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Welcome to the Instant Payments podcast.

I'm your host, Tal Clark.

I'm the CEO of Instant Financial, a FinTech company that modernizes payments and payroll for hourly workers and their employers.

I've worked in the payments industry for 30 years at companies like Fiserv, a Money Network, and I'm glad you're tuning in today.

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This podcast features industry leaders to discuss some of their challenges and the technologies they've used to improve their workplace and the lives of their workforce.

Today's guest is truly seeing the restaurant business from every angle, from being in the kitchen, to being in the boardroom, and even on Wall Street.

Ke Sweeney as the CEO of PDQ Restaurants, which stands for people dedicated to quality.

With more than 30 years of experience in the restaurant industry, Kepp has worn just about every hatch you can imagine from Wall Street analysts covering the restaurant sector to being an executive chef in some of the nation's finest restaurants, to executive roles leading financial turnarounds, and restructuring some of the nation's largest fashion casual brands.

He's also the author of the New Restaurant Entrepreneur.

And it's been featured as an expert commentator on major outlets.

Kelp, welcome to the show.

Where are you joining us from today and how are you

I'm doing great.

I'm from, um, I'm in Tampa.

I live in Tampa at the headquarters of PDQI.

Super great spot to be.

I'm in Pensacola.

We're getting a little bit weather up for a change.

Uh, cool, cool.

Being 75.

yeah.

Yeah.

It's getting better.

So moving forward a little bit, well look, I gave a little bit of your background in the intro, but we'd love to sort of hear in your own words, your journey, if you don't mind.

Um, sort of your journey from, from, from when you got in the restaurant industry to sort of where, where you are today, and then we can pick it up from there.

I started off in kitchens and then I was uh, um, kind of my, my big break after college was I, Jeremiah Tower, who had stars and.

He was a, um, a legend at that time and he really, um, created the foundation for New American Cuisine.

He was, uh, on a book tour and I followed him to a number of places and would talk to him after.

And I said, I'd like to work there.

And I said that, um, he didn't respond.

He didn't respond, he didn't respond.

I sent a letter saying, I'm sending, uh, I'm moving to San Francisco.

I have no job and I have no money.

And my intention is to work at Stars.

And I did it and I, after three interviews, I was, I got the right to peel garlic there, peel garlic, and peel tomatoes.

So it was, uh, um, yeah, it was great though.

It was great to be in that environment.

And then I was able to, uh, kind of move through kitchens and, and I, I did, well, I, I got an award from Julia Child, um, went to court on Blue in London, and I was, uh, executive chef of 21 Federal.

Yeah, that was, um, it was interesting though because it, during that time I was, uh, building with a friend outta San Francisco, uh, software for food cost management.

And I, I always had like a, a bias on that side of the business, on, on the business side of the, um, the business side of the restaurant industry.

So I liked, uh, I, I liked working over on that side.

I think, I think I was better suited for it than as a chef.

I like being a chef, as a, a manager, but you know, I see some of the things out there and some of these people, and I, I'm really amazed and how they think of that.

And I, I, I don't know that that was So I'm glad where I am.

Yeah.

Well, that's great.

That's great.

So when did you, uh, what year did you make the transition from executive chef?

I guess to, to more on the

I, um, went to MBA school at University of North Carolina, and then I was hired as a restaurant analyst at Solomon Brothers, uh, on wall.

Okay.

So that was the, that the, the transition.

And that got me, you know, into the analytics side, modeling side of the, the industry.

Well that's, that's really interesting.

And, uh, for those that that don't know and, and I don't know as much detail in that area.

So as a, as a Wall Street analyst in the restaurant space, really, what was your focus as far as.

The type businesses you were focused on, and then I guess some of the data you were focused on as well, what was always interesting to you and important as an analyst.

Uh, let me.

You're okay?

Can you still hear me okay?

I.

Yeah.

Uh,

okay.

Well, that's super.

Well, and tell us what a few of those things were.

That's, that would be great to know and great to share, I think.

What were some things that stood out to you about what they did or what they were doing at the time that made them so successful?

Okay.

Okay.

Well that's great.

Well, and so you were there for.

At, um, you were as you worked as an analyst for a bit, when did you, when did you make the transition from being an an analyst into what you're doing today?

And I guess talk a little bit about what you do today and how you got involved with PDQ.

Okay, I got you.

That's good.

Well talk a little bit more about, we talked about how you arrived at PDQ and what your role is there.

Tell us just about PDQ.

Tell us about, for people that aren't familiar with the.

Brand or the restaurant or the concept.

Tell us a little bit about what PD Q's all about.

Well, that's great.

That's great.

And, and how many locations is PDQ today?

Okay.

Well good.

What is, uh, where's the business today?

I mean, I know you've been there.

At how long have you been at PDQ Kepp and where would you describe, how would you describe the business today, in the next couple of years?

What are the goals and path forward?

All right.

Well that's great.

And I know that PDQ stands for people dedicated to quality.

We mentioned that when we started.

How is that represented in the environment?

What are, what is your focus in regards to assuring that your employees.

Are dedicated to quality and, and making sure they're in a good position to do that.

What is some of the focuses?

Your focus from a, from a personnel perspective?

Got you.

And that is very similar to the Outback model?

Is that what you're Yeah.

That's what you're referencing.

Okay.

Is that also similar to maybe a Chick-fil-A model?

I.

Okay.

That makes, that makes a lot of sense.

And I can imagine they enjoy working there because of that.

Let's, let's talk just, uh, briefly about the headwinds that, that we're seeing in some cases in the restaurant industry today, maybe specifically for you in the QSR space.

Um.

With your analyst background, I'd love to hear just a little bit of a commentary on where do you think we are in the restaurant, restaurant space, specifically the QSR space, and what do owners and managers need to be planning for or are looking at as ways to, you know, be successful in their business today?

Yep.

Yeah.

Oh wow.

Okay.

Yes.

Okay.

Well that's interesting.

And do you think you're talking, it sounds like you're talking a little bit about some price compression, I guess.

Well, not compression in the, by that I don't mean decreasing prices, but because of some of the inflationary things we've seen.

A lot of the pricing has ended up essentially in the same place except for your table service, high-end restaurants.

Okay.

Okay.

Well that's very interesting and I think, uh, you know, that's a, that's a great place ke for us to wrap up this session.

It's been a great discussion.

We'll wrap here from now and say the rest of the conversation for later and pick up some more of what we were talking about for our listeners.

You can learn more about PD q@eppdq.com.

Please tune back in for part two of our podcast where we'll dive into tipping, etiquette, distress, restaurant trends, and even kept thoughts on AI in the restaurant space.

As always, thanks for joining us on the Instant Payments Podcast.