Isaac Lee Collins, the founder and CEO of Fifth and Emory, shares his journey from managing a chocolate shop at age 22 to owning five locations in Kansas City that combine frozen yogurt with gourmet chocolates and caramel apples. The conversation explores the "philosophy of hospitality," the evolving work ethic of Gen Z employees, and the practical financial strategies, such as choosing between SBA and traditional bank loans, that Collins used to scale his business while maintaining 100% independence.

10 Key Takeaways

The Power of Hospitality Systems: Collins credits his time at Olive Garden for teaching him that seamless systems and processes are the backbone of a successful restaurant.

Balancing Seasonal Revenue: By combining frozen yogurt (summer-heavy) with chocolates and caramel apples (winter-heavy), Collins created a year-round sustainable business model.

Gen Z Management: With nearly 70 employees under 21, Collins emphasizes that while "kids these days" are motivated differently, they bring unique energy when mentored with intentionality.

The "COVID Shift" in Work: Collins observed a notable change in employee expectations and engagement post-pandemic, which he refers to as the "COVID shift".

Funding Independence: Collins prefers traditional bank loans over SBA loans to avoid excessive red tape and retains 100% ownership to avoid having partners who might limit his vision.

Due Diligence on Lenders: When pursuing SBA loans, it is critical to ask the bank how many SBA loans they actually close per year rather than just accepting a sales pitch about the size of their team.

Community Connection as a Moat: In a market with over 100 dessert spots, Fifth and Emory focuses on small touches, like coloring pages and knowing customers' names, to build lasting community ties.

Digital Presence and Disconnect: Both the host and guest discuss the mental benefits of disconnecting from smartphones to remain present with family and focused on business.

The "Pay It Forward" Concept: The episode explores using digital loyalty programs to allow customers to "pay it forward," creating a culture of kindness that mirrors the human element of hospitality.

Entrepreneur vs. Owner: Collins distinguishes between someone who can work a system and someone who has the "dog in them" to handle the high-stress, 24/7 reality of true entrepreneurship

Peter Waters, owner of T/aco in Boulder, Colorado, discusses the state of the industry as we enter 2026. Peter candidly reflects on a difficult 2025, noting that rising operational costs and shifting socialization patterns among college students and remote workers have made for a less profitable year. However, the conversation pivots to a deeply inspiring story of community support: T/aco donated $50,000 in gift cards to 50 local families facing food insecurity. This "fire hose" approach to marketing not only provided these families with a "T/aco rich" experience where they could dine without financial worry, but it also rejuvenated the staff and built immediate, meaningful relationships with a new demographic of regulars.

Key Takeaways

The "First Four Gifts": Peter shares Danny Meyer's philosophy that restaurants are unique because they can provide the first four gifts a human ever receives: eye contact, a smile, an embrace, and food.

The "T/aco Rich" Concept: By giving $1,000 gift cards to families, Peter wanted them to feel "rich" in his restaurant., able to order anything they want for about ten visits without checking their bank balance.

Vanishing Demographics: Due to high rents, the 22-to-30-year-old post-college audience has almost entirely left Boulder, leaving a gap in the customer base.

The Work-From-Home Effect: With more people working remotely, restaurants are losing the "stop-off" drink and socialization business that used to happen between the office and home.

Fire Hose Marketing: Instead of a "sprinkler" approach of small, scattered ads, Peter focused his resources on one massive, impactful community donation.

Shift in Peak Hours: Peter has observed that guests now tend to eat strictly between 6:00 PM and 7:30 PM, with a dramatic "drop off" in business after 7:45 PM.

Gen Z Socialization: Students aged 18–22 are socializing differently, often staying in their rooms and relying on delivery or "rejection-proof" digital interactions rather than going out.

Wage and Housing Disparity: Peter points out that even as minimum wages rise, they cannot keep pace with real estate; a person would need to make $60 an hour to afford a home in Boulder.

The Gift Card Tip Benefit: A secondary benefit of the gift card program was that the families used the cards to leave tips, directly benefiting the T/aco staff financially.

Sundance Film Festival: Boulder is preparing to host the Sundance Film Festival in 2027, which Peter hopes will turn the typically slow month of January into a profitable period for local businesses.

Keith Paul of Good Egg Dining discusses the challenges and strategies of navigating the modern hospitality landscape, particularly in the Tulsa and Oklahoma City markets. Keith shares insights on the resilience of the restaurant industry, his philosophy of hands-on coaching and management, and the necessity of prioritizing human connection over "clunky" AI and automation in service. They also examine the economic pressures facing the industry, from minimum wage hikes in California to the rising Consumer Price Index (CPI), emphasizing that slow, intentional growth and a picky hiring process are key to long-term stability.

Key Takeaways

• Industry Resilience: Despite revenue problems and national chaos, the restaurant industry remains one of the most resilient sectors.
• Coaching as Management: Keith's approach to leadership involves understanding the court (the business) and coaching people rather than just managing silos.
• Local Market Focus: Keith emphasizes the value of a deep local presence in Tulsa and Oklahoma City, managing multiple successful concepts within a specific neighborhood.
• Recruiting for "Smiles": Hiring should focus on innate hospitality traits—like a genuine smile and comfort with people—rather than just technical server skills.
• The AI Disconnect: Many current AI and robotic solutions in restaurants are still "clunky" and risk devaluing the human experience.
• Picky Growth: Success often comes from having no desire for rapid, uncontrolled expansion; instead, being picky about the team and locations ensures quality.
• Economic Pressures: External factors like the $20 minimum wage in California and general CPI increases are creating "scary" new realities for hospitality margins.
• Deep Customer Conversations: Moving beyond surface-level interactions to "deeper conversations" is essential for high-value enterprise wins.
• High-Fidelity Service: In an era of mobile apps and digital exposure, the fastest way to lose a customer is to neglect the "human" element of the mission