Welcome to the Arena from ICR – Conversations with Today's Innovators & Business Leaders

Summary:

With Covid-19 mandates relaxing and consumers eager to rejoin the real world, the beverage industry has been bouncing back over the last year. However, the landscape is not exactly what it used to be, and while doors are open, there are some new challenges to face. Changes in consumer habits as a result of the pandemic, along with the much-discussed supply chain issues, have forced many in the industry to reconsider best practices. 2021 even saw industry giant Starbucks close nearly 400 of their sit-down locations in favor of simplified, pick up and takeaway options. They're onto something, but they didn't get there first. 

My guest today is Joth Ricci, CEO of Dutch Bros Coffee, a drive-through coffee chain headquartered in Oregon that has been having success with this model for years. It's a brand that has been a "30 year overnight success," and an amazing case study on building a culture that is foundational to stakeholder success. 

In this episode, Joth explains the business model that helped Dutch Bros avoid the obstacles other retail beverage companies have experienced in the last few years, their plans to continue expanding into new geographical markets, and why their focus on employee satisfaction and company culture is paying off.

Highlights:

• How Joth came to join Dutch Bros Coffee as CEO (03:22)
• Joth talks through the premise of Dutch Bros Coffee (05:20)
• Joth explains the advantages the Dutch Bros business model affords the company (06:30)
• Why being a "people business" is central to Dutch Bros philosophy (07:47)
• Joth explains how Dutch Bros has been expanding their market reach (12:00)
• What Dutch Bros Coffee's recent IPO means to the company (13:30)
• Joth explains new initiatives the company is taking, including their new rewards program (15:30)
• Joth talks through some of the companies financials (19:10)
• Joth explains the importance of philanthropy to Dutch Bros Coffee (22:45)
• Wrap Up (24:35)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Joth Ricci LinkedIn

Joth Ricci Bio

Dutch Bros Coffee Website

Dutch Bros Coffee LinkedIn

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

In America, there are a lot of misconceptions about many aspects of Chinese culture and economic policy. These have become especially apparent over the last two years during the Covid-19 pandemic. However, many investors are curious about the opportunities to be found in China’s fast-growing market but while factors like the country’s political structure, ongoing trade wars with the US, and regulatory differences shouldn’t deter investment, it is important to understand the risks involved when it comes to investing in China.

Here to give us an insider’s perspective is Andy Rothman, an investment strategist at Matthews Asia, the largest dedicated active investor in Asia and China in the United States. Before heading to Matthews, Andy spent more than 20 years living and working in China, first as a student, then as an American diplomat. At Matthews, Andy is primarily responsible for developing research focused on China’s economic and political developments.

In this episode, Andy discusses the major shifts that have been happening in the Chinese economy both pre- and post-pandemic, the changing role of private companies in China, and his take on US/China economic policy and regulation.

Highlights:

• A brief history of the modern Chinese economy (03:08)
• The changing role of China’s public companies (04:54)
• How Covid-19 affected China’s role in the global supply chain (07:25)
• China’s shift away from a manufacturing economy (09:47)
• Andy’s take on the status of the Chinese residential property market (11:19)
• Andy describes the easing cycle China is going through this year (16:09)
• Factors that will affect whether Chinese public companies list in China or the US (18:25)
• Andy describes the two “weather patters” occurring in the Chinese economy (21:33)
• Positive steps from the Biden Administration in US/Chine policy (24:58)
• Andy’s take on China’s relationship to the Russia/Ukraine conflict (26:43)
• Wrap Up (28:41)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Andy Rothman LinkedIn

Andy Rothman Bio

Andy Rothman Twitter

Matthews Asia Website

Matthews Asia LinkedIn

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

In 2021, the average person was estimated to encounter between 6000 and 10 000 ads every single day. And, with eyes more glued to screens than ever before, digital marketing, finding its way to us via smartphones and computers, accounts for a great deal of that ad consumption. Customers are constantly bombarded with messaging telling them to “buy now,” but in increasingly crowded markets of near-identical competitors, how can you convince them to not just “buy now,” but buy you. That’s where brand (your company’s unique identity and reputation) comes in.

