Founder of Salt Steakhouse: How I Opened 5 Restaurants in 5 Years

David Mizrahi is the founder of Salt Restaurant Group, the hospitality company behind 5 restaurants on the Jersey Shore in just 5 years - including the world-famous Salt Steakhouse. David’s story is anything but traditional. He dropped out of high school, made millions in real estate as a teenager, and then shifted into hospitality, where he’s now redefining what a kosher dining experience can look like. In this episode, we dive into his journey - from building businesses at 16, to scaling Salt into a powerhouse brand, to the sacrifices and lessons he’s learned along the way. __________ SPONSORS: • Yazdi Entertainment, New York's premiere event production company. [email protected] or (646) 765-5643 • Life Vault Films: Capture the story of your loved one, forever. Order your film today by emailing [email protected] __________ ABOUT MOMENTUM: 🎙️ Momentum brings you the stories, advice, and wisdom of business visionaries, designed to inspire and guide you on your path to success.Be sure to subscribe on all platforms: YouTube: https://www.youtube.com/@TheMomentumPod Spotify: https://open.spotify.com/show/1jOPoArXfY3OU5uv4BpA3h?si=0311640b82154d1b Apple Podcasts: https://podcasts.apple.com/us/podcast/momentum/id1762657981 Instagram: http://instagram.com/momentumpodcast_ __________ GEAR: • Cameras: https://amzn.to/3UuwW5o • Podcast Mics: https://amzn.to/3J5QWsv • Clip-on Mics: https://amzn.to/3H52iwo • Mic Stands: https://amzn.to/4kZj4uL • Lights: https://amzn.to/45lA5up • Tripods: https://amzn.to/4lHHQAI __________ (00:00) Coming up… (02:37) Making $100k at 16 years old (04:52) Why David worked at pizza/falafel shops (05:30) Dropping out of high school (07:07) If you could go back in time, would you drop out of high school? (07:24) Making millions per year at 18 in the foreclosure business (09:53) Why didn’t you stay in real estate? (11:24) Selling his foreclosure company (12:10) Has anybody ever doubted you? (12:55) Buying his first restaurant and turning it profitable (16:32) Yazdi Entertainment (17:26) Uncovering hidden value (18:35) David’s playbook for opening profitable restaurants (19:58) Receiving a piece of devastating feedback (21:34) Opening up a restaurant during COVID (24:03) Why didn’t you delay the launch until after the pandemic? (25:20) David’s arrangement with Kushner Companies (28:16) Investing other people’s money (29:26) 5 restaurants in 5 years: at what point are you expanding too quickly? (30:16) Competing with yourself (30:56) Did you ever feel like you spread yourself too thin? (32:00) How do you manage 5 restaurants? (33:38) Partnerships and exit strategies (34:57) Doing business with family and friends (35:55) Biggest failure: not seeing his wife or 1st child (36:54) Living apart from his family when first opening Salt (39:51) Life Vault Films (41:08) Behind-the-scenes restaurant nightmares (44:52) Tips to get into the restaurant business (46:45) 1st step to take if you want to open a high-end steakhouse (48:44) Serving as a firefighter (50:19) Giving back through his restaurants (51:32) What’s next for you? (52:51) Franchising kosher restaurants (54:31) Momentum Moment (55:36) Life’s challenges and failures (58:47) 3 key takeaways