Latest / The Weekly Run / The Exchange at UCF (Part 1) | #24

Transcript

The Exchange at UCF (Part 1) | #24 · The Weekly Run

• Jeff Perera: Hey, welcome to the weekly run. This is part one of the exchange from the University of Central Florida, where Aaron and I got a chance to talk to some students, ⁓ business students, and we hope you like this. A lot of questions and answers, a lot of opportunity for us to tell the story about Jeff Spagel Run. part one this week, part two next week. Thanks for coming by JBR: ⁓ And we're talking about what's hot at Jeff's Bagel Run. Aaron, what's hot today? ⁓ we're in a room that's not ⁓ the of my house. ⁓ You using people here. We are in another new place. Yeah. We are at this is not new to you. Not new to me. I've been in this room before. This is the University of Central Florida, and we are at the Exchange, which is Jeff Perera: right, welcome to the weekly run. Jeff. I'm Aaron. ⁓ And today we're talking about what's hot Jeff's Bagel Run. Aaron, what's hot today? ⁓ we're in a room. That's not ⁓ it's the room in my house. You usually here. We are in another new place. ⁓ It yeah. We are at you. Not to me. I've been in the stream before. This is the University of Central Florida and we are at the exchange, which is Aaron: welcome the weekly run. I'm Jeff. Hi, Mir. And today we're talking about what's hot at Jeff's Bagel Run. Aaron, what's hot today? ⁓ we're in a room that's not ⁓ the room my house. There's a lot of people here. We are in another new place. It yeah. Yeah, this is new. This is not new to you. Not new to I But this is new to me. This is the University of Central Florida and we are at the Exchange, which is is an opportunity for students to come and talk to business professionals. Is that what we are? We're podcast professionals at least, very least. we are gonna answer some of their questions and hopefully they learn something from us about starting a business, running a business. JBR: is an opportunity for students to come and talk to business professionals. Is that what we are? Podcast professionals at least, the very least. we are gonna answer some of their questions and hopefully they learn something from us about starting the business, running the business. Jeff Perera: an opportunity for students to come and talk to business professionals. Is that what we are? Or podcast professionals at least, at the very least. we are gonna answer some of their questions and hopefully they learn something from us about starting a business, running a business. I'm Jeff. ⁓ I found a Jeff's Bagel run in two thousand nineteen from my home kitchen. ⁓ I was laid off from a job and wife asked me to make her bagel. ⁓ And I said JBR: So I'm Jeff. ⁓ I founded Jeff's Bagel Run ⁓ in 2019 from my own kitchen. ⁓ I was laid off from a job ⁓ and my wife asked me to make her bagel, and I said yes. Aaron: I'm Jeff. ⁓ I found a Jeff's bagel run ⁓ in two thousand nineteen from my home kitchen. ⁓ I was laid off from a job ⁓ and my wife asked me to make her a And I said yes. is a pretty Jeff Perera: so Aaron runs technology for Jeff's Bagel run. So all of the ⁓ that is customer facing and employee he and team have built from scratch, pun intended. ⁓ Aaron: technology for Jeff's Bagel Run. So all of the everything that is customer facing and employee he and his team have built ⁓ from scratch, pun intended. ⁓ JBR: runs technology for Jeff Spagel run. So all of the everything that is customer facing and employee facing, he and his team have built ⁓ from scratch, fun intended, ⁓ Jeff Perera: yeah, we're here at the exchange. I think we've got this incredible group students in front of us who ⁓ Well I'm JBR: yeah, we're here at the exchange. I think we've got this incredible group of students in front of us who ⁓ I'm Aaron: Well, I'm noticing something about the students that I wasn't prepared for. They all have forms. And I didn't realize this was gonna be a graded activity for me. ⁓ And don't feel like this is a self-reflection form that they have. Jeff Perera: This is about. And it's been a minute. Only first time exchange participants get graded. I'm here for fourth time. ⁓ So Aaron: This is I feel like we're being graded. You are. And it's been a minute ⁓ since I've been in time exchange participants get graded. I'm here for this just me. So JBR: is a I feel like we're being graded. You are. And it's been a minute. Only first-time exchange participants get graded. I'm here for the first This is just big. Aaron: this is my fourth visit success. Fantastic. ⁓ no, I think this is how they get credit for being here. Right? Yeah. ⁓ JBR: this is my fourth visit. So it's just ⁓ yeah. ⁓ No, I think this is how they get credit for being here. Right. Yeah. ⁓ Jeff Perera: this is my fourth visit. So it's just Aaron. Yeah. Yeah. No. ⁓ No, I think this is they get credit for being here. Right? Yeah. ⁓ But this is a really cool platform. So students ⁓ are ⁓ In various business degrees, right? Like integrated business, accounting, ⁓ marketing. You could be in any business degree, right? so I think we just open up to questions Aaron: But this is a really cool platform. So students are in various business degrees, right? Like integrated business, accounting, ⁓ marketing. You could be in any business degree, right? ⁓ So I think we just open up to questions. JBR: But this is a really cool platform. So students are in various business degrees, right? Like integrated business, accounting, ⁓ marketing. You could be in any business degree, right? Mm-hmm. ⁓ So I think we just open up to questions Jeff Perera: how about I'll start with the question. How many of you been to a Jeff's Bagel run? More than half. Two hands up in the back, that's great. More than half. So that's a good start. I've one question up front ready to go. JBR: So my question is so I only know the Jeffs Bagel a location that's near UCF. that's the one that I