She Built Slutty Vegan Into a $100M Brand, Lost It, and Bought It Back—Pinky Cole Tells All

Summary

Earn Your Leisure Podcast: Detailed Summary

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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

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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.

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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]

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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]

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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]

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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]

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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]

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Key Takeaways and Lessons for Entrepreneurs

Pinky shares invaluable insights drawn from her experiences:

1. 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]

2. 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]

3. 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]

4. 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]

5. 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]

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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]

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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.

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End of Summary

Transcript

[American Express Representative]

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[Pinky Cole]

Ugh, I can't sleep. What is it now? It's the company. It's chaos. What's chaos now? The numbers, the expenses, the books. What if we get audited? No one's gonna audit you at 3am Go to sleep. I can't sleep. You could if you used Ramp. Who said that? I don't care, because they're right. Go to sleep and sign up for Ramp in the morning.

[Derek Hayes]

Jerry.

[Pinky Cole]

Ramp is the corporate card that handles all your tedious financial operations, automatically integrates directly with your ERP and gives you complete control over every transaction. Ramp gives you everything you need for bulletproof books and a better night's sleep. Wow. That is exactly what my company needs.

[Derek Hayes]

Yes.

[Pinky Cole]

And exactly what I also need. Go to sleep, Jerry. Upgrade to Ramp for free today and get $[e-mail] that's ramp.com r a m p.com cards issued by Sutton bank members. FDIC terms and conditions apply.

[Rashad Bilal]

All right, all right, guys, welcome back. This is a special episode of Earn your leisure.

[Derek Hayes]

A thousand percent.

[Rashad Bilal]

Yes. So we're not even wasting any time. I know you probably heard a lot of stuff on social media about slutty vegan pinky colon. You know, earn your leisure. We had to get the real in depth vibe of what's really going on.

[Derek Hayes]

It was only right.

[Rashad Bilal]

Yeah, for sure. So this is a teachable moment. I feel like for our community, Pinky. Somebody that we. We've seen rise, we like. I feel like, you know, a lot of people have seen your journey, right, and they've learned from your journey, from business to family, being a mother, being a wife. But everything, there's trials and tribulations, right? So there's some stuff that we did not know. As far as I know, you got into a car accident. Glad that you're doing well, and then you've. You had an issue where you lost a certain part of the company. You had to buy it back. So. All right, we're gonna. We're gonna jump right into It. We're gonna jump right into it. So. Okay. Like I said, we can go right to it.

[Pinky Cole]

You.

[Rashad Bilal]

You're a familiar face at this point, so everybody knows you. The three peak, that's a three p. So. Okay, so we saw on social media that you put a post up. I think you did an article with People and you said that, you know, I'm the new owner of Slutty vegan, slutty vegan 2.0. I was telling you, I was reading the comments. People. A lot of people thought it was April Fool's joke.

[Pinky Cole]

Yeah. Because people don't read.

[Rashad Bilal]

Well, that's. That's true.

[Pinky Cole]

That's true.

[Derek Hayes]

At first glance, I was a bit confused, and then I swiped and I was like, I get it.

[Rashad Bilal]

Yeah. So some people thought it was an April Fool's joke. Some people thought it was just a publicity stunt. Some people actually thought that you were serious, but still didn't understand fully. So. Okay.

[Derek Hayes]

Nah, nah, don't, don't. Then the Mori thing came, and I.

[Rashad Bilal]

Was like, well, that's why they throw. That's why he throws. You kidding? Okay, so what happened?

[Pinky Cole]

Well, first of all, it's interesting because I want this episode to be a true educational episode for people. I want, when they walk away from watching this, they've learned so much. They have a different perspective on what entrepreneurship really is. Because oftentimes people see the lights, they see the flowers, they see the accolades, they see the accomplishments, but they don't see those sleepless nights. They don't see when you have to make difficult decisions on how to maneuver and navigate through your business. And I want to be able to show all sides of that, because I feel like when entrepreneurs have range, that is what makes them able to be able to go in a room and dominate. And I just like to consider this whole experience now when I look at it, hindsight 20 20, as an opportunity to add more to my resume of rang so that I can be able to inspire other people. So let me take you back. Y'all know, I had this company since 2018, and slutty vegan has done a lot. We have grown tremendously fast. We have gotten a lot of accomplishments. I've graced the COVID of Essence magazine, Inc. Magazine, made the TIME 100 list, all the Bloomberg list, all the headline Investors, Ebony, Powell 100 headline, Invest Fest. Everything that you think of, we have done it. There's nothing that I have not done. I have crossed off every single list. Right? And we have done a lot of great things over the years. So I had a really strong six and a half year run just as far as marketing, media, press, publicity, right? And you know, when you think about restaurants, restaurants have like a shelf life of about two years, right? And once you get into that third year, it usually gets a little rocky. But fortunately, fortunately for me, I built something that the world knows, loves and appreciates. So, y'all know, I went off and I had kids. I had a baby in 20. 20. 20. No, 21, 22 and 23. So while I was focused on being the mascot in the face of the brand and doing brand partnerships and doing the things that I love, because as an entrepreneur, there's a point in your professional career where you have to dominate in the spaces where you do well in domination. You understand what I'm saying? So that. And we did a raise. We raised money to grow the business. We grew up to 14 locations. And that was great, right? Like, we did a lot of great things.

