In today's episode of Hospitality Hangout, Michael Schatzberg "The Restaurant Guy" and Jimmy Frischling "The Finance Guy" are joined by Clinton Anderson (https://www.linkedin.com/in/clinton-anderson-a5737537/) , CEO of HotSchedules (https://www.linkedin.com/company/hotschedulesnowpoweredbyfourth/) (now powered by Fourth (https://www.linkedin.com/company/fourth/) .)
Clinton shares his journey from a farm in rural Canada to CEO of Fourth, a restaurant technology provider serving 125,000 locations globally. Listen as he discusses the importance of collaboration between operators and tech partners, ideas for controlling volatile back-of-house costs, how purchasing and inventory management remain antiquated for most restaurants, and the key role forecasting plays in profitability.
Clinton also reveals whether he was truly chased by a grizzly bear, arrested crossing the US-Canadian border, and if he speaks fluent Japanese.
Key Takeaways
• [00:11 - 00:58] Live from Kings County Distillery Studios in NYC
• [00:59 - 02:56] PSA — Subscribe to the show
• [02:56 - 05:32] Introducing Clinton Anderson, CEO of Fourth/HotSchedules[]
• [05:48 - 08:37] Clinton talks about Fourth, and the HotSchedules software for maintaining employee schedules and is adopted widely in restaurants
• [07:47 - 08:37] Schatzy's loyalty to HotSchedules, it's been around for more than two decades
• [08:38 - 13:30] A deep dive into Clinton's history, leaving Canada to attend Harvard then Bain & Capital, then investing, then realizing he wanted to lead a technology company toward success
• [09:33 - 10:45] Operating responsibility, leading and motivating a team
• [10:46 - 11:48] Why Fourth? Adding simplicity to a complicated industry
• [11:49 - 13:03] An opportunity to get into restaurants and encourage adoption of a tool that will make lives easier and consistent
• [13:05 - 13:55] Jimmy on taking a similar path in the past in investments
• [13:55 - 16:43] Unbreaking rules — AI-powered forecasting tool by Fourth, anticipate rising labor and food costs, leverage data to become profitable
• [16:43 - 19:27] Predictability is a differentiator, considering the cost of food waste and the idea that not everyone can be winners in the restaurant industry
• [19:28 - 22:45] A lot of restaurant operators don't have time to think about technology
• [22:59 - 24:38] Sometimes the grumpiest customers are the best customers because they tell the truth about what isn't working, a customer advisory council
• [24:52 - 28:32] "It's hard to drain the swamp when you're up to your ass in alligators" and how it applies to the food service industry's biggest pain points
• [28:33 - 33:22] Talking Back: Clinton asks what the biggest challenge facing the average operator is. Everyone discusses procurement, forecasting, software solutions and a lot of equipment
• [33:22 - 35:56] Spice is Right, IHOP Breakfast Sample
• [36:22 - 40:13] Trivia — Clinton edition
• [40:14 - 42:27] Branded Quickfire with Clinton
Episode Credits:
• Produced by: Branded Hospitality Media
• Hosted by: Michael Schatzberg, JImmy Frischling
• Producer: Julie Zucker
• Creative Director: Adam Levine
• Show Runner: Drewe Raimi
• Post Production: Three Cheers Creative
