Pod Insights The Moneywise Guys 4/23/25 Counter Culture Revival: Chef Richard Yoshimura on Bringing Back the Woolworths Diner Experience About this episode The Moneywise Radio Show and Podcast Wednesday, April 23rd BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Guys" podcast call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Manageme instagram: MoneywiseWealthManagement Guest: Richard Yoshimura, Chef of The Historic Woolworth's Diner website: www.historicwoolworths.com/ instagram facebook
Transcript 0:00 Speaker 00 From the padded radio room off Stockdale Highway, here is Money Wise. Call or text in at 661-396-1000.
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0:43 Speaker 03 Welcome to the Money Wise Show. We are live from the Garret Ellis padded radio room off Stockdale Highway on ESPN Bakersfield, 1230 a.m., 101.1 FM, and always streaming at MoneyWiseGuys.com. You can text into the show 24 hours a day at 661-396-1000. Today, we're your hosts, I'm Sherrod Wait, and?
1:04 Speaker 02 It's Emmy.
1:04 Speaker 03 Hey, Emmy.
1:05 Speaker 02 Hey.
1:06 Speaker 03 Great having you here, Memzy. Really great having you here. Excited for today's show. As we announced yesterday, today, soon, we will have Richard Yoshimura.
1:16 Speaker 02 So exciting.
1:17 Speaker 03 Executive chef for the one and only Woolworth's Luncheonette. The only one on the planet.
1:23 Speaker 02 The only functioning, operational one.
1:27 Speaker 03 I don't know what else you would call it if it's not functional and operating.
1:30 Speaker 02 Well, we just want to be clear, right?
1:31 Speaker 03 Yeah, yeah. But we're really excited to have Richard on the show. We're going to talk to him about what's going on over at the Woolworth's downtown. But before we do that, we've got a couple of messages and comments from listeners.
1:43 Speaker 02 Yes, too. The first one says, simply, "Can you guys explain how a restricted stock works?"
1:49 Speaker 03 Yes, we can explain that somewhat. Now, it's a little complicated because stock can be restricted for a few different reasons. It can be restricted because it's a... And the restriction rules are different depending on, you know, what's going on. So mostly... It is surrounding a rule that is administered by the SEC, the Securities and Exchange Commission. There are people that we have to abide by here at MoneyWise because we deal with securities and exchanges.
2:28 Speaker 03 And so the SEC is one of those regulatory agencies that oversees our own business here. And they've got a lot of rules.
2:37 Speaker 02 Yes.
2:38 Speaker 03 A ton of rules. One of the rules is Rule 144. And that is the rule that sets down the framework and the conditions for stocks being able to be issued, whether it's a private company or a publicly listed company. They set the rules for how securities can be sold in the public market. So this is a big, big rule. It comes into play anytime stock is created from an initial public offering from a company. Or also if there is a company that comes in and buys another company,
3:23 Speaker 03 or there's a merger, then you have these conditions. The biggest one that most people are familiar with is when a company just starts for brand-new issuing its stock for the first time, there's generally a holding period. If it's a reporting company, that means they're required by the SEC to report their finances. It's a six-month waiting period. If it's a non-reporting, they gotta wait a year. So the reason why, and that's the biggest rule that most people are familiar with, is because these restrictions were set up to stop pump and dump. But you know what pump and dump is? I mean, it's not what it was in high school.
4:01 Speaker 00 Oh, it's not?
4:02 Speaker 03 No.
4:03 Speaker 02 I'm not gonna answer that.
4:04 Speaker 03 I mean, it is, but it's not. It's something different.
4:06 Speaker 00 Please, explain.
4:07 Speaker 03 It's where you initially, you pump up a stock because you're planning on dumping it.
4:11 Speaker 02 Yeah.
4:12 Speaker 03 So you pump it up so they can get, you get it at a higher, you can sell it at a higher price, and then you can dump it at that higher price. And then, of course, the share price goes down. There's been, I mean, this happens all the time. A lot of celebrities get themselves in trouble. This happens with penny stocks because celebrities will pump up some... Whatever stock, you know, that they have and then they just turn around and sell it, you know, soon after. This also happens right now. Pump and dumps are very popular with crypto or
4:47 Speaker 03 the I just left my, left my word, my mind, NFTs, NFTs or just mostly cryptos. Like you come out with a new, you know, some celebrity or some famous person comes out with their new crypto token and then they just, you know, a few million people or whatever across the globe go into it. It drives it from one penny to, you know, a dollar and then they sell it and then it becomes worthless. So that's what this is. These restrictions are all about.
5:16 Speaker 02 They made a rule so that won't happen.
5:17 Speaker 03 They made a rule.
5:18 Speaker 02 Got it.
5:19 Speaker 03 They made a rule. That's exactly right.
5:21 Speaker 02 Thank you.
5:21 Speaker 03 That's the gist of it. Trying to explain why it matters.
5:24 Speaker 02 Yeah.
5:25 Speaker 03 Why there's, you know, there's certain restrictions, you know, you want to.
5:29 Speaker 00 Is that like the squid game token?
5:32 Speaker 03 Yeah. Was that another crypto token?
5:34 Speaker 00 I just remember a couple of months ago that that was a big thing that.
5:37 Speaker 03 Yeah.
5:38 Speaker 00 That's the only other time I've heard pump and dump that had anything to do with money.
5:41 Speaker 03 We talked about it on this show because Kim Kardashian was involved in something. I can't remember what she was pumping up, but then dumped it.
5:48 Speaker 02 She, Kim Kardashian pumped and dumped?
5:50 Speaker 03 Yeah, yeah. And then most recently it was a Haktua girl.
5:55 Speaker 00 Haktua, yes.
5:56 Speaker 03 Haktua had her Haktua coin or whatever.
5:59 Speaker 00 Yes, I remember that.
6:00 Speaker 03 It's so bad.
6:02 Speaker 00 I think Kardashian ended up having to pay it like one million dollars over what she got into with the, it was a crypto pump and dump.
6:10 Speaker 03 Oh, was it also?
6:11 Speaker 00 Yeah.
