WEBVTT - Puttshack Tech, Food May Revolutionize Mini Golf 0:00:22.760 --> 0:00:25.480 Welcome to Chopping it Up. I'm your host, Mike Halon, 0:00:25.520 --> 0:00:28.640 the senior restaurant and food Service analyst at Bloomberg Intelligence. 0:00:29.040 --> 0:00:31.360 So today we're joined by Joe Rank and the CEO 0:00:31.480 --> 0:00:36.000 of put Shack Tech infused mini golf Experience. Thanks for 0:00:36.080 --> 0:00:37.080 doing this, Joe. 0:00:36.840 --> 0:00:38.680 Thanks for having me. Mike happy to be here. 0:00:39.159 --> 0:00:41.080 Can you talk a little bit about your career prior 0:00:41.120 --> 0:00:44.360 to put shack and what attracted you to this opportunity? 0:00:44.520 --> 0:00:51.640 Sure, time fly. So for probably the past twenty five years, 0:00:51.680 --> 0:00:58.040 I've either been involved in sports, leisure, entertainment, social entertainment. 0:00:59.160 --> 0:01:02.160 I think the thing that it's most relevant to what 0:01:02.240 --> 0:01:05.360 we're building a Putchack. I was the CEO at a 0:01:05.400 --> 0:01:10.279 concept called top Golf earlier in my career and joined 0:01:10.280 --> 0:01:13.440 that when there was just one Top Golf location in 0:01:13.480 --> 0:01:16.920 the US and helped build the foundation and grow that 0:01:18.240 --> 0:01:21.520 which was a lot of fun and obviously it's done 0:01:21.560 --> 0:01:26.920 exceptionally well, continues to do exceptionally well. And the link 0:01:27.000 --> 0:01:31.559 really with putchak is the guys who invented the game 0:01:31.600 --> 0:01:35.000 of putchack are identical twin brothers out of London, Steve 0:01:35.080 --> 0:01:38.959 and Dave Joliffe. They were the same guys who invented 0:01:39.040 --> 0:01:41.319 the game at Top Golf. So I've known him for 0:01:41.360 --> 0:01:46.600 over fifteen years now, and you know, and they're incredible 0:01:46.640 --> 0:01:50.560 inventors and they're avid golfers. And so they stepped back 0:01:50.600 --> 0:01:53.560 one day and said, you know, miniature golf has been 0:01:53.600 --> 0:01:56.760 around for one hundred years and it hasn't changed in 0:01:56.800 --> 0:02:00.440 one hundred years. How can we reinvent this game? So 0:02:00.520 --> 0:02:04.400 they started taking a look at technology that didn't exist 0:02:05.040 --> 0:02:09.799 back when they had created Top Golf and started to 0:02:09.840 --> 0:02:12.280 look at, hey, how can we change this game around. 0:02:12.360 --> 0:02:16.800 So what they managed to do was put essentially a 0:02:16.840 --> 0:02:21.200 mini iPad inside the golf ball. So inside every golf 0:02:21.240 --> 0:02:26.320 ball is a computer processor. There's a battery system in there, 0:02:26.760 --> 0:02:31.120 it's GPS enabled, Bluetooth enabled. So what that created the 0:02:31.200 --> 0:02:33.800 ability to do was write the game so that you 0:02:33.840 --> 0:02:36.840 can track the ball on every inch of every hole. 0:02:37.880 --> 0:02:42.400 Created automatic scoring, so there's no more carrying around a 0:02:42.440 --> 0:02:45.400 pendulum paper, and of course there's also no more cheating 0:02:45.440 --> 0:02:46.840 because if you pick up the ball and move it, 0:02:46.919 --> 0:02:50.959 the system knows it and then really change the game. 0:02:51.000 --> 0:02:53.000 And so instead of getting trying to get the lowest 0:02:53.000 --> 0:02:55.280 score possible, you're trying to get the highest score possible. 0:02:55.520 --> 0:02:57.919 And the way they did that is you get bonus 0:02:57.919 --> 0:03:00.760 points if you get a hole in one, and then 0:03:00.919 --> 0:03:04.960 every hole has a way to either score bonus points 0:03:05.080 --> 0:03:09.040 or hazards where you can lose points. So, for example, 0:03:09.080 --> 0:03:12.239 there's a pop the question hole. It's a true false question, 0:03:12.400 --> 0:03:14.160 so you'll get a true false question. It comes up 0:03:14.160 --> 0:03:16.680 on your screen. If you think the answer is true, 0:03:16.720 --> 0:03:18.519 you put under a bridge. It says true. If you 0:03:18.560 --> 0:03:20.520 think it's false, you put under a bridge it says false. 