go to the most often. But did you guys choose it as it's near college? And then how do you choose your other locations as well? Aaron: My question is, so I only know the Jeff's Bagel location that's near UCF. ⁓ so that's the one that I go through the most often. But did you guys choose it as it's near the college? And then how do you choose your other locations as well? Great Jeff Perera: question. So ⁓ do we choose our sites? Why did we choose the one closest to UTF? ⁓ okay, I don't know if should I tell the story about the one at UCF? Will I get in trouble when I tell this story? Okay. So we ⁓ I don't know, now I have to say it. So the that location by Oviedo is It is ⁓ what call class A real estate. And so this is ⁓ on corner of Main and Main, right? Like ⁓ it's Alafaya Trail and Mitchell Hammock or McCoy. public, what's the crossroad there? It doesn't matter. It's a main thoroughfare if you're driving through a Vito, right? And it's on the way to UCF if you're coming self. it's right in front of a Publix, which is a huge anchor for a grocery store. There's multiple restaurants in there. It is like the best of the best real estate when it comes to to what we look for for a Just Pagel run. On top of that, besides all of you JBR: huge anchor for a grocery store with multiple restaurants in there. It is like the best the best real estate when it comes to what we look for for a grocery store. On top of that, besides all the view Aaron: On top of that, besides all of you Jeff Perera: frequenting the the space, there's like thousands of household rooftops. And so household rooftops is a really key measure to why we see the location. That space was actually designated to a different business and we just beat them to it with our letter of intent or LOI. So when you're preparing to lease a space in a commercial business, you submit to a landlord a letter of intent. My name is Jeff and I intend to lease this property for ten years and these are the terms that I want. And they say, ⁓ I don't know if I like all those terms and they'll haggle back and forth a little bit and you'll finally sign a letter of intent that says, I intend to sign a lease with you. And so we had submitted a letter of intent that was better than the letter of intent for the other business that was going in there. And the landlord ended up signing with us, which was great. So we pushed that other business out. I won't say the name of that other business because I don't want to advertise another bagel shop on Not without sponsorship. Especially not without sponsorship. It can sponsor the pod, but yeah, you can take a guess. Aaron: guess. But what's interesting about that process too, ⁓ just to answer the second part of your question, is actually an ever-evolving and really driven process where we look at all those factors like what Jeff's talking about ⁓ and and we learn. JBR: guess. But what's interesting about Startop is Google because ⁓ they're very funny ⁓ is it's actually an ever evolving really rivet process. Aaron: As we open new stores and we test different theories for the markets. A very iterative process. And I would say through our first half dozen to dozen stores, we learned a couple of strategic things that actually shifted our strategy as we went into new markets. And then anytime you go into a new region, part of the country, or even just different demographics, changes again. So we actually have an excellent team that have a lot of tools and a lot of data that that actually put a lot more pro thinking into it than than one might. Assume, you know, you kinda think, what's the best lease and does it look good? Is it high traffic? But that could also be a bad fit if it doesn't meet our customer base or ⁓ just you know, what that particular ⁓ audience might be. If that doesn't align, then the people can walk right by it. Busy but not busy. Jeff Perera: ⁓ audience might be if that isn't aligned then people can walk right by it. Easy but not ⁓ ⁓ Aaron: The location here in Oveido was the third one we opened. We have thirty five now in ten states ⁓ and Oveido was number three. The first two were terrible, terrible locations. Jeff Perera: location here in Ovido was the third one we So we have thirty five now in ten states. ⁓ ⁓ was number three. The first two were terrible. Terrible location. Our original lease that we signed in Ocoee was like ⁓ to get. Like we ⁓ no collateral, we had no business to speak of. I was selling bagels for my house. Like that's not a business. ⁓ so our landlord really he took a chance to some degree on us. He liked the bagels, he liked our business plan, ⁓ and was like, sign the lease. And so we did. It's like, I don't C plus real estate maybe if you were to rate it ⁓ off of not on a main road. But you know. It out. It worked out well. Worked out well. So great question. Thank you. JBR: My question for you is how did you decide where you wanted to expand in terms of your products? Like, you know, going with the you started doing protein coffee and you for visits on south, and how do you ensure that you don't have a lot of waste? I know you guys used to if you do other things ⁓ to help ⁓ your sustainability in that sense, especially since you make your vein goals daily and fresh. Jeff Perera: That's a yeah, this is a great question because there's multiple wow, multiple facets to this. So let's start with how do we innovate on the menu. Aaron: That's a yeah, this is a great because there's multiple wow, multiple facets to this. So let's start with how do we innovate on the menu. JBR: How do we innovate on the menu? Jeff Perera: if you're innovating, you're not bringing new ⁓ something changing something to bring it into market, ⁓ it's ⁓ it's really hard to say And so I don't have my phone, I put it down over there. But like your phone is where the attention is. Like that little five inch or eight inch device, whatever it is, has