6:12 Speaker 03 Yeah. And that's where I've seen it mostly with crypto because that's, you know, less regulated than the, you know, a company that's issuing it stock. So, you know, you just, you have to be aware of it. And usually if you are an insider or you're an employee of a, of a company and they're giving you stock, generally you have like a vesting schedule or vesting time or a time where you can't do anything with it.
6:34 Speaker 02 Right.
6:35 Speaker 03 You have to just, you have to just hold it.
6:37 Speaker 02 Sort of along the same lines of, of, of why this is happening, why this, there's.
6:42 Speaker 03 There's reasons for that way. You just don't have people just taking stock and running. It actually gives the regulator some time to make sure that the company is properly reporting that their financials, there's some transparency in their financials. This was also now just came to me, President Trump's company DJT, it's a publicly traded company that he wrote with a blank check.
7:04 Speaker 02 Right.
7:06 Speaker 03 You know, IPO. And that was famous because he was only going to be able to cash in if the stock was held above a certain price. You know, sort of the agreement when the company was created that had to, you know, had to keep the share price above a certain point before, you know, he would be able to cash in. And the thought was, well, once he gets past that restriction, he's going to cash out and then it'll be, you know, kind of a pump and dump. She hasn't done that yet.
7:33 Speaker 02 Okay.
7:33 Speaker 03 I mean, it's come down, but it's not. He didn't dump it.
7:37 Speaker 02 Okay, let's move on to the next question.
7:38 Speaker 03 Okay, great.
7:39 Speaker 02 What is going on with NDAC?
7:42 Speaker 03 Oh, okay.
7:43 Speaker 02 The markets these days is like 52 card pileup as every day it's just a random card. It's addicting to just wake up and watch it.
7:52 Speaker 03 I'm guessing that's talking about the NASDAQ.
7:53 Speaker 02 Correct.
7:54 Speaker 03 And so what is going on with the NASDAQ? You know, especially if you, I love the comment that it can get addicting because it is just super fascinating. I don't know if I'm addicted, but I definitely check the markets regularly. Wake up in the morning, I'm always up just before the market opens up with my cup of coffee.
8:14 Speaker 02 There's always some platitude I hear from coffee time. Oh, the markets are fill in the blank.
8:18 Speaker 03 Oh, yeah. You know, because you have this time period where it's, you know, it's closed for a little bit and then all of a sudden 6:30, boom, there it is. It turns on and what's going to happen, you know? And lately, it's been, markets have been driven so much by headlines. And it's been mostly driven by policies that either are rumored or, yeah, by the, by the White House. And the NASDAQ is particularly sensitive and particularly more volatile than say the S and P 500 because the NASDAQ follows generally a larger percentage of tech companies or growth companies.
8:57 Speaker 02 Yeah.
8:57 Speaker 03 And so it's, you know, definitely one of the three most followed stock market indices in the United States. And heavily leaning towards IT, the IT sector. And there are different versions of the NASDAQ, but essentially you see more swings, higher ups and downs with the NASDAQ. I'm looking at a chart right now. The NASDAQ peaked at just over 20,000, it was about 20,200 is when it peaked. Oh, let's see, I guess, earlier this year.
9:35 Speaker 03 And it has since fallen to where we are now, about 16% from its high, 16, 17% from its all time high. So, you know, big, big drop. And the other aspect to the fact that, you know, the tech companies, tech companies just in general, or growth companies in general, are more volatile because the company, it's riskier when a company is just trying to grow rather than a value, a value company, which a value is just trying to maintain its, its value, generally pays a dividend to its shareholders. You don't see as much, you may not see as much growth in the value of the, of the stock, as you will, a growth stock,
10:18 Speaker 03 but you generally get dividends, get like these interest payments that come in just to be, you know, for the privilege of, of being a shareholder. Here you go. And they're trying, you know, more, more, more time tested generally than a growth company, like IT company, which is almost always growing because there's always going to be some new technology. And so they always have to be reinvesting a lot of their profits or their revenues into research and development.
10:46 Speaker 02 Sure.
10:47 Speaker 03 And because they've got to stay, stay ahead of the curve.
10:50 Speaker 02 It's like just a different approach, different beast.
10:53 Speaker 03 Different beast for sure, for sure. And a very important part, I think, of anybody's diversified portfolio. You want to have growth companies.
11:01 Speaker 02 Okay.
11:01 Speaker 03 You want to have companies from all different sectors, including IT. And you want to have companies that are. are valuable that are, you know, are have been around for maybe a little bit longer or have more of established track record. So, you know, it's in terms of the addiction, though.
11:19 Speaker 02 Oh, boy.
11:19 Speaker 03 You just be careful, right? Every addiction can get can can get out of hand a little bit. It's okay to just sort of watch it. And maybe you're playing a little bit in the markets, you know, and that's okay, too. You just don't want to play with too much money. You don't want to play with enough money that is going to, you know, derail your long term financial goals or financial plans.
11:41 Speaker 02 Yeah.
11:42 Speaker 03 So.
11:43 Speaker 02 Okay, great. Well, that's all the comments and we've had come in.
11:48 Speaker 03 Well, great. We did it. Then we answered those questions. Why don't we do this? Take our first break of the day. And thanks for tuning in. We'll be right back after this.
11:58 Speaker 00 If you're a business owner who provides a retirement plan for your employees, contact Money Wise Wealth Management to see if you're maximizing your options and minimizing your liabilities. Money Wise 401k plans are customized to you and your company's needs. 661-847-1000. That's 661-847-1000.
12:23 Speaker 03 Thanks for tuning in. Welcome to the Money Wise Show. We're your hosts today. I'm Sharad. That's Emily.