0:03:20.560 --> 0:03:22.800 If you get it right, you get bonus points. If 0:03:22.840 --> 0:03:25.919 you get it wrong, you lose points. Right, and then 0:03:25.960 --> 0:03:30.160 they created all of the holes really around our core demographic. 0:03:30.280 --> 0:03:32.800 So our core demographic is twenty one to thirty nine 0:03:32.840 --> 0:03:36.680 year olds. So you'll have a beer pung hole, you'll 0:03:36.720 --> 0:03:39.480 have a roulette hole, you've got to pop the question hole, 0:03:39.560 --> 0:03:42.520 you've got to shoot the basket, which is a basketball hole. 0:03:42.560 --> 0:03:46.160 What you won't find at Putchack is things like pirate 0:03:46.200 --> 0:03:49.400 chips and windmills that were great when you grew up, 0:03:49.440 --> 0:03:52.080 but now as an adult, you want a different experience. 0:03:53.600 --> 0:03:55.840 Very cool. So are all the courses the same or 0:03:55.880 --> 0:04:00.520 does some of them have you know, different holes based 0:04:00.520 --> 0:04:02.520 on location or whatever it might do. 0:04:02.720 --> 0:04:06.280 Yeah, so we have our typical venue has four nine 0:04:06.280 --> 0:04:09.840 hole courses, so there's thirty six holes in every venue. 0:04:11.000 --> 0:04:13.640 I think at this point now we have over thirty 0:04:13.840 --> 0:04:17.800 unique holes. There's a handful that we repeat because they're 0:04:17.839 --> 0:04:23.279 guest favorites, and then the courses. You know, we we 0:04:23.440 --> 0:04:25.599 don't do ground up builds, or haven't up to this 0:04:25.640 --> 0:04:29.200 point in time. We've we've done adaptive reuse. So the 0:04:29.279 --> 0:04:32.919 space within each venue is slightly different based on what 0:04:32.960 --> 0:04:37.280 we're stepping into. So every you know, nine holes in 0:04:37.360 --> 0:04:41.640 Chicago may look different than nine holes in Boston, although you'll, 0:04:41.880 --> 0:04:44.200 you know, you'll end up over the thirty six holes 0:04:44.279 --> 0:04:45.159 using the same ones. 0:04:46.640 --> 0:04:51.719 I'd imagine using re readapted spaces helps your build costs. 0:04:52.120 --> 0:04:55.680 It does, And you know, we really focus on partnering 0:04:55.839 --> 0:05:01.120 with the landlords and our and our development partners. We 0:05:01.160 --> 0:05:04.080 are fortunate that we have you know, we have a 0:05:04.080 --> 0:05:08.960 guest demographic that is very attractive within our landlords, whether 0:05:09.000 --> 0:05:13.720 that's an outdoor lifestyle mall or a mixed use development. 0:05:14.080 --> 0:05:16.159 You know that twenty one to thirty nine year old 0:05:16.240 --> 0:05:18.839 is is kind of the demographic that everybody wants to 0:05:18.880 --> 0:05:22.640 get to and typically dry between three hundred and fifty 0:05:22.640 --> 0:05:25.280 and four hundred and twenty five thousand visitors per year 0:05:25.320 --> 0:05:29.240 per venue. So so the great part about that is, 0:05:29.360 --> 0:05:33.279 you know we'll partner with with that landlord and become 0:05:33.600 --> 0:05:38.359 in essence for existing location or an existing development, you know, 0:05:38.440 --> 0:05:41.240 that new anchor. So you know in the suburbs of Chicago, 0:05:41.360 --> 0:05:45.320 we took over a former Lord and Taylor space and 0:05:45.880 --> 0:05:50.280 put in a punt check there. In mid town Atlanta, 0:05:50.279 --> 0:05:52.680 it was a mixed use development and we anchor seventy 0:05:52.680 --> 0:05:55.440 five thousand score feet of retail with our twenty five 0:05:55.480 --> 0:06:00.880 thousand score feet. So it's more cost well, I would 0:06:00.920 --> 0:06:02.920 say it's more cost effective, but it depends on kind 0:06:02.960 --> 0:06:05.400 of what you're starting out with. But we do get 0:06:05.480 --> 0:06:08.800 really great support from from our development partners. 0:06:08.960 --> 0:06:12.400 All right, great about is twenty five thousand square feet? 0:06:12.480 --> 0:06:14.680 Is that the typical size and how much do they 0:06:14.720 --> 0:06:15.320 cost to build? 