Pinkberry: Franchise in Growth Mode
Pinkberry CEO Ron Graves didn't bring any of his company's famously addictive frozen yogurt (just ask Larry David) to the Squawk Box set this morning, but he did give viewers a taste of what to expect as the company continues to expand.
The brand, which has a strong following, started with one store in 2005 and now has 155 franchise-operated stores in the U.S. and 14 countries. Known for its real yogurt taste and fresh fruit toppings, the chain is poised to open in three more countries by the end of 2011, says Graves.
Graves tells Squawk Box one secret to the company's success: slowing the pace just as the company was experiencing growth spurt.
"When we made the decision in 2007 to go global, we stopped the growth and reset the strategy to rebuild the foundation," he said. "Growing fast is OK, but with the wrong foundation, it's a recipe for disaster."