12:28 Speaker 02 Hello. We are so excited. Welcome back. We have brought our guest in here today, Richard Yoshimura, who is the culinary visionary behind the Woolworths Building Luncheonette. So, Richard was born a Japanese immigrant, born to a Japanese immigrant mother and Japanese American father. His journey to the kitchen was unexpected. After earning a history degree from UCLA, he found his true calling in culinary arts. His impressive career includes working with prestigious patina group under Joachim Splichal. You might have to correct me on that, Rick, if I pronounce that incorrectly. I apologize. And serving as executive pastry chef at the iconic Milk in Los Angeles. Many Bakersfield residents will remember Richard as the co-founder of Moo Creamery,
13:11 Speaker 02 which he ran for nine years. And you have now, Richard has now been drawn by the opportunity to honor the rich history of the Woolworths Building while creating something new for our community. And I've got to read a quote that's going to be up on the website and that Richard says, he says, "His vision for the luncheonette celebrates quality, simplicity, and nostalgia." As he puts it, quote, "The burgers must be simple but good, like biting into a memory." Welcome, Richard.
13:35 Speaker 04 Hello, hello.
13:36 Speaker 03 I also, I also like, there was a quote that you said, Richard, about the burger should be simple, but.
13:43 Speaker 02 I just said that quote.
13:46 Speaker 03 No, no, no. The burger must be simple, but simply good.
13:50 Speaker 02 This is literally what I just said. Oh, my word.
13:53 Speaker 03 You said, but I didn't, like biting into a memory.
13:55 Speaker 02 Ah, this is how our life is, you guys.
13:58 Speaker 03 I was really excited about.
13:59 Speaker 02 Okay. Anyway, yeah, no, it's so good. Anyway, Richard, welcome. We're so happy to have you here.
14:06 Speaker 04 Thanks for having me.
14:07 Speaker 02 Yeah. Tell us, tell us a little bit. We got just a little bit of your background, but you know, you've been involved in the culinary arts for how many years now?
14:16 Speaker 04 Since 98.
14:19 Speaker 03 Twenty-seven years.
14:21 Speaker 04 Twenty-seven years.
14:22 Speaker 02 Wow. So a lot of experience. What do you think you've learned the most over the years in your time in the culinary arts?
14:28 Speaker 04 I, you, honestly, you learn a lot about humanity.
14:32 Speaker 02 Yeah.
14:33 Speaker 04 You learn a lot about people because the restaurant business, food service industry is basically the lowest common denominator of society.
14:42 Speaker 03 You got to explain that.
14:44 Speaker 04 So you have people out there with a master's degree, working next to someone who just got out of jail.
14:49 Speaker 02 Okay.
14:50 Speaker 04 With a good chance of doing who just got out of jail is the superior employee.
14:54 Speaker 02 Got it.
14:55 Speaker 04 And then there's so much diversity in the restaurant business, all walks of life, ages, and just all kinds of different people. And so it puts you in a situation where you.
15:09 Speaker 04 Need to be able to interact with all kinds of of up and down, left and right, all kinds of people. And it just makes life so much more interesting. I love the cast of characters that work in a restaurant. It's so fun.
15:24 Speaker 03 Well, if you think about just food, everybody has to eat. Food is just such a part of our society. It's a part of just living and being human. And so I could see it could be like an equalizer in terms of who you're working with, or who are you eating dinner next to, you know, who's at the table next to you. And it can be, you know, it can be anything. And therein lies, I think, the beauty of food service, or like a restaurant is like, you're, you're providing to society. You're providing a necessity to society, and hopefully a good experience.
16:00 Speaker 04 It's there's something sacred about feeding people for a living. It's very intimate. Like, whatever it is that we're preparing, you have to put that inside of your body, right? And process that. And so I have to take all this into consideration, not just for it to be tasty, but it has to be safe. And it has to be, but aside on top of all that, it has to be presented in a manner that the customer is like, wow, that was, well, that was a fun experience.
16:35 Speaker 02 Yeah, sure. You know, we have been involved, we've never run a restaurant before, right? But we have been preparing a lot for this Will Works Lunch Counter and talked with you and a lot of other people in that world for months and months and months now. And the concept of culinary being an art, culinary arts, has become very clear to me in the process of learning from you all, just as you described here. It's so, it's so inspiring to see how serious you all take your role in that world and how much it means to you. Tell us a little bit about how you got involved with this historic lunch counter. You've been in Bakersfield and LA back and forth for years.
17:19 Speaker 04 Yeah, so to get to this point, I was approached by you guys. And I thought about it for a second. I was like, hmm.
17:34 Speaker 04 I don't want to take away from the nostalgia because I'm not, I was concerned that the general public might want something different. And
17:46 Speaker 02 From you specifically?
17:47 Speaker 04 From me.
17:48 Speaker 02 Oh, I see.
17:48 Speaker 04 But then I thought about it further. I go, wait a minute. This is a historic building. Uh, and it also the significance of this, uh, business, um, through history. And and I thought, wait a minute, this could be a convergence of my two loves.
18:10 Speaker 02 Yeah.
18:11 Speaker 04 My, my academic life and my culinary career. This, this overlapping Venn diagram.
18:19 Speaker 03 Yeah.
18:20 Speaker 04 Uh, is I, I just realized this is, could be my, my most fulfilling endeavors that I've, uh, participated in because I'm able to utilize, uh, two different aspects of myself.
18:36 Speaker 02 Yeah.
18:37 Speaker 04 My love of history. Uh, cause I, I'd never waned. I all, but I still, I still read. I still study. Yeah, I love it.
18:46 Speaker 03 So I, I remember this very clearly, Richard, because it was several years ago, just after we bought the building, you were the first person that came to our mind as the owners of this new lunch counter.
18:56 Speaker 02 Right.
18:56 Speaker 03 Like this is
18:57 Speaker 02 We gotta get, we gotta talk to Richard.
18:59 Speaker 03 We knew, we, we knew you somewhat personally, just through friends and so on. But also being big fans of Moo Creamery and, um, you know, Moo Creamery is still around and your, your imprints are still there, um, clearly in the success of, of what we believe is success of Moo Creamery. And so when we first approached you, I know part of the concern was, well, first, we were as owners saying, we have to keep this lunch counter. We have to keep the nostalgia that's there. We have to be true to at least a good portion of what this lunch, luncheonette means to this community and to the country.
19:35 Speaker 02 And has for the past thirty years, almost.
19:37 Speaker 03 Yeah, it was, it's been fifty years.
