Past, Present, Future

The functional, if not technical, end of summer is traditionally Labor Day weekend. Like most holidays, it gives us a marker in the rush of everyday life, and it’s a good time to reflect -- in this case, looking backward, all around us, and a bit forward.

First -- all around us. In the past, I’ve introduced you to a few of the many leaders who grace us as members of FohBoh; we have a remarkable assemblage in our not-so-little, and ever-growing community. I’ll be doing more of that in the coming weeks, and hope that -- as in past columns -- some of them will be willing to write a bit about their fields to further demonstrate the vitality and depth of resource which is available here. I’ll conclude today’s column by mentioning one of those leaders.

Second -- looking backward. As you’ve probably noticed, I’m fascinated (rather like an observer can be fascinated by a train wreck) at the actions, inactions, misjudgments, and excesses which led to the financial bumps in the road of recent years. [I’m tempted to plagiarize the remarkable Irish gift for understatement and merely describe it as “the Troubles”.] The investigative news service ProPublica, in partnership with Planet Money (National Public Radio’s economic and financial podcast) has produced a most informative article and podcast on yet another of the causes -- the actions taken by some banks to “sell” the toxic pieces of securities to themselves when the market began to back away, and thus both prolong the buildup and increase the cost
(to all of us) of unwinding these investment instruments which had inflated the value of real estate, loan pools, and other assets beyond supportable levels. I’ve provided links here to both the article (http://www.propublica.org/article/banks-self-dealing-super-charged-...) and the podcast (http://www.npr.org/templates/archives/archive.php?thingId=93559255&...) which is excellent treadmill material -- the adrenaline you’ll produce while listening to it will drive you to a terrific workout. Suffice it to say that the costs, and imbalances, imposed on our financial system by these actions and instruments will not be cleared up for some time yet.

Third -- looking forward. Next time, this column will return to the discussion of the relationship between entrepreneurs/operators and investors -- this time looking at the views of value investors, the sorts of partners which tend to work well with them, and how those investments and partnerships function.

And back to -- all around us. When I explain FohBoh to people not yet familiar with the concept, I still start out be saying something like “Imagine a Facebook for the industry, but also imagine that, despite its growing population, it has retained a professional level of discourse, where operators, professionals (HR, financial, real estate, and legal professionals, to mention just a few), marketers, investors, and suppliers, among others, all focus on topics and problem-solving which benefit not only themselves and their operations, but also the industry as a whole.” Whew! Sounds rather Utopian, doesn’t it? And yet that’s what has happened here.

One of the “early adopters”, and not only still around, but now an advisor to FohBoh’s board, is Alice Elliot. For as long as I’ve known Alice, she’s had a passion to improve the restaurant industry, by bringing thought leaders and idea generators from many fields into contact with CEOs, CFOs, COOs, heads of HR (a special focus of hers), and the suppliers who help to keep the wheels on. Her company, the Elliot Group, has been instrumental in filling many executive offices across this industry, and the Elliot Leadership Institute has provided a valuable resource to build the next generation of leaders. Given that passion, it seemed inevitable that she’d connect with Fohboh, as its public side serves as a 24/7 forum focused on those same issues and opportunities. If there’s a reader of this column on the chain management or board front who has not yet met Alice, do yourself a favor and reach out to her. And thanks, Alice, for the guidance you’ve shown me and many of my clients over the years, and which you’ve shown FohBoh more recently.

Finally -- it was five years ago this week that Hurricane Katrina hit. I’m sure we all have vivid memories of the human toll brought on by the storm, the breakdown in supposedly impregnable manmade defenses, and the subsequent failures at all levels. What I prefer to recall are the many examples of people reaching out to strangers, providing everything from donations to shelter to labor in order to help people rebuild their lives. I know of several current FohBoh members who played parts in that exercise, and in helping with the response to other tragedies since. I’m sure there were many others of you as well, and I celebrate your efforts and spirit; with that energy and attitude, there’s little we can’t accomplish.

Happy Labor Day, all -- enjoy the holiday, and let’s head into autumn with renewed vigor!