like got the attention of so many millions of people. And so you have to be iterative, you have to have ideas, you have to have things coming forward. So in January, there's a lot of better for you products that hit the market. And we thought that was just a perfect time for us to launch protein offering. Timing with the market. the protein finally like it we we've been launch we've been practicing trying to get this right for like probably seven months. Because I don't know if we any of you drink protein as like a protein shake or a supplement. A lot of it tastes like protein. Like it just has like this like and you kind of expect that, right? Like you do expect that if you're like a protein drinker. But we didn't want it to taste like protein. We wanted it to taste like latte. And so we went through a lot of proteins to get to get to the one we found. So it starts eight months prior. When we decide this is a flavor we want to chase, this is product we want to have. And then we start to build from that. How do we get the flavor profiles we like? Do they align to what customers are asking for? Again, Aaron mentions earlier there's data behind all of this. There's a few different companies out there, but we use one called Technomic that references like fifteen thousand menus across the country, narrows it down to like the top ten percent of those menus and like you see what items are on what menu, what flavors, what profiles. It's a really neat system that we have access to. And so we use that to help drive and make decisions. ⁓ Aaron: Do they align to what customers are asking for? Again, Aaron mentioned earlier there's data behind all of this. There's a few different companies out there, but we use one called Technomic that references like 15,000 menus across the country, narrows it down to like the top 10% of those menus, and like you can see what items are on what menu, what flavors, what profiles. It's a really neat system that we have access to. And so we use that to help drive and make decisions. ⁓ The innovation process is long. And what's also interesting about that, just to add a sort of another facet to it, is a lot of it comes down to ⁓ also what maps to ⁓ what you can execute, what's the best for the business. So want to s you know, we could go and do something completely different, but there's technology needs for that, maybe new things to the POS or to the ordering process. There might be new kitchen equipment. So it it's a much more challenging thing than just being like, hey, what's a new interesting food item? It's like, can we do this? How do we have to train staff? What new tools do they have? What ingredients do we need to source? So on the flip side of that, if you can maximize things that we're already doing and introduce new new options, we we launched ⁓ on the same vein, we launched a series of of cold foams because again, data was trending that that's, you know, people really like that. That was very easy for us to add because we already had a full Barista station. It was a very incremental change that brought a lot of new flavors to an existing menu. So it's it's it becomes kind of complex and integrated beyond just JBR: new options. We we launched ⁓ about the same game we launched a series of full films because again data was trying to for that so people really like that that was very easy for us to have because we already had full recently very incremental change that brought a lot of new flavors to an existing name so it's it's it becomes kind of complex. Aaron: menu. I'm working with Aaron on technology, I'm working with Danielle, my wife, ⁓ on operations and training. And she usually tells me I only get like add one or two ingredients ⁓ because it's And like as a franchisee, you've got to buy that stuff and Jeff Perera: I'm working Aaron on technology, I'm working with Danielle, ⁓ my wife, ⁓ ⁓ operations and training. And she usually tells me I only get like to add to one or two ingredients because it's complicated. And like as a franchisee, you gotta buy that stuff and is there really a return on investment? And we do testing, sure. People will tell you they like the drink or it'll sell really well in a small market, but when you wanna roll that out and say, Hey, every store's gonna have this and you gotta spend X dollars on this new product, that's kind of unproven, it can be a little scary. So, ⁓ we're gonna roll out another product in July and it's adding I think there's like eight new seven new ingredient items. And Danielle was having coffee this morning and she's like, There's seven. Seven new ingredients, Jeff, really? So it was I designed my system a long time ago, so that that doesn't bother me. I've I've insulated myself from years. No, I have zero ability to insulate. I live with her. So you know, I mean she's great. She's great. She's she's what makes the bagel run run, but like there's no insulation. It's just raw right there. Over breakfast at like six o'clock in the morning. I did. I did. I chose this life. ⁓ good question. Did we get all of them? I can't remember. There was a third part. Is this sustainability? ⁓ yes, thank you. this is where Aaron, again, technology is great because our systems are using a predictive algorithm based on sales trends and real time data. So if an item is selling, then the system will ask us to bake more of it, but only so much based on what it thinks we're gonna sell. So we don't make a lot of extra products throughout the day. We have plenty of dough to meet the needs of the potential guest, but that dough can roll over a day. It's got like a it truly has like a 48 hour shelf life. And so on the planning side, if we're having a slow day and X product didn't sell so well, we might have extra dough left over. So we'll produce less for the next day. So there is always a little bit of waste and you mentioned it, we do use too good to go. as a