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Stuart Miller

๐Ÿ‘ค Speaker
616 total appearances

Appearances Over Time

Podcast Appearances

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

Of course, I knew nothing about restaurants, but I figured it was a casting exercise, just like most other things. So I was like, okay, so I need to find... A chef.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

Of course, I knew nothing about restaurants, but I figured it was a casting exercise, just like most other things. So I was like, okay, so I need to find... A chef.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

And the other thought I had was that the percentage mindshare that Chez Panisse has in Berkeley, like if I lived in Berkeley, being able to walk to Chez Panisse and having that one woman in a house totally disproportionately impacts that whole place's sense of itself. Like there's such leverage to really good food. culinary and more than culinary, just neighborhood experience.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

And the other thought I had was that the percentage mindshare that Chez Panisse has in Berkeley, like if I lived in Berkeley, being able to walk to Chez Panisse and having that one woman in a house totally disproportionately impacts that whole place's sense of itself. Like there's such leverage to really good food. culinary and more than culinary, just neighborhood experience.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

I aspired to bring that in some way to Santa Barbara and Montecito. And this restaurant spot came up. It ended up taking about a year to get the lease. It ended up being a sublease, but a long one. And then I started trying to figure out what distinguished different chefs. And I interviewed a ton of chefs.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

I aspired to bring that in some way to Santa Barbara and Montecito. And this restaurant spot came up. It ended up taking about a year to get the lease. It ended up being a sublease, but a long one. And then I started trying to figure out what distinguished different chefs. And I interviewed a ton of chefs.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

And the reality is that for a chef to get leverage, they need to open multiple locations and then most often not be in the original location. And so I had several potential licensing deals with very fancy chefs because everybody seemed to agree once I had this lease that this was an amazing lease.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

And the reality is that for a chef to get leverage, they need to open multiple locations and then most often not be in the original location. And so I had several potential licensing deals with very fancy chefs because everybody seemed to agree once I had this lease that this was an amazing lease.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

But I realize there's something about when you're in a restaurant and the chef is there versus... Jean-Georges number 10. Yeah, yeah. That it just feels different and it doesn't feel like a neighborhood place. And I wanted this to feel like a neighborhood place.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

But I realize there's something about when you're in a restaurant and the chef is there versus... Jean-Georges number 10. Yeah, yeah. That it just feels different and it doesn't feel like a neighborhood place. And I wanted this to feel like a neighborhood place.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

I kept looking for either someone younger, this was going to be their first breakout restaurant, or someone for whom it made sense that they would actually be in the restaurant. And I interviewed a ton of chefs. And one of the co-founders of BlackRock, Keith Anderson, owns a restaurant called Community Table in Litchfield County. And I was speaking to him about it.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

I kept looking for either someone younger, this was going to be their first breakout restaurant, or someone for whom it made sense that they would actually be in the restaurant. And I interviewed a ton of chefs. And one of the co-founders of BlackRock, Keith Anderson, owns a restaurant called Community Table in Litchfield County. And I was speaking to him about it.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

I was speaking to him on a reference on a chef that had worked at Community Table back when he started it. And that chef, Joel Vealhand, ultimately we hired. And I'm super excited. He's moving to Santa Barbara in July. And we're going to open this restaurant.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

I was speaking to him on a reference on a chef that had worked at Community Table back when he started it. And that chef, Joel Vealhand, ultimately we hired. And I'm super excited. He's moving to Santa Barbara in July. And we're going to open this restaurant.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

But there's a dynamic between the general manager and the chef that is very delicate because one runs the front of the house and one runs the back of the house. And one theme that people who own restaurants have is chefs are artists. They're only going to last three to five years. So you actually want the stability of the general manager and having it be an experience first and the food second.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

But there's a dynamic between the general manager and the chef that is very delicate because one runs the front of the house and one runs the back of the house. And one theme that people who own restaurants have is chefs are artists. They're only going to last three to five years. So you actually want the stability of the general manager and having it be an experience first and the food second.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

And I wrestled for a while with that trade-off and ultimately decided I didn't want that trade-off. And I was going to try to, we'll see whether it works, try to have it both ways. But this particular chef, I had interviewed him early in the process. And he was so, Joel was so knowledgeable and wise about the business without being cynical.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

And I wrestled for a while with that trade-off and ultimately decided I didn't want that trade-off. And I was going to try to, we'll see whether it works, try to have it both ways. But this particular chef, I had interviewed him early in the process. And he was so, Joel was so knowledgeable and wise about the business without being cynical.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

It was like this knife edge of, I interviewed so many chefs who were burned out. This is particularly probably a post-COVID experience. They had gotten slightly cynical and victimized feeling about the profession and how restaurants fared during COVID. And Joel didn't have that.

Invest Like the Best with Patrick O'Shaughnessy
Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]

It was like this knife edge of, I interviewed so many chefs who were burned out. This is particularly probably a post-COVID experience. They had gotten slightly cynical and victimized feeling about the profession and how restaurants fared during COVID. And Joel didn't have that.