Leap Academy Podcast with Ilana Golan: Episode Summary

Episode Title:
Bluestone Lane Founder: How Nicholas Stone Is Redefining the U.S. Coffee Culture With Zero Coffee Experience

Release Date:
January 21, 2025

Host:
Ilana Golan

Guest:
Nick Stone, Founder and CEO of Bluestone Lane

1. Introduction to Nick Stone and Bluestone Lane

Ilana Golan welcomes Nick Stone, the founder and CEO of Bluestone Lane, a coffee chain aiming to infuse Australian coffee culture into the United States. Despite lacking formal coffee-making experience, Nick has successfully established 65 cafes across the country, emphasizing community and quality.

Notable Quote:
Nick Stone [00:05]:
"When I was starting Bluestone Lane, I had an extraordinary amount of people that said to me, it won't work. I actually never had ever made coffee at all."

2. From Australian Rules Football to Finance

Nick Stone shares his early life in Melbourne, Australia, where he pursued a career in Australian Rules Football (AFL). Despite being drafted and playing professionally for six years across three teams, Nick faced setbacks, including being delisted multiple times by the age of 23. His resilience led him to pursue a degree and transition into finance, eventually landing in New York City in 2010.

Key Highlights:

• Sports Background: Grew up in a family of athletes; father, uncle, and grandfather played AFL.
• Career Transition: Delisting from AFL prompted Nick to study finance, securing an internship at an investment bank.
• Move to New York: Driven by a passion for the city's diverse culture and opportunities, Nick relocated after completing his education.

Notable Quote:
Nick Stone [04:56]:
"I just put myself in the right position and it was just simply sensational."

3. Founding Bluestone Lane: Vision Without Coffee Experience

Despite never having made coffee professionally or personally, Nick Stone identified a gap in the U.S. coffee culture. Drawing inspiration from Australian coffee rituals, he envisioned Bluestone Lane as a community-centric café where locals feel recognized and valued.

Key Highlights:

• Community Focus: Emphasis on creating a local, welcoming environment where customers are known by name.
• Quality Over Convenience: Commitment to high-quality ingredients and authentic Australian coffee experiences.
• Strategic Planning: Leveraged his finance background to craft a sustainable business model focused on experience rather than mass production.

Notable Quote:
Nick Stone [12:46]:
"I just thought there's a very good chance that this will work if we can execute well. And most businesses, the idea is the easy part. Execution is everything."

4. Challenges in Scaling and the Impact of COVID-19

Nick discusses the significant hurdles Bluestone Lane faced, particularly during the COVID-19 pandemic. The unexpected downturn led to a drastic reduction in revenue and store closures. Additionally, early international expansions, like the venture into Canada, posed unforeseen risks exacerbated by the pandemic.

Key Highlights:

• COVID-19 Impact: Loss of 87% revenue, reducing stores from 51 to 14.
• International Expansion: Opening stores in Toronto resulted in closures due to lockdowns and logistical challenges.
• Operational Challenges: Managing high turnover in the hospitality industry and adapting to remote operations.

Notable Quotes:

• Nick Stone [16:48]:
  "When I think back to my mental state when I was considering Bluestone, I am naturally pretty risk averse."

• Nick Stone [23:08]:
  "We opened two stores in Canada just prior to Covid arriving... it was the wrong call."

5. Upholding Company Values and Culture

A cornerstone of Bluestone Lane's success is its unwavering commitment to company values. Nick prioritizes promoting from within, fostering a supportive and inclusive work environment, and maintaining high standards for customer experience.

Key Highlights:

• Promoting from Within: Emphasizes merit-based advancement, providing opportunities regardless of an employee's background.
• Employee Support: Focus on employee well-being, including fair severance packages during layoffs.
• Customer Experience: Ensuring each customer feels like a valued local, not just a passerby.

Notable Quote:
Nick Stone [48:38]:
"I treat everyone as it relates to our values and our key success factors and our definition of hospitality, speed, times, experience. And when they align with that, I want to promote them."

6. Personal Insights and Coping Mechanisms

Navigating the tumultuous journey of entrepreneurship has been challenging for Nick. He attributes his resilience to the unwavering support of his family, friends, and a strong internal value system. Celebrating successes and maintaining perspective are key strategies he employs to stay grounded.

Key Highlights:

• Support System: His wife, brother, and long-term friends provide emotional stability and honest feedback.
• Work-Life Balance: Prioritizes relationships and personal well-being alongside business commitments.
• Leadership Philosophy: Values teamwork and celebrates collective achievements to foster a positive company culture.

Notable Quote:
Nick Stone [32:54]:
"I am not a great individual sportsman. I've always been a really good addition to a team. And that's Bluestone Lane and banking were team sports."

7. Lessons Learned and Advice for Aspiring Entrepreneurs

Reflecting on his journey, Nick emphasizes the importance of enjoying the entrepreneurial process, trusting one's instincts, and staying true to core values. He advises upcoming entrepreneurs to focus on execution, celebrate milestones, and maintain a balance between professional ambitions and personal life.

Key Highlights:

• Trust Your Gut: Balancing external advice with personal intuition is crucial.
• Enjoy the Journey: Emphasizes the importance of celebrating successes and learning from failures.
• Stay True to Values: Maintaining integrity and prioritizing quality and community over rapid scaling.

Notable Quote:
Nick Stone [50:27]:
"Enjoy the journey. You celebrate success... You just get caught up in the minutiae of building a company or on the grind and suddenly you've been at it for 11 years."

8. Conclusion: Future Vision for Bluestone Lane

Nick Stone remains optimistic about Bluestone Lane's future, committed to expanding its community-focused model without compromising on quality or values. He envisions a brand that not only serves excellent coffee but also fosters meaningful human connections.

Key Highlights:

• Sustainable Growth: Focus on quality and community over sheer expansion.
• Educational Mission: Aims to educate consumers on the value of authentic coffee experiences.
• Legacy and Impact: Strives to create a lasting positive impact on both customers and employees.

Notable Quote:
Nick Stone [45:16]:
"I'm really proud that I don't think we've compromised our company values or our product to chase potentially more lucrative outcomes."

Final Thoughts

Nick Stone's journey from a professional athlete to a finance professional, and ultimately to a successful entrepreneur, underscores the importance of resilience, adaptability, and unwavering commitment to one's values. Bluestone Lane stands as a testament to the impact of authentic leadership and community-focused business practices in redefining industry standards.

For more inspiring stories and actionable insights on crafting the life and career you desire, tune into future episodes of the Leap Academy Podcast with Ilana Golan.