0:06:15.800 --> 0:06:19.240 Sure? It is. We do have some that have gone 0:06:19.240 --> 0:06:22.880 a bit larger. So our largest is in Dallas and 0:06:23.160 --> 0:06:27.000 Addison at thirty thousand, but twenty five thousand is our typical. 0:06:27.680 --> 0:06:29.920 It was a lot less costly to build kind of 0:06:30.080 --> 0:06:34.680 before the pandemic hit and construction costs have risen dramatically 0:06:34.720 --> 0:06:37.640 since then. But including all of our soft costs and 0:06:37.680 --> 0:06:42.280 opening costs, you know, we're in the thirteen to fourteen 0:06:42.279 --> 0:06:45.440 million dollar range, depending on where what market we're in. 0:06:46.279 --> 0:06:49.279 Part of what makes put check I think different than 0:06:49.360 --> 0:06:53.040 other concepts within our space is we do focus very 0:06:53.120 --> 0:06:57.920 much on investing in a high end build from you know, 0:06:58.080 --> 0:07:01.239 not only the technology and the course and everything around 0:07:01.240 --> 0:07:04.120 the game itself, but all of the you know what 0:07:04.440 --> 0:07:07.080 the restaurant side of our business, the bar side of 0:07:07.080 --> 0:07:10.640 the business, the food and beverage, it's you know, we 0:07:10.760 --> 0:07:15.720 all really focused on developed or delivering a brand experience 0:07:16.840 --> 0:07:18.640 that's really elevated in nature. 0:07:18.880 --> 0:07:22.920 Okay, so they're not cheap to build, but I know, 0:07:23.000 --> 0:07:26.560 yeah for some pretty strong AUVs. So so where where 0:07:26.600 --> 0:07:29.040 do they come in at? And what's the revenue split 0:07:29.080 --> 0:07:30.880 between games, food and drinks. 0:07:30.960 --> 0:07:35.480 Sure, so, you know, our average AUV is in the 0:07:35.600 --> 0:07:39.560 thirteen to fourteen million dollar range, and we do about 0:07:39.760 --> 0:07:42.720 forty two to forty percent of our revenue is generated 0:07:42.760 --> 0:07:48.520 by the game, which is is very profitable, which is great, 0:07:49.560 --> 0:07:51.480 but we do fifty eight percent of our business on 0:07:51.520 --> 0:07:54.040 the food and beverage side. So it's a standalone restaurant 0:07:54.120 --> 0:07:57.120 our our. You know, our venues are doing anywhere from 0:07:57.240 --> 0:08:00.160 seven and a half to our our strongest performing I 0:08:00.240 --> 0:08:03.960 use almost twelve million dollars of a standalone restaurant, which 0:08:04.600 --> 0:08:09.760 is a huge significant operation in and of itself. You know, 0:08:09.880 --> 0:08:12.480 on the restaurant side of the business, as we focus 0:08:12.560 --> 0:08:15.720 on it, were because of the gas and the fact 0:08:15.720 --> 0:08:18.320 that they can drink while they're playing the game. You know, 0:08:18.400 --> 0:08:21.280 we skew more than a typical restaurant would on the 0:08:21.320 --> 0:08:25.480 beverage side, and you know alcohol is a part of that. 0:08:25.720 --> 0:08:30.200 So you know, our economics are incredibly strong. It's one 0:08:30.200 --> 0:08:32.360 of the things that really drew me to the concept. 0:08:32.440 --> 0:08:37.199 You know, I think long term success within the social 0:08:37.320 --> 0:08:40.840 entertainment and dining space is really anchored on three things. 0:08:42.160 --> 0:08:44.520 It's anchored on a fun and engaging game that people 0:08:44.559 --> 0:08:46.559 want to come back and play time and time again. 0:08:47.280 --> 0:08:50.920 But then also has some intellectual property protection, right, so 0:08:51.280 --> 0:08:54.360 there's a barrier of entry, there's a moat that's created 0:08:54.360 --> 0:08:56.480 so people can't go, oh wow, that's a great concept. 