[Rashad Bilal]

$100 million. Yeah, right.

[Pinky Cole]

Valued at $100 million. We got $25 million.

[Rashad Bilal]

And for 25%.

[Pinky Cole]

Yes. And the company got valued at $100 million, right? So we've always made money. Money has always been good. That was never the issue. But what happened was, is our overhead got higher than the money that we were bringing in, right? So, you know, there's some businesses that bring that, that have like $100,000 bills a month. Our bills were like $1 million a month upwards to. Right.

[Rashad Bilal]

For all the locations.

[Pinky Cole]

For all the locations. So when you're growing really, really fast and you got this really good thing and everybody's coming, all you, you get sold a lot of stuff, right? So, like, there's software, there's technology, there's all of these things. So the leadership is just bringing all of this Stu. It works for what we have going on. Because AI is the future. All of these. Technology is the future. But what we didn't realize is up under the hood was suffering, right? So back in 2023, we realized that, like, okay, we, we. We have in some. We got a problem. And the problem isn't today. The problem is in the future. And we got to figure it out.

[Derek Hayes]

This is like future guidance.

[Pinky Cole]

This is future guidance, right? And again, revenue still coming in. Bringing in money is not the problem and has never been the problem. It's the overhead. And I've about that, right? So I talked about how my corporate overhead was $10 million. And that is high for a business of my size, right? But again, you know, I ain't never grow no company before. And I stepped outside of the business temporarily to have kids and be a mom and do these things and do the marketing, but neither here nor there. This is where we are. So in 2024, I came back in the company and I let go of the whole C suite and I came back in the company January 2024, and I'm literally like boots on the ground. No pun intended.

[Rashad Bilal]

So you fired every.

[Pinky Cole]

Yeah.

[Derek Hayes]

Everybody got.

[Rashad Bilal]

Because you felt that they were getting paid too much or that they was doing.

[Pinky Cole]

It was a combination of a lot of things. Right. But overarching. Like when. When it. When a ship is sinking, you. You got to be able to start patching holes.

[Derek Hayes]

Yeah.

[Pinky Cole]

You know what I mean?

[Derek Hayes]

And those. Those people, probably, in hindsight, you're thinking like, this is the scaling model that they've said that is going to work. I'm looking at this now. This isn't working.

[Pinky Cole]

It just wasn't working. Right. And there were so many different variables. And obviously, to protect the interests of the people involved, there were so many different VAR variables that came with it. And I had to do what was best for the business, which. Which I realized that the business is what comes first. Cut all those things. Had a couple million in real estate, started selling off the real estate. But I realized that we were too far gone. And for a couple months I was fighting it. Right. The conversation was like, hey, we need to put this into a restructure. And I didn't want to do that.

[Rashad Bilal]

Were you in debt or you was just. Were you. Yeah. Were you in debt or were you just on pace to be in debt?

[Pinky Cole]

We were in debt.

[Rashad Bilal]

You were in debt?

[Pinky Cole]

Yeah, we were in debt.

[Derek Hayes]

You had to start liquidating?

[Pinky Cole]

Yeah, we started liquidating. We started liquidating. It's funny enough, and I hope he don't get mad at me saying this. I actually sold one of my properties to Robert Smith.

[Rashad Bilal]

Oh, yeah?

[Pinky Cole]

Yeah. My D.C. property to Robert Smith. And let me tell you something, it pays to have people in your corner, right? One who are resource qualified. Do you know what I mean when I say that? Because that was a. Pick up the phone. Hey, Robert, I know everybody lean on you for everything, but I got this portfolio. I got this $10 million portfolio. Let me sell you one of my properties.

[Derek Hayes]

Have you had a relationship prior to that moment?

[Pinky Cole]

Yeah, I could pick up the phone and call him. He always give me advice anytime I reach out to him. But to have somebody to do that for me. Right. It pays to have people who are aligned with your vision and your Mission to be able to pull the trigger real fast when you need them to do that. That's why relationships are so very important, right? So I started selling off property. Did not want to do a restructure because I'm like, we can fix this. And I' I get to the point where I'm stressing myself out trying to fix this. It's compromising my quality of life. You know, I'm tapping into my personal life to make sure that the business is still sustaining again, money coming in the business was not the problem. It's making sure that, like, my hundred thousand dollars a week burn can be covered. You understand what I'm saying? So one day I remember waking up and I'm just like, you know what? I can't do this no more. I'm too busy worried about reputation, right? And I'm too busy worried about what's going to happen in the opinions of other people. This is, this is the ebb and flow of business. The biggest businesses in the world have gone through changes, right? Like you think about the Hooters and the Red Lobsters and the Bumbles and all the big businesses that are very reputable have gone through changes. The difference between them and me and a lot of other businesses, most people don't talk about it, but I said, you know what? I'm going to use this as a coaching opportunity and as an educational opportunity to show entrepreneurs, especially startup founders. This is what happens when you do this. This is what happens when you hire too many people at one time. This is what happens when you scale a business. If you would have told me seven years ago that I would be going through this, I'd be like you, lying. But guess what? I realize that I'm an educator and beyond slutty vegan. The vessel for me is to be able to show other entrepreneurs that you can do this. But there is strategy and strategic ways to do it. So On March, on February 13, the company went into official restructure this year of this year. So that meant for 43 days, I did not own my company officially.