19:39 Speaker 02 Well, what they knew it in the last thirty years, you know, it's been several iterations. But we have to be true to that.
19:44 Speaker 03 Yeah, yeah, correct. But, but, you know, generally speaking, we're talking about pretty, pretty basic food. It's, I mean, there is some art to, you know, burgers, fries, shakes and a hot dog.
19:54 Speaker 02 Of course.
19:55 Speaker 03 But I know that that was a concern for you, you know, initially. But then I think, I think, as you mentioned, you know, there, there is some overlap with your passion to history, but also what, you know, maybe you can share where the menu is at now and how you're able to stay true to some of those items that people are used to, but also maybe have some other things.
20:21 Speaker 04 Yeah, I feel that recreating nostalgia is definitely trickier than just coming up with a contemporary burger. Same with the building.
20:37 Speaker 03 Yeah.
20:38 Speaker 04 If we're just, if y'all just built it from absolute scratch, it'd be done a while ago.
20:45 Speaker 03 Totally.
20:46 Speaker 04 But it takes time to get things right, to create that nostalgia, to create that, to recreate that sense of the past in a happy way.
21:03 Speaker 03 Yeah.
21:04 Speaker 04 And so for, for the building to be so, it, it, it takes some time. And the same thing with the burger. It takes some time to get the, the right bun, the right combination of flavors, the right textures, the right seasoning, the right cheese.
21:20 Speaker 03 Yeah.
21:21 Speaker 04 To, so you take that bite and it automatically it transports you back to your childhood.
21:27 Speaker 03 Yeah.
21:27 Speaker 04 It's that combination of ingredients that, and curating the right.
21:37 Speaker 04 Elements together. It's, it's, it takes some time. But I think we're, I think we are there.
21:44 Speaker 03 Yeah.
21:45 Speaker 04 With our testing.
21:46 Speaker 03 Yeah.
21:47 Speaker 04 And, and the building is looking fantastic right now.
21:50 Speaker 03 Yeah, you, you see the dry walls going up on the first floor now.
21:53 Speaker 04 I saw it yesterday morning.
21:55 Speaker 03 Oh, you're ahead of me.
21:57 Speaker 04 The basement looks amazing.
22:00 Speaker 03 Yeah, the new paint down in the basement looks really good. Yeah, we're so excited. Again, we're joined by Richard Yoshimura. He is the chef, the visionary for the Woolworths Luncheonette that will be opening up this summer, not too far away. Do you have a question, Em?
22:17 Speaker 02 Uh, yeah, I just didn't know if you were gonna go for a break, but I, we've got another question here.
22:20 Speaker 03 Yeah, let's go for it.
22:21 Speaker 02 Yeah, so, Richard, you have been heavily involved, um, you know, even in the, um,
22:31 Speaker 02 revitalizing of portions of this building because you will be in there, working on it. And then you need to, you know, we don't know how to run a restaurant, how much space you need between this and that and all that kind of stuff. So you've been heavily involved down there. And so, um, how, how has the, how has that process been for you as far as like, not only being involved in creating the food, but so much of that food is the experience, right? Combined with the food.
22:57 Speaker 04 Uh, it's, it's, uh, very educational, uh, very eye-opening. Even though I've, uh, experienced, uh, openings before, it's still, um, there's still so much to learn.
23:12 Speaker 03 Yeah.
23:12 Speaker 02 Yeah.
23:13 Speaker 04 And how a building comes to fruition. And, and all the different elements involved in it and all the people that have to bring it together. It's something that society, we kind of take for granted.
23:25 Speaker 02 For sure.
23:26 Speaker 04 And we, we go inside our house, we go inside our building at work, and we just go to a store. And we just assume these edifices are just there and...
23:38 Speaker 04 They're always there. And then you realize that the effort it takes to construct these things.
23:44 Speaker 02 Sure.
23:45 Speaker 04 And the engineering, the
23:47 Speaker 03 The design.
23:48 Speaker 04 Design, all that math.
23:50 Speaker 02 So many numbers.
23:51 Speaker 03 So much math. We're talking about like the hoods, for example, that we have that we had to upgrade and add to the luncheonette. It's like, what? This is insane how much. And our contractors will say the same thing. It's a very, very complex. It's highly technical.
24:07 Speaker 02 Yes.
24:08 Speaker 03 What we do, we'll take a break now.
24:09 Speaker 02 Yeah.
24:10 Speaker 03 And then we come back, we're going to talk more with Richard Yoshimura. He is the visionary for the Woolworths Luncheonette coming up soon.
24:18 Speaker 00 Have you been putting off your finances? Seize the day. Call the Money Wise office at 661-847-1000, or email [email protected] for more information.
24:32 Speaker 03 Welcome back to the Money Wise Show. That's Emily and I'm Sharad. We're your hosts today. So lucky to be joined by
24:39 Speaker 02 Good. That's a good choice, Stevie. I love this one. Ooh, talking me back. Talk about nostalgia.
24:44 Speaker 03 Well, Stephen, in full disclosure, asks us, what is Richard like? What kind of music does Richard like? He asked Debbie. And she's like, oh, like 90s hip hop.
24:52 Speaker 02 Oh, sweet.
24:54 Speaker 03 Just not ABBA.
24:56 Speaker 02 Oh, ABBA. I cannot stand. I know.
24:58 Speaker 00 I had ABBA coming next. I'm just playing.
25:00 Speaker 03 Now, Steve was like, I wouldn't play ABBA.
25:02 Speaker 00 Yeah, never.
25:03 Speaker 04 Debbie knows me well. She understands my taste.
25:05 Speaker 02 Yes. Um, we got a question in here from a listener, Richard. Very exciting. Glad it'll be open this year. What can we expect aside from the burgers and fries? And of course, the classic milkshakes? Question mark?
25:17 Speaker 04 Yes. So all the above will be there. So the burgers will be there. Milkshakes will be there. But one thing we're going to do different, though, we're going to go with the soft serve action.
25:27 Speaker 03 Yeah.
25:27 Speaker 02 Yes.
25:28 Speaker 04 So I think that'll be, I think that'll be fun.