This week’s guest, Dux Raymond Sy, is a brand expert who will help unpack the advantages of building brand into your business strategy. Dux is the Chief Brand Officer at AvePoint, a NASDAQ listed company under the symbol AVPT. Founded in 2001, AvePoint is the largest independent software vendor of SaaS data solutions for Microsoft 365 and they migrate, manage and protect data in Google, Microsoft Cloud, SharePoint, and Salesforce, optimizing SaaS operations and secure collaboration.

In this episode, Dux describes the differences between marketing strategy and branding strategy, how AvePoint is establishing their brand based on customer confidence, and the digital marketing shifts he has seen in the SaaS space coming out of the pandemic.

Highlights:

• From poser to pro: Dux’s journey to brand and marketing (03:21)
• Dux unpacks brand vs. marketing and the characteristics of a memorable brand (06:59)
• Dux describes AvePoint’s history and purpose (08:35)
• How to approach brand management across cultures in a global company (11:27)
• How AvePoint adapted to Covid-19 conditions (12:26)
• Dux’s take on the long term impacts of the pandemic on brand and marketing (15:51)
• Dux explain AvePoint’s new #SaaSInStyle campaign (18:05)
• How AvePoint is diversifying their offering (22:17)
• Why B2B SaaS companies should be looking to market on non-traditional Platforms (24:22)
• Wrap Up (26:25)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Dux Raymond Sy LinkedIn

Dux Raymond Sy Website

Dux Raymond Sy Twitter

AvePoint Website

AvePoint LinkedIn

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

The private equity industry has a reputation for being, well, pretty private. That’s been changing over the course of the last decade and where PE firms used to keep their cards close to their chest, they are increasingly championing transparency. That shift allows investors to form more informed assessments, and businesses looking to sell are able to have a better understanding of who they’re working with and how their interests align.

Relationships are an important factor to evaluate in investment decisions. Dave Tayeh, Head of Private Equity North America at Investcorp knows that well, having had experience as both an operator and an investor. At Investcorp, a global manager of alternative investments, Dave and his team leverage their global platform and resources to drive growth and value in the companies and relationships they invest in.

In this episode, Dave explains how he evaluates opportunity when deciding which companies to partner with, his perspective on how the private equity game has changed over time, and the investment strategies his team employed to support their portfolio throughout the pandemic.

Highlights:

• Introduction to Dave’s career at Investcorp (03:16)
• Dave describes Investcorp and their mission (05:44)
• Why private equity wants to partner with founders (06:48)
• What differentiates Dave and his team at Investcorp (08:19)
• Dave describes the six verticals they invest in (09:58)
• The case study of Wrench (11:00)
• Dave’s philosophy on leverage (12:26)
• How Investcorp weathered the storm of Covid-19 (14:15)
• Dave explains why managing people and relationships is key to PE strategy (18:53)
• Dave provides his opinion on how private equity has changed over the last 20 years (21:00)
• Wrap Up (23:30)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Dave Tayeh LinkedIn

Dave Tayeh Bio

Investcorp Website

Investcorp LinkedIn

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

In recent years, ESG has become a hot button topic for almost all companies, public and private alike. As conversations around environmental and social issues continue to gain momentum, opportunities can present themselves for companies willing to stop playing defense with ESG and start using it as an offensive tool. Investment stories and ESG stories are quickly merging and with disclosures on ESG factors becoming standardized and related shareholder activism continuing to rise, companies who are not prepared may be left behind.

There to give them a boost is Lyndon Park, Head of Governance Solutions at ICR where he guides boards and management teams through the complexities of ESG and corporate governance to align with investor and market expectations. A former executive at BlackRock and recognized thought leader in the field, Lyndon is an expert advisor on issues ranging from shareholder activism and ESG to board composition and succession planning.