[Rashad Bilal]

Explain this official restructure. Can you just explain this?

[Pinky Cole]

So when a company goes to an official restructure, that means that the board resigns, I no longer own the company, and it goes into the hands of an assignee, right? And during that time, like, I have no responsibility, but obviously my name is still on it. My name is still on the door. So during that time, guess what I did. I'm still in the stores making sure that everything is good. I'M like making sure that the store is opening and the public doesn't know this. The public has no idea who's the assignee. It. It's a company. Oh, yeah. So. So during that time, I'm still in the stores, making sure that the stores open up, do what they need to do. Because at the end of the day, my name is the only currency that I have, right? And this is with no shorty that I would get my business back. I would be able to bid for my business because obviously I got a very popular company. People could bid to buy the business.

[Derek Hayes]

This is because that. That's very interesting, right? Like you know that internally. But at the same time, I'm assuming people can now bid for the company that you help. I mean, built. You're watching this transaction. Like, are you seeing the bids? You have like access to that or you're just left?

[Pinky Cole]

Limited access. Wow. Limited access. But let me tell you, when you call yourself an entrepreneur and you really love the shit that you're doing, like you're going to do things that people are going to call you crazy for. Because everybody called me like pinky. Like the company went through a restructure. Why are still in the stores? What are you doing? Why are you still like making sure that the store has what it needs and go. Because my name is on this and. And I'm doing what's required. And I know that I'm not going to walk away from the thing that I built because I love it that much. So the process was very. It was, it was a gruesome process, not for them, but for me. Right? Because my pride and my ego got in a way, this is something that I love. And you know, I put my blood, sweat and tears in its business. This is all I know for the last seven years. You know what I'm saying? But then I got really, really still. So if you notice, I went dark on social media, but I didn't go dark because I was sad and depressed. I mean, that there was a little bit of that sprinkle. But I'm like, I gotta go into strategy mode. I gotta figure out like, what is my next move gonna be? What am I going to do, you know, as an entrepreneur and somebody who built a multi million dollar business for the life of my business, I made like $70 million. This ain't no mom and pop shop. You understand what I'm saying? So I'm like, all right, I gotta figure it out. So I'm going in a strategy mode. I'm getting Still, I'm not answering the phone for nobody. So everybody think I'm dead. What's going on, Pinky? She in the hospital? What's wrong? Because I've never been quiet. I'm a vocal, very vocal person. But I realized God hit my spirit and said, you got to get still. You got to get really still. And I did that. And for 43 days, let me tell you, you know, I'm spiritual, y'all. So, you know, four plus three is seven. That's the number of completion. So for 43 days, I went through a period of just trying to figure out, like, what does the professional life of this business? What is the legacy of Slutty Vegan look like? And the bid opened to buy the business, and there were a couple bidders, but obviously, I'm the face of this brand. Who gonna come and buy Slutty Vegan and not bring me with it? It didn't make sense. So I put the bid in for the business. And to be totally transparent, because I don't tell a lie, I had a strategic partner at first. I had a strategic partner.

[Derek Hayes]

So this. In between this 43 days. Where are we at now? So just the 13th, right? Restructuring. We know that March 28th is a significant day.

[Pinky Cole]

Let me give you an even better timeline. So the 13th was when the restructure happened. Then I look on the Internet one day, and Spelman College closes, and it wasn't me. And I'm like, damn, Spelman is closing. You know what I'm saying?

[Rashad Bilal]

They closed. What do you mean they closed? They closed the location. Location.

[Pinky Cole]

Yeah, they closed the location.

[Derek Hayes]

You didn't even know about it.

[Pinky Cole]

I didn't know.

[Derek Hayes]

Wow.

[Pinky Cole]

Yeah.

[Derek Hayes]

Yeah. So we've seen it, like, oh, okay.

