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Thank you. And we likewise have Clinton Anderson, the CEO of Fourth, who will be moderating the discussion with Jason. Jason, how about I let you give the audience some info about your background and you can likewise tell them a little bit about Chop Shop. And after that I'll let you take it from there, Clinton.

Thanks Christina. My name is Jason Morgan, CEO of Original Chop Shop. I've been doing this for about 9 years now. We bought the brand in 2016three unitsand I've grown it to 26. Prior to this, I've invested many of my career in hospitality in some shape or type. After a short stint of trying to be an accountant for about a year and a half, I transitioned into gambling establishment home and worked in business finance.

I was the very first worker there after personal equity bought business. Helped grow that from 20 to 150 locations, took it public in 2014, and then left about a year and a half after going public to do this at Chop Store. My hope is that we can duplicate the success we had at Zos, and we're off to a really excellent start.

We're at the counter, we bring the food to the table. The key to the program is we have a drink part as well with fresh-squeezed juices and protein shakes.

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A little more complicated than some of the walk-the-line ideas that are out there, but we think we've got something pretty special. We're going to add another store this year and at least 4 shops next year. We will be 31 or so stores by the end of next year.

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I've been in this function for about six years. Fourth, as many of you understand, is a leading provider of software solutions to the dining establishment and hospitality market. Our objective is to help our clients be successful in driving success and being efficientmanaging labor, handling stock, and generally offering them with tools they require to provide their vision.

It's uncommon to have companies that are beloved and growing quickly, that can duplicate that success year after year. Jason, among the factors I was so ecstatic to have you join our session is the success at Zos was amazing. I have actually only fulfilled a handful of brand names where there was such a strong consumer affinity for the brand.

When you talk to consumers about Chop Shop, they like the location. And to be able to take what is a relatively complex concept in terms of delivering a fantastic experience for the consumer, and be able to grow that from a couple of shops to now north of 30 stores next yearit's incredible.

We're going to discuss how to scale a restaurant business. Every restaurateur I ever talk with has dreams of taking one shop, 2 stores, five shops, and turning it into something much biggerexpanding throughout the city, across the state, into multiple states, and ultimately national, even global reach. It's not simple, especially in today's environment.

Labor is hard. Stock expenses stay high. It's not an easy time to drive profitability and development at the exact same time. But we're delighted to have you here today, Jason, since we're going to go into that subject. The questions are going to be actually around: how do you grow a company? How do you scale it and make it effective? How do you replicate early success? And from there, after we talk about your experience and the lessons you've found out, we 'd like to then state: well, appearance, how could technology assist? How can you use technology as a multiplier to replicate early success to significant success? Second, beyond innovation, how do you scale great groups? And lastly, AI.

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The very first question I have for you, Jasonlook, you have actually done this twice now in the dining establishment industry. What are a few of the lessons you've discovered? What has your experience been in regards to what it takes to really drive success in broadening dining establishments? Inform me a little about your course, what you experienced along the way, and possibly some of the more difficult lessons you found out.

We talked a little bit before we started about LinkedIn, and I have actually got a post teed approximately follow this next week about what the playbook is likepoint by pointfor growing a company. To me, one of the essential things, and I feel really fortunate, is that both brand names I've been involved with are special.

And there's absolutely nothing precisely like Chop Shop in regards to what we're making with a big, diverse menu. The majority of brand names today are really singularly focused in regards to what they're offering from a foodstuff. I feel like we began at a benefit with both brand names by having something unique that filled a specific niche no one else was doing.

A lot of it begins with the brand name. Does your brand name have something special that no one else is doing?

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The 2nd thingI came from a financing background, so a lot of my knowings are more financing and data-driven versus a lot of early startup restaurateurs who are innovative types. They love the food, they constructed the menu, they constructed the brand.

They don't know their breakeven sales. They do not understand how margin enhances as sales boost. They don't understand cash-on-cash returns. I have actually seen so many companies where the numbers just don't work. And yet individuals state: let's open 10 more. And I'll say: why? It does not earn money. Stop. You require to find an idea that is special.

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If you don't have those 2 things, you should not be constructing stores. Since as I hear your description, you've highlighted 3 things: execution, brand name differentiation, and monetary practicality.

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Second, you require a compelling brand name or distinct concept that resonates with consumers. And 3rd, the math needs to work. If you do not understand your system economics, your repaired and variable expenses, you might be broadening blind and losing money. Exactly. And another key lesson has to do with getting in new markets.

When we broadened to Dallas, I anticipated brand-new stores to do 5070% of Phoenix sales in the first year. Too many operators presume new markets will open at complete volume day one.