0:08:56.520 --> 0:08:58.520 I'm just going to open one across the street and 0:08:58.640 --> 0:09:03.160 compete with you. So we own a global patent on 0:09:03.320 --> 0:09:06.719 automatic scoring a miniature golf. So with the technology that 0:09:06.960 --> 0:09:10.320 the inventors were able to create, they were able to 0:09:10.520 --> 0:09:14.199 secure a concept patent. And what that means is somebody 0:09:14.200 --> 0:09:16.559 else could look in and go, oh wow, I could put 0:09:16.760 --> 0:09:20.000 different technology inside the golf well and scored automatically. If 0:09:20.000 --> 0:09:23.640 it scores the game, it violates the concept patent that 0:09:23.679 --> 0:09:25.959 we own on a global basis, which creates a really 0:09:26.080 --> 0:09:29.079 nice barrier of entry. But that by itself today I 0:09:29.160 --> 0:09:34.079 think within the space that we're in, doesn't ensure long 0:09:34.160 --> 0:09:37.360 term success. We were really focused on saying, we have 0:09:37.480 --> 0:09:41.719 to deliver a food and beverage experience that is as 0:09:41.840 --> 0:09:45.160 good as any casual dining option that our guests can 0:09:45.240 --> 0:09:48.920 choose from, because really we're competing against those leisure and 0:09:49.040 --> 0:09:54.200 entertainment dollars, and whether that's movie theaters, whether that's casual dining, 0:09:54.480 --> 0:09:57.719 whether that's other social entertainment concepts, we have to be 0:09:57.760 --> 0:09:59.560 able to compete across the board. So it was really 0:09:59.600 --> 0:10:03.280 important for us when we were developing the F and 0:10:03.320 --> 0:10:05.480 B side, is it has to be as good and 0:10:05.559 --> 0:10:08.880 as strong as the game, because really that's the brand 0:10:08.880 --> 0:10:12.320 that we're creating. The third component with that is the 0:10:12.320 --> 0:10:17.000 guest service experience, which you know, in today's environment may 0:10:17.240 --> 0:10:20.440 be the hardest thing to actually deliver. You know, hospitality 0:10:20.920 --> 0:10:23.120 had a lot of people leave during the pandemic, and 0:10:24.480 --> 0:10:27.560 I think a lot of people are back, but you know, 0:10:27.760 --> 0:10:31.760 creating that guest service experience where we're linking the game, 0:10:31.880 --> 0:10:33.960 the food and beverage, tying it all together, where we 0:10:33.960 --> 0:10:38.080 can activate all the senses from site, sounds, smell, et cetera, 0:10:38.800 --> 0:10:41.520 and our associates really tying it together so people have 0:10:41.559 --> 0:10:44.800 great memories. That's the real strength and I think we 0:10:44.840 --> 0:10:48.040 see that within the economic model that we have our 0:10:48.120 --> 0:10:51.120 typical venues will do in the mid twenties. For site 0:10:51.200 --> 0:10:56.160 level Ebada, we've opened eighteen venues now for in the 0:10:56.240 --> 0:11:00.280 UK and fourteen in the US, including three the we've 0:11:00.280 --> 0:11:03.480 opened in the in the first quarter of twenty twenty four. 0:11:04.800 --> 0:11:08.040 Every venue that we've ever opened has been profitable in 0:11:08.080 --> 0:11:12.400 the first thirty days from opening the doors, so we 0:11:12.520 --> 0:11:16.120 actually the last venue we opened was in Louisville in 0:11:16.280 --> 0:11:19.480 the middle of March, and I was just looking at 0:11:19.480 --> 0:11:22.000 our March numbers. It was profitable after two weeks. 0:11:22.120 --> 0:11:26.320 Very impressive, all right, You spoke about a few things 0:11:26.320 --> 0:11:30.040 that we're going to circle back to. One follow up. 0:11:30.080 --> 0:11:31.160 What's the alcohol mix? 0:11:33.040 --> 0:11:36.559 A typical restaurant is like two thirds food one third beverage. 0:11:36.559 --> 0:11:39.600 We're about the opposite. We're about two thirds beverage one 0:11:39.640 --> 0:11:40.120 third food. 0:11:40.800 --> 0:11:45.679 Wow, all right, great, definitely helps margins. Are you willing 0:11:45.720 --> 0:11:48.280 to share any of the margin data and any other 0:11:48.440 --> 0:11:49.679 unit level economics? 