[Pinky Cole]

Yeah, I seen it too. But I also can get mad because this is the nature of business. And I think oftentimes, as entrepreneur, startup founders, we. And I've been guilty of it up until 2.0. We are also always so emotionally tied to business that we let our emotions get the best of us when it's just a business decision, and it's nothing personal. You understand what I'm saying? And, you know, I was just like, okay, all right, now I gotta strategize. I gotta do what I need to do. Okay, cool. Boom. So I seen the news. All right, let me still get dark. Let me still get still. The bid came out maybe, like, it happened pretty fast. Maybe like, 18 days. It took about 18 days. The bid came out. There's a package to say, hey, Slutty Vegan is for sale. And I'm like, I can't let nobody else buy this business. It's mine. It belongs to me. Like my name, my likeness, my brand, the energy when you walk in a store and they call you a slut, that's my personality. Can't nobody else buy this. This is mine. And because I got something good, my. My sales are increasing week over week 12. Right? So it's like, I ain't got a dud. Why would I walk away from that? I would never do that. So I put the bed in and I gave it to God, and I surrendered. And, you know, that was the first time in my life that I actually met God. And I don't know if y'all understand what I mean when I said that. Like, God always knew me, but I really just met God. But it took for this experience to bring me to my knees because it made me get even more spiritual. It made me realize that you got to surrender everything, and everything that's supposed to happen is going to happen. And I can remember getting a call from the assignee saying, pinky, got some good news. You want to bed? And there was, like, a sense of calmness, and still that went through my body, because all of this time that I was worrying and stressing about the future and what was going to happen, it was mine all along. I just had to go through this period of pruning to be able to understand who. Who. Who it belongs to and who I belong to. And as a result of that, I got my business back. And I signed on March 28 at 2:53pm And I signed, and I got my company back. And that was the best feeling in the world, because I'm like, all right, now it's go time.

[Rashad Bilal]

Well, let me ask you this. Let's. Let's. Let's bring it back a little bit. Right. Okay. So you own 100% of slutty vegan when you. When you start the company.

[Pinky Cole]

Yep.

[Rashad Bilal]

Slutty Vegan goes viral, you make a bunch of money, and you. You have an opportunity to scale. Right. And you scale by raising money.

[Pinky Cole]

Yeah.

[Rashad Bilal]

You raised $25 million for 25% of your company.

[Pinky Cole]

Correct.

[Rashad Bilal]

To me, that means that you own 75%. Right. Am I right so far? Which values your company at 100 million, then you start to go into debt, and you start to have some problems.

[Pinky Cole]

Well, no, it didn't happen like that. So I want to make sure you got the timeline right. So we raised the money. We opened up 14 locations just to give you some math. It cost about $875,000 per box to build a slutty vegan. And then we did that in the heart of inflation, the heart of the pandemic. So supply chain, everything. There was a lot of variables that came with this. Right. So we did 95% of what we said that we would do. Right. There's just life cycles in business and that happens unless you can raise more money. And if you don't raise more money, then that life cycle pretty much ends.

[Rashad Bilal]

Let me finish. So what I'm trying to see is. Okay, I'm trying to see you own 75% of the company. Right. How did your ownership get diminished to the point where it was up for sale or like you didn't have full control? Right. Like that's the part that I'm.

[Pinky Cole]

Copy that. So it doesn't work like that. When you go into a restructure, you can own 105%. It doesn't matter. It goes into the hands of almost like an estate. Right. So you basically say the company, it's an assignment for the benefit of creditors. So you basically say, yes, I own this percentage of the company, but because of the company's debt, I am willing to sign this over to lose ownership so that somebody can. Somebody else can control the business.

[Rashad Bilal]

It's like having credit card debt. And then. Okay, so that similar to that.

[Pinky Cole]

But it's not a bankruptcy. I want to be clear, because bankruptcy and an assignment for the benefit of creditor are totally different. Right? A bankruptcy is what it is. It's a bankruptcy. It's hard, it's ugly. This is not that a lot of companies go through a restructure. Most companies don't talk about it because it never gets public. It never becomes a public thing. If I never said anything about it, nobody would ever knew about this.

[Rashad Bilal]

And you went through the restructure because of debt.

[Pinky Cole]

I went through the restructure because of the debt.

[Rashad Bilal]

And so no matter. Okay, so even though you own 75% of the company, that didn't matter. Somebody could have still purchased the company and then you. And then they would have paid you whatever amount was paid and then they would have owned the company 100%.

[Pinky Cole]

Yeah. They would have paid the trustees and.

[Rashad Bilal]

Then that trustee would have made payments.

[Pinky Cole]

And they would have owned the company. Correct.

[Derek Hayes]

So how, how much of a factor did the form of valuation of the company play inside of the potential sale or bid when it got to you?

[Pinky Cole]

It played a part. There. There were so many variables. There was the debt There was the valuation, how many stores. It played a part. Everything mattered. It was the. The ip, the likeness of the business. It wasn't just one thing that said, okay, we're gon the business back to her, because technically, I didn't have to go back and purchase my business. I could have said, all right, off to my next project. Somebody else could have just went up and got and won the bid and, you know, could have did what they did. But it was important for me to reclaim my legacy. That was important. And when we did that, when we went to the restructure, I actually had 61% because I had other investors. So it went down from 75 to 61% because I did other money raises.

[Rashad Bilal]

You understand now you own 100%.

[Pinky Cole]

Yeah, I'm back.

