Latest news with #SluttyVegan
Fast Company
2 days ago
- Business
- Fast Company
How Slutty Vegan founder Pinky Cole lost control of her business—and took it back
Pinky Cole, founder of the plant-based food chain Slutty Vegan, shares the details of a recent professional upheaval in which she lost control of her company—and then fought to win it back. She also opens up about surviving a harrowing driving incident, the business mistakes that nearly brought everything down, and the emotional and family toll of it all. It's a raw, unfiltered look at leadership under pressure—and what it takes to rebuild when everything falls apart. This is an abridged transcript of an interview from Rapid Response, hosted by Bob Safian, the former editor-in-chief of Fast Company. From the team behind the Masters of Scale podcast, Rapid Response features candid conversations with today's top business leaders navigating real-time challenges. Subscribe to Rapid Response wherever you get your podcasts to ensure you never miss an episode. We last spoke on stage at the Masters of Scale Summit in October of 2024. And things seemed to be humming—you had new stores, there were some high-profile collaborations, and we talked about investors, including Shake Shack founder Danny Meyer, a great mentor to have. And then everything turned a little bit. Take us back to last fall, how you were feeling about the business, and what unfolded as the year finished out. I want to preface this conversation as a cautionary tale for founders. When I talk about my journey and the things that I've been through, I have seen a massive amount of success. I have gotten the title of every single magazine you could imagine. I've graced all the lists. I've gotten all of the things. But what I also realized is that it didn't come without challenges. And just like all things go up, some things do go down. And when I met with you, Bob, I was in the middle of one of the most powerful yet crunching seasons of my life. Here it is: I'm still making double-digit millions, doing very well as an organization by way of revenue, but operationally, I was not sound. And because I was not sound, the ship was sinking. It started off with a slow sink, and then eventually that ship went all the way under. And there's no way to save a ship that's got 10 holes in it. No matter how many buckets you try to get to push the water out, whatever effort that you try to do, there was no way to save it. I went from having challenges with cash flow. You know how it goes, Bob. If the cash flow doesn't make sense, then the business can't make sense. And all of these things happen really, really fast. Some people think that it's like a slow roll. No, it's just like one day you're good, and the next day you're not. And after I did the taping with you, it got real. And real as in I had to file for an assignment for the benefit of creditors. And for the people who are listening to this: If you don't know what that is, that is like bankruptcy's fourth cousin far removed. It is an insolvency proceeding that happens outside of court when a company or organization, the revenue doesn't speak to the debt that it has. My debt was above the revenue. Here I am, overall, I got about $20 million in debt. I'm burning $100,000 every single week. That is taxing on any entrepreneur, especially when you have a board that, at this point, they're like: 'Okay, how did we get here? What happened?' And when I look back over everything, I wasn't in the company day to day. I'm the mascot. I'm the thought leader. I'm doing all these things, putting people in position. We did a lot of great things collectively as an organization, but there were some learning curves there. And what I've learned from this experience is that talent is the root of all evil or is the foundation for your success. You want to have a really good organization? You've got to have really good talent. And I'm not just talking about people that look good on a résumé. I'm talking about people who can roll with the punches, who are great problem-solvers, who can look at an organization and identify ways in which to make it better. It's not enough just to say that you worked at a company that was successful. No, you've got to come in this one and make sure that this one is successful. A lot of learning there, to say the least. I want to ask you a couple of questions about that turn that happened—you mentioned losing $100,000 a week. Now you could say, 'Well, that's the plan. We're going to invest $5 million a year to build a brand.' That it's part of what the strategy is. It doesn't sound like that's where the losses were coming from. Was there a single primary business problem, or was it like a group of things? It was a group of things. The model has always been proven; we have a good business