 2: ways off, to be honest, So we don't give guidance.
• 11:06
  Speaker 2: We're public, so I have to be careful for you know,
• 11:08
  Speaker 2: reg FD and all that sort of thing. So you know,
• 11:11
  Speaker 2: we're really comment on that Pizza In on the other hand,
• 11:14
  Speaker 2: Now that's a brand that had eight hundred units and
• 11:17
  Speaker 2: you know, and I really only when I talk I
• 11:19
  Speaker 2: count buffet units. You know, we're at eighty today and
• 11:23
  Speaker 2: we've had four years of consecutive years of growing unitcount
• 11:27
  Speaker 2: after twenty four years, Mike of declines it's hard to
• 11:30
  Speaker 2: stay in business when you lose store count twenty four
• 11:33
  Speaker 2: consecutive years in a row. But we now have four
• 11:36
  Speaker 2: years in a row of growth and you know we've
• 11:39
  Speaker 2: had we've been in the one two percent growth range.
• 11:41
  Speaker 2: It's really time for Pizza In to show, you know,
• 11:44
  Speaker 2: much much stronger growth and really bang up some units.
• 11:48
  Speaker 2: And we've done a great job of signing deals and
• 11:50
  Speaker 2: we're starting to get some real estate going. And you know,
• 11:53
  Speaker 2: the third leg of that stol is you actually have
• 11:55
  Speaker 2: to open stores and sell pizza. And we have not
• 11:58
  Speaker 2: yet demonstrated that we can do that at scale. I
• 12:01
  Speaker 2: think we can. I think we'll learn a few things.
• 12:03
  Speaker 2: But you know, there's probably some investor sitting on the
• 12:05
  Speaker 2: sidelines that say, hey, you know, I'm from Missouri, and
• 12:09
  Speaker 2: I think they're right. You know, until we demonstrate, hey, listen,
• 12:11
  Speaker 2: we can put up you know, double digit news stores
• 12:15
  Speaker 2: in a year. You know, we have not yet proven that.
• 12:19
  Speaker 2: I think we can do it. It's our challenge to
• 12:20
  Speaker 2: do it, part of our strategy to do it, and
• 12:23
  Speaker 2: I'm accountable to the board to make sure that happens.
• 12:25
  Speaker 2: So we better get that done.
• 12:27
  Speaker 1: All right, Very cool? How are the AUVs coming in
• 12:30
  Speaker 1: at these new units versus that one point four.
• 12:33
  Speaker 2: They're a little bit lower, but they're they're pretty strong.
• 12:36
  Speaker 2: You know, we just launched an amazing new value offer.
• 12:39
  Speaker 2: By the way, you said, hey, who do you consider
• 12:40
  Speaker 2: your competitors? Everybody except Chili's makes my deck for the board. Okay,
• 12:45
  Speaker 2: I'm not putting those guys on my chart. I've got
• 12:48
  Speaker 2: right here at this chart. This is four year comp sales.
• 12:51
  Speaker 2: The red is US and then you know you can see,
• 12:54
  Speaker 2: you know, everybody else kind of in there, but Chili's
• 12:56
  Speaker 2: is strangely missing. Sick of hearing about those guys. You know,
• 13:02
  Speaker 2: Hawkman's doing a great job. You know, those good good
• 13:05
  Speaker 2: for those guys. But you know, listen, we we're happy
• 13:10
  Speaker 2: with with where we're at. And we just launched this
• 13:12
  Speaker 2: amazing value offer called I Ate at Pizza in and
• 13:16
  Speaker 2: this started. I've got a daughter, hey, Lane, she's a
• 13:20
  Speaker 2: freshman at the University of Texas. She's down in Austin
• 13:23
  Speaker 2: and she just left. You know, I won't I won't
• 13:26
  Speaker 2: tell anyone, keeping a secret, but you know she called
• 13:28
  Speaker 2: crying yesterday like, oh my god, I miss home, which
• 13:30
  Speaker 2: is amazing testament as a parent, Like when I left home,
• 13:33
  Speaker 2: I was so glad. So so my daughter Elaine is
• 13:37
  Speaker 2: down at the University of Texas and you know, she's
• 13:40
  Speaker 2: taking the SAT and she's, you know, in her senior year.
