FULL COMP: The Voice of the Restaurant Industry Revolution

The biggest advantage to coming up in the restaurant industry is that it forces you to be innovative. It rare that you have the money you need so you learn to do without or you learn to do it yourself. On today's show, we chat with chef , TV host, fitness guru and family man Michael Chernow who tears down the veil on our industry, showing the best and worst it has to offer. Chernow leads us on a no-frills tour of the lessons he's learned at the highest levels of our industry. 
Click to sign up for our weekly newsletter.
Click here to book time on my personal calendar.
Click here to download our Restaurant Recovery Guide.
Want to streamline your front-of-house operations and increase sales? Head over to http://restaurants.yelp.com/fullcomppodcast to claim your free page and learn more about these powerful tools for your business.
SHOW NOTES

NYC is the epicenter of culture and community
Community congregates at restaurants and bars
50% capacity is not likely to work in NYC due to low revenue
Renegotiating with landlords
Tax loophole for landlords if they lose business
Landlords don’t want to lose all of their customers
Ball is in the operator’s court to renegotiate
Could make a big difference to margins
Medium article suggests that 19% margins in a restaurant is possible
Micahel thinks this is unlikely because of the structure of the restaurant business
Poor working conditions in the hospitality industry
Many can’t afford health care
No 401k
No savings
Raising prices as unlikely
Michael believes people won’t pay more for food
Overheads of the restaurant business
Labor imbalances
Food costs are not coming down
Making many brands is not necessarily the way forward
Could be more successful opening 1 restaurant every 3-5 years instead of a new concept every 3-5 years
Focusing on one restaurant and making it amazing
Hard-work can only get you so far
In fitness, putting in the work creates 90% of the results
In business, many other factors determine success
Making good decisions in business
Sold equity from Meatball Shop after 5 years
Bought a house outside NYC
Sold equity from Seamore’s after 3 years
Sold in November 2019
Lucky that this was just before the pandemic crash
Selling equity
Equity is only worth something when you sell it
Take as much equity as you can whenever you can
Lessons from mentors
Don’t become a fixture of your business
Don’t get too attached to your business
Running a sustainable seafood restaurant
Passionate about seafood
US is working hard on reforming fisheries
Oceans are in bad shape globally
Grew up fishing as a teenager
90% of fish eaten in America is imported
Abundant and sustainable American fish that few people know about e.g dogfish, bluefish
Created Seamore’s selling these little known varieties of fish ethically sourced in from American lakes
Creating cultures and environments
Environment the staff loves working in
Attracting great guests
Being in the memory-making business
Cornell University study

Show Notes

The biggest advantage to coming up in the restaurant industry is that it forces you to be innovative. It rare that you have the money you need so you learn to do without or you learn to do it yourself. On today's show, we chat with chef , TV host, fitness guru and family man Michael Chernow who tears down the veil on our industry, showing the best and worst it has to offer. Chernow leads us on a no-frills tour of the lessons he's learned at the highest levels of our industry. 

Click to sign up for our weekly newsletter.

Click here to book time on my personal calendar.

Click here to download our Restaurant Recovery Guide.

Want to streamline your front-of-house operations and increase sales? Head over to http://restaurants.yelp.com/fullcomppodcast to claim your free page and learn more about these powerful tools for your business.

SHOW NOTES

  • NYC is the epicenter of culture and community
  • Community congregates at restaurants and bars
  • 50% capacity is not likely to work in NYC due to low revenue
  • Renegotiating with landlords
  • Tax loophole for landlords if they lose business
  • Landlords don’t want to lose all of their customers
  • Ball is in the operator’s court to renegotiate
  • Could make a big difference to margins
  • Medium article suggests that 19% margins in a restaurant is possible
  • Micahel thinks this is unlikely because of the structure of the restaurant business
  • Poor working conditions in the hospitality industry
  • Many can’t afford health care
  • No 401k
  • No savings
  • Raising prices as unlikely
  • Michael believes people won’t pay more for food
  • Overheads of the restaurant business
  • Labor imbalances
  • Food costs are not coming down
  • Making many brands is not necessarily the way forward
  • Could be more successful opening 1 restaurant every 3-5 years instead of a new concept every 3-5 years
  • Focusing on one restaurant and making it amazing
  • Hard-work can only get you so far
  • In fitness, putting in the work creates 90% of the results
  • In business, many other factors determine success
  • Making good decisions in business
  • Sold equity from Meatball Shop after 5 years
  • Bought a house outside NYC
  • Sold equity from Seamore’s after 3 years
  • Sold in November 2019
  • Lucky that this was just before the pandemic crash
  • Selling equity
  • Equity is only worth something when you sell it
  • Take as much equity as you can whenever you can
  • Lessons from mentors
  • Don’t become a fixture of your business
  • Don’t get too attached to your business
  • Running a sustainable seafood restaurant
  • Passionate about seafood
  • US is working hard on reforming fisheries
  • Oceans are in bad shape globally
  • Grew up fishing as a teenager
  • 90% of fish eaten in America is imported
  • Abundant and sustainable American fish that few people know about e.g dogfish, bluefish
  • Created Seamore’s selling these little known varieties of fish ethically sourced in from American lakes
  • Creating cultures and environments
  • Environment the staff loves working in
  • Attracting great guests
  • Being in the memory-making business
  • Cornell University study

What is FULL COMP: The Voice of the Restaurant Industry Revolution?

What if I told you that the difference between struggling and thriving in the restaurant industry is just one conversation away?

I’m Josh Kopel, a Michelin-awarded restaurateur who’s spent decades building blockbuster brands across every tier of dining. I know the challenges you’re facing—because I’ve been there. That’s why I created FULL COMP.

Every week, I go one-on-one with the smartest minds in the game: restaurateurs, chefs, and industry insiders who’ve cracked the code. Together, we unpack their biggest wins, hardest lessons, and the strategies that changed everything.

No fluff, no filler—just actionable insights to help you boost profits, build your brand, and create the kind of restaurant you’ve always dreamed of.

So, if you’re ready to stop spinning your wheels and start seeing results, hit subscribe.