Peter LeSar, author of Restaurant Strong: The First Principles of Restaurant Outperformance
Peter LeSar and Bill Ringle discuss the idea of business first principles, which allow you to focus on the few key factors that make your business stand out as distinctive, rather than trying to be all things to all customers.
>>> Visit MyQuestforTheBest.com for complete show notes and more expert advice and inspiring stories to propel your small business growth. My Quest for the Best is a top-rated small business podcast with over 300 episodes of thought-provoking and insightful interviews with today’s top thought leaders and business experts. Host Bill Ringle’s mission with this show is to provide the strategies, insights, and resources that will unlock the growth potential of your business through these powerful conversations.
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Top 3 Takeaways from this Interview
- Look for, and maximize opportunities to drive your business.
- In whatever business you are in, figure out what needs you’re meeting to satisfy your niche.
- Respond to your market’s needs uniquely, and distinctly, and be sure to address those needs better than your competitors.
Read show notes for this interview
- Someone who inspired Peter was his 8th-grade History teacher, Mrs. Beck. [01:31]
- Mrs. Beck’s message served as a lesson that helped Peter grow Thunderbird Resorts from 5 guys to 5,000 people strong. [02:59]
- Peter shares the principles, and best practices restaurant owners or any business owners should practice to be successful. [03:36]
- Understanding how to add value to your business. [05:37]
- Defining roadblocks in the right ways. [06:16]
- Brian is a restaurateur from the midwest and one of Peter’s clients, his interesting twist on a staple food gave him an edge over the competition. [07:30]
- The visibility gap between what entrepreneurs see their visibility vs. how visible they are in the market. [08:31]
- How entrepreneurs come across the ‘road less traveled.[10:07]
- The great thing about breaking patterns. [12:04]
- A big challenge in the restaurant industry is that restauranteurs do not consider themselves solution providers. [14:37]
- McDonald’s and other fast-food restaurants are exemptions as they provide a solution to the human physiological need for quick fuel. [15:13]
- High-end fine dining restaurants also serve needs such as the need to self-actualize oneself. [15:47]
- Maslow’s hierarchy of human needs. [16:26]
- Chick-Fil-A and how they addressed the physiological need of fast food and the human need to be recognized. [17:47]
- A powerful message by Peter on how to get the best of something. [19:27]
- My Quest for the Best lightning round begins. [25:20]
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Peter LeSar has gone from ground zero through IPO in the hospitality business.
He has spent a decade breaking down the First Principles of Restaurants, meaning the base layer of knowledge of what matters most and what works best in this industry.
Peter LeSar is an officer and 2nd largest shareholder of Thunderbird Resorts, a publicly-traded hospitality company.
Peter has been President of a $50M, 1,500+ employee hospitality company in Asia and CFO of a publicly-traded hospitality company with $200M in sales in 7 countries across the globe. He is the founder of two restaurants that were recognized by The World’s Best in its Discovery Series.
Contact Info and Social Media for Peter LeSar
Resources Mentioned During the Interview
Below are key people, places, books, quotes, websites and other resources that we discussed so you can explore further.