• 13:43
  Speaker 2: And I say, hey, how'd you do, how'd you do
• 13:45
  Speaker 2: in your test? And she'd say, oh, I ate, I
• 13:48
  Speaker 2: ate and left no crumbs. And I'm you know, listen,
• 13:50
  Speaker 2: I've raised four teenagers. I'm like, what the hell you know?
• 13:52
  Speaker 2: So I go look up I ate them. Okay, I
• 13:54
  Speaker 2: get it. So we're working on we need a value deal,
• 13:57
  Speaker 2: you know, we need a value deal, Like like yesterday,
• 14:00
  Speaker 2: We've done so many things that I'm proud of here,
• 14:02
  Speaker 2: but you know, entering my sixth year, we don't have
• 14:04
  Speaker 2: a massive killer value deal. I brought the four for
• 14:07
  Speaker 2: four from Wendy's to market, okay, the Domino's new and improved,
• 14:11
  Speaker 2: you know, boom. Like I'm used to having big killer
• 14:15
  Speaker 2: value ideas that you know, drive traffic, drive profits, drive
• 14:19
  Speaker 2: the stock price. I haven't done it here, and so
• 14:22
  Speaker 2: you know, I'm like, we got to have a new
• 14:23
  Speaker 2: value offer. And we picked eight dollars eight dollars buffet
• 14:27
  Speaker 2: all day, you know, Monday through Friday. So we kind
• 14:30
  Speaker 2: of saved the weekends, kept our price point there, and
• 14:33
  Speaker 2: we put it in the store and tested it and
• 14:34
  Speaker 2: it blew the lid off. We're hitting chili numbers. So
• 14:37
  Speaker 2: we're thirty percent sales growth, forty percent traffic growth, comp growth.
• 14:41
  Speaker 2: It was just amazing. And so you know, our new
• 14:44
  Speaker 2: stores that open, they tend to open really high and
• 14:46
  Speaker 2: then they kind of, you know, they kind of fade
• 14:48
  Speaker 2: a little bit, and some of them we've we've launched
• 14:51
  Speaker 2: the I eight program. You know, we had a store
• 14:54
  Speaker 2: doing eight thousand dollars that you know, had opened and
• 14:57
  Speaker 2: you know, it closed and there was trouble with the
• 14:58
  Speaker 2: owners and it transfer and every every unit, every chain
• 15:02
  Speaker 2: has units like this, and I'm like, damn, we just
• 15:05
  Speaker 2: opened this store. And so we cleaned up the operation.
• 15:08
  Speaker 2: We got a big bump out of that. We then
• 15:10
  Speaker 2: launched I eight. That's the stores doing mid twenties. And so,
• 15:14
  Speaker 2: you know, there are times people say, oh, you know,
• 15:16
  Speaker 2: this doesn't work, Maybe this town's just not right for it.
• 15:19
  Speaker 2: Our concept is solid. It offers great value to families.
• 15:22
  Speaker 2: If we run it right and can offer a value,
• 15:25
  Speaker 2: we're gonna print money. We're gonna do great and so
• 15:28
  Speaker 2: you know, We feel good about them. You know, we're listening.
• 15:32
  Speaker 2: Every every chain closes, you know, a couple of units
• 15:36
  Speaker 2: every year. You know, you've got real estate issues or
• 15:38
  Speaker 2: something else. But you know, you know, Pizza in we're
• 15:42
  Speaker 2: four years of growth and we're really focused on like
• 15:47
  Speaker 2: strong growth.
• 15:48
  Speaker 1: Yeah, I got some follow ups that seems to our
• 15:50
  Speaker 1: sales chart look pretty good. What you know, this is
• 15:54
  Speaker 1: audio only, so what what are the numbers that you
• 15:56
  Speaker 1: put up?
• 15:58
  Speaker 2: Yeah, so this is four year comps four years, So
• 16:01
  Speaker 2: this is kind of not quite pre COVID. But listen,
• 16:04
  Speaker 2: pre COVID our AUVs At pizza inter up forty seven percent.
• 16:08
  Speaker 2: So take COVID out of it. There's some chains might
• 16:11
  Speaker 2: that benefited from COVID right that, you know, the delivery
• 16:14
  Speaker 2: concepts in particular, they got big bumps out of COVID.
