Dale Schwartz is the founder and CEO of Pinstripes, a unique entertainment and dining concept which he started in May 2007 in Northbrook, IL. Pinstripes features award-winning cuisine, several bocce ball courts, bowling lanes and a large events space, which offers individuals a venue where an outstanding meal can be eaten and exciting entertainment can be found, all under one roof. In the role of founder and CEO, Schwartz works with his team as they look to expand their concept from seven locations in four states to over one hundred across the United States and international markets. Schwartz had no previous background in the industry, but he had been working on the Pinstripes concept for some time before it came into fruition.
After opening its first location in Northbrook in 2007, Pinstripes quickly grew in prominence around the Chicagoland area, with a total of four locations, including Northbrook, South Barrington and Chicago. From there, Pinstripes continued its monumental growth, expanding outside of the Chicagoland area and opening three venues in Minneapolis, Washington D.C. and Overland Park, Kansas. Now Pinstripes is looking to further continue its growth, with locations slated to open in Texas, New Jersey, Tennessee, Ohio, Maryland and California by 2018.
Since being founded almost 10 years ago, Pinstripes has become an entertainment staple in the Chicagoland area and has rapidly grown. It now garners more than $50 million in annual revenue.
(Photo courtesy of Dale Schwartz)
What has been the biggest challenge you have had in your business in terms of finance?
Our biggest challenge was navigating through the banking environment during the 2008-2010 financial crisis.
What have you implemented to overcome that challenge?
We obtained alternative sources of capital and also started relationships with other banks.
What are the results after you implemented your solution?
We have a stronger balance sheet and more flexibility to scale our business in a more exciting way.
This article was written by Michelle Guilbeau of Examiner.com for CBS Small Business Pulse.