What's Happening?
Neil Hershman, who purchased a 16 Handles frozen yogurt franchise at the age of 23, has risen to become the CEO and majority owner of the chain. Initially lacking experience in the food industry, Hershman invested $160,000 in savings and $400,000 in loans to acquire his first store. Over time, he learned the business by working every shift and engaging with employees and customers. Since taking over the company in 2022, Hershman has implemented strategies that have increased same-store sales by over 10% annually. The chain, which operates 40 locations, reported $20.6 million in systemwide sales in 2024.
Why It's Important?
Hershman's journey from franchise owner to CEO underscores the potential for entrepreneurial success without prior industry expertise. His story is a testament to the value of hands-on learning and adaptability in business. The growth of 16 Handles under his leadership highlights the importance of innovative marketing and operational strategies in driving sales and expanding a brand's footprint. Hershman's success may inspire other aspiring entrepreneurs to pursue their business ambitions, emphasizing that expertise can be developed through experience rather than being a prerequisite.
Beyond the Headlines
Hershman's approach to business challenges the traditional notion that extensive industry knowledge is necessary before starting a venture. His success suggests that passion, dedication, and a willingness to learn can be equally important. This perspective may influence how future entrepreneurs approach new opportunities, potentially leading to more diverse and dynamic business landscapes. Additionally, Hershman's story reflects broader trends in the food industry, where consumer preferences and innovative business models continue to evolve.