0:11:49.880 --> 0:11:52.960 I mean, our the great part about the game is, 0:11:53.160 --> 0:11:55.800 you know, it's about ninety five percent gross margin. You know, 0:11:55.840 --> 0:11:57.120 we have the cost of the ball, we have the 0:11:57.120 --> 0:11:59.679 cost of hutters or our team that are game in 0:11:59.720 --> 0:12:05.560 bass to help with the guest game experience. And then 0:12:06.120 --> 0:12:09.560 on a blended basis, we operate at about eighty four 0:12:09.600 --> 0:12:12.560 to eighty six percent gross margins at the venue level 0:12:13.640 --> 0:12:16.959 and then operating costs, rent, et cetera. You know, we're 0:12:17.640 --> 0:12:20.800 in the you know, our best our highest revenue performing 0:12:20.840 --> 0:12:26.080 sites are a thirty percent plus site level Libada, and 0:12:26.160 --> 0:12:29.320 our average is, you know, kind of in the twenty 0:12:29.320 --> 0:12:30.800 two to twenty six percent range. 0:12:31.120 --> 0:12:34.040 Okay, strong, How many stores do you have and how 0:12:34.080 --> 0:12:35.320 fast are you opening new ones? 0:12:35.480 --> 0:12:41.320 Sure? So we have opened our eighteenth location. We have 0:12:41.400 --> 0:12:46.040 an additional eight more locations that we have in various 0:12:46.080 --> 0:12:52.040 stages of development from design, permitting to construction. So yeah, 0:12:52.080 --> 0:12:54.400 we have a you know, we'll we have at least 0:12:54.440 --> 0:12:58.600 twenty six locations that we that we've got committed to 0:12:58.800 --> 0:13:02.960 and and you know, obviously want to continue to grow. 0:13:03.000 --> 0:13:06.199 It's it's been amazing as I kind of step back 0:13:06.240 --> 0:13:09.680 and take a look at how quickly we've managed to 0:13:10.840 --> 0:13:15.280 kind of grow the business and open really across the 0:13:15.320 --> 0:13:21.840 country so far. But you know, of the last twelve 0:13:22.080 --> 0:13:25.240 US venues that we've opened, we've opened those twelve venues 0:13:25.280 --> 0:13:26.200 in twenty months. 0:13:26.640 --> 0:13:28.920 So you have some in the UK as well, right, 0:13:29.280 --> 0:13:29.920 what's the split? 0:13:30.640 --> 0:13:32.559 So we have four we have four in the Greater 0:13:32.640 --> 0:13:36.360 London area, so you know, the inventors of the game 0:13:36.559 --> 0:13:40.040 are from there, and the co the third founder is 0:13:40.080 --> 0:13:43.120 a gentleman by the name of Adam Breeden who's done 0:13:43.400 --> 0:13:47.240 a number of other social entertainment concepts. All three of 0:13:47.280 --> 0:13:50.360 them are from London. So the very first test location 0:13:50.600 --> 0:13:55.160 was in West London that opened in June of twenty eighteen. 0:13:55.559 --> 0:13:58.959 I joined the organization in January nineteen. There were a 0:13:59.000 --> 0:14:02.400 few more that were committed it in the UK, and 0:14:02.440 --> 0:14:08.120 really though the main focus since twenty twenty one has 0:14:08.200 --> 0:14:09.920 been growth in the US. 0:14:10.920 --> 0:14:14.720 Yeah, so let's get back to the menu. It's elevated. 0:14:14.760 --> 0:14:17.920 I haven't had the opportunity to get to one yet, 0:14:17.920 --> 0:14:21.600 but you know, I checked out the menu online and 0:14:21.640 --> 0:14:25.360 it's not what you'd expect at a miniature golf. 0:14:25.360 --> 0:14:26.040 Joint, you know. 0:14:27.440 --> 0:14:29.000 So if you could talk a little bit about that 0:14:29.200 --> 0:14:31.560 menu and do you have customers that come in just 0:14:31.600 --> 0:14:34.720 to eat and not even play play the games? 0:14:36.040 --> 0:14:39.840 Yeah, So the answer is we do have people to 0:14:39.920 --> 0:14:43.240 come in to do that, and oftentimes it's not because 0:14:43.400 --> 0:14:46.040 they're not wanting to play the game, but it more 0:14:46.080 --> 0:14:48.560 often the case that we're fully booked for the evening, 0:14:49.080 --> 0:14:51.840 but they came in just to eat and drink anyway, 0:14:52.720 --> 0:14:56.800 and the environment and the ambiance that that's created. So 0:14:57.520 --> 0:15:02.760 our goal are. Vice president of Food and Beverage is 0:15:02.800 --> 0:15:06.360 a guy by the name of Mark Boynton. Mark's a 0:15:06.400 --> 0:15:11.320 French trained executive chef. I have known him for over 0:15:11.400 --> 0:15:16.280 a decade and when we got together, you know, we said, okay, 0:15:16.320 --> 0:15:19.920 how do we really elevate the food and beverage experience? Right? 