Earn Your Leisure - Special Episode with Pinky Cole
Introduction
- Special episode featuring Pinky Cole
- Focus on Pinky's business journey and challenges
Pinky Cole's Journey
- Owner of Slutty Vegan, founded in 2018
- Faced personal and business challenges
- Car accident
- Lost part of the company and had to buy it back
- Achievements:
- Graced covers of Essence, Inc Magazine
- Made Time 100 list
- Expanded to 14 locations
Business Growth and Challenges
- Raised $25 million for 25% of the company, valued at $100 million
- Overhead expenses became too high
- Realized future financial issues, not current revenue problems
Leadership and Restructuring
- Fired entire C-suite to address issues
- Sold real estate to manage debt
- Entered official restructuring in February 2024
- Board resigned and ownership transferred to an assignee
- Pinky remained active to maintain business operations
Lessons Learned and Strategic Moves
- Emphasized importance of strategic partnerships
- Initial strategic partner was replaced for better alignment
- Shift from loyalty-based decisions to expertise-based decisions
Business Philosophy
- Focus on ethical entrepreneurship
- Transparency about business struggles
- Plan to inspire other entrepreneurs with her story
Future Plans
- Reacquired the company on March 28th
- Plans for international expansion
- Introduction of new concepts like "Voggeis Vegan Hoagies"
- Collaboration with husband's business in Hayes Hospitality Group
Pinky Cole's Vision
- Commitment to transparency and education
- Finding the best talent for future growth
- Continued focus on strategic partnerships for scaling
- Plans to share her journey through a 28-city tour "Hustle the Empire"
Conclusion
- Encouragement to support Slutty Vegan 2.0
- Insights into the realities of entrepreneurship
- Emphasis on persistence and strategic adaptability
Overall, Pinky Cole's story serves as a powerful lesson in resilience, strategic thinking, and the importance of aligning with the right partners and talent to drive business success.