way to get products into the ⁓ you know bagels into the world from at a little bit lower price without having to throw them away. We really don't throw anything away. It goes home with our team, it goes to the you know, the local shop owners in our plazas, it gets dropped off by the general manager at the fire station or like the ER. So the majority of the product is really making it into the mouth of somebody, which is great. It's also being scratched kitchen at the end of the day. It's a very just in time, high turn business on on ingredients. Don't have freeze boots, we don't store anything. So it's really not waste in general. It's all sort of made ready to go and it goes out the door and then we start again tomorrow. And we're taking we're taking two trucks a week generally, so we have fresh produce coming in twice a week, so we don't have a lot of we're also really space country, so we don't have a lot of place to put it. So it's a good by design that we need to restock our fridge frequently. But good question. Thank you for asking those. JBR: you. I mean I go to jets like all the time, like ⁓ much. But I wanted to ask like you started the business in 2019 and then the COVID hit. So how was that like it's like a world pandemic like out of nowhere? How did that affect the business? And was that like a big hiccup or did it use it to your advantage? Jeff Perera: 'Cause No, yeah, no doubt. So when we in thousand nineteen, we had zero intent to even have a business. ⁓ I truly making a bagel for Danielle just because ⁓ we couldn't find one that we liked and ⁓ that's ⁓ It's h happy accident that we ended up with a bagel shop. COVID sort of spurred that along. So when we had first started, we were selling only online. We had ⁓ but we had an Instagram and a TikTok and a Facebook page we'd post a menu and people would and they'd come and pick ⁓ up from my house or if they were close by I'd drop off bagels to their to their doorstep. When the pandemic set in and that like lockdown orders took place and all those c in in our communities nationwide, you know, we actually got busier. Like we benefited from people being more on social media. We benefited from that online community that we were creating because I could reach out to somebody. I could make contact with someone. They would order bagels and I would drop them off at their porch and then wait for them to like open the door to make sure they got ⁓ in and ⁓ you know, stand six or eight feet away and talk to that person. In many cases I was I was the only person they saw all day. You know, if they lived alone and so it was a it was a great way to build community and create something that brought a little bit of joy into a time period that was, you know, kinda scary. And that was I mean, that was like six five six years ago now. Six years ago. Doesn't feel like it, but that was six years ago. It feels like yesterday, but it also feels like a hundred years, so it's hard to know. And Aaron: And I think that's an interesting part of timing with a business is that ⁓ There's so many variables. Something that perceptibly could be the wrong time could become the right time. Like like you said, it was it probably launched you to a certain degree. Just because of that total volume during that time. Absolutely. Everybody gets hooked on it in a very isolated environment. And then when you guys came out, you're able to yeah, build on that and expand. No if you lived in Florida, you know that like bah right around like June or July of twenty twenty, COVID ended. ⁓ JBR: ⁓ Florida, you that like ⁓ around like June or July of twenty twenty, COVID that didn't you know, you would know for like the hope like Florida just like COVID. They're like, there's no more COVID. I'm like, yeah, sure we're gonna have some fun just Jeff Perera: Now if you lived in Florida, you know that like ⁓ bah right like June or July of twenty ⁓ COVID ended. ⁓ You know, like it was over, like the world like Florida just like opened. They're like, There's no more COVID. Like, yeah, sure, wear a mask if you want. It was it was very different than in many other places. And so we started doing markets. We were showing up at, you know, farmers markets and there were lines of people. And so people ⁓ you know, they found us in that period of time that they were home and after they found us they they sought us out, which was great. Aaron: ⁓ What's one thing about starting a business that's not really talked about that you while starting your business JBR: chance. What's one thing about starting a business that's not really talked about that you discovered while starting your business In the social media world that we live in, where attention again is the moment, I think the thing that people aren't talking about is the amount of failure. Like not everything works the way you see it on social media. It's like one step forward, two or three steps back, one step forward, two or three steps back. You hope by the end of the month, you're a little positive, right? ⁓ so I think for me. Jeff Perera: the social media world that we live in, where attention again is in our phones, I think the b thing that people aren't talking about is the amount of failure they have. ⁓ not everything works ⁓ way you see it on social media. ⁓ like ⁓ step forward, two or three steps back, one step forward, two or three steps back. And you hope by the end of the month ⁓ a little positive, right? ⁓ I think ⁓ me ⁓ The part that I didn't realize but I actually enjoyed was those moments where we experienced failure or setbacks because those are learning opportunities. Those are chances for you to course correct, whether it was a with a guest or a bad review when we had our stores open or in the early days when I was just learning how to make bagels, you know, it it might have been like a you know, a recipe execution or a process execution, I had to figure out how