25:29 Speaker 03 I was so excited when you made that decision because you were a little skeptical somewhat, I think.
25:36 Speaker 02 Hesitant.
25:37 Speaker 03 Hesitant.
25:37 Speaker 04 A little bit.
25:38 Speaker 03 Yeah. But I don't know what changed your mind. I think just testing it.
25:42 Speaker 04 Well, I think when the three of us went
25:44 Speaker 02 Down to
25:44 Speaker 04 To LA for food testing.
25:46 Speaker 03 Yeah.
25:47 Speaker 02 Oh, right. That's right.
25:48 Speaker 04 And then it was brought up as a topic of conversation. I go, wait a minute.
25:51 Speaker 03 Your wheels started spinning like, we could do something with this.
25:55 Speaker 04 This could be fun.
25:56 Speaker 02 I've actually had nothing but excited responses when I tell people that. And then I was like, aww. Yeah, everyone's been really excited.
26:03 Speaker 04 Yeah, so I'm excited for that. And another thing, down the, once, we, because I wanted to bring things on slowly. I don't want to overwhelm our staff or overwhelm our guests.
26:12 Speaker 02 Yeah.
26:12 Speaker 04 Uh, but then we'll start doing like weekly specials, uh, like blue plate specials like they did back in the day.
26:18 Speaker 03 Yeah.
26:19 Speaker 04 Like roast beef, chicken pot pie, that sort of thing.
26:22 Speaker 03 Yeah.
26:23 Speaker 04 Americana. And then throw in a little bit of like, uh, what would have had also, uh, what my, how my mind works sometimes. What would have happened if Woolworth had never closed?
26:34 Speaker 02 Right.
26:34 Speaker 03 Yeah.
26:35 Speaker 04 And their menu just continued to evolve. What would they, what would they put on that menu?
26:38 Speaker 03 Yeah. What would it be today?
26:40 Speaker 04 Yeah.
26:41 Speaker 03 Uh, keeping to the spirit of what it was.
26:43 Speaker 04 Exactly.
26:43 Speaker 03 What, what's fascinating to me about Woolworth's Luncheonette is it was, it was before McDonald's. Like they came up and, but it was basically fast food.
26:50 Speaker 04 It was.
26:51 Speaker 03 Because it was, people wanted to do their shopping real quickly, grab something quickly and cheaply and get out of there. And so they, they had very affordable items. That's, it was known for that.
27:01 Speaker 04 A lot of cottage cheese.
27:02 Speaker 03 Yeah.
27:03 Speaker 02 That's right. Yeah. Richard's done a lot of extensive research into the history of all that stuff. But you are, you know, rolling out at the beginning, you'll also have some sandwiches and some salads and some chilies and things like that.
27:14 Speaker 04 All the basics.
27:15 Speaker 02 Yeah.
27:15 Speaker 04 All the basics and classics will be there. Uh, nothing crazy, nothing weird. Just a, just a visit, uh, to nostalgia and, uh, and hopefully, uh,
27:28 Speaker 04 get, get people excited to
27:34 Speaker 04 have something they haven't had in a long time.
27:35 Speaker 02 Okay, yeah. Um, will you be incorporating any local Bakersfield or Central, Central Valley like ingredients or vendors into the lunch counter?
27:46 Speaker 04 Uh, definitely. Uh, well, definitely wine.
27:49 Speaker 02 Yes.
27:50 Speaker 04 So we're definitely gonna, we definitely want to feature, uh, Tolo and San Rucci.
27:56 Speaker 02 Yeah.
27:56 Speaker 04 Uh, we love our local wine.
27:58 Speaker 02 And beer.
27:59 Speaker 03 Local beers.
28:00 Speaker 04 Local beer for sure. Uh, Templer and K R B C.
28:04 Speaker 02 Yes.
28:05 Speaker 04 And the like. So, yeah. And, uh, uh, right now I'm.
28:10 Speaker 04 Talking to Pyrenees Bakery.
28:12 Speaker 02 Oh, great. For the buns, maybe? Yeah.
28:15 Speaker 04 And so, yeah, we definitely want to work with local. And then we're also going to do catering as well down the road.
28:22 Speaker 03 Yeah.
28:23 Speaker 04 And so we could do all kinds of specialty things there. Especially since we have such great, I mean, we're in the heartland of California.
28:32 Speaker 02 Right.
28:32 Speaker 04 So I definitely like to get my veggies from Fortitude Farms for catering, so.
28:37 Speaker 03 I always thought when, you know, when we were designing this building at the Woolworths and having this huge, you know, footprint down in the basement, I was like, this is perfect, you know, for a venue and for a catering kitchen. I thought, well, this, I would think, maybe you can talk about how if we have a fairly straightforward menu at the luncheonette, is the catering option a way for you to scratch that itch of creativity of like creating new stuff or trying new things? Or could you accomplish that with just the luncheonette?
29:14 Speaker 04 A little with the catering for sure. We could, I'm definitely going to be able to be a bit more creative.
29:23 Speaker 04 And, but with the specials we do in the restaurant, I think we can have a lot of fun with that.
29:32 Speaker 03 Yeah.
29:32 Speaker 02 Right, things that come in and out.
29:34 Speaker 03 I see.
29:34 Speaker 04 And I think, I think it'll be, and also, I realize we can't feed everyone a burger every single day.
29:40 Speaker 02 Right.
29:40 Speaker 04 You'll die.
29:43 Speaker 03 Aww.
29:44 Speaker 04 Throw some turkey in there. Have a nice roast turkey lunch.
29:47 Speaker 03 Although you've experienced this somewhat, you've told us how many burgers you've tried out and preparing for the menu, it's like you've eaten a lot of burgers lately.
29:54 Speaker 04 I have gained some weight. I have joined the gym.
29:59 Speaker 02 You're doing your due diligence. We really appreciate that.
30:02 Speaker 04 Yeah.
30:02 Speaker 02 We really appreciate that. You know, so much about this building is what we want people to feel when we walk in there, you know, with the design, with the branding, with everything that we've been talking about, we want there to be a feeling of community, acceptance, welcoming and warmth and diversity when you walk in there. So what do you hope diners will experience when they visit the lunch counter?