[Derek Hayes]

But you said you had a strategic partner. Did that partner stay on or no? No. So that. That is just you?

[Pinky Cole]

No, I did in the process. And right before I closed, I decided that I didn't want that strategic partner anymore. He's a really nice guy, but, you know, just the synergies, it just wasn't the right alignment. And I had to be honest about that, which for all the people that are watching this, and no disrespect to him, but the people that are watching this, when you go to raise money, when you go to get investors, when you get new partners, this is a marriage. So you got to make sure that that marriage feels right. It feels right in your spirit. You can properly communicate with that person. Like, you don't have any apprehensions. You don't have any reserves or reservations, because if you do, you're going to regret it in the long run. And I wanted to make sure that I was very intentional about who I brought with me to the other side. And. And that was important for me, and it was a hard decision to make. But I'm like, you know what? What? I'm going to the other side with peace. Because I didn't always have peace at first, and I wanted to have peace this time.

[Derek Hayes]

We get in those conversations a lot. People talk to us like, you guys should raise. You guys should raise. And even we've had conversations prior to this one and was like, it's cool to be independent. It's great, right? You take on partners now you have people that you're married to now. You've been on both sides of it. Like, what are some of the biggest lessons for people who are in that phase of like, hey, I want to raise capital because I want to scale versus, hey, we're doing this thing independent, and we're going to scale, you know, at our own pace.

[Pinky Cole]

So. So I'll be honest, because I can't tell you a lot. I'm gonna tell you the pros and the cons. So the pros of getting investors, right? And shout out to my investors, they initially funded my dream, right? And because they initially believed in my dream, it got me the opportunity to be able to do all the things that I needed to do in the business. And I'll never take that away from them. Right? It is what it is. I'm a professional, right? But what I realized is when you want to scale, scaling is always a good thing. And if you can get private equity dollars, if you can get investment dollars, you absolutely should. But you have to make sure that the terms make sense. For me, I'm a creative, right? And having creative control is important. Oftentimes when you raise money, you are technically working for somebody else. You are working to get them their money back, no matter how you put it. You want to put in Spanish and French, you got a job. Now it's a different kind of job. And what kind of job you want to have is really up to you. Like, do you want to sit and answer to people all the time, or are you independent and say, you know what? I don't want to have to answer to nobody. I want to do my own thing. That's a decision that you have to make. Most people who want to scale and get these big valuations and exit for a high number, those people are okay with bringing in partnership because there's a plus to that. It's strategic, if it's right. And strategy and resources together is a recipe for success. So when you got good partners, they help you with new relationships, they help you get more money, they help you grow and scale. And then it's. It's a recipe for, like, something so beautiful that will go down in history. Now, if you want to be independent and you want to do it your own, you can. But it's going to take you a little bit longer. But you might have more peace, right? And you might have more ability to. To own the control of what it is that you're creating. For example, y'all got earn your leisure. Who knows, you bringing investors, and they're like, we wanted to be. Earn your leisure, and this is how we want to do it, and we want to do it this way. And you got to be okay with that if you taking somebody money. Because what I realized in business is just like we're trying to build our legacy. Investors are trying to build their legacy too. We trying to fund the dream and they're trying to get a return on their investment. So you can't get mad at them for wanting to, to get a proper return on investment and asking all the questions. And then you got to be honest with yourself. Is that the kind of relationship that you want with investors? As for me and mine, I'm at a place where I'm going to do what I did in the beginning and grow my business all over again. What I did do is though, I show some love to the people who initially invested in me, the smaller investors, the people who use their 401k and all of that stuff, because I know how much that meant to them to support my dream with what they had. So I rode some of them over and that was important for me to do that. But who knows? I may get investment again. Shout out to Fearless Fund. Arian Simone is, is like the goat. Like, she was there to support me through this process and made it difficult. Kim Blackwell, Dore Whitley, my husband. Like, I had some people in my corner that was riding and rocking with me when the lights was off, metaphorically, you understand what I'm saying? Where I felt like, I don't wanna do this no more. I'm tired. I can't believe I got here when people were encouraging me to keep going and not giving up. And my best friends who like, really held me down in this process. Cause it's hard. Somebody wouldn't have never been to get through what I've been through. So now I'm going to share my story and inspire other people that if you want to do this business, it ain't just about Instagram posts and, and getting titles in magazines. You really got to do the work. And if you don't do the work, it's going to show up in the long run.

[Rashad Bilal]

So when you brought your business back, right, I'm assuming it was pretty substantial amount. So being that you did it by yourself, was that like something that you had to actually figure out financially? Like, how am I going to get this money to actually buy it? And then was that something that you thought about, like, you know, is this a good financial decision? Because you're still gonna have to spend more money right on the store? It's not like, this is just the only time you got to spend money. So being that you did it by yourself and not outside capital, what was your thought process in that?