• 16:17
  Speaker 2: You know, we're a buffinteffet kipped our ass. I mean,
• 16:22
  Speaker 2: it was illegal for us to be open in some states.
• 16:24
  Speaker 2: I had a franchise e sue the state of New
• 16:26
  Speaker 2: Mexico and go all the way to the Supreme Court
• 16:28
  Speaker 2: of New Mexico where we lost. You know, it's been tough,
• 16:31
  Speaker 2: but you know, we show four year Sames store sales.
• 16:34
  Speaker 2: Pizza in up fifty seven percent, next one on my chart. Now,
• 16:38
  Speaker 2: who knows if I included four, if I included Chili's,
• 16:41
  Speaker 2: maybe four year might not be. Who knows, because you
• 16:44
  Speaker 2: know they've they've done so much gross recently. I'm gonna
• 16:46
  Speaker 2: I'm gonna add it and see what happens, and if
• 16:48
  Speaker 2: it if it makes me look bad, I'll take it
• 16:50
  Speaker 2: out before the board meeting.
• 16:52
  Speaker 1: But Wingstock got some data to I got some data
• 16:54
  Speaker 1: to share. Yeah, it's Wingstock, Texas Roadhouse and Chili's are
• 16:57
  Speaker 1: the ones.
• 16:58
  Speaker 2: Yep, wing stops up for seven point seven. So you
• 17:01
  Speaker 2: know you said we're audio only, but you know there's
• 17:04
  Speaker 2: there's US at fifty seven last four years, Chipotle's at
• 17:08
  Speaker 2: thirty nine, McDonald's at thirty one, Starbucks at seventeen, Wendy's
• 17:12
  Speaker 2: at fourteen, Domino's at eleven, Papa John's, you know, the
• 17:16
  Speaker 2: last two are KFC and Pizza Hut down one, down
• 17:19
  Speaker 2: three in the last four years. Like what, you know,
• 17:23
  Speaker 2: everybody loves yum Man investors love yum You know, Taco
• 17:26
  Speaker 2: Taco Bell's done well, but KFC and Pizza Hut in
• 17:29
  Speaker 2: particular are a hot mess. But you know, what we
• 17:33
  Speaker 2: said you asked about, you know, the competitors. We're really
• 17:35
  Speaker 2: focused on running our game. You know, like there's what
• 17:38
  Speaker 2: the other guys do, and then there's what we do.
• 17:41
  Speaker 2: If we offer a great value. You know, we're polite
• 17:44
  Speaker 2: and our stores are clean.
• 17:45
  Speaker 1: We're going to have success, good stuff. And who's opening
• 17:49
  Speaker 1: the stores? Is it all existing franchises right now?
• 17:53
  Speaker 2: It's new and externals actually, which hadn't happened in forever.
• 17:58
  Speaker 2: So you know, the good news about running a smaller
• 18:01
  Speaker 2: concept is I have a lot of degrees of freedom.
• 18:03
  Speaker 2: The bad news is, you know, the resources. It takes
• 18:05
  Speaker 2: me forever to you know, to get things done because
• 18:07
  Speaker 2: you know, like I did a new store image, I
• 18:09
  Speaker 2: had to go hire an agency, and you know, do
• 18:11
  Speaker 2: a new store image, I had to put the damn
• 18:13
  Speaker 2: thing on layaway. Mike, all right, this year we're gonna
• 18:15
  Speaker 2: do like the outside, you know, next year we'll do
• 18:17
  Speaker 2: the inside. You know, it took a long time, but
• 18:21
  Speaker 2: we're reimaging our existing stores, which they absolutely looked like. Hell,
• 18:24
  Speaker 2: I haven't seen a worse you know, uh looking flee
• 18:27
  Speaker 2: to stores in my life. And now we've got ten
• 18:30
  Speaker 2: million dollars in franchise E Capital going in to reimage
• 18:34
  Speaker 2: our existing pizza INDs. You know, we love the image.
• 18:37
  Speaker 2: They look great. And then the new stores are opening
• 18:39
  Speaker 2: of course, uh you know in the new image. So
• 18:42
  Speaker 2: you know, there's there's a lot of good things happening
• 18:45
  Speaker 2: for us.