to change that. So I think failure is the the component that is often not talked about. But every person that starts a business will fail. JBR: name is Ivan and ⁓ I don't want to have guys drop in trade secrets here, but Aaron, ⁓ how does technology go beyond like POS and just integration with this? Aaron: my name is Ethan and ⁓ I don't wanna you guys drop in trade secrets here, but Aaron, ⁓ how does technology go beyond like POS and just integration with Jeff Perera: Good ⁓ job, Ethan. ⁓ So ⁓ Aaron: That's a great question. I'm glad we planted him. Good job, Ethan. Yeah, because I appreciate Ethan. So ⁓ Really the way that we think of technology, and this is where it's a little bit different than it, you know, than I'd say other others, you know, people in this in this industry, and a lot of it comes from the fact we just didn't know. I'm not from the restaurant industry, ⁓ my team, you know, we're not from an industry. And when we came in, our experience has been in previous franchise businesses is that with a franchise business, really what a franchisee is buying is a playbook. Right. They want business that somebody's already thought through a lot of the big and scary and and you know potential failure points, has ironed all that out and they get a head start. That's a one of the huge advantages of a franchise. And so in our experience, what we found is that the more of that you you digitize and the more of that you build into a software guided set of tools and processes, sort of, you know, digitize the the playbook, then it runs really just that much better. So when we got engaged with Jeff and team in the early days and I sat there and with my little notebook at way too early in the morning, ⁓ baking bagels and just watching and observing. And as Jeff said, trying to figure out what is it that makes Jeff so special. What we really determined was not POS. We actually started out by building baking algorithms. We wanted to take the magic and the coordination that was Jeff and Danielle every day in the shop and make that into a system that somebody could just follow. And so when we built that, we then realized, ⁓ now we need sales data from our POS. And it wasn't easy to get, because apparently this industry doesn't like to have tools talk to each other. So we're like, ⁓ I guess we gotta build a POS. So we built a POS. And then, ⁓ shoot, now now because we didn't buy POS, now we gotta do order management. So then we built an order management system. So before we knew it, we actually had built every piece of technology that is in the restaurant so that it could all talk together and be integrated. And what we found when we started to you know scale and sort of be a bigger part of the industry was that that is not what people normally do. And we kind of backed into solving one of the bigger problems that they have, which is systems that talk to each other. So yeah, POS is very important for sure, but we actually see our system as more of a franchise operating system for for the business owners and operators than any one sort of single component. So yeah, it's it's really more about integrated data and integrated systems and reporting and just Consistency across all those tools. And JBR: Probably aren't the the systems the teams use every day ⁓ are intuitive. Jeff Perera: Consistency across all those tools. And I would layer in that it ⁓ the ⁓ the systems the teams every are ⁓ intuitive. Like the ⁓ the the is really easy pick up on, like any app that you would pick up on, you know, a device that you have. ⁓ So they built a really great UI and then they built the dashboards behind it. So as an ⁓ or as an operator in my store, I can see how my store performance is, whether it's, you know, sales or big a lot of stocks, ⁓ customer experience, all of those KPIs that are important to you as an owner show up every day right there in front of you in fresh report or live in time in your in your store as it's happening, which is pretty cool. And Aaron: How my store performance is, whether it's you know, sales or big a lot of stocks, ⁓ customer experience, all of those KPIs that are important to you as an owner show up every day right there in front of you in a fresh report or live in time in your store identified, which is pretty cool. And Jeff Perera: that's another important piece of strategy and I think that ⁓ as we what continue to be strategic advantage for us is that ⁓ JBR: That's another piece of the strategy overall I think that as we scale in the B ⁓ games for us is that a lot of the ⁓ systems that you just start with systems like this. This really problem that's where start but the best systems generally more generic. Aaron: that's another important piece of the strategy overall, and I think that as we scale will continue to be a strategic advantage for us is that a lot of the other systems that you that A business is going to encounter, and you guys started with systems like this. So this is there's nothing wrong with this, where you start. But the best systems are generally more generic. This is a point of sales system or an order management system that can run a bagel shop, a pizza shop, a hardware store. I mean, some of them are very generic, some of them are maybe more restaurant, but there's none that runs a Jeff's bagel run. So when we build our technology, there's nothing in it that isn't directly a need of somebody in the store or an owner operator. Like everything that's there is custom tailored to our business. And that makes us way more agile because we don't have to, ⁓ okay, I Jeff needs this, but you know, our our division of of pizza shops that we support needs something different. And so we got to kind of balance those two. We don't have that concern. We can build exactly what we need. So there's a strategic advantage in that as well that that the tools can be Deeply tailored to to what we need. Thank Jeff