When Amol Kohli began working as a friendly and waiter in the Philadelphia area in 2003, he was a restless sophomore in high school, hoping to change his pockets.
Kohli made about $5 an hour for a diner-style restaurant chain that does the work that managers need, he told CNBC. Every time he was a cook, a dishwasher, a table basser, and an ice cream scooper.
More than 20 years later, Kohli added another friendly position to his resume: the owner. On July 22, Kohli’s investment group Legacy Brands announced the acquisition of parent company Brix Holdings and six other restaurant brands, in addition to the acquisition of a friendly chain with locations in most states on the US East Coast.
The deal marked a certain peak for the 37-year-old Kohli. While attending Drexel University (he doubled in finance and marketing), Kohli worked at Friends five to six days a week throughout the summer, learning more about the inside and outside of the business over time.
“I started supporting couples’ franchisees and started learning what happens once the money enters registration,” says Kohli. “Learn about insurance, pay, food costs, everything else. I did it all through university.”
According to his LinkedIn profile, Kohli graduated from Honors in 2011 and instead of pursuing a career in finance, he says, he has chosen to take on the position of friendly local manager. A few years later, he applied to take over the closing franchise location. The store’s licenses, contracts and equipment cost around “about $1 million” of “$150,000” including credits, money from Kohli’s savings, and funds from friends and business partners, he says.
“That’s how my franchise career began, and from there, it just didn’t stop,” says Kohli, who franchised the 31 Friendly location before finally buying the brand.
“Incredible” rise with challenges ahead
The path for Kohli to own a one-time employer began with a plunge in sales at Friendly’s during the Covid-19 pandemic. The company filed for Chapter 11 bankruptcy protection in November 2020, and announced plans to acquire Dallas-based franchise company Brix Holdings for just under $2 million. The transaction was finalized in 2021.
In May, Kohli established its own investment group, Legacy Brands International, with its sole purpose. I got BrixHoldings. He funded the investment group “through both capital (equities) and debt financing,” a spokesperson said.
The creation of Legacy Brands International was the result of “a combination of many goodwill that supports all stars at once, supports faith, supports faith, and cashed out at once.” And his long track record with the company has made him an “ideal candidate for ownership,” Brix founder John Anchoco said in a statement when the deal was announced.
Kohli is currently a franchisor who owns but does not operate locations for more than 60 other friendly restaurant locations in the US, a company spokesperson said. As a result of the contract, Kohli’s company currently owns Clean Juice, Orange Leaf, Red Mango, Smoothie Factory + Kitchen, Super Salad, and Humble Donut Co. There are over 250 restaurant locations throughout the portfolio.
The rise from an entry-level friendly employee to Brix’s board chairman is “unbelievable,” Kohli says. However, he faces the challenge of reviving a brand that has been shrinking more than 100 locations today, from over 800 people in the mid-1990s.
More widely, chain restaurants have reported declining sales amid inflation and a volatile economic environment, rethinking how often many consumers want to spend their money in sit-in restaurants.
Kohli aims to modernize the brand he oversees and has recently leaned towards technology like the Revamped Friendly mobile app, Kohli told Nation’s Restaurant News in August. He also hopes to attract new franchisees who can prove that using his own career trajectory is a selling point, he says.
Specifically, he says he wants people to see the role of restaurant and foodservice as an opportunity to establish a long-term career and start building wealth, not just dead-end jobs and gigs after graduation. His particular paths are rare, but not entirely unique. Former IHOP CEO Julia Stewart was an IHOP waitress as a teenager before leading the brand from 2002 to 2017.
“Some of the people on my executive team were dishwashers and cooks now,” Kohli says. “This is one of the few (industrials) in the world, and you can literally start at that level and go to CEO or executive.”
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