Business: Studying the Evolution of Smoothie King Management Team

Summary

Smoothie King is a successful franchise model that has been in business for over 40 years. The company has had two CEOs, with Wan Kim taking over in 2012 and driving the company's success. Kim's background in process efficiency and profitability has helped him to grow the franchise and make it the number one franchise in the US for ten years running. Kim has surrounded himself with a strong management team, including Camille Hymes, who will become the new chief operating officer in June 2023. Hymes has experience in food service and franchise models from her time at Starbucks and Jack in the Box.

Smoothie King's goal is to expand its presence internationally and improve the customer experience. The company is also looking to lower the barriers to entry for potential franchisees, making it easier for them to invest in the brand. Smoothie King may be working to become a hangout spot, similar to Starbucks, where customers can enjoy a healthy drink and spend time with friends. The company is also allegedly implementing automated drive-through models, which will make it more accessible to a wider range of people.

Smoothie King's success is also due to its focus on innovation. The company is always looking for ways to improve its products and services, such as introducing new flavors and ingredients. This keeps customers interested and engaged, and helps to differentiate the brand from its competitors.

Overall, Smoothie King's success is driven by a strong management team led by Wan Kim, who focuses on sales growth, franchisee growth, and profitability. By expanding internationally, improving the customer experience, and implementing drive-through models, Smoothie King can attract more customers and build brand loyalty. As the trend towards healthy options and socializing continues to grow, Smoothie King is well-positioned to capitalize on these trends and continue to be a successful franchise model for years to come.

Chapters

| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:01 | Introduction to the podcast and sponsor |
| 0:00:48 | Introduction to the episode |
| 0:01:34 | Smoothie King's CEOs |
| 0:03:25 | Wan Kim's success and management team |
| 0:04:29 | New COO Camille Hymes and her background |
| 0:05:29 | Smoothie King's goal to make it easier to become a franchisee |
| 0:06:41 | The investment required to become a franchisee |
| 0:07:11 | Smoothie King's drive-through models |
| 0:08:25 | The potential for automation in franchises |

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.