• 18:45
  Speaker 1: And the franchises are footing that entire bill for the
• 18:48
  Speaker 1: pre image.
• 18:49
  Speaker 2: Yes, absolutely, Oh that's good.
• 18:51
  Speaker 1: Yeah, I mean that's I mean, they're looking they're they're
• 18:54
  Speaker 1: looking at the future constructively, right, yeah.
• 18:57
  Speaker 2: And they've you know, they've really uh you know, they've
• 18:59
  Speaker 2: really embraced it. I mean, you know, I thought I
• 19:01
  Speaker 2: thought it might be a fight. You know, there's a
• 19:03
  Speaker 2: few folks who you know, aren't aren't so sure, but
• 19:06
  Speaker 2: buy and large folks have jumped on and we're getting
• 19:09
  Speaker 2: good results. You know, we're showing you know, sales growth
• 19:11
  Speaker 2: coming out of the new store reimage. You know that's
• 19:15
  Speaker 2: ranging from you know, basically none to you know, eighteen
• 19:19
  Speaker 2: nineteen percent. We're averaging averaging in about six percent. I'd
• 19:22
  Speaker 2: like to see it be higher. But you know a
• 19:25
  Speaker 2: lot of the cost is deferred maintenance, you know, just
• 19:27
  Speaker 2: things that we probably should have done anyway. But you know,
• 19:31
  Speaker 2: there's there's a real renewal happening, and you know, external
• 19:35
  Speaker 2: franchise ease are coming in. You know, I've got a
• 19:38
  Speaker 2: franchise development team now I have a team of two.
• 19:41
  Speaker 2: I used to have one. I have. You know, I
• 19:43
  Speaker 2: got a website now real on a scott website. We
• 19:46
  Speaker 2: can go and learn about franchising with pizza in. I
• 19:49
  Speaker 2: really wanted to get the model right before we decided, hey,
• 19:52
  Speaker 2: let's go try and sell this thing. I really want
• 19:54
  Speaker 2: to start reimaging stores. Before you know, we went to
• 19:57
  Speaker 2: go try and sell this thing, we had an external
• 19:59
  Speaker 2: come in a few years ago. We weren't really soliciting.
• 20:01
  Speaker 2: They said, hey, we're interested in franchising. He said, okay,
• 20:04
  Speaker 2: well you know you want to visit some stores. Sure,
• 20:07
  Speaker 2: And we're like, oh man, Mike, our stores look so bad,
• 20:10
  Speaker 2: you know, let's send them here and send them there. Well,
• 20:12
  Speaker 2: you know, we have some that look good. And of
• 20:14
  Speaker 2: course they went to the ones that we didn't suggest
• 20:17
  Speaker 2: they go to, and they call us back and said,
• 20:18
  Speaker 2: you know, we don't want to be part of your system.
• 20:21
  Speaker 2: And frankly, I don't blame them. I mean, you know,
• 20:23
  Speaker 2: when when you take a look at a franchise business
• 20:26
  Speaker 2: and the stores look bad and you know, the place
• 20:28
  Speaker 2: doesn't look good. You know, I'm not sure I want
• 20:30
  Speaker 2: a franchise with that group either. Now we've got folks
• 20:33
  Speaker 2: that run around to see stores and say, your stores
• 20:35
  Speaker 2: look brand new. You know, your sales look good. You know,
• 20:38
  Speaker 2: we have an item nineteen in our FDD now which
• 20:40
  Speaker 2: lays out profitability. We never had that before. It's usually
• 20:43
  Speaker 2: the subject of a lot of litigation, so a lot
• 20:45
  Speaker 2: of franchise ors don't put it in. We decided we
• 20:48
  Speaker 2: believe in the model, the numbers are right, We're going
• 20:50
  Speaker 2: to put them in. And you know, we got folks
• 20:53
  Speaker 2: coming in saying, hey, you know we want a franchise
• 20:55
  Speaker 2: with you. We're advertising, we're investing in it. In fact,
• 20:59
  Speaker 2: I had a guy sigh, I just signed a franchise
• 21:02
  Speaker 2: this week in Warner Robbins, Georgia. Uh we've got you know,
• 21:05
  Speaker 2: a new store coming there in the next probably six
• 21:08
  Speaker 2: to nine months. And uh they were really happy and they're,
• 21:11
  Speaker 2: you know, thinking about signing. And then they heard about
• 21:13
  Speaker 2: our deal with Doctor Pepper Fansville and the SEC. Now
• 21:16
  Speaker 2: these guys are in Georgia. You know, we're we're an
• 21:19
  Speaker 2: SEC brand, and uh, we just signed a deal. I mean,
• 21:22
  Speaker 2: little Pizza Inn has the sec marks. I'm over the moon.