0:15:20.360 --> 0:15:24.000 Mark is a huge believer in presentation that you know, 0:15:24.040 --> 0:15:26.600 people eat with their eyes eat with their eyes first, 0:15:27.440 --> 0:15:31.320 drink this in the same way, we created a globally 0:15:31.400 --> 0:15:35.200 inspired menu. We have a lot of shareables because people 0:15:35.240 --> 0:15:37.760 tend to come in groups, right, but you would not 0:15:37.880 --> 0:15:40.880 expect to go to a miniature golf location and get 0:15:41.000 --> 0:15:45.080 you know, wood fire Thai octopus, right, But that's the 0:15:45.160 --> 0:15:50.840 menu and it's amazing them. By the way. You know, 0:15:50.920 --> 0:15:56.360 we have Mediterranean lamb skewers, Persian chicken skewers, so there's 0:15:56.440 --> 0:15:59.119 a whole variety. And we have a lot of offerings 0:15:59.160 --> 0:16:04.320 as well, for you know, that are vegetarian, vegan, gluten free, 0:16:04.360 --> 0:16:08.760 so you know, just as a as a vegan option. 0:16:08.880 --> 0:16:12.080 For example, we have nine dishes that are available as 0:16:12.080 --> 0:16:13.960 a vegan option, so it's not like we threw one 0:16:14.040 --> 0:16:17.200 or two together and go okay, great, that's it. But 0:16:17.240 --> 0:16:20.080 then we also have you know, we have terrific flatbreads. 0:16:20.160 --> 0:16:27.320 We have handheld So the important part and I think 0:16:27.320 --> 0:16:32.320 what people people who are really into the the restaurant 0:16:32.360 --> 0:16:35.720 space would probably be able to relate to. But one 0:16:35.760 --> 0:16:38.880 of the gifts that Mark has is not only in 0:16:39.280 --> 0:16:43.080 creating you know, fantastic menu and with that we have 0:16:43.960 --> 0:16:48.240 over one hundred housemaid recipes that go into our dishes. 0:16:49.080 --> 0:16:53.640 But on a on a Saturday during you know, throughout 0:16:53.640 --> 0:16:57.120 the day, we could have twenty two to twenty five 0:16:57.200 --> 0:17:00.760 hundred people come through the door. Right, So, putting together 0:17:00.840 --> 0:17:03.480 a menu that is elevated to tastes really good that 0:17:03.560 --> 0:17:08.399 you can deliver and have the presentation consistently when you 0:17:08.480 --> 0:17:13.200 have that kind of volume, that's really hard to do, right. 0:17:13.240 --> 0:17:15.120 I mean it's you know, you look at the dish, 0:17:15.240 --> 0:17:18.080 you go, okay, great, you know, it's really nice. But 0:17:18.240 --> 0:17:20.440 actually being able to deliver that in the quality of 0:17:20.440 --> 0:17:24.560 the presentation is a is a it's a credible gift 0:17:24.600 --> 0:17:27.679 that he has in doing that. He's what's interesting in 0:17:27.720 --> 0:17:31.440 today's environment. You know, fifteen years ago doing this you 0:17:31.440 --> 0:17:33.960 could just say okay, we've got you know, we've got 0:17:34.800 --> 0:17:37.160 you know, casual dining menu and a full service bar. 0:17:38.640 --> 0:17:42.200 Today there is such a huge focus on what your 0:17:42.240 --> 0:17:45.320 signature cocktails are, you know, how are they different from 0:17:45.400 --> 0:17:48.359 where you can go and get you know, from someplace else. 0:17:48.920 --> 0:17:51.400 How is the theater around that, and how is that 0:17:51.480 --> 0:17:54.760 presented so that your guests like get a wow factor 0:17:54.760 --> 0:17:58.919 that's out of it. Right, And and Mark on the 0:17:58.960 --> 0:18:02.800 mixology side probably spends as much time putting together our 0:18:02.840 --> 0:18:08.080 signature cocktails as he does the signature dishes. So, you know, 0:18:08.119 --> 0:18:12.800 we've got a breaking bad pisco punch right that that 0:18:12.960 --> 0:18:18.720 comes out, you know, it's a mescal tequila and it 0:18:18.760 --> 0:18:22.600 