30:28 Speaker 04 I'm hoping that they come in, they feel, right off the bat, to feel comfortable, to feel welcomed, to feel that they belong. Like, they could walk in and not feel like, oh, where am I supposed to sit? Or, oh, is this my kind of place? It should be. We want it to be for everyone. We want everyone to feel, and also to look around, because we're taking it back a little bit further than what we had last seen it as.
31:01 Speaker 03 Yeah.
31:01 Speaker 02 Right.
31:02 Speaker 04 So, once we see that beautiful terrazzo floor, once we see our installation, once we see all these elements come into play, I just like everyone to feel they just took a step back in time.
31:18 Speaker 03 Yeah.
31:20 Speaker 02 Wonderful.
31:21 Speaker 03 Right on the corner of history and hope is one of our taglines, right? It is an opportunity, one of the rare opportunities in Bakersfield, to take a pre-1952 earthquake building that survived, and take those things that we all cherish about the past, but also recognize that we're not what we were then. We are a different community. We've grown, and we are diverse, and we do good things. We do cool things. Like, there's a reason why people would want to live here. And hopefully, this is a thing that does that.
31:58 Speaker 02 Exactly. Richard, how do you see the lunch counter fitting into the broader community of downtown? There's other restaurants downtown, and, yeah.
32:08 Speaker 04 I think we are part of a revitalization. It's been ongoing, and it's been evolving. And I'm really glad to be a part of it. I think the hallmark of any city, it's downtown. And I feel with what's developing down the road as well, along with some of the other things that popped up recently, like the new brewery.
32:33 Speaker 03 Yeah. The Well Comedy Club. You heard that, they're gonna be down the street.
32:37 Speaker 04 They're moving down the street. We have... Yes, it was a central Cali.
32:44 Speaker 03 Yeah, yeah.
32:45 Speaker 04 And then the new Hoagies is open.
32:47 Speaker 03 Yeah, yeah.
32:48 Speaker 04 And yeah, there's a lot of.
32:50 Speaker 02 That container park, maybe going down 19th.
32:53 Speaker 04 There's a lot of activity going on.
32:54 Speaker 03 Yeah.
32:55 Speaker 04 Uh, in our part of east of Chester. And I think, um, yeah, I think just to be a part of it is just, is great. I think there's room.
33:06 Speaker 02 Right.
33:06 Speaker 04 For all of us to be here. And I think we can be a draw also for, um, out of towners.
33:15 Speaker 03 Yep.
33:15 Speaker 04 Especially on the weekends, they could go antiquing down 19th Street. And, um, there's, I mean, even though the Woolworths Antique Shop is gone, but there's still a lot to look at.
33:26 Speaker 03 Yeah.
33:26 Speaker 04 There's still so much to look at, museums right down the street.
33:28 Speaker 03 Yep.
33:29 Speaker 04 So there's a, there's a lot to do in, in, in this town.
33:32 Speaker 02 I know one of the things that you and your lunch counter team has, has thought of and really want to incorporate is, is really a, a great thing, which is you want to be able to have some sort of a postcard or a flyer or something in the Woolworths lunch counter that can represent all the other things people can see and do downtown. All the other restaurants, all the other bars, all the other, um, museums and community places, because we want to lift the tide for everyone downtown. And it's, it's such a, it, it lines up so much with our, our core values of creating a positive community impact. But I thought that, that was just so beautiful of your lunch counter team to, to say, we want to do this, you know?
34:15 Speaker 02 And we want to have sometimes where our staff can wear T-shirts from the other restaurants downtown. And, and you know, it's a, it's a communal thing. Um, Richard, one, one of the things that we've talked about is, um, engaging with the community beyond serving meals in some ways. Um, what are some ways that you've done that? Do you want to maybe talk a little bit about your connection with Covenant Coffee and some of the employees? Or what are some other ways that you're hoping to connect? I know you've been involved with the Downtown Business Association, you know, stuff along that lines.
34:49 Speaker 04 Let's see, well, definitely trying to be a bit more participatory in our community, going through the different chamber commerce meetings, getting involved with Downtown Business Association, and a meeting with our local law enforcement to help to improve the safety in our area. And BPD has been doing quite a bit as of late to help to address a lot of these issues that have been going on, but address them in a very, in a different
35:31 Speaker 04 way. It seems more comprehensive, and they seem to try not, they seem to be diversifying their services. And it looks like there's been an impact, a positive impact thus far.
35:49 Speaker 03 Yeah, you have experience already being downtown, being part of the kitchen, which is down right, right next door to the Woolworths, actually. So you've already, you've already got enough taste and a flavor for some of the spiciness of downtown.
36:02 Speaker 04 Yeah.
36:03 Speaker 03 And to have an appreciation for it. I was looking up some of the statistics of the success rate of restaurants. This is probably no surprise to you. The failure rates of restaurants in year one is about 25%, about a quarter of restaurants, between 20 and 30% fail within the first year. By year three, 50%. By year five, about 60%. So it's, this is a cutthroat, cutthroat business. What would you say the top reasons are for a restaurant failing?
36:35 Speaker 04 I think one, first and foremost, a lack of capitalization.
36:40 Speaker 03 Yep.
36:41 Speaker 04 Is critical. I think people always, often underestimate how, there's a lot of unexpected things that pop up, expenses that you didn't plan for, that you have to budget in no matter what. And so people try to make it to the dime. No, you have to, you have to have a bigger package than that.
37:07 Speaker 03 Yeah.
37:08 Speaker 04 When you begin. Another thing is people, another reason is mismanagement of your, of your Of your of your product. People people oftentimes without a lot of experience will give away a lot of their food.
37:25 Speaker 03 Yeah. So pricing it too low.
37:28 Speaker 04 Yeah. Or or if they either A they make a huge mistake and they just give away food to the angry customer or or there's a happy customer and you're just giving them free wine, giving them free this and that, the other, thinking, oh, just gonna make everyone happy, getting hooking up your friends and family.
37:46 Speaker 03 Yeah.