• 21:25
  Speaker 2: I mean, listen, I went to Notre Dame. Okay, we're
• 21:27
  Speaker 2: not in a conference. I don't care, you know, like
• 21:29
  Speaker 2: I'm in the Pizza Inn conference. I'm so excited, uh
• 21:32
  Speaker 2: that we were able to secure these marks. And these
• 21:35
  Speaker 2: guys were Georgia fans and they're like, oh man, we're signing,
• 21:37
  Speaker 2: We're in. So you know, there's momentum, you know, when
• 21:40
  Speaker 2: your stores look good and you're you know, you've got
• 21:41
  Speaker 2: great marketing and you're you know, sales are good. You know,
• 21:44
  Speaker 2: people want a franchise with you. And that's what's starting
• 21:46
  Speaker 2: to happen to us. And it's weird. It's new, you know,
• 21:49
  Speaker 2: like you know, nobody wanted to date us. We couldn't,
• 21:51
  Speaker 2: you know, we couldn't get a date, you know, to
• 21:52
  Speaker 2: save our lives. And now you know, our phones are ringing.
• 21:55
  Speaker 2: It's great.
• 21:57
  Speaker 1: That's awesome, man, exciting and I love hearing the past
• 22:00
  Speaker 1: in your voice. It's it's great. Are there any overseas
• 22:03
  Speaker 1: markets you have your sights on?
• 22:06
  Speaker 2: Yeah, well we've got a great partner in Riaut Saudi Arabia.
• 22:09
  Speaker 2: So I was there I don't know about eighteen months ago.
• 22:13
  Speaker 2: You know, just a great experience. Fantastic partners. They're called
• 22:17
  Speaker 2: Blessing Basket Company. They have a chain of like gas
• 22:21
  Speaker 2: stations and auto repair. They've got a hundred locations and
• 22:24
  Speaker 2: they put together a plan to bring a lots and
• 22:27
  Speaker 2: lots of pizza inns to the Middle East. And so
• 22:30
  Speaker 2: we just opened our ninth, maybe our tenth. They're opening
• 22:34
  Speaker 2: a store every other month over there. So you know,
• 22:36
  Speaker 2: the Mid East is is you know, doing really great
• 22:39
  Speaker 2: for us. You know, we we you know, are expanding
• 22:42
  Speaker 2: to some neighboring countries with them. But yeah, you know
• 22:45
  Speaker 2: we're we get my international guy's amazing. He's about he
• 22:50
  Speaker 2: looks like Yoda. He's like a thousand years old. I
• 22:53
  Speaker 2: love the guy. And he's just a killer, Like he's
• 22:56
  Speaker 2: just the energizer bunny. He flies to the Mid East
• 22:59
  Speaker 2: and coach and I said, Roger, what are you doing?
• 23:01
  Speaker 2: It's like, well, I need to save the company money.
• 23:03
  Speaker 2: And you know, he's just an amazing guy. And the
• 23:06
  Speaker 2: franchises love him. And you know he's he's always signing
• 23:11
  Speaker 2: some weird new country. You know, we actually we had
• 23:15
  Speaker 2: you know, stores all over He's trying to sign Matta
• 23:17
  Speaker 2: Gascar right now. So I'm like, okay, like I saw
• 23:20
  Speaker 2: the movie. You know, I love Chris Rock as a zebra,
• 23:25
  Speaker 2: you know, but like, you know, what's the deal. So
• 23:28
  Speaker 2: you know, it's opportunistic. We don't have a big international team,
• 23:33
  Speaker 2: but international for US as opportunistic. And you know, I
• 23:36
  Speaker 2: think we're putting up some pretty good numbers over there.
• 23:40
  Speaker 1: Cool, And did you you know, did that Middle East
• 23:42
  Speaker 1: business suffer last year? And and how is it performing
• 23:47
  Speaker 1: this year?
