We caught up with the brilliant and insightful Michael Koretoff a few weeks ago and have shared our conversation below.
Alright, Michael thanks for taking the time to share your stories and insights with us today. Risking taking is a huge part of most people’s story but too often society overlooks those risks and only focuses on where you are today. Can you talk to us about a risk you’ve taken – it could be a big risk or a small one – but walk us through the backstory.
As an entrepreneur, taking risks are in the pre-requisites. When I was in culinary school back in the Ozarks, I had a chef and mentor, Robert S, who once told me; “If you want to move up [in your career], you’re going to have to move”. At the time, He was describing a change in latitude. But what I’ve come to learn is if you want to grow and develop into a well rounded individual, YOU NEED TO MOVE. Taking risks is necessary, gives life the opportunity to knock you down, and allows you to develop tenacity.
I left home early on, and I did take the opportunity to change scenery often during my life. Leaving your comfort zone can be daunting, but it led to opportunities to take on new occupations, meet the most interesting people, and experience all there is to offer from coast to coast. Without taking a few risks, none of that would have happened.
Because of those first few investments in my personal development, I was given the opportunity to study a wide variety of skills. Skills that, of course, I wanted to monetize. Opening any business can be a shot in the dark. Betting everything on black and watching that wheel spin will get your heart racing faster than a Formula 1 Driver. I’ve started some serious flops that almost put me under. Hemorrhaging credit lines for lead generation over paying rent, and then it doesn’t work. What a gut punch!
Luckily those failures led to the same development the first lessons taught me, and this time I had som thicker skin. I’ve since founded, operated, and scaled multiple small businesses and cleared well over $1,000,000 in revenue in the process; a benchmark well worth the time and monetary offerings.
Life has many lessons to teach, they all come with a tuition attached. Understanding risk management in life and in business will elevate any individual and their company.
Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers.
I am Michael Koretoff. I am a chef and business owner in Tampa Bay, FL. First and foremost, I am a believer in true hospitality. The restaurant industry has always been my comfort zone and I brought those flavors to my portfolio for business.
I currently own and operate DateNiteChef, a small batch catering company specializing in pop up restaurants, in home events, and fine dining parties. We have been in business for 4 years and have grown from a small local dining option to over $100,000 in revenue in 2022. I are currently transitioning my operation efforts to our new fleet of coffee shops opening in Tampa Bay this summer, Medusa Brew Co. We at DATENITE and MBC hope the combination of these eateries will lead to sustainable jobs for the community, tasty offerings for local families, and an example that anything can be achieved through hard work and dedication.
Along side my restaurant projects, I also operate Southpaw Consulting, a sales and marketing firm that specializes in high ticket sales and financial expertise. With over a decade in B2C sales experience, I’ve separated my skills for business and finance into a separate passion project. SPC helps small businesses develop their sales departments and offers mentorship’s and masterminds for entry level sales executives and those desiring to start their own business from scratch.
My whole life, I’ve been told to “do it while I’m young”. I decided if that’s the case, I might as well do it all.
We’d love to hear a story of resilience from your journey.
I’ve always liked my sandwiches with burnt crispy edges.
I’ve been told I’m the kind of person who survives anything. I can always “figure it out”. I’m a master of “fake it till you make it” and “slap it together and pray”. If I had a warning label, it would say “Caution: Massive Energy”. I can’t think of many situations I haven’t had to bootstrap my way out of. The one story that always seems to stick out caused quite a smoke show.
It was August 2019. This was the week I decided to start my catering business. I was living in downtown Nashville at the time and had just quit my sales job that day. I was all in.
I went hard into the marketing, hired partners, and booked my first 2 parties.
The first meal went as planned, minus a few cuts, and the next day I began planning to prepare for a massive 30 person brunch.
What I did not plan for was the fire that took everything I owned in my home. All my cooking equipment was scorched. The kitchen was destroyed and my “office” was gone. How could I cook for 30 people without a kitchen? Not to mention I spent my last dirty dime on the rent and deposit for the apartment I just BBQ’d. I was in hot water to say the least.
People ask me, what was the first thing I thought when I lost everything. And to be honest, I was most concerned with how I was going to deliver for my clients. I can replace stuff, I really can’t replace my business, especially when it’s in its infancy.
Luckily with some help and the hotel kitchen in a Residence Inn, we got the job done. No bachelor or bachelorette went hungry at that brunch. And I was able to replace what I lost and life went on. It’s a trial I don’t think about often, but at the end of the day, it was quite a tragedy to digest while trying to build a new dream.
The lesson here is, don’t throw out the burnt toast. Just because something gets ruined, doesn’t mean you are. Businesses fail, roads are rough, and there are no free rides in ownership. The factor that distinguishes a good owner and a great one, is their tolerance for heat.
How did you put together the initial capital you needed to start your business?
Show me the money!
Funding your business is an important factor to consider before choosing a product or service. If your start up costs are too great, you can easily drain yourself dry before you can recoup your overhead. This was one of my biggest fears when I started catering because in the past, I had done just that.
How did I find my business? I worked. I worked non stop. I saved every penny and I reinvested it back into the business as it scaled. After so long, the business reserves were enough to stop personally investing and allow the liquidity to run cover the risk.
I didn’t have any wealthy parents or friends to ask. Banks weren’t interested in loaning to a kid with a dream, and I don’t know any loan sharks. So my only option was to hustle for it.
I would run errands, work part time bartending or serving tables, I even worked as a grocery delivery boy at one point. Eventually I learned about wealth and finance and began investing. Now, those long term investments are able to fund my continuing growth and future business ventures.
Long story short, I bootstrapped and cash flowed my way into ownership. I made it up as I went along and did my best not to drown. I think there’s an important lesson to be learned in building it, not buying it. 
Contact Info:
- Website: https://linktr.ee/Southpawfinance
- Instagram: https://instagram.com/chefmichael.k?igshid=MmIzYWVlNDQ5Yg==
- Facebook: https://www.facebook.com/koretoff?mibextid=LQQJ4d
- Linkedin: https://www.linkedin.com/in/michael-koretoff-00435644