37:47 Speaker 04 And that's another way you can easily lose your business because the margins are so small.
37:52 Speaker 03 Right.
37:53 Speaker 04 Especially if they're not accounted for. And I think another reason why people fail is a lack of consistency. That's that's the number one hardest thing is to maintain a level of consistency. So if you order a burger from us at 10:30 in the morning and you order a burger from us at nine o'clock at night, two different shifts, it's got to taste exactly the same.
38:15 Speaker 03 Yeah.
38:16 Speaker 04 And it's got to taste the same today as it does a year from now, five years from now.
38:20 Speaker 03 Right.
38:21 Speaker 04 And so consistency, to maintain consistency is always tricky.
38:25 Speaker 03 Well, you know, I you nailed it in terms of like statistics. You know, I had a have a list of the top reasons and you you basically went right down the line. One of the one of the issues that that that the surveys have pointed out is people trying to appease everyone but pleasing no one.
38:42 Speaker 04 Mm hmm.
38:43 Speaker 03 Right? So there's a lack of market differentiation is a major issue. So there's and you know, that can come from not having a unique offering or identity or just trying to appeal to everyone. And and so, you know, this is interesting because this is certainly a challenge with the Woolworth's Luncheonette, which at least here in Bakersfield, people know it for one thing, you know, basically what it was over the last 10 years, not what it was over the last 50 years, or certainly not what it was during the 50s and 60s. And yet that was essentially that food is not very it's it's.
39:18 Speaker 03 It was designed to be common food. It wasn't designed, you didn't want it to, it wasn't supposed to be different. You know, that's why they had a pot pie or a pot roast. You know, it was like very simple, basic food. And so, how do we, how do we get, how do we, how do we avoid these challenges? How are we gonna stay in business?
39:42 Speaker 04 To make sure that whatever it is that we are producing is of high quality and technically executed well. If it's technically well executed and the quality of ingredients that we're bring curating is all put together well with a well-trained staff and that we have an enthusiastic staff that's making our customers feel so excited to be there. So it's a whole experience. I think especially now dining has evolved significantly over the last few years. And I think another, another reason why I'm super excited to be part of this project
40:27 Speaker 04 is also the entertainment element to it. Because I feel that there needs, dining has to now be a bit more experiential. It has to, it's not, because anyway, at this point, plus with so many things on YouTube and cooking channels, there's so much exposure that people have to be able to cook their own food at home and do it well, especially during pandemic. So many people made bread. Right? And so people's appetites and people's sensibilities have elevated over the last few years. So if they're gonna spend their hard-earned money to go out to eat, it can't just be food.
41:08 Speaker 04 There has to be other elements involved, whether it's entertainment, whether it's the style of service, whether it's the ambiance that we're providing.
41:16 Speaker 02 Yeah.
41:17 Speaker 04 So.
41:18 Speaker 02 It's multifaceted for sure. We've got a message here. "I wish you guys the very best. I hope it stays open for another 75 years. My grandmother has shared stories how she used to go when she was younger and take my father when he was younger." Congrats. Thank you, listener. One more message here. Will you have security around the building? I'm nervous about business downtown, businesses downtown. I own a place off Stockdale Highway and I've had several break-ins over the years. If I could afford the security, I would. So that is, um... Maybe you can speak to that with your DBA meetings and the security they offer and all that kind of stuff that the... We will not be having a specific security for our building downtown, but there are other things going on downtown.
42:03 Speaker 04 Yeah, I feel that the police response as of late has improved. And I believe the Downtown Business Association in conjunction with BPD and BFD,
42:20 Speaker 04 it's been evolving and heading in the right direction.
42:24 Speaker 03 Yeah, I can attest to that. Just during the construction phase, we've had a few issues come up. And one of them, including was not too long ago, when construction was going on, I don't know if you heard this story, Richard, but there was... Generally, the doors are open or the gates open during construction. And somebody who had just had an attitude, something going on in their life that was causing them to be just obnoxious and rude, come into the building. And the superintendent that was, you know, down there in the, on the first floor, trying to shoo this guy out, you know, this jerk from, you know, causing a scene. And it just so happened BPD was rolling by right then, just right by in their car.
43:07 Speaker 03 And they made eye contact and he waved him down, waved down the police officer and right away the guy grabbed him and took care, you know, settled the situation. I was getting ready to get physical, like to get violent. And it was like, it just so happened there was an officer right there. But I've always believed that the best way to improve downtown and the security downtown is just to have more people there.
43:29 Speaker 04 I agree.
43:30 Speaker 03 Having more businesses.
43:32 Speaker 02 More eyes on the street.
43:33 Speaker 03 Yeah, less vacancies, good lighting, more activity, more things happening. Then you just have more people around. There's just less issues. I mean, you have you have other issues that come up. But just to clarify, and we will have we'll have security system at the
43:49 Speaker 02 Of course, of course, we just don't have like physical security guards that are standing guard out there.
43:55 Speaker 03 This is
43:55 Speaker 02 On a regular basis.
43:56 Speaker 03 Definitely one of the big, two big concerns when Money Wise decided to move downtown was security and parking. And and the way that Money Wise is going to deal with the with both of those issues is essentially, we're going to have like a full time concierge like greeter, you know, somebody that's looking out, that can greet our clients, can, you know, help them find parking and, you know, help usher them into the into the building. Of course, we'll have our own entrance off of K Street. Money Wise will.
44:24 Speaker 02 Right.
44:25 Speaker 03 But, um, you know, parking is another, you know, another thing that for anybody who travels or goes to any downtown, it's like our downtown is great, you know, in terms of parking. But if you don't go downtown, it can be, you can be
44:38 Speaker 02 It's a paradigm shift. It's it's definitely a perspective shift, especially in Bakersfield. We we haven't consistently had a thriving downtown to experience and but if you go to any other big city, you just assume you're going to walk a few blocks to get anywhere. People in Bakersfield are so used to pulling up right in front of a business and then being able to walk in. That and the way the streets look and maybe some of the people walking the streets that that might be a little more colorful, that is what a down what downtown is. And it's just a matter of adapting your perspective on what you expect to be there. And certainly, there are, there are risks and and potential hiccups with being downtown for us.