[Pinky Cole]

Well, the, the good thing about this is that because the business still makes good money. I knew that it was a good financial decision. I'm actually in the process of doing a raise. But I knew, right, the business could sustain itself. So it just made sense. If it didn't make sense, I wouldn't do it. Right. Because I got 10 other businesses that I'm running. But it made financial sense for me to do it. And now I'm thinking about the rebrand and bringing in strategic leadership. I just brought in some strategic leadership to help me grow and scale. This person has scaled their business to multiple locations, and they had an exit in 2021. So now I'm aligning with Best in Class. So before, it was just like, all right, loyalty, loyalty, loyalty, and people who love brand. But now I need expertise, real, true expertise that'll take me to the next level. And that really is important for this side of things, because now the focus is international. We talked about Africa before we got on camera. Like, that's one of the first places that we're thinking about going to Africa, doing India, doing the uk, possibly franchising, who knows? But we. We got some things in store. And this time, it is all about strategy. And before, Slutty Vegan was a passion project. This time, it's time for. And what business looks like is getting the proper operators. Right. Getting the people that really know about EBITDA and know about operations and profit and loss and, like, really communicating the business and me sticking to what I know how to do best. And I'm a marketing genius. I know that for a fact. So if I can apply and put the right people in place and still drive the ship, then I know that it's a recipe for success.

[Derek Hayes]

You talked about the people being in your side. You know, I'm always gonna root for Derek, you know, as a husband.

[Pinky Cole]

Yeah.

[Derek Hayes]

As a father, I'm always rooting for him. But now we have the Hayes Hospitality Group.

[Pinky Cole]

Yeah.

[Derek Hayes]

So talk about how we're gonna leverage, you know, the collaboration and what that looks like for y'all, you know?

[Pinky Cole]

Well, shout out to Derek because it's interesting because I've watched his journey for so long and the ebbs and flows he had in business. So as I'm rising to the top and my celebrity and business is rising and I'm doing all these things, he's on the back end, shuffling, digging, trying to fix his business, business. So now he got the team right. So he's. He gets to grow his business. And I see the elevation happening in real time. And I'm proud To be connected to that, because that's a part of our household. So a win is a win. If I win, if he win, we all gonna win together. Because that's my husband, and we're building his family. So when we think about his hospitality, we like, all right, you got this multi million dollar business. I got this multi million dollar business. Today we bringing in half a million dollars a week in business. Right. As a household, in our businesses. So we need to do. Do they come together? They build these big firms and utilize their resources to be able to strategize and grow. Why aren't we doing the same thing? Why you got a separate HR and I got a separate hr, and why you got a separate operations person and I got a separate operations person. We need to figure out a way to come together so that we can save money, right? So when it's time to sell or do whatever we do or go public, it makes sense. And that's what bigger corporations do. But nobody ever taught us that, Right? We had to learn by falling on our face trying to figure it out. So we came up with the idea to do Hayes hospitality. And what Hayes hospitality is, it's a hospitality company that houses all of our companies. That is Big Dave's Cheesesteaks, Slutty Vegan C Boys, which is Derek's new concept. I got a new concept that I'm about to announce that's about to change the game. Sounds like a good Barbara announcement. Yeah. And Barbie. Yeah. You know what? It actually might be good to announce it. Should I? Okay. So are y'all haven't finished.

[Rashad Bilal]

Breaking news.

[Derek Hayes]

Breaking news alert, y'all.

[Pinky Cole]

Breaking news. Y'all ever been to Jersey Mike's before?

[Derek Hayes]

Yes.

[Pinky Cole]

So I'm creating the vegan Jersey Mike's, and it's called Vogies Vegan Hoagies. So Vogies. Damn good. Hoagies.

[Derek Hayes]

Hoagies. Shout out to Philly.

[Pinky Cole]

Yeah, Shout out to Philly. So this. This is a part of the. The slutty empire. And I'm excited about that because now I got the slutty vegan brand. It's for the sluts. And you want to eat a burger and fry and you want up and get lit and be called a slut all day. And then I got this crossover brand, right, that is going to really be focused on catering and corporate sales and going in stadiums and doing all of these things. And that will be under Haste Hospitality. Because what I'm doing is I'm building an empire that people can love and appreciate, whether it's vegan or not? I mean, I'm focused on the vegan side and Derek is going to focus on, on the non vegan side. And together we're going to win real congratulations.

[Rashad Bilal]

Congrats, congrats, congrats. So let me ask you this in retrospect, right? What do you think was some of the issues with Slutty V? Obviously you said that, you know, you grew too fast, right? So yeah, like looking back on it, what do you think could have been some of the issues that you could have probably done a little differently if you had a second opportunity? And the second part to that question is the criticism. Have you, do you ever listen to. Cause there's a lot of people inside the vegan community. This is not something new. Right? But of course people like to take shots at people when they think that they're down. So I've seen this more prevalent on social media now. Like at least a couple of weeks ago they're like, oh, yeah, that's because it's junk food, stuff like that. So is that something where you're thinking like, okay, maybe we have a garden burger of just plant based, like, you know, I mean, so you know, those are my two questions.

