Invest Like The Best
Episode 203 The Power of Hospitality
Invest Like The Best

Episode 203: The Power of Hospitality

Invest Like The Best

Episode 203

The Power of Hospitality

Danny is the founder and CEO of Union Square Hospitality Group, which has created some of the most acclaimed restaurants in New York. We cover how great hospitality leads to a great business, how to scale hospitality and his concept of ABCD - always be collecting/connecting dots.

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[00:03:41] – (First question) – His experience as a tour guide in Italy

[00:08:17] – Why hospitality is the center of business focus

[00:08:19] – Setting the Table: The Transforming Power of Hospitality in Business

[00:11:50] – Early lessons from creating an environment of hospitality 

[00:15:17] – His ABCD strategy, learning from a trout fisherman and how they relate to hospitality

[00:20:45] – Scaling hospitality 

[00:24:56] – What kind of people make a hospitality business work

[00:29:34] – How to be an effective leader

[00:33:00] – Handling mistakes well in the role of hospitality 

[00:36:28] – Creating the spark in the early part of entrepreneurial ventures

[00:40:32] – When its time to start something new vs expand something you are already doing

[00:45:52] – The excellence reflex and an example of this in his career

[00:50:25] – Kindest thing anyone has done for him

The Power of Hospitality

Introduction

Patrick
My guest today is Danny Meyer, the founder and CEO of Union Square Hospitality Group, which compromises some of the most acclaimed restaurants in New York City like Gramercy Tavern and Union Square Cafe. Danny is also the founder and chairman of Shake Shack, which began in New York City, but is now a publicly traded company with hundreds of locations worldwide.

Our conversation focuses on how great hospitality leads to great business, regardless of the sector that it's in. We discuss why hospitality is the starting point for Danny's business philosophy, why first impressions matter, Danny's concept of ABCD, which stands for Always Be Connecting Dots, how to scale hospitality, and how to build a business with essentialism and soul.

Just the other day, when my son went ice skating for the first time and fell a lot, he said to me, "Well, you learn from your mistakes. So you try to make as many of them as you can." You'll hear Danny say something powerfully similar late in our conversation. It's a lovely thought then that I found out that my son, my first born, was a boy in one of Danny's restaurants, in a reveal orchestrated by his incredible team. I hope you enjoy this wonderful conversation.

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