Jeff Fenster is the founder of restaurant chain (Everbowl), payroll and HR company (CanopyHR), digital marketing agency, and a construction company (WeBuild). Whatever venture Jeff pursues, he lives by the principle of putting people first. He was named a top 100 Entrepreneur in America, Top 40 Executive under 40 by the Business Journal, and a Top Entrepreneur to Follow for 2022. Today, Jeff speaks around the country on entrepreneurial mindset, authentic networking, and vertical integration.
In this episode, Jeff discusses the concept of vertical integration and its significance in his business ventures. Jeff acknowledges that although he didn’t have prior knowledge of the restaurant industry, he recognized the need for vertical integration as he planned to open numerous stores for his brand, Ever Bowl. By identifying the high costs associated with restaurants due to one-off construction services, Jeff decided to start his own construction company, not with the intention of making a profit but to save money on building Ever Bowl locations. This move eventually led to the establishment of Webuild, which not only benefited Ever Bowl but also expanded to build other brick-and-mortar businesses in collaboration with well-known personalities.
Jeff emphasizes the importance of solving problems within his main business rather than being distracted by unrelated ventures. He explains that vertical integration provides control, optionality, and the ability to adapt to changing circumstances. For instance, when the COVID-19 pandemic hit, Jeff’s vertically integrated supply chain allowed him to navigate through the crisis by importing his own superfoods and quickly launching a direct-to-consumer product called Later Bowls. This adaptability and having multiple options helped Jeff’s businesses stay afloat and even discover new revenue streams.
Furthermore, Jeff Fenster highlights the value of vertical integration in various successful companies such as McDonald’s, Domino’s, Google, Amazon, and Facebook. He suggests that entrepreneurs should consider vertical integration when the problem they’re solving is directly related to their main business and when it provides a viable solution while maintaining focus and control. Jeff concludes by emphasizing the importance of entrepreneurs staying in business by being problem solvers and continuously seeking options that offer flexibility and the ability to navigate unpredictable circumstances.
Takeaways
- Learn how vertical integration can reduce your primary business’s expenses
- Discover why you are not your business and the importance of the entrepreneurial mindset
- Gain insights on the future of AI and entrepreneurship in the food industry
Connect with Jeff Fenster
Instagram: https://www.instagram.com/fensterjeff/
Website: https://www.jefffenster.com
SMS: text the word Jeff to 33777
Amazon: https://www.amazon.com/Relationship-Bank-Account-Friends-Lifelong/dp/B0BLR3KVBR
Mark Savant
LinkedIn: https://www.linkedin.com/in/mark-savant-ba777145
Start your Podcast: https://marksavantmedia.comBuzzsprout: https://afterhoursentrepreneur.buzzsprout.com/1246622/12195177