[Pinky Cole]

Okay, so I'm gonna answer that question first. So I don't listen to the noise, you know, especially through the silence, I don't listen to the noise. Because what I realize is you can get so consumed in that stuff. And it's important for me to make sure that I got a clear mental because that's the only way that I can operate. If my mind is polluted with negativity, there's no way that I can win. So, so I don't tap into negative energy. That's the first thing. The second thing is what I did realize is that, you know, I have a burger and fry brand for people who love burgers and fries. And this is a starting point for people who want to learn about veganism but either don't know how or don't want to start with a salad. What I am doing though is I'm adding and increasing menu options to my menu. So I am adding a southwestern garden burger, right? I am adding a gluten free bun. I am about to add salads. So now everybody can appreciate if you don't want to eat soy, got to eat. So you come and get something else. It's something for you. So. So slutty vegan ain't for everybody. This is not the brand that you're going to find on every corner that's not what I created it to do, but it's for the people who love burgers and fries, who love vegan food, or who want to start out for the first time. 70% of the people who come to Slutty Vegan are not vegan. They are meat eaters trying vegan food for the first time. So that's my audience, and I'm going to continue to stick to my audience. Seven years later, creator and I still got a great audience. People are still coming. People still love the brand, people still appreciate all that we've created. And I'm excited about all the new menu items that are about to come. So that's the first question. The second thing, not what I would do differently, but what I would tell the audience watching this. Your talent is your business. You got great talent, you got a great business. You ain't got great talent, you ain't got no great business. And your talent is your culture. And all of those things web together. So I am more intentional now about the talent that I bring into my business. I just brought on a headhunter to find me the best talent I want. Best in class. I went to LA and everybody kept saying, best in class, best thing. I'm like, well, why? Why everybody keeps saying best in class? Because if you want to be the best, you got to align yourself with the best. And best in class means the people who. And not just looking good on resume, right? Personality, energy, experience. I want to know that you failed a time or two, because then you know how to identify when you see it and you know how to help me fix it. And I want people to have that kind of experience. So best in class to me is people who have, like I said, in the beginning range. So if you are an entrepreneur with a camera, who I'm talking to, right? If you are an entrepreneur, okay, and you are growing a business and your business is booming and doing all the great things, it's not enough for you to try to figure out numbers. When you are creative, 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. That doesn't mean that you don't pay attention to it. That means that you oversee what. What's happening and you get to learn along the way. That is what I would tell any entrepreneur. Because if you want to be the best, you have to align yourself with people who have scaled companies before and it may cost you a little bit more and you cannot cut corners. I'm Guilty of cutting corners with. With the leadership that I brought in. Like, okay, all right, well, let me offer them. Them pay people what they weigh. If they good, pay them because they're going to work harder for you. And if they happy, they going to work. And if they work, the job going to get done. And if the job going to get done, the business is going to continue to be successful. Successful. You know what I'm saying? That's. That. That's really what I would say to entrepreneurs. Again, entrepreneurship, it's hard. It's the luck of the draw, to be honest. And you really gotta, like, stay dialed in and stay focused and. And not take your hands off the wheel. And I'm excited to do it all over again. One thing about me is I'm a grizzly bear. So, like, I'm gonna turn this up like I did before, you know what I'm saying? And. And this time, I'm aligning with the best. And being aligned with the best is really going to show people that, like, you can get it, you can lose it, you can get it again. You can have hiccups, you can have ebbs and flows. And if you got something special, which I know that I do, it will continue to do what it's supposed to do.

[Derek Hayes]

Yeah, it's a powerful testimony. I always, every time we travel, we seem to run into y'all, and I'm like, all right, we in the right space every time. That's why hearing it from you and hearing the trials and tribulation, the ebbs and flows hearing, you know, this testimony means so much, much. When you talked about hospitality, in my head, I'm starting to think, like, yum brands. And I'm thinking Darden. I'm like, yeah, this makes a lot of sense. Part of that is mergers and acquisitions. I know it's early stage, but looking at the vision board, are you guys looking to find other restaurant tours or other businesses that you don't have to add to the portfolio? Right. I remember asking you, like, what's up with the desserts? You like, you know, we tried it before, but everybody. We can't do everything. So is that, like, that's something that you guys are looking, looking out into the future for?

[Pinky Cole]

Yep. So we got a couple conversations right now, and I realized we can go stronger together. So there's a couple of vegan brands, great vegan brands, that I've been talking to about acquiring them and making them slutty vegan. Right. Because slutty vegan is bigger than just a burger. And fry concept. Slutty Vegan is a lifestyle brand. Right. Slutty Vegan is a dessert shop. Slutty Vegan taquerias. Slutty Vegan African food, Slutty vegan Jamaican food. So when you think about vegan food, it doesn't just have to be one cuisine. And I'm tapping into different vegan restaurants that may be smaller in size but mighty in menu. Right. And those are the kind of businesses that I want to align myself with, because now we can bring your revenue into what I have going on. We can pull resources. It goes under the umbrella of Hayes Hospital Hospitality. You get some equity and Slutty Vegan, and we all win together. And that's how the big boys do it. Right. Like, there's a couple brands, big brands out here right now that's acquiring all of the similar brands to what they got and increasing their valuation size and growing their business. So I'm not going to do anything different. I'm going to do the same exact thing.

[Rashad Bilal]

Are you still interested in. I know you, before it was real estate was a major part of your business model, Right. Where you was trying to own the actual real estate. And then when we talked to you for our book tour, you said that that wasn't really a top priority for you at the moment. So being in the restructure phase going forward, is that something that is still of importance to you or.

[Pinky Cole]

No, it is important. It's funny because I was like, in the heart and soul of dealing with that when I sat with y'all in that interview. Yeah.

[Derek Hayes]

Think about the time of year. Late January.

[Pinky Cole]

Man, you don't look like what you go through.

[Rashad Bilal]

I tell you that that's important.

[Pinky Cole]

That's important as an entrepreneur. You gotta have that poker face.

[Rashad Bilal]

Gotta keep it.

[Pinky Cole]

You gotta have that poker face when everything else is crumbling around you. You gotta make sure that you stand ten toes down and you keep your chin up no matter what, because people are always watching. But. But real estate is really important, and that's the international expansion real estate. You know, we've all watched the founder, but that's initially where I got the idea from, like owning that real estate and doing it big that way. So I've brought in some people who have the expertise there to support with me. So now it's all about deploying the. The business by way of the expertise. And this time I'm. I'm taking my time and I'm strategically doing it. And it's not a matter of, like, growing extremely fast. It's about making sure that operationally we are sound, that I have the right people, that the culture is continuing to be sou and that's how you win in business. That's what I'm learning. So, yeah, the real estate is still happening. We are just prioritizing like what comes first in this whole rebrand restructure. Slutty Vegan 2.0.

[Derek Hayes]

My final question is this and you can look into this camera. What should people expect from slutty vegan 2.0? What does scandal look like? What does growth look like? What does the stores look like?

[Pinky Cole]

Growth looks like a lot of things. First of all, I am actually going around to tell my story starting on the 28th of April. April. And it's called Hustle to Empire. Yeah, yeah, it's called. It's called Hustle to Empire. And I'm basically telling this story, but more in depth. And we're going on a 28 city tour and I'm excited about that because I'm getting raw with, you know, what happened in the business where I'm going, you know, and as a cautionary tale to inspire other entrepreneurs. A lot of entrepreneurs are suffering in silence. So when you watching this, there's some people that are still trying to figure out how to pay their bills, how to pay their payroll, how they gonna make it to next. And they put a smile on their face and nobody talks about it because nobody usually is brave enough to talk about it. Or they don't want to be embarrassed. They don't want the fear of judgment. But just know that I see you and I feel you and I understand what you're going through. But this is the space where we're going to have those real hard conversations and it's called Hustle Empire. So I'm excited about that. I'm excited about the growth of Slutty Vegan. I got some really, really, really, really big announcements coming with Slutty Vegan. But then I'm also continuing to look for the best. So if you are the best, come holla at me. Like, I'm looking for the best to align myself and it's just going to be bigger and better and I'm going to rebuild the business in front of the world. So instead of me doing it behind closed doors every step of the way, from my branding to my marketing to operations, to the changes that we're making in business, I'm doing it in front of the face of the world so that they can see this is how you can rebuild and do it. Again. My cousin got a song called I'mma Do It Again, and I'm going to literally do that again. And I'm going to rebuild something that's already great already. A household name, something that people. And when you know you got something special, you fight for it.

[Derek Hayes]

Amen.

[Rashad Bilal]

That's a fact. Well, Pinky, thank you for coming and clearing the air, everybody. Go Support slutty vegan 2.0. That's a fact. How many locations do you have currently?

[Pinky Cole]

So we went to the other side with seven locations and two food trucks.

[Rashad Bilal]

Okay.

[Pinky Cole]

Yeah.

[Derek Hayes]

So we still got the New York one.

[Pinky Cole]

We still got the New York one. All right.

[Derek Hayes]

All right, then we'd have to have another conversation.

[Rashad Bilal]

So I'm sure, you know, hopefully we can get the food truck back at Invest Fest this year as it's coming. But, yeah. Thank you for your time.

[Pinky Cole]

Thank you. This was good.

[Derek Hayes]

Go support. Go support. Go support. Support even more than you did before.

[Pinky Cole]

Keep up. Keep up the new owner.

[Rashad Bilal]

And I appreciate the education because even though I learned some stuff, so I think that I know the audience is going to learn a lot from your. Your testimony. So thank you.

[Pinky Cole]

Thank you. I appreciate you.

[Derek Hayes]

We appreciate you.

[Rashad Bilal]

All right, guys, that's it. Appreciate you for rocking with us. See you next week. Peace.

[Derek Hayes]

Peace.

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