45:20 Speaker 02 But the benefits to our city and our community far outweigh those.
45:25 Speaker 03 We got a listener comment when we're talking about the the costs. And they said, hopefully not as expensive as McDonald's. Topped pie, bring it on.
45:35 Speaker 02 All right.
45:36 Speaker 03 McDonald's, this is interesting because the the previous operator had basically everything was under 10 bucks. Yeah. Including a combo. So you can you could get a combo, which is a burger, fries and a drink, small drink, small fry and a burger for 10 bucks.
45:52 Speaker 04 Yeah.
45:53 Speaker 03 Like, this was though, uh, how many years ago now? Four years ago, roughly?
45:58 Speaker 02 Twenty twenty one.
45:59 Speaker 03 Yeah. And so I know right away when we started talking to you about the menu, it was right, you know, COVID was here.
46:07 Speaker 04 Oh, yeah.
46:07 Speaker 03 Prices going through this and you were like, folks? That the days of the $10 combo are behind us, you know.
46:15 Speaker 02 Just the cost of food.
46:16 Speaker 03 Cost of food.
46:17 Speaker 02 And the cost of.
46:18 Speaker 04 Yeah, cost of everything.
46:19 Speaker 03 Everything.
46:19 Speaker 04 The whole, the whole supply chain.
46:21 Speaker 03 Yeah.
46:22 Speaker 04 Where there's the, the cost of the ingredient itself, then the distribution.
46:27 Speaker 03 Right.
46:27 Speaker 04 The, the labor just to have that, um, with the gas and the, and the drivers and, and all of it. And, and they get to us. And so it's usually restaurants and grocery stores to get the brunt of it from the general public.
46:42 Speaker 03 Yeah.
46:42 Speaker 04 Why is it so expensive?
46:43 Speaker 02 But you, used to be clear, we are trying to make it as affordable as possible for anyone.
46:49 Speaker 04 Oh, yeah.
46:49 Speaker 02 Coming into that building. That is, that is the, the goal.
46:52 Speaker 04 That is the goal.
46:53 Speaker 02 Yeah.
46:53 Speaker 03 A, a Big Mac combo right now in Bakersfield is 12 bucks. Eleven dollars and 89 cents. We're talking about.
47:02 Speaker 04 And I think, and I think a double double has finally exceeded the, the $10 mark. I think it's a little above 10 bucks now.
47:09 Speaker 03 A double double.
47:10 Speaker 04 For a double double combo.
47:11 Speaker 03 In-N-Out.
47:11 Speaker 04 At In-N-Out, yeah.
47:12 Speaker 03 Oh, it's how much did you say?
47:14 Speaker 04 I think it's like 1027 or something like that.
47:16 Speaker 03 Wow, wow. A, a Big Mac meal in the LA area is almost 15 bucks.
47:21 Speaker 04 Oh, yeah.
47:22 Speaker 03 So, I mean, substantially more than what it is in Bakersfield.
47:25 Speaker 04 Meal is 12 bucks.
47:27 Speaker 03 Yes, I know that is. I know that is because that's my favorite combo.
47:30 Speaker 00 The hash browns are more expensive than the McMuffin.
47:33 Speaker 03 Well, that, that's an interesting point because there's an art to like creating a menu and the pricing. And the, I know, like.
47:40 Speaker 00 I have a teenager that loves McDonald breakfast.
47:43 Speaker 03 You can hack it, you know, if you're smart and you like certain items, you know, you can, you can focus in on the value meal. A value, value menu. Um, um, before we run out of time, one last thing I wanted to bring up because Stephen brought this up last week is you know, there's a show. It's a reality show where these chefs try to make, uh, items from fast food. Fast foodies, have you heard of this?
48:04 Speaker 04 No, I haven't seen that.
48:05 Speaker 00 So they have, uh, famous chefs.
48:07 Speaker 04 Uh huh.
48:08 Speaker 00 That will bring in, you know, their celebrity guest and they'll ask him, you know, what's your favorite, um, fast food item growing up?
48:14 Speaker 04 Uh huh.
48:15 Speaker 00 So the, the first section is they'll try to match it. As close as possible, not knowing the ingredients.
48:21 Speaker 03 Try to recreate it.
48:21 Speaker 00 And then they do a spin on it, using the same ingredients and making it better.
48:26 Speaker 04 Oh, that's fun.
48:26 Speaker 03 That's a kind of cool idea.
48:28 Speaker 04 Like, one of my favorite things in the realm of fast food is Taco Bell Crunch Wrap.
48:33 Speaker 02 Oh, yeah.
48:34 Speaker 04 It's that textural contrast.
48:35 Speaker 02 Uh huh.
48:35 Speaker 03 Taco Bell has mastered the art of using four ingredients for their entire menu of forty items.
48:43 Speaker 04 I don't know the quality of any of these ingredients. Also, I've never had Taco Bell with the sun out.
48:50 Speaker 02 Oh, wow. That tells you something, doesn't it?
48:53 Speaker 03 Yeah, that twenty-four hour drive-through is super nice.
48:56 Speaker 02 Thanks so much for coming on, Richard.
48:57 Speaker 04 Thanks for having me.
48:58 Speaker 02 Yeah, we look forward to having the lunch counter open and everyone say hi to Richard when you get in there.
49:04 Speaker 03 That's right, that's Richard Yoshimura.
49:06 Speaker 04 It'll be soon.
49:07 Speaker 03 Coming soon, Woolworths coming this summer, you're not gonna miss it, it's gonna be great. Come by, see us downtown, Richard's gonna be doing the menu and the chef there. Hey, good job, Emily.
49:16 Speaker 02 Thank you.
49:17 Speaker 03 Thank you to our listeners, we want to remind you of these three things, be smart, be safe, and always be money wise.
49:25 Speaker 03 Securities offered through SCF Securities, Inc., member FINRA/SIPC. Investment advisory services offered through SCF Investment Advisors, Inc. SCF Securities, Inc. and Money Wise Wealth Management are independently owned and operated.
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