• 23:49
  Speaker 2: Yeah, well, I mean listen, there's you know, conflict in
• 23:51
  Speaker 2: the Mid East. It's you know, it's not new news.
• 23:53
  Speaker 2: We actually had a restaurant in Palestine, we had a
• 23:56
  Speaker 2: pizza inn in the West Bank, you know, and that
• 24:00
  Speaker 2: that closed, you know, and it's not reopened. You know.
• 24:05
  Speaker 2: It's a you know, tough, tough situation for you know,
• 24:08
  Speaker 2: the folks over there. But yeah, I mean it's it's
• 24:13
  Speaker 2: always difficult. International trademarks. You know, you've got international trademark
• 24:17
  Speaker 2: in fringers. We end up with you know a lot
• 24:20
  Speaker 2: of legal issues. But you know that's that's just international business.
• 24:25
  Speaker 2: So sales are good, units are growing, but it's always
• 24:31
  Speaker 2: it feels like whackable you know, we got like the
• 24:33
  Speaker 2: guys in Riot, our Saudi partners are awesome. And then
• 24:36
  Speaker 2: you know, we got another another group in Oman that
• 24:38
  Speaker 2: just said, you know, we're going to close, and you
• 24:41
  Speaker 2: know they're going to close you know, their stores and
• 24:43
  Speaker 2: so now, hey, you know, guys from from Saudi interested
• 24:46
  Speaker 2: in Oman. Like it's pretty close by mid eas standards.
• 24:50
  Speaker 2: That's a big area over there, right, it's only a
• 24:52
  Speaker 2: five hour flight to Oman. You guys should do it.
• 24:55
  Speaker 2: And so they're working on it, and you know, but
• 24:58
  Speaker 2: it's you know, I think with the partners that we
• 25:01
  Speaker 2: have now, I have a lot of faith in their stability.
• 25:04
  Speaker 2: They're very measured. It's fast growth, but it's very measured.
• 25:08
  Speaker 2: They continue to have success. So you know, I'd love
• 25:10
  Speaker 2: for you know, our folks in in you know, Riad
• 25:14
  Speaker 2: to have you know, basically regional you know, presence. We're
• 25:18
  Speaker 2: doing great with them.
• 25:20
  Speaker 1: Good stuff. Let's flip back to the US. What are
• 25:23
  Speaker 1: the demographics are your customers and what are you seeing
• 25:25
  Speaker 1: from them this year?
• 25:27
  Speaker 2: Yeah, so you know, our demographics are blue collar, you know,
• 25:31
  Speaker 2: the racial demographics are you know, more black and white,
• 25:35
  Speaker 2: you know, kind of less Hispanic, with the exception of Texas,
• 25:38
  Speaker 2: so again we're kind of sec country, but you know,
• 25:42
  Speaker 2: our demographics tend to be you know, middle income, and
• 25:45
  Speaker 2: so you hear everybody, you know, you hear everybody talking
• 25:48
  Speaker 2: about you no geez, the you know, the lower income
• 25:50
  Speaker 2: customer is suffering, and you know this is really tough,
• 25:55
  Speaker 2: and you know we haven't seen it. And you know,
• 25:58
  Speaker 2: I'll tell you what concerns me is the price of
• 26:00
  Speaker 2: fuel because we have you know, our stores are spread out.
• 26:03
  Speaker 2: You know, there's not a Pizza In on every corner.
• 26:05
  Speaker 2: If you're going to come to Pizza In. You know
• 26:07
  Speaker 2: a lot of our people drive twenty plus minutes, okay
• 26:10
  Speaker 2: to a Pizza in, And when the price of gas
• 26:12
  Speaker 2: goes up, I get nervous that you know that they're
• 26:15
  Speaker 2: going to say, you know, Pizza In's a great deal,
• 26:17
  Speaker 2: but it's going to cost me ten bucks in gas
• 26:19
  Speaker 2: to get there and back. You know, maybe I won't
• 26:21
  Speaker 2: want to do that. But we're offering such a great
• 26:23
  Speaker 2: value and it's such a family friendly kind of place
• 26:26
  Speaker 2: that you know, we're continuing to see traffic and sales growth.