model. We have a cult following. People love the brand. That wasn't what it was. What happened is, in the middle of the pandemic is when we got our rise. Could you imagine we raised $25 million and then inflation is through the roof? What would cost $600,000 to open up a Slutty Vegan cost almost $1 million to open up a Slutty Vegan. We opened up 14. We were very ambitious with our goals. On the surface, the business was very buttoned up, very organized. But the reality of it is, we were a bit above our britches. Our C-suite was super expensive. We were paying top dollar for construction and opening up locations. We had one location in particular where it took us four months beyond the completion date to get opened because of permitting—obviously, that cost money. All of the things just came together, and it became a domino effect. I had three babies in three years. I had a baby in '21, I had a baby in '22, and I had a baby in '23. And I got married, and I'm doing all of these things. And when I started this company, I never coined myself as an operator. I'm not a restaurant operator. I'll tell the truth. But this has always been a passion project for me, so what I do very well is, I market my business very well. I know how to connect the dots, and I can bring people together. So I brought in people who I thought can manage the operations. And did they do good work? Sure. I'm a professional, sure. But at the end of the day, the level of acumen that we need for the momentum that we have, I needed somebody else. But I want to say that I needed that to happen at the moment in time in which it happened, because it gave me the opportunity to, one, clear my cap table, two, clear the debt. And then it gave me an opportunity to buy my company back and rewrite my story. The one thing about entrepreneurship is that nobody tells you that it has to be a straight line. You're going to get some curves, there's going to be some speed bumps, and you're going to flip over a couple of times. But as long as you keep driving, that is where you get the juice. And I've been thirsty for this new juice of 2.0 in Slutty Vegan, and that's bringing in a new president, bringing in a new accounting firm, bringing in a new HR team, even down to the damn assistant—everything new. And I wanted to be able to rewrite the story in a way where not only just I could feel good about myself aspirationally, but founders around the world can look at my story and know what to do, and know what not to do, because Pinky went through it.
Yahoo
05-06-2025
- Business
- Yahoo
Pinky Cole Names Tech Tycoon Lauren Maillian President Of Slutty Vegan
Slutty Vegan Founder and CEO Pinky Cole is starting a new chapter—and she's not turning the page alone. In a move that signals bold intentions and even bolder execution, Cole has appointed Lauren Maillian as president of the wildly popular plant-based brand. Maillian officially began her role June 4. 'This is the first time that I have an all-woman staff in my corporate, which is super, super exciting,' Cole shared. 'Especially when I think about who I am to Black women entrepreneurs in America… I know it's gonna be great.' Her optimism hits harder when you understand what she's had to rebuild. Earlier this year, Pinky was involved in a serious car accident that left her physically injured and emotionally shaken. That same season, she quietly lost control of her company—an experience she has since described as one of the most humbling chapters of her entrepreneurial journey. 'I lost the company February 13th. I bought the company back March 28th. And now today, I've appointed my President of Slutty Vegan—who is the second president ever, and the first Black woman.' The leadership shift comes as the brand moves forward into its next phase, which Cole calls Slutty Vegan 2.0. For Pinky and Maillian, it's also a full-circle moment nearly a decade in the making. Their earliest encounter was fairly random and easy to overlook. 'Our very, very, very first encounter was very informal,' Maillian recalled. 'We were both speaking that same year, which I believe was 2017, for John Hope Bryant at the Operation Hope conference, at the bottom of the escalator. That was the very first time. And that same day I had my very first Slutty Vegan burger too.' Cole confirmed the memory: 'I actually remember that now. And it was you and your husband at the bottom of the escalator… and then after that was Indianapolis, right, Lauren?' The two reconnected recently at Kim Blackwell's ExcelerateHER event. That's when the conversation turned from admiration to action. 'It literally felt like business love at first sight,' Cole said. 'I need somebody that can come in and just be my right hand and really take the business to the next level… And today actually is Lauren's first day.' For Maillian, joining Slutty Vegan wasn't just a professional decision—it was personal. 