comes out in a in a treasure chest with hemp 0:18:22.680 --> 0:18:25.320 smoke to it, and you know it's kind of all 0:18:25.600 --> 0:18:31.200 part of that breaking bad, you know, serious theme. We've 0:18:31.200 --> 0:18:34.679 got a you know, margarita's are are going to be, 0:18:34.960 --> 0:18:39.720 you know, seemingly a staple no matter what. But we 0:18:39.800 --> 0:18:44.959 have a spice pineapple mezcal martarita right where there's a 0:18:45.000 --> 0:18:49.920 Holopeni infused popsicle. And and as that it melts within 0:18:50.000 --> 0:18:53.479 the drink, it changes the flavor profile as you're drinking 0:18:53.480 --> 0:18:56.520 the cocktail. So there's just a lot of fun and 0:18:56.640 --> 0:19:00.800 unique things that go along with the beverage and the 0:19:00.840 --> 0:19:05.320 food side. And you know, for me, I think as 0:19:05.359 --> 0:19:07.800 we try to get the you know that those three 0:19:07.920 --> 0:19:11.400 key things right, what I really like is when I'm 0:19:11.400 --> 0:19:14.879 talking with you know, somebody who's been to Putchek for 0:19:14.920 --> 0:19:17.200 the first time, and I ask them, you know, okay, 0:19:17.680 --> 0:19:19.399 tell me the good, tell me the bad, you know, 0:19:19.480 --> 0:19:23.720 give me all the feedback and and two things I 0:19:23.760 --> 0:19:25.800 really like. One is when they say, you know, the 0:19:25.800 --> 0:19:29.080 game was great, which you know, I quite frankly really 0:19:29.119 --> 0:19:31.920 expect them to say. But it's when they say, oh 0:19:31.920 --> 0:19:35.080 my god, the food was so good. I really didn't 0:19:35.080 --> 0:19:36.960 expect the food to be that good. And and to 0:19:37.040 --> 0:19:39.800 your point, where they go, I come back just to 0:19:39.840 --> 0:19:43.879 eat and drink here, right. And then the other part 0:19:44.720 --> 0:19:46.800 is really that third component is when they'll go and 0:19:46.840 --> 0:19:48.879 you know, you know, and I've gotten this kind of 0:19:48.920 --> 0:19:52.280 a couple of times from people that use this exact phrase. 0:19:52.640 --> 0:19:58.160 Your associates just exude joy. And I'm like, Okay, if 0:19:58.200 --> 0:20:01.359 we can do those three things, then we're creating exactly 0:20:01.440 --> 0:20:05.240 what our brand is aspiring to be. And really have 0:20:05.320 --> 0:20:08.520 a fun environment where people come in and create memories. 0:20:09.560 --> 0:20:12.560 That's really cool. And you're making me want to have 0:20:12.600 --> 0:20:14.639 a cocktail as well. But I got way too much work. 0:20:14.920 --> 0:20:18.080 You have way too much work to do today and tomorrow. 0:20:18.119 --> 0:20:22.800 But it's five o'clock somewhere for sure. All right. 0:20:22.880 --> 0:20:26.400 That's that's interesting what you mentioned in terms of of 0:20:26.440 --> 0:20:30.160 the hospitality aspect and the ethos and how do you think, 0:20:30.280 --> 0:20:32.920 how do you what's enabling you to achieve that because 0:20:32.960 --> 0:20:34.320 that's that's hard to achieve. 0:20:38.040 --> 0:20:41.320 Yeah, you know, it's a huge focus that we spend. 0:20:42.200 --> 0:20:45.680 I think a lot of it comes down to early on, 0:20:45.800 --> 0:20:49.160 we really focused on what's our what are our core values, 0:20:49.200 --> 0:20:52.080 what's our brand? What do we stand for? Right? Because 0:20:52.560 --> 0:20:54.960 if you know what you stand for, if you set 0:20:55.000 --> 0:20:58.000 your core values, then you can build all your training 0:20:58.000 --> 0:21:00.440 programs around it. Because at the core I think of 0:21:00.920 --> 0:21:05.479 having engaged associates, it's the training part, and the training 0:21:05.520 --> 0:21:08.040 part comes down to, well, what is it that you 0:21:08.080 --> 0:21:11.560 believe in and who are you for us? That came 0:21:11.600 --> 0:21:15.760 down to four. We distilled that to four things. Bring 0:21:15.800 --> 0:21:19.760 your A game, lead the way, own the fund, and 0:21:19.800 --> 0:21:23.320 care deeply what we call block Okay, so we ask 0:21:23.400 --> 0:21:26.440 our associates to bring their a game every day, make 0:21:26.480 --> 0:21:30.400 sure that they are engaged with our guests in creating 0:21:30.400 --> 0:21:33.640 the fund memories. We also ask them to lead the way, 0:21:33.640 --> 0:21:37.159 which means to take some risks. Right. If we're going 0:21:37.240 --> 0:21:41.240 to be an exceptional brand, you can't do that by 0:21:41.400 --> 0:21:45.439 being conservative and not risk taking. Right. So you know, 0:21:45.520 --> 0:21:48.720 we don't want them to do stupid things, but we 0:21:48.760 --> 0:21:50.960 want them to lead the way and that means taking 0:21:51.040 --> 0:21:54.000 risks and as part of that. That also means that 0:21:54.040 --> 0:22:00.000 we will fail at times, right, it's inevitable, and encourage 0:22:00.280 --> 0:22:02.800 people to take the risk. But then learning from any 0:22:02.840 --> 0:22:06.160 failures and not punishing is what I think will help 0:22:06.320 --> 0:22:09.800 drive continue to drive the brand forward. Own the fun 0:22:09.960 --> 0:22:12.520 is really you know, people come into Puncheck because they 0:22:12.520 --> 0:22:14.280 want to have fun. All the squirrels that are running 0:22:14.280 --> 0:22:16.240 around in their head throughout the day, they just wanted 0:22:16.240 --> 0:22:18.960 to stop for a couple hours and enjoy the time 0:22:19.040 --> 0:22:21.160 with the people they're with. You know, when the DJs 0:22:21.200 --> 0:22:23.919 are playing, you know, the music's going, the lighting, and 0:22:24.040 --> 0:22:27.600 you know it in the evening. We're an adult only venue, right, 0:22:27.640 --> 0:22:31.720 so it's it turns into an upscale night club feel right, 0:22:31.800 --> 0:22:33.920 And we want people to have fun, and we want 0:22:33.920 --> 0:22:37.760 our associates to own that fun as well. And then 0:22:38.119 --> 0:22:41.879 the fourth one is care deeply care about our guests, 0:22:43.240 --> 0:22:45.800 care about our associates, and care about the communities that 0:22:45.880 --> 0:22:48.959 we're part of. So you know, one of the things 0:22:49.000 --> 0:22:52.639 that we do, we have a signature menu that mark 0:22:52.840 --> 0:22:58.239 Tailor's to every market called the Tailpipes, which is a 0:22:58.280 --> 0:23:01.840 spring roll. A dollar of every one of those goes 0:23:01.880 --> 0:23:05.439 back to a local charity and it's not a charity 0:23:05.520 --> 0:23:08.119 that I pick, or anybody on the central team picks. 0:23:08.160 --> 0:23:11.560 The managers at the venue pick a charity that's important 0:23:11.560 --> 0:23:14.919 within the local community, and then they give back to 0:23:15.000 --> 0:23:18.280 that And each one of those tailpipes is kind of 0:23:18.440 --> 0:23:22.840 custom made for the venue. So in Chicago, not surprising, 0:23:23.200 --> 0:23:26.399 it's a hot beef spring roll which ardnare in it. 0:23:27.160 --> 0:23:31.479 In Boston it's lobster maca cheese, right. But you know, 0:23:31.600 --> 0:23:34.280 in the first year in the suburbs of Chicago, we 0:23:34.359 --> 0:23:38.199 sold over ten thousand of those tailpipes that we were 0:23:38.200 --> 0:23:41.760 able to give back in that market. It's to a 0:23:41.760 --> 0:23:45.640 local food bank, right. So I think for us, if 0:23:45.680 --> 0:23:49.000 you demonstrate that, if you do those things, and if 0:23:49.040 --> 0:23:52.800 you show with our associates that we care about them, 0:23:53.440 --> 0:23:57.080 then it makes it easier for them to take the 0:23:57.119 --> 0:23:59.520 step of really caring about our guests. 0:24:00.400 --> 0:24:04.199 That's great in terms of the tailpipes and letting your 0:24:04.240 --> 0:24:07.959 managers pick the charity. And you know, I'd imagine that 0:24:08.000 --> 0:24:13.320 definitely helps create engaged employees and customers too, right. I mean, 0:24:13.720 --> 0:24:17.719 people especially in your core demographic, want to be associated 0:24:17.760 --> 0:24:20.199