Origin Story of Poppy Steak

In this episode of Open Residency, we sit down with David Grutman, the founder of Groot Hospitality and the man behind LIV, Komodo, and Papi Steak, to break down how he built one of the most iconic hospitality empires in the world. David shares the ecosystem thinking that turned a single nightclub into a multi-venue flywheel, why he treats every concept as intellectual property, and the hard lessons that shaped how he operates today.

We go deep on the deal structures behind his biggest wins and biggest losses, how he decides between lease deals and management deals, and why your audience will tell you exactly who you are. Even when your ego disagrees. David also opens up his venture portfolio, sharing what made him back Liquid Death, Colossal Biosciences, and Skinny Dipped — and what one failed investment taught him about founders who over-optimize for valuation over growth. He also talks about his new book, Take It Personal, and why caring deeply about the details is exactly why he's still winning.

Take It Personal Book: https://zandoprojects.com/books/take-it-personal-hardcover

TIMESTAMPS:
00:00:00 Trailer
00:00:46 Kim Kardashian Wrote The Forward Of Your Book, How Do You Look At Relationships?
00:02:00 18 Year Ago, You Opened Up LIV, What Was That Aha Moment That You Could Create A Whole Ecosystem?
00:03:31 On Komodo, You Raised $10 Million Initually, What Was That Biggest Lesson?
00:06:45 Walk Me Through What You Learned About IP With Komodo?
00:10:13 What Type Of EBITDA or Profit Does A Club Or Restaurant Actually Look Like?
00:11:13 What About 1st Gen vs 2nd Gen For Restaurants and Clubs?
00:12:47 Tell Me The Origin Story Of Poppy Steak?
00:14:24 What Is It Like Doing Business With Friends?
00:15:42 When You Open Your Own Venues, What Are Some Of Those Non-Negotiables?
00:20:55 You're In Venture Now.
00:23:15 When You Invest In A Company, How Do You Integrate It To Your Wold?
00:24:56 What Are Those Red Flags When People Are Looking For An Investment From You?
00:30:07 What's The Most Surprsing Company You've Invested In?
00:33:04 What's The Hardest Lesson About Winkers?
00:34:25 How Much Revenue Do You need For A Restaurant or Venue?
00:39:51 Quickstrike Questions

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