In the latest episode of Hospitality Hangout, Michael Schatzberg “The Restaurant Guy” and Jimmy Frischling “The Finance Guy” chat with Jacob Jaber, Co-Founder of Philz Coffee and Consumer Investor.
In 1978 Phil Jaber purchased a convenience store and in his off hours, he blended and tested coffee, looking to make the perfect cup. Philz Coffee was born and has gone from starting from one store to seventy-five. Jaber says, “I love people, I’ve been in business since I was nine years old. I started in a convenience store in my dad’s convenience store in the Mission District in San Francisco standing on top of milk crates ringing up people at the register. I hated school because I felt like I was forced to learn stuff I wasn’t interested in from people who weren’t interesting. So I kind of put all of my energy into working with my dad and I learned a ton about business and people there and I fell in love with it and I’ve been doing that mostly ever since.”
Jaber talks about how he and his dad built Philz Coffee. He said that he knew how to treat people, how to make a personal cup of coffee, and how to work the business. They worked with people that knew how to create systems, processes, and organizational structures to help them open locations.
In terms of investing and advising Jaber says that he’s helped hundreds of entrepreneurs strategize, find product market fit, and build a team. He says this brings him the most joy. Jaber currently has almost twenty companies in his portfolio and they are out there looking for businesses.
Frischling asks Jaber what it takes to build a restaurant or venue today. Jaber says, “I think the most important thing is you got to love what you’re doing, you got to love the product that you’re selling, I see a lot of technology-first companies that sell food and it’s very difficult to succeed because you have to love food if you’re in the food business. Technology’s an enabler it’s not the starter.”
To hear more insights from Jaber about opening a business today and what he looks for when investing, plus get the Tuesday trivia answers check out this episode of Hospitality Hangout.