'I remember even saying, like, 'Can I invest? Is there room for me?' I wanted to be a part of Pinky's vision. I wanted to be a part of the way that she was lighting the industry on fire,' she said. With 20+ years of business leadership, including time in VC, media, tech, and food and beverage, Maillian sees this moment as one of alignment: 'This is also very personal for me… very synergistic with the life that I lead and allowing me to show up as Lauren Maillian wholly and fully in every part of my personal and professional life.' 'There's someone very important on Pinky's team that I've worked with… on some really big deals,' Maillian said. 'Everything just clicked for us… And what risk-taking and generating the right rewards looks like. So yeah, full circle in so many ways.' Cole emphasized the significance of their leadership dynamic: 'In Slutty Vegan 1.0, it was very man-heavy… This is a new energy. It's a new opportunity to show that women are dynamic—especially Black women.' And it's not just about identity—it's about execution. 'I am rah rah, this raw energy that is in your face, loud and vibrant,' Cole said. 'I think that Lauren will bring a sense of sophistication and calmness to everything… She can take those ideas and execute them in a way where they can be scalable. And that's literally what has been missing.' Slutty Vegan's growth plan is expansive—and VOAGIES, Cole's new plant-based sub concept, is just the beginning. 'We are reworking systems,' Cole shared. 'Stabilization is important right now… and then we get back into growth mode: CPG, hyper growth, scale, verticals. Now we're putting it on steroids.' Maillian's focus? Innovation through tech, consumer experience, and operational precision. 'We're certainly going to be recreating a playbook of how to be able to build and scale excellence… Every store, every social media interaction, every piece of merch. That is something that is going to be a large part of my focus in the next quarter.' When asked what advice she would share with other Black women looking to build their business, Maillian shared a powerful reflection: 'You don't get everything you deserve, but you definitely deserve everything you get. And that is how I feel in this season.' Pinky Cole echoed that sentiment with her own testimony: 'There are going to be people, places, and things that tell you that you can't do it… Six months ago was the roughest season of my life. And now I'm entering the best season of my life.' RELATED CONTENT: Pinky Cole Switches It Up Again—This Time, It's All About Plant-Based Hoagies Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Pinky Cole Hayes' Bentley was left running when it was stolen in front of restaurant, police say
An Atlanta restaurateur's Bentley was left running with the keys inside when it was stolen in front of her new restaurant over the weekend. Pinky Cole Hayes celebrated the grand opening of her new restaurant, Voagies, on Saturday in the same location on Ralph David Abernathy Road that housed her previous restaurant, Slutty Vegan. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] According to a police report obtained by Channel 2 Action News, her husband, Derrick Hayes, hopped out of the car to greet friends when he noticed his car starting up and leaving the area. Police say three men rode up on scooters, got into the Bentley and sped off toward Interstate-20. Derrick Hayes tried to follow them, but couldn't catch up. 'I swear this car is not good luck,' Cole Hayes said in the video. TRENDING STORIES: Georgia Tech student killing: Shooter snuck into apartment building, waited for victim, police say COVID-19 vaccine removed from list of shots recommended for healthy children, pregnant women Metro Atlanta mother says insurance will only cover fraction of son's international ATV accident She has since said that someone found 'stripped parts' from her car, and that she's gotten her passport and a few other items back. Cole Hayes added that she just got the car back from the mechanic the day before it was stolen. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
27-05-2025
- Business
- Yahoo
Pinky Cole says Bentley stolen outside new restaurant stripped for parts
