Savneet Singh, President and CEO of PAR Technology, transformed the company from near bankruptcy to a thriving enterprise with a market cap over $2.5 billion. He shares his journey of stepping into leadership amidst turmoil, emphasizing strong vision and employee engagement. Savneet reflects on his childhood dreams of becoming a tennis player and how that shaped his entrepreneurial spirit. He discusses strategic growth through technology integration and the importance of passion in entrepreneurship, inspired by his father's encouragement and his commitment to charity.
Savneet Singh transformed PAR Technology from impending bankruptcy to a $2.5 billion market leader by instilling a cohesive culture and accountability.
Singh's vision of vertical integration focuses on providing a unified suite of restaurant technologies, enhancing customer experience and brand consistency.
Deep dives
Transforming PAR Technology
The podcast discusses how Savneet Singh transformed PAR Technology from a struggling company on the verge of bankruptcy to a market leader with a valuation exceeding $2.5 billion. This transformation began when he joined the board and quickly recognized the need for significant changes due to multiple challenges, including an ineffective culture, a broken software product, and financial mismanagement. Singh emphasized that the company lacked the resources to adequately develop its software offerings, which made up only a small fraction of overall revenue, while the hardware and services side suffered from outdated practices. His decision to position himself as CEO instead of continuing the search for a new leader showcased his commitment to revamping the organization and addressing its dire issues head-on.
Creating a Mission-Driven Culture
A key focus for Singh was establishing a clear mission, vision, and culture within PAR Technology, which he believed were essential for reviving the company. He recognized that aligning the team and fostering accountability were pivotal, especially after a significant workforce reduction that shocked employees. Rather than shying away from difficult conversations, Singh openly addressed the layoffs, taking responsibility and treating employees as partners in the journey forward. This approach not only helped restore morale but also prompted innovative initiatives, such as incentivizing employees to identify cost-saving measures, illustrating a cultural shift towards collaboration and shared ownership.
Vertical Integration in Restaurant Technology
Singh envisions a strategy of vertical integration, focusing on consolidating various restaurant-related technologies under one umbrella at PAR Technology. He believes that many businesses are incorrectly adopting digital solutions by purchasing disparate software from multiple vendors, which hampers the customer experience. Instead, Singh advocates for a unified approach where digital and in-store services are seamlessly integrated, enhancing brand consistency and customer satisfaction. This distinctive strategy aims to create a competitive edge by developing a robust suite of products that work together harmoniously, ensuring that customers receive unparalleled functionality and value that they wouldn't get from separate vendors.
In this episode we speak with Savneet Singh, the President and CEO of PAR Technology, a global leader in restaurant technology. Since taking the helm, he has led PAR’s transformation from near bankruptcy to a market cap of over $2.5 billion.
Building on over 40 years of experience, PAR is recognized as one of the largest suppliers of point of sale systems in the United States, EMEA and APAC regions.
Previously, Savneet co-founded GBI, a financial software platform for trading and storing physical precious metals, and worked in investment banking at Morgan Stanley.
Savneet supports SHDF. To learn more about this organization click here.
I am your host RJ Lumba. We hope you enjoy the show. If you like the episode, click to follow.
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