Howard Schultz

Well, the thing that Dan Levitan told us years ago when we did an episode on the Starbucks IPO was that you were really only considering smaller banks because it was going to be a smaller IPO.

Well, the thing that Dan Levitan told us years ago when we did an episode on the Starbucks IPO was that you were really only considering smaller banks because it was going to be a smaller IPO.

Well, I was considering it because Goldman Sachs turned me down.

Well, I was considering it because Goldman Sachs turned me down.

I had no choice.

I had no choice.

I had no choice. And Brotman at the time was not a big fan of Wertheim Schroeder, which was Dan Levitan's thing. And so Alex Frown became the lead. But I also had my own ego attached to this. I had so much fun on the roadshow.

I had no choice. And Brotman at the time was not a big fan of Wertheim Schroeder, which was Dan Levitan's thing. And so Alex Frown became the lead. But I also had my own ego attached to this. I had so much fun on the roadshow.

I was just in my element. I was looking up. I was trying to figure out your public comps at the time. I think there were zero publicly traded coffee companies, not bean companies, not retailers, not coffee house chains. I mean, truly unheard of. So when you're going on this roadshow, I think people, of course, are mystified. There's literally no public companies like yours.

I was just in my element. I was looking up. I was trying to figure out your public comps at the time. I think there were zero publicly traded coffee companies, not bean companies, not retailers, not coffee house chains. I mean, truly unheard of. So when you're going on this roadshow, I think people, of course, are mystified. There's literally no public companies like yours.

Yeah, I think we had to take them through everything. We had the product there. We served coffee. I gave them the whole show. We had a short video that was probably in black and white. The comp always was a restaurant, and I was always fighting, we're not a restaurant. We're a hybrid retailer. I never referred to us as a cafe. It was always a store. We are a store. We are merchants.

Yeah, I think we had to take them through everything. We had the product there. We served coffee. I gave them the whole show. We had a short video that was probably in black and white. The comp always was a restaurant, and I was always fighting, we're not a restaurant. We're a hybrid retailer. I never referred to us as a cafe. It was always a store. We are a store. We are merchants.

Fascinating. I mean, I go there and eat many, many meals sitting in your store. Yeah, well. But as we've been talking about, I mean, the economics, you were a store. We were a store. We were a retail store. So Howard, I'm going to take us through the IPO. You're the first publicly traded coffee company. You end up doing $93 million in revenue that year. Do you remember the exact price? Yes.

Fascinating. I mean, I go there and eat many, many meals sitting in your store. Yeah, well. But as we've been talking about, I mean, the economics, you were a store. We were a store. We were a retail store. So Howard, I'm going to take us through the IPO. You're the first publicly traded coffee company. You end up doing $93 million in revenue that year. Do you remember the exact price? Yes.

We went out at $17 and the price was $21. The market cap, I think, was $250 million.

We went out at $17 and the price was $21. The market cap, I think, was $250 million.

Can you imagine today a $250 million market cap company going public? And people considering that a success. I mean, this is a great... At the time. For your employees, how crazy is that? What, 12, 18 months before? Yeah. I guess 12 months before. Yeah. Six bucks a share. You tripled their money. Yeah. Fantastic. And that was when you started calling them partners, right? When they became... 91.

Can you imagine today a $250 million market cap company going public? And people considering that a success. I mean, this is a great... At the time. For your employees, how crazy is that? What, 12, 18 months before? Yeah. I guess 12 months before. Yeah. Six bucks a share. You tripled their money. Yeah. Fantastic. And that was when you started calling them partners, right? When they became... 91.

As soon as Beanstalk was instituted, everyone was a partner.

As soon as Beanstalk was instituted, everyone was a partner.