The Brief Slutty Vegan founder Pinky Cole says people in the community have helped her find parts of her car after it was stolen over the weekend. The theft happened just as Cole opened her new sandwich shop in Atlanta's West End neighborhood. Cole also said that she has received other tips that she is looking into to try and find the missing car and other items. ATLANTA - Atlanta restaurateur Pinky Cole says she's received some new leads after her black Bentley Bentayga was stolen while she was celebrating the opening of her new sandwich shop in the city. Cole said she had just got the car back from the mechanic a day before the theft happened. The backstory The theft happened on Sunday outside her new shop, Voagies, which serves vegan hoagies, on Ralph David Abernathy Boulevard. According to Cole, customers were lined up waiting to order when three men rode into the area on scooters, jumped into her car, and took off. The Slutty Vegan founder shared a video on Instagram showing the scene outside Voagies shortly after the incident. The scooters believed to have been used by the suspects were left on the ground, while bystanders looked on. Cole said that police were contacted and asked followers to let her know if they'd seen the car. What we know On Monday, Cole shared an update, saying that her followers helped reunite her with some of her stolen items. According to Cole, she was sent a video of her car stripped for parts. "I got so many DMs and so many tips," she said. The restaurateur shared pictures showing pieces of a vehicle spread out in a grassy area. "All of my stuff was spread out in the middle of the street," she said. She said that the person who found the pieces of the vehicle was able to retrieve her passport and card book, but other items - including her laptop and bookbag - remain missing. Cole said she didn't think that this was a targeted theft. "It wasn't personal. They just wanted a vehicle to sell," she said. What they're saying Cole also said that she has received other tips that she is looking into to try and find the missing car and other items. "If you are listening to this, and you stole my car, you can't go really far with this vehicle because the whole Atlanta is talking about this right now," she said. She asked the suspected thieves to drop the car somewhere and contact her anonymously via social media. What's next The Atlanta Police Department is reportedly investigating the theft. OTHER PINKY COLE STORIES Bar Vegan closing in Ponce City Market after 4 years Pinky Cole, Morris Brown College announce surprises for Mays High School students
Yahoo
26-05-2025
- Business
- Yahoo
Pinky Cole's Bentley Stolen Outside Of Her Sandwich Shop Grand Opening
The owner of the plant-based fast food chain Slutty Vegan hopped on Instagram this week to give an update on her unlucky car. Pinky Cole Hayes posted a May 25 clip on her Instagram account to say that her Bentley was stolen while parked outside her new Atlanta sandwich shop, Voagies. Cole explained in the candid clip that three people allegedly pulled up to Voagies on scooters and jumped into her black Bentley before speeding off with her car. Cole began, 'Y'all , I swear this car is not good luck. We at Voagies, and somebody just stole the car that we just got out of the shop yesterday, in front of the restaurant — while we got people standing in line, ordering food.' Voagies is Cole's most recent business venture, a vegan hoagie panned the camera to show the street, where three scooters lay abandoned on the curb and other patrons in the background. 'And they left the scooters on the ground. If you see a Bentley in Atlanta, a black Bentley, send me a DM — the police are on their way, but somebody just stole it,' Cole shared. She explained, 'Three guys just jumped in the Bentley and stole it while we were at the restaurant.' Despite the damper on what would have been a positive day for the entrepreneur, Cole told fans that she wouldn't let it get her down. 'We can't catch a break, but you know what? God is still good. If you see a Bentley, send me a DM ASAP.' As previously reported, The Atlanta business owner, who originally founded popular plant-based restaurant chain Slutty Vegan, recently opened Voagies as another chain under her belt. Cole, 37, faced business issues with Slutty Vegan that forced her to temporarily surrender control of her company, to satisfy creditors who were unhappy with management's 'exorbitant' overhead spending. After six weeks of reflecting, Cole was able to buy Slutty Vegan back and began the journey of launching a new joint venture with her husband, who is the current owner of Big Dave's Cheesesteaks, Derrick Hayes. At the time, Cole stated, 'My last investors, they brought value for what they brought value to, but when you think about elevation and growth, I'm elevating and growing with a new set of folks and I'm excited about it.' Cole added at the grand opening of Voagies in Atlanta, 'This is the first business in Slutty Vegan 2.0. This is a hoagie shop like you have never experienced before. This brand is going to scale in a way that you ain't never seen before… We will see this all over the world.' As of today, Slutty Vegan has eight locations—five of which are in Georgia and individual spots in Alabama, Maryland, and New York. RELATED CONTENT:
