“I don’t think there will ever be a month—a two-month period—that was ever as hard for me to manage a team, a business, a group of friends, as that March and April period. It was brutal.”
Unfortunately, for many businesses operating in the restaurant, franchise and hospitality industries, “brutal” is a word that has been used increasingly to describe the effects of COVID-19 on their companies earlier this year.
Yet, as restaurants and hospitality organizations pivot and adapt to changing consumer demands and new public health guidance, many have found new ways to empower their people and grow their brands.
Such is the case with Luke’s Lobster, a company with an international network of franchise locations, as well as a manufacturing component that provides seafood products to grocery stores.
So, how does an international franchise adapt to a global pandemic? How do restaurants solve for their pain points in an ever-changing environment? What can other companies—in this industry and others—learn from the Luke’s Lobster story of navigating COVID-19?
Luke Holden, CEO of Luke’s Lobster, says, “I asked my teammates, my family members and friends…to make some pretty crazy concessions as a result of COVID.”
In this episode of The Wrap, Luke and CFO Steve Song elaborate on those concessions and dive into the story of how the company has fared in recent months. Warren Averett’s own Charles Bailey, CPA, also joins our hosts to weigh in on what other companies operating in the retail and consumer spaces can glean from this business’s story.