cover of episode Episode 34: The Starbucks IPO with Dan Levitan

Episode 34: The Starbucks IPO with Dan Levitan

2017/4/3
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Ben Gilbert
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Dan Levitan
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David Rosenthal
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Ben Gilbert讲述了星巴克最初由三位Alfred Peet的追随者创立，最初只专注于咖啡豆烘焙，并未提供咖啡饮品服务。这与当时市场上普遍的咖啡消费模式不同，也为星巴克后来的发展奠定了基础。 David Rosenthal补充说明了早期星巴克不提供咖啡饮品服务的原因，是因为当时人们习惯在家中冲泡咖啡，而非在咖啡店消费。 Dan Levitan详细描述了霍华德·舒尔茨加入星巴克后，受到米兰咖啡馆文化的启发，提出了“第三空间”咖啡馆的理念，并最终收购了星巴克在西雅图的门店，将星巴克转型为提供咖啡饮品服务的咖啡馆。他强调了霍华德·舒尔茨的决心和领导力在这一过程中起到的关键作用，以及他如何通过在西雅图四处奔走，获得了资金来收购星巴克的西雅图门店。 Dan Levitan还分析了星巴克快速增长的原因，指出霍华德·舒尔茨同时关注零售店运营和扩张，积极地进行投资和扩张，并重视员工福利，建立了牢固的员工关系，从而提升了客户体验，最终促成了星巴克的快速增长。他比较了星巴克与亚马逊的扩张模式，指出星巴克更注重员工福利和客户关系。 Dan Levitan分享了他与霍华德·舒尔茨相识的过程，以及星巴克IPO路演的经历。他描述了霍华德·舒尔茨的热情和对业务的深刻理解，以及他在路演中几乎与所有投资者达成了投资协议。他还详细讲述了星巴克IPO定价的决策过程，以及霍华德·舒尔茨如何坚持将发行价定为17美元，而非投资银行建议的16美元，最终取得了成功。 Dan Levitan分析了星巴克的竞争优势，指出其核心竞争力在于霍华德·舒尔茨的领导力和公司与员工及客户之间建立的牢固关系，以及其对客户忠诚度的深刻理解。他认为，星巴克的成功并非偶然，而是源于其对客户体验的持续关注和对员工的投资。 Ben Gilbert和Dan Levitan讨论了星巴克如何从一家传统的咖啡公司转变为一家利用技术的公司，以及其在客户忠诚度计划中有效地利用了技术。他们认为，星巴克的成功在于其将技术作为提升客户体验的工具，而非单纯地追求技术本身。 最后，他们对星巴克的IPO进行了评价，肯定了其对公司品牌建设、早期投资者流动性和资本利用的积极作用，并强调了星巴克增长和客户体验的成功结合。

Deep Dive

Chapters
Starbucks' journey began in 1971 as a coffee bean roaster in Seattle. Howard Schultz joined as director of marketing and, inspired by Italian coffee culture, envisioned a "third place" experience. He left to start Il Giornale, later acquiring Starbucks' retail locations and merging them in 1987, setting the stage for the company's remarkable growth.
  • Original Starbucks founded in 1971 by Jerry Baldwin, Zev Siegl, and Gordon Bowker.
  • Howard Schultz joined Starbucks in 1982, inspired by Italian coffee bars.
  • Schultz left to found Il Giornale in 1985, later acquiring Starbucks' retail outlets for $3.8 million in 1987.

Shownotes Transcript

Ben & David "pour over" the 1992 IPO of the legendary Seattle coffee company with the help of Dan Levitan, who served as lead investment banker on the IPO and who would later co-found the venture capital firm Maveron with Starbucks’ CEO Howard Schultz.

**Sponsors:**Statsig: https://bit.ly/acquiredstatsig24)Vanta: https://bit.ly/acquiredvanta)Crusoe: https://bit.ly/acquiredcrusoe)

Topics covered include:

  • The original Starbucks’ founding as a coffee bean roaster, started by three disciples of the legendary coffee roaster Alfred Peet
  • Howard Schultz’s introduction to Starbucks, his joining the team as director of marketing, and inspiration behind his “third place” coffee shop vision
  • Howard’s departure from the original Starbucks, founding of Il Giornale, and subsequent of acquisition the Seattle Starbucks stores
  • Starbucks’ incredible growth following the acquisition and expansion beyond Seattle
  • The state of raising private capital in the 1980’s/90’s, and the decision to go public (link to the S-1))
  • Howard’s ambitious goals for the roadshow and investor participation, and subsequent stock performance after the IPO
  • The narrative and evolution of Starbucks as a technology company, or a consumer company that leverages technology very effectively

 

The Carve Out: