Podcast Summary: Restaurant Unstoppable #1160

Guest: Michelle Corry, Co-Founder/Owner of 555, Petite Jacqueline, & 555 North
Host: Eric Cacciatore
Date: February 20, 2025

Episode Overview

In this deep-dive interview, Eric Cacciatore sits down with veteran Portland, Maine restaurateur Michelle Corry to chart her two-decade leadership journey as co-owner of fine-dining destination 555, its companion bistro Petite Jacqueline, and her current consulting and licensing work with 555 North. Michelle shares her unique path into the industry, the keys to building a lasting culture of hospitality, the challenges and evolutions of owning versus leasing, managing growth and burnout, succession planning, and her views on the future of restaurants. With candid stories, practical advice, and reflections on work-life balance, Michelle offers inspiration and actionable wisdom for both aspiring and established restaurateurs.

Key Topics and Insights

1. The Foundation: Building Culture Through Empathy and Hospitality

• Hospitality as a Lifestyle: Michelle, drawing from her French Laundry experience, emphasizes that hospitality is "not something you turn on and off... It's a lifestyle." (22:49)
• Empathy First: "If you can teach empathy, it helps people be really good at what they do and feel good about what they do at the end of the day." (01:25, 102:06)
• Memorable Story: Michelle tells a powerful anecdote about serving a grumpy customer, learning her struggles, and using it to instill empathy in her staff.
  “We don’t know what other people are going through… But we’re here to make them forget about that stuff for a while. That is our job.” (01:25, 102:45)

2. Early Career and Influences

• Hotel Roots and West Coast Adventure: Despite physician parents, she pursued hospitality, working at Boston Harbor Hotel, then moving to San Francisco where she met her husband, Steve. (10:08–11:19)
• Napa & Fine Dining: Both Michelle and Steve worked at high-caliber Napa Valley restaurants (French Laundry, Domaine Chandon), which shaped the vision, standards, and service focus of 555.
• On Landing at French Laundry: “Networking is hugely important… everyone says it, but when you’re young you’re like ‘yeah, whatever,’ but it is.” (13:29)

3. Launching 555: Risks and Strategies

(25:04–29:03)

• Pioneering Downtown Portland, ME: Bought their building for $320K, in a then-unpopular area, stressing the importance of controlling real estate as a fallback and value-builder.

  “If you can own the building… it’s your backup plan, your asset.” (28:11)

• Bootstrapping: Did most renovations themselves, waited to upgrade furniture, and slowly built up regular clientele.
• First Year Lessons: Started profitable and busy, but growth was slow until Steve won Food & Wine’s Best New Chef (2007).
• Keys to Hiring and Training:
  • Hired from scratch; many applicants, but not all fine-dining ready.
  • Heavy investment in ongoing training, culture, and hands-on owner presence.

4. Organic Growth, Expansion, & Operational Challenges

(53:25–58:24)

• Expansion Model:
  • Grew seat count over time by converting space (apartment→private dining, expanding bar/lounge, used buildings next door).
  • Consistently reinvested in the restaurant each year (“one big thing” – chairs, tasting menu, etc.).
• Customer-Focused Iteration:
  • Regulars were “bread and butter.” Menu innovations were introduced gradually, with education and trust.
• The Leader’s Dilemma:
  • Opening a second venue (Petite Jacqueline, 2011) introduced new layers of complexity:
    “Letting go and not being there in two places at once—that was a huge challenge for us.” (56:06)
  • Key solution: Give management partnership/ownership to ensure shared investment in culture and quality.

5. The Importance of Partnership & People

(30:16, 84:21)

• Success through Partnership:

  • Strongly advises against solo ownership, advocates for “someone you absolutely trust” (31:23)
  • “You can’t do it by yourself if you want to be the best. Give them a percentage of ownership.” (32:19)

• On Working with Her Spouse:

  • "People used to ask me, ‘How can you work with your husband?’… I think it’s special." The key: separate duties, united front, don’t keep score, communicate. (84:27)
  • “It’s like parenting—you need to be on the same page… The staff needs to see you on the same page every day.” (86:52)

6. Succession Planning and Knowing When to Pivot

(69:23–74:00)

