Dunkin Donuts, Mister Donut, Dunkin Donut discussed on On Mic Podcast

On Mic Podcast
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Conversation with creative people with inspiring messages and a lot to share joining me today is a good faith Bob Rosenberg. I've known Bob for the last five years and we occasionally hang out together. He's known to many many people as the former CEO of Dunkin Donuts and he's written a book He's promised to do for a long time all about the experience of running Dunkin Donuts with business and life lessons Galore. The book is brand new. It's called around the corner to around the world a dozen lessons. I learned running Dunkin Donuts G as I sit here with at all Dunkin regular and a Cruller donut. I'm thrilled to Welcome to the podcast man has done so much for the culture and for business bringing us all Dunkin Donuts. Thank goodness. Bob Rosenberg joins on like The book is called around the corner to around the world by Robert am Rosenberg 35-year CEO of Dunkin Donuts. I think the title is so apt but because I grew up in this area as you did. I know where it all started but I also know what I travel overseas or do an island or somewhere west of the Mississippi. I need to know there's a Dunkin Donuts there. That's the way I feel warms my heart off. And as I said, I think they're around the world there are over five million customers who start their day with a cup of Dunkin Donut coffee and their favorite home goods and whether it's a donut or a or a muffin or a bagel and that's a heart-warming thought that it's nice to know that you have so many loyal customers and you have a job opportunity as a as a business to to provide a little smile and a little sort of bounced two people steps as they start their day every day and we love being a part of that and I love being able to do a job. Our customers. Well, the book is the story of the evolution of the business when you took over for your dad and that's kind of interesting in itself because you were just a recent very recent graduate from Harvard Business School at 25 tell me more about that. It was it was a sort of a pivotal turning point for both. My father was only forty-seven years old and who had found at the business office and the company itself. My father had started after the second world war and a business he knew which was basically the developing trucks that went around to factory sites and construction sites dead serving coffee and and sandwiches to to workers and the business was growing my dad and eighth-grade educated guy basically thought he needed some help and he brought in his dead brother in law a CPA and a guy he admired as his full partner and that business continues to grow but it's vending machine started. Come on the scene. The business started to falter and they decided to diversify and they opened up a donut shop in the Southern Artery in Quincy in 1948 was called open kettle and through a series of happenstance as they basically be modest wage be changed the name to Dunkin Donuts in the launch the business but the partnership faltered and when it reached five stores, they broke up and my father bought my uncle out for the VIN Book value of the business did my uncle proceeded to do I took that proceeds and he decided to open a competitive Donuts chain called Mister Donut, huh? And the new companies Rife with all kinds of family conflict waged pulled it out for a number of years and a few years later and eight years later when I came on the scene basically missed it don't it was the same size as Duncan and my father had Diversified the business opening bank accounts as in Hamburg as well as how would he be fat burger some new englanders may remember was our chain and cafeteria company and a vending company in Mister Donut without burdened of all those different authors. This is was flourishing and we were sort of stagnating my Dad tried to sell the business for a million and a half dollars back in those days my second year in business school. He had taken me with him to New York when she was approaching a private Equity buyer to try to buy the business but because profits has stagnated he wasn't able to get the million and a half dollars that after taxes would lead him to be the millionaire. He always wanted to be wage and it was against that backdrop that a few weeks after my graduation. He turned to me and asked if I wouldn't take on the responsibilities as president and CEO pretty awesome responsibility at that wage, even though you knew a little bit about the business and you say that you filled in for some of the managers over time when you were a student virtually. Figuratively grew up over the store. I I did all kinds of jobs all the way through high school and through college and in between college and graduate school. I I I actually helped do the spadework to launch our Beef & Burger business by going to work for McDonald's and their first location and greater Boston and the other bridge and the name Miss Mass. So I had a number of jobs. I worked in the kitchen I porch canteen card. So I I worked in the bakery. I had spelled manages on on vacations when I'm in college when they when they went on their vacation. So I took over and manage the stores in Stoneham in in Somerville and the Summers so I had I had experience in the business. I'm a Believer at home and Maxim Malcolm Gladwell, so I'll blind in his I think 2008 book called outliers. He said successful. Leaves a trail in yep. Look closely enough. You'll find that most people who are successful in most things that are successful people to practice and Apprentice for ten thousand hours and their trade and I think that money is true. I believe that and so I did spend my 10,000 hours. It probably was over eight or ten years, but I did that working in different jobs in the company before we go on a walk and talk a little bit about the path and the ark that it took let's talk a little bit more about your father who was a larger-than-life guy sort of soaked up all the energy in the room when he came in for all the successes you point out the issue that he had bought a hubris and why that was something that you took us a lesson. Tell me more about your dad my dad and I were very different people. We had a different life experiences. Yeah, he dropped out of school in the eighth grade. He had a knack for and he was a real enterprising young man. He had delivered post for a Western Union in those days and even went so far as to sell ice and Rockingham Park on hot days and by crawling under the under the under the link fence to do a job. He was a very entrepreneurial a very resourceful very Savvy, but he and I had different styles and so the different beliefs we had different life experiences and I am honor and love my father. He gave me a phenomenal opportunity at a young age that worked out well for me and for the business, but it didn't come without its challenges. He was a young man very demanding and had it had always had his foot out the door because he was a child of the depression so he was always lucky. To sell the business and I had a hard time trying to keep us in and I loved what I was doing business with started off. I changed the strategy our team did and we started have a lot of Suboxone was hard to have one eye on who was going to buy us in another I and trying to run the business on a day-to-day basis change the strategy and beat Mister Donut, which was really off of Jack is in those early years, right? So it was it was both a wonderful opportunity but a big challenge book starts off with chapter on the Halcyon Days the first year long, it takes us all the way up to the time when you left and the Brits had taken over at that point and we'll talk a little bit about that. But I'm not a business major by any stretch. I'm married to one but I learned a lot about General business sense and understanding and just explain how you broke down the book for those people who are listening living Reddit yet..

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