Earn Your Leisure Podcast: Detailed Summary
Episode Title: She Built Slutty Vegan Into a $100M Brand, Lost It, and Bought It Back—Pinky Cole Tells All
Release Date: April 10, 2025
Hosts: Rashad Bilal and Derek Hayes
Guest: Pinky Cole, Founder of Slutty Vegan
Introduction
In this compelling episode of Earn Your Leisure, hosts Rashad Bilal and Derek Hayes sit down with Pinky Cole, the visionary founder behind the wildly successful Slutty Vegan brand. The discussion delves deep into Pinky's entrepreneurial journey, exploring the meteoric rise of Slutty Vegan, the unforeseen challenges that led to a significant business restructuring, and her triumphant return to reclaim ownership. This episode serves as both an inspirational tale and a practical guide for aspiring entrepreneurs navigating the volatile landscape of business growth and sustainability.
Background of Pinky Cole and Slutty Vegan
Pinky Cole launched Slutty Vegan in 2018, transforming it from a single restaurant into a multi-million dollar brand renowned for its innovative vegan burgers and vibrant brand personality. Under her leadership, the company expanded rapidly, achieving prestigious recognitions such as being featured in TIME 100 and Bloomberg's influential lists. By leveraging strategic marketing, media presence, and a unique blend of pop culture with business acumen, Pinky established Slutty Vegan as a household name in the vegan and broader food industry.
Notable Quote:
"Slutty Vegan is a college business class mixed with pop culture. We blend the two together for a unique and exciting look into the world of business." — Pinky Cole [01:35]
The Rise and Scaling of Slutty Vegan
Pinky recounts the initial success and aggressive expansion of Slutty Vegan. By 2023, the brand had grown to 14 locations, attracting significant investment and garnering a valuation of $100 million. However, this rapid scaling came with increased overhead costs, soaring to approximately $1 million per month, which eventually outpaced the revenue generated.
Notable Quote:
"Our overhead got higher than the money that we were bringing in. The overhead was like $1 million a month upwards." — Pinky Cole [05:51]
Facing Financial Turmoil and Business Restructuring
In early 2024, Pinky faced a critical juncture as Slutty Vegan's financial stability was threatened by mounting debt. She made the difficult decision to step back temporarily, allowing the company to enter an official restructure. This period, lasting 43 days, saw Pinky relinquishing ownership to an assignee to manage the company's debts and operations.
Notable Quote:
"When a ship is sinking, you got to be able to start patching holes." — Pinky Cole [07:50]
During this time, Pinky remained actively involved in day-to-day operations despite not holding official ownership, demonstrating her unwavering commitment to the brand.
Notable Quote:
"During that time, I'm still in the stores making sure that everything is good." — Pinky Cole [11:07]
Reacquiring Slutty Vegan and Lessons Learned
Pinky details the emotional and strategic journey to reclaim Slutty Vegan. By March 28, 2024, she successfully outbid other potential buyers, restoring her ownership and stabilizing the company's finances. This experience reinforced the importance of strategic partnerships, maintaining control over creative directions, and the value of a robust support network.
Notable Quote:
"I said, you know what? I'm going to use this as a coaching opportunity and as an educational opportunity to show entrepreneurs." — Pinky Cole [09:04]
Pinky emphasizes the necessity of aligning with strategic partners who share the brand's vision and mission, ensuring sustainable growth without compromising the company's core values.
Notable Quote:
"If you want to be the best, you have to align yourself with people who have scaled companies before." — Pinky Cole [22:13]
Future Plans and Business Rebranding
Post-restructure, Pinky is focused on rebuilding and expanding Slutty Vegan into Slutty Vegan 2.0. This includes diversifying the menu with new offerings like the Southwestern Garden Burger and gluten-free options, catering to a broader audience beyond the initial vegan-centric customer base. Additionally, Pinky announces the creation of Vogies Vegan Hoagies, signaling the brand's expansion into new product lines.
Notable Quote:
"I'm creating the vegan Jersey Mike's, and it's called Vogies Vegan Hoagies. So Vogies. Damn good. Hoagies." — Pinky Cole [30:22]
Moreover, Pinky and Derek Hayes reveal the formation of Hayes Hospitality Group, a collective that houses multiple brands, including Slutty Vegan and Derek's ventures. This strategic move aims to streamline operations, leverage shared resources, and facilitate future acquisitions.
Notable Quote:
"We're building an empire that people can love and appreciate, whether it's vegan or not." — Pinky Cole [30:31]
Key Takeaways and Lessons for Entrepreneurs
Pinky shares invaluable insights drawn from her experiences:
-
Importance of Strategic Partnerships: Aligning with partners who bring expertise and share your vision is crucial for scalable success.
Quote:
"If you want to be the best, you have to align yourself with people who have scaled companies before." — Pinky Cole [22:13] -
Managing Rapid Growth: Balancing expansion with sustainable financial practices is essential to avoid overwhelming overhead costs.
Quote:
"Money has always been good. That was never the issue. But what happened was, our overhead got higher than the money that we were bringing in." — Pinky Cole [05:51] -
Resilience in Adversity: Facing setbacks head-on and maintaining operational control can pave the way for recovery and renewed growth.
Quote:
"I can't walk away from that. I would never do that." — Pinky Cole [15:07] -
Building a Strong Support Network: Having trusted advisors and a reliable support system is vital during challenging phases.
Quote:
"It pays to have people in your corner, right? One who are resource qualified." — Pinky Cole [09:04] -
Continuous Learning and Adaptation: Embracing change and seeking expertise can transform obstacles into opportunities for innovation.
Quote:
"If you are an entrepreneur, and you are growing a business and your business is booming, it's not enough for you to try to figure out numbers. You need to find a person that is at the top of the food chain in their business to come in and teach you a thing or two." — Pinky Cole [22:13]
Conclusion
Pinky Cole's journey with Slutty Vegan epitomizes the highs and lows of entrepreneurship. From building a beloved brand to navigating financial crises and ultimately reclaiming her company, Pinky's story is a testament to resilience, strategic thinking, and unwavering passion. As she embarks on the next phase with Slutty Vegan 2.0 and Hayes Hospitality Group, Pinky stands as an inspiring figure for entrepreneurs aiming to create lasting, impactful businesses.
Closing Quote:
"When you know you got something special, you fight for it." — Pinky Cole [39:47]
Supporting Businesses Mentioned:
- Hayes Hospitality Group: A collective managing multiple brands, including Slutty Vegan and new ventures like Vogies Vegan Hoagies.
- Vogies Vegan Hoagies: Pinky Cole's new initiative aimed at creating a vegan alternative to established hoagie brands.
Final Notes: Listeners are encouraged to support Slutty Vegan 2.0 and follow Pinky's upcoming projects, including her 28-city tour titled "Hustle to Empire," which aims to educate and inspire fellow entrepreneurs through her firsthand experiences.
End of Summary