• Exit as Evolution:
  • "If we can't do it the way we want to, we don't want to do it." (67:42)
  • Reflects on burnout, missing family time, loss of core staff, declining margins—all signs to plan an exit, not as failure, but as the next phase.
• Importance of Real Estate: Ability to rent, AirBnB, and maintain assets critical to a secure transition.
• Licensing Agreements: Consulting & licensing (555 North) as a new business model; stresses need for trust, clear expectations, and involvement when putting your brand on someone else’s property. (75:12–79:59)

7. Operational & Financial Realities

(8:14, 94:18)

• Profit Margins: 10% at peak, largely because both owners did all high-level roles themselves. (08:32–08:57)
• Hiring/Payroll Tips: Only outsource truly essential tasks if possible (e.g., payroll). (60:06–62:30)
• Leverage Technology:
  • Admits she’s not tech-oriented, but recognizes new operators need to own their systems, integrate POS, inventory, scheduling, etc.
  • “If you’re not there 24/7, you need those systems… real-time is power.” (90:57–91:18)

8. Industry Reflections & The Future

(91:23–101:46)

• Professionalism and Career Pride:
  • Advocates for improving pay, work conditions, and changing the perception of hospitality as “just a stopgap.”
• Economic Realities:
  • "The lines in the graph have to meet somewhere—owners want to do the right thing, but can’t if the money isn’t there. There is no ‘one-size-fits-all.’" (94:18, 95:26)
• Role of Legislation & Culture:
  • Skeptical that more legislation is always the answer, instead believes in market and cultural shifts leading positive change.
  • "Let it evolve… if you want to hire people, you have to keep up." (99:37)

Notable Quotes & Memorable Moments

• On Empathy and Hospitality

  "We're here to make [customers] forget about that stuff for a while. That is our job—not even our job… if you sign up for this, that should be what you want to do." – Michelle (01:25, 102:45)

• On Owner Real Estate

  "If you can own the building… it's your backup plan, it's your asset." – Michelle (28:11)

• On Staff Development

  “We treated our business like a school… if you leave 555 with this knowledge, you can get a job anywhere.” (41:07)

• On Partnerships

  “If you're going to open a restaurant, I hope you know how to cook... now, I hope you know technology, marketing... I don't know that many freaks of nature who can do it all.” – Eric (65:49)

• On Knowing When To Move On

  “If we can't do it well, we don't want to do it… You have to stop before you can realize your next step.” – Michelle (67:42, 72:19)

• On Industry Perception

  “We're working to rewrite the narrative… this is a career-oriented industry.” – Michelle (91:58)

Timestamps for Key Segments

• Empathy & Early Lessons: 00:00–01:25, 102:06–104:53
• Motivational Quote & Mindset: 05:33–06:28
• French Laundry/Influential Years: 12:22–18:55
• Opening 555 & Real Estate Wisdom: 25:04–29:03
• Growth & Operational Change: 46:31–50:38
• Managing Multiple Concepts: 53:25–58:24
• Succession, Burnout, Exit: 69:23–74:00
• Licensing and Consulting: 75:03–79:59
• Tech Stack and Operations Today: 89:50–91:18
• Industry and Legislation: 91:23–100:56
• Final Wisdom and Legacy: 106:52–108:11

Actionable Takeaways & Advice

For Aspiring Restaurateurs

• Invest in Your People: Teach empathy, provide ongoing training, retain by targeting development and opportunity.
• Think Long-Term with Real Estate: Ownership provides flexibility and security.
• Start Small, Grow Slowly: Don't expect to open your dream restaurant on Day One; evolve each year.
• Choose Partnerships Carefully: Co-ownership or profit-sharing with trusted people is key to scaling quality.
• Have a Succession Plan: Don't “do this forever;” plan for what’s next and protect your personal well-being.

For Owners Ready to Evolve

• Exit is Not Failure: Changing seasons, priorities, or even closing can be success if it’s intentional.
• Licensing Your Brand: Can provide new income/impact, but requires trust and clear communication.
• Seek Advice, Don’t Go Alone: There’s wisdom and support available—ask industry peers and leaders for help.

Closing Reflections

Michelle's journey is a model for building a restaurant career with empathy, adaptability, and conscious legacy. Her story underscores the centrality of hospitality—and people-centered leadership—at every stage, the necessity of reinvention, and the importance of advancing both the profession and quality of life for owners and staff.

To connect with Michelle for consulting or general questions, email michellecorey2337@gmail.com or Instagram @michellecorry23.

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