• 26:30
  Speaker 2: So our primary target is families with kids under twelve.
• 26:34
  Speaker 1: Do you have kids, Mike, I do. He's seventeen.
• 26:37
  Speaker 2: Okay, so when he was ten, okay, I'm sure he
• 26:40
  Speaker 2: you know, I don't want to speak for him. But
• 26:42
  Speaker 2: you know most teenagers, I know, like parents are tyrants, man. Okay,
• 26:46
  Speaker 2: when they're ten, you're really tyrants, right because we say, hey,
• 26:49
  Speaker 2: brush your teeth, do your homework, time to go to bed.
• 26:52
  Speaker 2: Here's what you're going to eat, like you know, it's
• 26:54
  Speaker 2: it's stalin esque, man. It's terrible to have parents, right,
• 26:58
  Speaker 2: they hate it. And so when they get to Pizza In,
• 27:01
  Speaker 2: all bets are off, it's freedom for for kids. They
• 27:04
  Speaker 2: walk up, they serve themselves. They're not waiting for someone.
• 27:08
  Speaker 2: They grab a plate and they go at it. And
• 27:10
  Speaker 2: there's pizza, pasta salad and an amazing dessert bar that
• 27:15
  Speaker 2: the kids just love. So you know, we're not trying
• 27:18
  Speaker 2: to drive you know, primary demand for the pizza category.
• 27:22
  Speaker 2: We're trying to drive selective demand for our brand. And
• 27:26
  Speaker 2: you know, kids love Pizza In. Parents love it because
• 27:29
  Speaker 2: it's easy. You know, you're not with the Krans and
• 27:32
  Speaker 2: the Tic tac Toe trying to wait for a win's dinner,
• 27:34
  Speaker 2: going to get here. It's a very family friendly, you
• 27:36
  Speaker 2: know kind of place, very rooted in community. We have deep,
• 27:40
  Speaker 2: deep roots in the communities that we operate in. In
• 27:43
  Speaker 2: some ways, it's like the community coming together. You know,
• 27:46
  Speaker 2: we all show up at the buffet and we all
• 27:48
  Speaker 2: eat from the same buffet. There's a real you know,
• 27:51
  Speaker 2: togetherness to the pizza inn vibe that I just love.
• 27:56
  Speaker 1: All Right, So this is what I you know, I
• 27:58
  Speaker 1: saved it for last. I've been dying ask you about
• 28:00
  Speaker 1: the Bambian Friends pizza.
• 28:04
  Speaker 2: You know, I had that down here. I knew that
• 28:06
  Speaker 2: was coming. Yeah.
• 28:08
  Speaker 1: I talked to if you could talk about like how
• 28:10
  Speaker 1: that originated and the marketing plan behind it, and I
• 28:13
  Speaker 1: saw that you brought it back last year and he
• 28:15
  Speaker 1: plans to bring it back again.
• 28:17
  Speaker 2: Yeah. So you know, in my in my marketing you
• 28:20
  Speaker 2: know kind of resume, I've had some really outlandish, bizarre ideas.
• 28:25
  Speaker 2: You know. One was the I was the marketing director
• 28:28
  Speaker 2: for Reese's Peanut Butter cup. I brought out the Reese's
• 28:30
  Speaker 2: Elvis cup, right Elvis like peanut butter banana sandwich. We
• 28:33
  Speaker 2: had a you know, put a layer of banana cream
• 28:36
  Speaker 2: in a Reese's cup and just killed it with the
• 28:38
  Speaker 2: Elvis cup. And so it's one of the things I'm
• 28:40
  Speaker 2: kind of known for is these offbeat ideas, and you know,
• 28:43
  Speaker 2: I always end up with somebody from HR sending me
• 28:45
  Speaker 2: for drug testing for some reason or another. But yeah,
• 28:48
  Speaker 2: we're sitting around. Really it was born on a you know,
• 28:51
  Speaker 2: of our franchise's. I got a franchise e in Arkansas,
• 28:54
  Speaker 2: and you know, I call him and he's like, oh wait,
• 28:58
  Speaker 2: I'm out turkey hunting. You know, I'll take your call,
• 29:00
  Speaker 2: but I got to be quiet. You know, our franchisees
• 29:03
  Speaker 2: are these like, you know, good old boys, and you know,
• 29:06
  Speaker 2: so a lot of our customers are. And I said,
• 29:08
  Speaker 2: you know what if we did like a like a
• 29:11
  Speaker 2: wild game pizza. That's how it started. It was wild
• 29:13
  Speaker 2: game and you know, we got to hold of some
• 29:15
  Speaker 2: suppliers and it's hard to find you know, wild game,
• 29:18
  Speaker 2: you know, pepperoni and wild game sausage, but we managed
• 29:22
  Speaker 2: to find it. We worked with our ad agency and
• 29:24
  Speaker 2: they came up with this idea. They called it the
• 29:27
  Speaker 2: Bambi Pizza, and I mean the board had a fit.