In this episode, Lyndon Park shares how ESG plays into investment strategies, he takes a deep dive into shifting rating standards, and he looks into how future trends in ESG will impact both public and private companies.

Highlights:

• Introduction to Lyndon Park and his route to ESG (02:56)
• Why ESG should be viewed as an opportunity (06:10)
• Approaching ESG incrementally (08:39)
• Fitting ESG goals into existing framework (09:33)
• How silo thinking within an organization can cause issues on ESG votes (12:45)
• “Looking at ESG from the value perspective, and not values perspective.” (14:39)
• The consolidation of rating standards (16:19)
• How Lyndon helps companies integrate ESG during an IPO and beyond (20:00)
• How private companies should be thinking about ESG (22:09)
• Lyndon’s predictions for the future (24:23)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Lyndon Park LinkedIn

Lyndon Park Bio

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

Breaking into a market controlled by prominent players can be daunting, but competition breeds innovation and when newcomers are successful it usually means big benefits for consumers and investors. Vivid Seats (online ticket marketplace), led by CEO Stan Chia, is one of those success stories.

Vivid Seats has carved out a space for themselves in an industry that has historically been dominated by big names like TicketMaster and StubHub by focusing on customer service and consumer engagement. Despite the hit live events and ticketing took from cancellations and postponements brought on by the COVID-19 pandemic, they recently went public, and acquired sports gaming app “Betcha” soon after, showing no signs of slowing down their impressive growth anytime soon.

In this episode, Stan Chia shares what Vivid Seats is doing differently than the other profitable players in the ticketing space, he breaks down how Vivid Seats was able to maintain customer trust throughout the pandemic, and he explains why they're a great example of a how a SPAC transaction can go right.

Highlights:

• Introduction to Stan Chia and Vivid Seats (2:16)
• What going public means for Vivid Seats (5:16)
• Vivid Seats’ acquisition of Betcha (6:36)
• The Vivid Seats team and workplace culture (8:11)
• How Vivid Seats differentiates itself in the industry (10:03)
• Why user engagement is important to Vivid Seats (14:07)
• How Vivid Seats is investing in technology (15:00)
• How Vivid Seats is moving forward after the pandemic (17:06)
• Why going public via SPAC was the right move for Vivid Seats (20:30)
• Long-term growth and diversification (24:28)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Vivid Seat Website

Stan Chia LinkedIn

Vivid Seats LinkedIn

Vivid Seats Twitter

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

Here’s a quick word association. What comes to mind when you hear the word, “construction.” Your first thought probably wasn’t “efficient,” but CEO Steve Glenn and his company, Plant Prefab, are trying to change that. Plant Prefab creates architect-designed custom homes held to the highest environmental standards and, because they fabricate structural pieces at production facilities simultaneously to onsite construction, they operate much more efficiently than companies using traditional methods.

The construction sector is vast, with every niche having multi-billion dollar potential. Companies that can set themselves apart through innovation have a lot to gain. Reliability, efficiency, and an eco-friendly mission that appeals to both socially conscious consumers as well as developers trying to keep up with ever-stricter government regulations are helping Plant Prefab stand out from the competition. In an industry where cost of labor is a particular pain point, the ability to streamline and regulate the building process is in increasingly high demand, especially in the urban infill corner of the market where Plant Prefab thrives.

In this episode, Steve Glenn shares his insights on the massive investment opportunity that is the real estate and construction market, and what Plant Prefab is doing to continue setting new standards of efficiency and sustainability in the industry.

Highlights:

• Introduction to Steve Glenn and Plant Prefab (2:26)
• Why Plant Prefab is a technology company (6:10)
• Plant Prefab’s investors (8:19)
• Pros and cons to focusing on urban infill (12:39)
• The stats on Plant Prefab vs. traditional building methods (16:15)
• Achieving carbon neutrality (19:08)
• The “hub and spoke” model of manufacturing facilities (22:05)
• Efficiency and sustainability in the construction industry (26:33)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Plant Prefab Website

Steve Glenn LinkedIn

Plant Prefab LinkedIn

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

When businesses were forced to shut down during the Covid-19 pandemic, gyms found themselves particularly vulnerable. One company that managed to weather the storm (without losing a single location) and is now poised to come back stronger than ever is Planet Fitness. In this episode, we hear from the CEO of Planet Fitness, Chris Rondeau.

