Ep. 9 Richard Pink - Los Angeles, USA

President of Pink's Hot Dogs, Inc., Richard Pink joins the podcast to speak about his life as an entrepreneur, senior real estate executive, and mentor to undergraduate students. Started by his parents in 1939, Pink's has become a staple of the Los Angeles dining scene over 80 years of operation, attracting locals, tourists, and celebrities who love its unique ambiance and menu. Through licensing agreements, the business also has 18 other locations around the U.S. and four in the Philippines. As Richard shares in the episode, COVID-19's effect on the restaurant industry has presented a whole new set of challenges for him to overcome. 

Outside of the hot dog business, Richard has dedicated much of his career to commercial real estate acquisitions, asset management, development, marketing, and law. After more than 45 years at JMB Realty, TCW Realty Advisors, CBRE Investors, and Clarion Partners, among others, he has developed a profound knowledge of the factors influencing US and European real estate investments. 

Richard has a Bachelor of Science degree from the University of California Los Angeles (UCLA) and a Masters of Business Administration degree from the University of Southern California (USC), which was earned concurrently with a Juris Doctorate degree from Loyola University School of Law.

Dealmaker Highlights

• Richard describes how Pink’s was started and how the business grew with the help of a loan from Bank of America into the Hollywood icon it is today.
  
  
• Branding and marketing have been key areas of focus for Richard, enabling him to attract a loyal following across Pink’s retail locations and private catering engagements.
  
  
• The licensing model allowed Pink’s to grow its footprint domestically and intentionally without investing additional capital. 
  
  
• Keys to success and survival in the restaurant industry are outlined.
  
  
• Pink’s flagship shut down amidst COVID-19 for the first time in 80 years. The stand will offer a different experience to customers upon reopening due to new health guidelines and safety measures.
  
  
• The path toward a successful acquisitions career led Richard through different roles and disciplines, highlighting the value of a broad real estate education. Additionally, he learned several valuable lessons about interfacing with European investors and clients. 
  
  
• Giving back to the next generation of real estate leaders, Richard outlines his contributions as a mentor to students at USC, as well as the advice that he commonly provides. 
  
  
• Richard shows his enthusiasm for Los Angeles by elaborating on its finest attributes and explaining how to best enjoy a visit to the cit

Additional Links

• Pink’s Hot Dogs: http://www.pinkshollywood.com/
• CBRE Global Investors: https://www.cbreglobalinvestors.com/
• Clarion Partners: https://www.clarionpartners.com/Pages/default.aspx
• USC School of Real Estate: https://lusk.usc.edu/
• Republique - https://republiquela.com/