Howard Schultz

And ultimately, it ended up being a very good strategy. Well, it seemed like, I think the numbers are, it was a little bit after IPO in 94, $23 million. They had 23 locations, and they were doing $16 million a year in revenue. So if you just look at the purchase... I think it was one-time sales. Maybe a little over one-time sales.

And ultimately, it ended up being a very good strategy. Well, it seemed like, I think the numbers are, it was a little bit after IPO in 94, $23 million. They had 23 locations, and they were doing $16 million a year in revenue. So if you just look at the purchase... I think it was one-time sales. Maybe a little over one-time sales.

And the original Starbucks, ironically enough, was exactly a one-time sales, right? That's what you bought it from the founders for. Yeah.

And the original Starbucks, ironically enough, was exactly a one-time sales, right? That's what you bought it from the founders for. Yeah.

If they had the lock on all the best real estate and they had burned all the capital figuring out what stores we should be in, what stores we shouldn't be in, and then you just get to move into that market for one-time sales, 1.5, whatever it is, with all that already figured out, that's pretty amazing. It probably seemed high at the time, though. I'm sure it did.

If they had the lock on all the best real estate and they had burned all the capital figuring out what stores we should be in, what stores we shouldn't be in, and then you just get to move into that market for one-time sales, 1.5, whatever it is, with all that already figured out, that's pretty amazing. It probably seemed high at the time, though. I'm sure it did.

Well, isn't that the thing about valuations? It always seemed like in the good old days, everything was undervalued. Yeah. Okay, let's talk about the IPO. So it seems like you knew the moment that you bought Starbucks from the founders, this is going to be a public company.

Well, isn't that the thing about valuations? It always seemed like in the good old days, everything was undervalued. Yeah. Okay, let's talk about the IPO. So it seems like you knew the moment that you bought Starbucks from the founders, this is going to be a public company.

I thought so. I think there was so much about being a public company that meant something to me personally, that it validated the company, it validated me. My own shame, insecurity as a kid. So that was a driving force all along. Certainly the year before with Beanstalk is an indication of what I was planning if Beanstalk was turned down. I would have waited. That had to be done.

I thought so. I think there was so much about being a public company that meant something to me personally, that it validated the company, it validated me. My own shame, insecurity as a kid. So that was a driving force all along. Certainly the year before with Beanstalk is an indication of what I was planning if Beanstalk was turned down. I would have waited. That had to be done.

I think we only had a couple of quarters of profitability. And I think we had about 130 stores. And what was the revenue at the time? I don't remember exactly. I know what the market cap was the day we went public.

I think we only had a couple of quarters of profitability. And I think we had about 130 stores. And what was the revenue at the time? I don't remember exactly. I know what the market cap was the day we went public.

I think you ended up doing $93 million that year. But the year before, it was $50 million or something like that. Companies went public when they were smaller back then. But you were a small cap IPO.

I think you ended up doing $93 million that year. But the year before, it was $50 million or something like that. Companies went public when they were smaller back then. But you were a small cap IPO.

Yeah, we were. And we got turned down by Goldman Sachs. You know that? I did not know that. I couldn't believe it. I mean, I just, I wanted Goldman Sachs as the, you know, they were the

Yeah, we were. And we got turned down by Goldman Sachs. You know that? I did not know that. I couldn't believe it. I mean, I just, I wanted Goldman Sachs as the, you know, they were the

The patina on the prospectus to have Goldman Sachs. It would be a very Starbucks thing for Goldman Sachs to be the lead left.

The patina on the prospectus to have Goldman Sachs. It would be a very Starbucks thing for Goldman Sachs to be the lead left.

Well, Blankfein, I had a good friend who was a senior partner there who's since passed away. I thought I had it locked. I mean, it was just so many things about it, New York, everything. And they said, no, you're too small.

Well, Blankfein, I had a good friend who was a senior partner there who's since passed away. I thought I had it locked. I mean, it was just so many things about it, New York, everything. And they said, no, you're too small.