From working the front desk of a single location in New Hampshire, to CEO of a public company with 2000+ locations, Chris Rondeau takes us through the evolution and success of Planet Fitness in his almost 30 years with the company, and offers a sneak peek of what investors can expect from the gym chain in the future. Between their focus on creating a judgement-free environment perfect for first-time gym goers, and an economic model that makes franchising profitable and relatively simple, Planet Fitness stands to take full advantage of the “fitness boom” Rondeau is predicting in the near future. 

In this episode, we'll hear from Chris on how Planet Fitness is continuing to grow their already over 15 million members by centering the mindset of their specific clientele, investing in ways technology can add additional value, and honing in on how to attract the already fitness-minded Gen Zers who are aging into membership. 

Highlights: 

• The origin stories of Planet Fitness and Chris Rondeau (2:12)
• How they knew the economic model worked for franchising (6:32)
• Effects of the Covid-19 pandemic on the gym industry  (8:25)
• Redefining the industry: Wellness vs. Vanity (11:06)
• Real estate and providing value to landlords (12:15)
• Digital innovation in the fitness industry (14:52)
• New Year’s Eve and capitalizing on January’s resolution-makers  (18:52)
• Investors and how Planet Fitness makes money with $10/month membership  (21:14)
• Imagining the future of Planet Fitness (25:39)
• Creating value for shareholders and stakeholders (28:38)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Planet Fitness Website

Chris Rondeau LinkedIn

Planet Fitness LinkedIn

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Summary:

With fast-growing private and public companies, you’re often juggling a lot of stakeholders: management, employees, board members, investors. But there’s one key stakeholder that’s often forgotten: the media. But ignore them at your peril. They control a huge portion of the narrative and public image of your company—and if you haven’t established the relationships and trust to tell your story, then they’re going to tell it for you.

Fortunately, there are journalists like Jason Kelly. Jason has spent almost 20 years reporting on business at Bloomberg in a variety of capacities, from New York Bureau Chief to his current role as Chief Correspondent for Bloomberg Quicktake, Bloomberg’s “Business Network for the New Generation.” He’s also authored two books, The New Tycoons on the rise of private equity, and Sweat Equity on the fitness economy. In his role, he’s been able to observe some giants of the industry, learn what makes businesses tick, and forge relationships with leaders across sectors.

We sat down to talk about Jason’s approach to business journalism, and his new pursuits at the nexus of business, sports, and culture. He’ll share his philosophy on asking tough questions, the benefits of longstanding relationships with the media, and why CEOs should depart more often from their talking points. So join us! Because in the arena, all news is good news.

Highlights:

• What makes a great journalist (1:16)
• How to publish things people don’t like (3:00)
• The power of relationships (4:59)
• Consumption changes in an on-demand world (10:42)
• QuickTakes: The intersection of sports, business, and culture (13:20)
• What Jason learned from The Last Dance (17:13)
• Making representation possible through “Portrait” (20:50)
• How writing a book let Jason engage with subjects in a different way (24:30)
• The most interesting person Jason’s interviewed (26:57)
• Jason’s observations on the business storylines going forward (28:46)
• The world moves on fast from mistakes (34:23)
• “In an era where you’re tempted to say less, say more” (35:49)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Jason Kelly LinkedIn

Bloomberg Quicktake

Bloomberg Quicktake: The Business of Sports

Bloomberg Quicktake: Portrait

Sweat Equity

The New Tycoons

Feedback:

If you have questions about the show or topics you'd like discussed in future episodes, email our producer, [email protected]