Perera: There's a strategic advantage in that as well, that the the tools can be deeply tailored to what we need. JBR: I was curious, I started in some with Jeremiah, and I am really eager to try and think about sheets. But my question was like, what's the decision making and the strategic mechanics and like collaboration partnerships and why did you decide to partner with them? Aaron: So Jeremiah's was ⁓ like a bit a a happy accident. ⁓ there was a we have Jeremy and I have a mutual ⁓ and Jeff Perera: Jeremiah's was ⁓ like a bit of a a happy accident. ⁓ there was a we have Jeremy and I have a mutual ⁓ they were talking both of and we're like, You guys should together, like it'd be so much fun for you two to just meet. ⁓ If you don't know, ⁓ Jeremiah's was founded here in Orlando. ⁓ nineteen ninety six. Jeremy started with his little Italian ice cart and ⁓ he's been here ever since. I've grown to like over a hundred locations nationwide. But he is a huge fan of the bagel run. I had no idea. He was telling his friend about it and I was like, ⁓ I love the Italian ice. That's great. So we sat down and we met. And we talked about this last week on the pod. I d have a deep belief that if it can be ice cream, it can be cream cheese. They're very close. They're very, very close when you're making them. And so He's like, I love this and I said, So what are we gonna do about it? And he's like, Let's just try to figure something out. And so we stayed in touch. It was really organic in in the effort to collaborate. So that one was ⁓ I would say less strategic and more organic. ⁓ but collaboration in business is usually done as a strategic a strategic advantage for for both businesses. So I like to think about our Jeff's Joltz collaboration that we have with Red Bull. We crafted beverages with the Red Bull team to make sure that there was this like infused product that had Red Bull in it but also felt very Jeff's. And so that was again months in in work. That's that's probably like another like what do people don't realize about business and lunch there's like all this stuff takes so much time. Like so everything takes longer than you think it will. At least twice. You're like, ⁓ I get done next month. Nope. You're three months out. Easy. So you know the the Red Bull collaborations, we launched those January of this year. We started those in like April of last year. And so when you find a partner you want to work with, you first have to make sure that the brand aligns and they're like, ⁓ I like your brand, I like what you're doing and you're building a relationship and then once the relationship is built, you can start to innovate on product, you can start to find those kind of like key stakeholders that are gonna make decisions. And then you get a marketing brief and then you get this and they're like, ⁓ but we don't allow you to use that product in food and so it becomes very ⁓ it becomes very collaborative because if without one you don't have the other. Aaron: But I'd say from like our experiences, wouldn't you agree that a lot of it gets momentum when There's just aligned, I'd say interest, but really it's like when you when another when two brand when we find a brand that we work with that that it just seems like it it just feels right, right? There's there's good energy from that brand. We have aligned customers. Those things actually tend to take off and sort of get momentum just by the joint interest. Everybody's excited. JBR: It just seems like it it just feels right. Like there's there's good energy for that brand. We have a lot of customers. Those things actually kind of take off and sort of give momentum. We definitely Jeff Perera: There's just aligned I'd say interest, but really it's like when another two brand when we find a brand that we work with that that it just seems like it it just feels right. Like there's there's good energy for that brand. We have a lot of customers. Those things actually tend to take off and sort of get momentum. Just by the joint interest. Everybody's excited. We definitely have ⁓ people ⁓ that we've approached who are like, ⁓ no. ⁓ No thank you. ⁓ And then we've had people approach us and we're like, no, thank you. So I think that there's there's gotta be a little bit of synergy. There has to be some kind of like I don't know, it's gotta be like two people have to have like a spark. There has to be like the willingness to create a relationship 'cause ultimately that's what will make that product as it comes out blossom. JBR: Lucy. Thank you guys for coming. ⁓ I ⁓ kind of want to ask you more of like a personal and fun question. has been kind of your favorite aspects of being a part of this thesis or your favorite memory that you had along the way while creating this amazing, well-loved bagel company? ⁓ Aaron: Lucy. Thank you guys for coming. ⁓ I kinda wanna ask you more of like a personal and fun question. What has been kind of your ⁓ aspects of being a part of this business or your favorite memory that you've had along the way while this amazing, well loved bagel company? Jeff Perera: ⁓ you've JBR: There's a lot. ⁓ I would think overall the best part is guilty. Aaron: ⁓ There's a lot. ⁓ I would say the best part is still the people. Like, I mean, hands down the best part is still the people. I ⁓ we've been to I think I've been almost by the end of the summer I'll have been to all thirty five stores. ⁓ Some of the franchise stores ⁓ are their second or third location. w won't get to them right away, so I've there's a few that haven't been to. But every time I go to a grand opening Jeff Perera: ⁓ one. There's lot. ⁓ I would overall the best part is still the people. Like I mean, hands down, the best part is still the people. ⁓ I we've to I think I've been to almost by the end of the summer I'll have been to all thirty five stores. Some of the franchise stores are like their second or third