In this engaging discussion, Savneet Singh, CEO of PAR Technology, shares his remarkable journey from a pre-med student to leading a company from crisis to a tech titan worth nearly $3 billion. He highlights the importance of strategic prioritization during corporate triage and the insights gained from M&A strategies. Savneet also addresses how inflation is reshaping the restaurant industry and how technology can support struggling businesses. His experiences underscore the value of resilience and continuous innovation in achieving long-term success.
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question_answer ANECDOTE
PAR Technology's Initial Struggles
Savneet Singh joined PAR Technology's board in 2018, initially to help grow its small software business.
The company faced multiple crises, including DOJ investigations, activist investors, and low customer satisfaction.
question_answer ANECDOTE
Unexpected CEO Role
Savneet Singh initially aimed to sell PAR Technology but became CEO when a suitable replacement couldn't be found.
He discovered the company's dire financial situation on his first day, forcing him to shift his focus to rescuing it.
volunteer_activism ADVICE
Corporate Triage
Prioritize cash flow, especially during crises, and be decisive.
Lead by example, own your decisions, and communicate transparently with employees.
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In 'The Outsider,' Colin Wilson examines the psyche of the Outsider through the lives and works of various literary and cultural figures such as Albert Camus, Jean-Paul Sartre, Ernest Hemingway, Hermann Hesse, and Fyodor Dostoyevsky. The book delves into the Outsider's experience of dislocation and his struggle to find meaning and purpose in a world that seems devoid of it. Wilson argues that the Outsider is a metaphysical man who seeks a transcending meaning and purpose for human existence, often feeling isolated and disconnected from society. The book is both a study of the Outsider's predicament and an impassioned call for a new form of existentialism that could provide a satisfying and objective religious understanding of life.
Miguel Armaza interviews Savneet Singh, CEO of PAR Technology (NYSE: PAR), a company he helped transform from a struggling legacy hardware with a small market cap into a thriving restaurant technology leader now worth nearly $3 billion in the public markets.
When Savneet joined PAR's board in 2018, he found a company facing multiple crises - from DOJ investigations and activist investors to negative customer satisfaction scores and just $3.4 million in cash reserves. What started as a temporary CEO role to help sell the company evolved into a remarkable turnaround story.
In this episode, we discuss:
The art of corporate triage and how to prioritize when everything is on fire
Building conviction to make non-consensus bets as a leader
Key lessons from M&A strategy and product integration
The reality of transforming a public company while "changing the wheels in motion"... and a lot more!
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Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.
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