• 29:31
  Speaker 2: My board went bananas on this idea. And the first
• 29:35
  Speaker 2: version was like baby Bambi, like you know Bambi as
• 29:37
  Speaker 2: a child, and the Board's like you can't do this.
• 29:40
  Speaker 2: We're gonna you know, we're gonna have like you know,
• 29:42
  Speaker 2: protests at the home office, and you know, oh my god.
• 29:46
  Speaker 2: And so I went to the agency and I said,
• 29:47
  Speaker 2: you guys got to you got to revise it. And
• 29:49
  Speaker 2: you know, they're like, well, you're gonna kill the idea, Like,
• 29:52
  Speaker 2: we can't really water it down. So what they did
• 29:54
  Speaker 2: is they made Bamby an adult and they put like
• 29:57
  Speaker 2: antlers on them. And then we ran it. I told
• 29:59
  Speaker 2: the board, hey, look we changed it. It's not a
• 30:01
  Speaker 2: baby anymore. And the thing went crazy. We sold out
• 30:05
  Speaker 2: like right away, you know. We did it in a
• 30:07
  Speaker 2: subset of our stores and some of our more rural stores.
• 30:11
  Speaker 2: It went, it went absolutely crazy. Of course, we got
• 30:13
  Speaker 2: protested by you know, the animal rights guys or whatever.
• 30:16
  Speaker 2: But we put up an installation outdoor billboard where you know,
• 30:20
  Speaker 2: and it's we have these like thought bubbles and it
• 30:22
  Speaker 2: says Bambi saying we taste delicious, you know, and you know,
• 30:26
  Speaker 2: as Bambi and his friends, you know, the wild wild
• 30:30
  Speaker 2: boar and all that sort of thing. But we sent
• 30:33
  Speaker 2: this in. We ended up winning an Obie Award, this
• 30:35
  Speaker 2: outdoor advertising award. We beat Disney and Netflix for the
• 30:40
  Speaker 2: best installation because we had this billboard and then we
• 30:43
  Speaker 2: put these like you know, like three D Deer and
• 30:46
  Speaker 2: Elk out in front of it, and we had them
• 30:48
  Speaker 2: all looking up at the billboard with them on it.
• 30:51
  Speaker 2: And so you know, we know our customer. You know, listen,
• 30:54
  Speaker 2: I moved here from Portland, Oregon. You know that would
• 30:57
  Speaker 2: not fly in Portland, Oregon. But guess what, they love
• 30:59
  Speaker 2: it in Arkansas and in Texas and you know in
• 31:02
  Speaker 2: the Carolina is where we did it. So you got
• 31:04
  Speaker 2: to know your customer. That's probably not a great idea
• 31:07
  Speaker 2: for every brand, but we did it. It was fun
• 31:09
  Speaker 2: as hell, we won an award, and you know, and
• 31:12
  Speaker 2: the board didn't fire me, so it all all ended well.
• 31:16
  Speaker 1: Awesome, man, very cool. I think that's a great spot
• 31:20
  Speaker 1: to wrap it up. Thanks for doing this, Brandon, and
• 31:23
  Speaker 1: thanks to the audience for tuning in. If you like
• 31:25
  Speaker 1: to learn more about Rave Restaurant Group and you don't
• 31:27
  Speaker 1: have a Bloomberg terminal, visit their investor relations page at
• 31:31
  Speaker 1: raverg dot com. If you liked our discussion, please share
• 31:35
  Speaker 1: it with your friends and colleagues. Check back soon for
• 31:38
  Speaker 1: another interview on chopping it up,