location. I won't won't get to them right away. I've there's a few that I haven't been to. But every time I go to a grand opening ⁓ There's someone who comes up to me and says, You probably don't remember me, but I bought bagels off your porch. Which is wild 'cause we've opened stores in Las Vegas, Cal you know, Colorado ⁓ Colorado. ⁓ not Las Vegas, Colorado. Las Vegas, Colorado, I know. It's a business school. How about we mark that clip and just cut it out? And I never made the mistake. You know, we've got stores in Las Vegas, Nevada, Colorado Springs, Chicago, every single one of them. Someone's come up to me and said, I bought Bengals off your house. I'm so happy for your success. Congratulations. It's really cool. So I see like when that happened, it's really great. ⁓ quick story la two months ago? No, last month. When did we open Ollinsville, Tennessee? A month ago. That was only a month ago. Yeah, two. So last month when we opened Onesville, ⁓ I heard someone call my name and they Hey Jeff and I recognized the voice and ⁓ was Holly Tristler. Holly and her husband Justin were Disney cast members that were furloughed when Disney shut down during COVID. In that period of time that they were furloughed, they set up a little woodworking business and they were like our market mates. Like they had their like set up right next to our setup at a lot of markets. And it really helped them sustain their life while they didn't have a job. They ended up like signing a contract with Shanghai Disneyland and they went over there. She was Belle, he was guest on. They were very attractive people. and they they did that for like nine months and then they came back to America. They like landed back in Orlando for a few months and they ended up moving to Nashville. I had no idea. Like I I didn't see them very often. They came into the shop every once in a while. But they were they walked into the Nolansville store, like just outside of Nashville, Tennessee, and they're like, Do you remember us? I'm like, Yeah, how can I not remember you? This is incredible. Like, what are you doing in Nashville? They're like Justin's like, I'm a cop now. I work for Nashville PD and she's like, I still run the woodworking business from home. And I'm like, This is crazy. Danielle's like, who are you talking to? And they turn around and like Danielle just starts crying. She's like, ⁓ my god, you know. ⁓ but it was really cool. Like so And when I say that happens all the time, it's like all the time. It's I I I'm sad that it might not happen, you know, at some point. And that's what I that's what I worry about. So trying to find those moments to create those experiences ⁓ is something that I to me is still really important. JBR: I just had a question for you. So what roles did you work prior to starting like the business? And how do you like those roles helping prepare for the position that you're in now? And I also have a second one. ⁓ early on, like what sacrifice did you have to Aaron: Like those roles help you prepare for the position that you're in now. Then I also have a second one. ⁓ early on, like what sacrifices did you have to make like in ⁓ the beginning? Good questions. Jeff Perera: Great questions. ⁓ ⁓ roles did I have early on that me prepare for this ⁓ and then what sacrifices did I have to So ⁓ I spent the majority ⁓ of ⁓ my working in retail. graduated UCF nineteen ninety nine and I went to work for Target stores. right ⁓ out of school in their business partnership that they had UCF. I got a job as an executive team leader, ⁓ which is like an assistant store manager. JBR: what roles did I have early on that helped prepare for this ⁓ and then what sacrifices that I be. So ⁓ I spent the majority of my from graduating from UCM in 1999. I went to work for party stores out of school in their business partnership that they had BCM, like a job as an independent teenager, like assistance program here, Jeff Perera: Really progressed my career at Target for like thirteen years. I did lots of JBR: Really for the rest of my career at Target for like thirteen years. did lots Like I learned a ton of skills at Target for operations, systems, processes, ⁓ leadership, they taught leadership. They taught you how the ⁓ member they taught you so much. ⁓ that know, 14, 15 years of employment. I went to work for Apple Detail. was a senior store manager Aaron: like I learned a ton of skills that Target around operations, systems, processes, leadership. They taught leadership. They taught you how to communicate with a team member, they taught they taught you so much. ⁓ that was know, fourteen, fifteen years of of employment. And I went to work for Apple Retail. Jeff Perera: I learned a ton of skills at Target around operations, systems, processes, leadership. They taught leadership. They taught you how to communicate with a team member. They taught they taught you so much. ⁓ and that was, 14, 15 years of of employment. And I to work for Apple Retail. I was a senior store manager Aaron: I was a senior store manager Jeff Perera: It was like the busiest place I've ever worked in my life. If you've been in an Apple store, you know exactly what I'm talking about. ⁓ imagine working there for like nine hours a It's like ⁓ stimulus overload JBR: ⁓ It's very even out the story and center to talk about ⁓ and ⁓ work ⁓ like ⁓ stadium Aaron: It was like the busiest place I'd ever worked in my life. If you've been in an Apple store, you know exactly what talking about. ⁓ imagine working there for like nine hours a day. It's like stimulus overload JBR: and then I to work for ⁓ another big company, Jeff Perera: then I went to work for ⁓ another big company, ⁓ Adidas Group. Aaron: So I ran a few stores, they had multiple brands, so I learned multiple branding and learned a lot of like visual merchandise and stuff there. ⁓ And then I took a job at the North Face. And so at the North