Would you quit a high-paying job at Goldman Sachs, for guacamole?That’s what Frank Yeung just did.
After almost two years as an equity sales trader at the bank, he quit and launched Poncho No.8, a Mexican restaurant that “sees 300 customers a day queue down the street for “gourmet” burritos and took £100,000 in its first quarter,” according to the Times.
Yeung’s partner, Nick Troen, previously worked for KPMG.
Yeung studied at Oxford; Troen earned an MA in management economics at the London School of Economics.
Honestly, their new lives sounds pretty good. Part of their research involved “trying out every Mexican eaterie in London,” the Times said. “And New York, and Los Angeles,” Yeung added. “They stood outside restaurants for days counting the number of customers that went in and calculating the profit margins.”
Doesn’t sound too bad.
But apparently, they’re a serious pair. According to the Times,
Behind the carefully honed casualness and exuberant demeanour are a pair of steely cool business heads. The restaurant cost £140,000 to launch, from kitting out premises to buying tortillas. To raise the money they saved hard then drew the rest from family and friends as investors, presenting a robust business plan and drawing up formal shareholder agreements beforehand. “We didn’t want to take on any debt. Firms that are overleveraged tend to fare very badly,” Yeung says.
On the whole, though, their calculations were spot on and they are now looking for a second site, with a four-year plan for expansion into a chain. “We will probably sell out,” Troen says. “We are not going to be doing burritos forever,” Yeung agrees.
We’re undecided about whether this was the right career choice or not. What do you think?
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