Face, that was a huge global brand. learned a ton about storytelling there. And so for me, I think Jeff Perera: I ran a few stores. They had multiple brands. So I learned multiple branding and learned a lot of like visual merchandising stuff there. And then I took a job with the North Face. And so at the North Face that was a huge global brand. learned a ton about storytelling there. So for me, ⁓ I think ⁓ all of that together is what gave me ⁓ like this kind of ability to say, Yeah, ⁓ I'll start a bagel shop. I had no idea what I was doing, but I felt good about storytelling, I felt good about process and Danielle works for Target and Ross Trescal Best, so she has a ton of operational process leadership experience as well. She's better at it than I am. I thrived at Apple and Adidas and the North Face because it was like kinda loose. Like it was like they're new. Like it was all like retail was new to them. Like Target had been doing it for fifty years. Like there was a process for everything and I had to try to find my way into those processes, but I could create stuff at those other jobs. And so that was really helpful for me. Did I get all your answer mal? Sacrifice? ⁓ the sacrifice question. Gosh, everything. I mean Over and over. Over and over and over again. JBR: I get all your ⁓ like what's the sacrificing? ⁓ the sacrifice but yeah. I mean over and over and over again. Jeff Perera: First let me start by saying that success should be measured off of your own personal goals, not what other people think you should achieve. Because everyone thought I was crazy when I didn't go out and get a job immediately. Like they thought I was absolutely nuts. They're like, You should get a job. Like, what do you mean you're gonna make your wife go back to work? I like, first of all, she can do whatever she wants. ⁓ second of all, she's gonna get a better job than I am. And who's to say I won't be a great stay at home dad? but that was really ⁓ weird, right? Like it was an odd. It's an odd place to be. and I started making bales at home and I have two older kids that are post grad now and one still in college, but they were like, ⁓ Dad, you're like making videos on the internet, you're like 40, please stop. And I'm like sorry, can't, gotta sell eagles, you know, like it just you know, so I think that the sacrifices you make along the way are they're all personal. Sometimes ⁓ it's ⁓ time your sometimes it's not being able to go to an event that you might really enjoy. But if you ⁓ If you wanna be successful for yourself, then you have to do everything that you believe you need to do to be successful. Aaron: They're all personal. Sometimes ⁓ it's ⁓ time with family. ⁓ it's, know, not being to go to an event that you might really enjoy. But if you if you want to be successful for yourself, then you have to do everything that you believe you need to do ⁓ to be successful. JBR: They're all personal. Sometimes it's time ⁓ to family, sometimes it's, not being able to go to the bed that you might really enjoy. But if you if you want to be successful for yourself, then you have to do everything that you believe you need to do to be successful. Jeff Perera: interesting reframing ⁓ too, I think. ⁓ it doesn't really change what it is 'cause there is still ⁓ you know, there is still a hard choice but ⁓ it's really investment. ⁓ And Jeff has made way more than than I have, certainly starting this business. got to jump on when it was already a rocket and just holding on dear life. But ⁓ Aaron: interesting reframing ⁓ with sacrifice too, I think. ⁓ it doesn't change what it is because is still, you know, there is still hard choice there, but it's really an investment. ⁓ And Jeff has made way more than than I have, certainly in starting this I got to jump on when it was already a rocket ship and I'm just holding on for dear life. But but it's it's very easy to see that stuff as loss inherently. And not as the investment that it really is. And what's nice about that paradigm shift and thinking of it in terms of an investment versus just a sunk cost sort of mentality with just sacrifice is that it brings your mind back around to the fact that I should get something for this. JBR: But it's it's very easy to see that stuff as lost apparently and not as the investment that it really gives. And what's nice about that paradigm chip, thinking that investment is just a some cost sort of mentality sacrifice that it brings your mind back around to the fact that I should get something for this. Aaron: I think where a lot of people get burnt out is that they're just throwing that time into thinking that they have to, because it's a grind, but not being strategic about where that investment JBR: I think what a lot of people get burnt out, it's that they're just throwing that time into that they have to because it's a ride, but not being strategic about rental chasing Jeff Perera: is. ⁓ It also helps you evaluate whether or not ⁓ Aaron: is. And it also helps you evaluate whether or not a sacrifice in that regard is worth it. Sure. And 'cause not everyone i you know, not every sacrifice is worth it. There's times where you've got to make the right choice as as a business owner for yourself. Yeah. And what you find is that that actually everything's fine. Like the world doesn't fall apart. JBR: You gotta make the right choice for yourself. And what you find is that it's fine. This Aaron: true. This is why my co host had to be Aaron, because he does like lots of zeros and ones. And ⁓ he always ⁓ always brings it right back down to the point. Thanks for doing that. Great questions. Jeff Perera: ⁓ It's true. This is why my host ⁓ had to be because he does like lots of zeros and ones and ⁓ always ⁓ always brings it right back to the point. ⁓ Thanks for doing Great questions. JBR: ⁓ is by my co-host had to be because he does like classes here for Okay, good. Great question.