The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 14 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Farid: Modern founders raise massive rounds just to burn money
“We had to take a little money and make a lot, and now people want a lot of money so they can lose a lot, You know, it's sort of like, yeah, our burn rate is three million dollars.”
Edible Arrangements stores generate approximately $600 million in combined annual revenue
“About six hundred million.”
Farid: Franchisees will tolerate only one or two failed corporate initiatives
“Anybody that's thinking about getting in a franchise should realize that it is a relationship that you are actually now getting into a partnership with another entrepreneur. You're gonna have to spend a lot of time listening and making sure and inspiring and h…”
Edible Arrangements acquired modern Mediterranean restaurant concept Roti
“We bought in a concept called Roti, which is a modern Mediterranean and then- Out of Chicago, right? Out of Chicago, yeah.”
Farid: A bank rejected a $120,000 loan for Edible Arrangements
“I couldn't borrow a 120,000 because I went and wrote a business plan, wanted to borrow a 120,000 dollars. I put it together, waited about six weeks, and I got a rejection letter saying that we just don't believe in the concept, we don't think it'll work, and i…”
Farid: I reject any business idea that compromises my halal standards
“Anytime somebody introduces something that I think I would compromise my promise with him, I always, you know, step back, saying, no, wait a minute, this has worked really well, I've stayed true to this”
Farid: Edible Arrangements operated with one corporate manager per 100 stores
“We, you know, the stats that people gave you was for every 10 stores. You have to have an employee that that's managing those 10 stores. We could only afford one for a hundred.”
Edible Arrangements turned down multiple private equity offers to avoid equity dilution
“So we didn't bring on any investors, even though by 2006, 2007, many people are interested in buying into the brand or investing in the brand. And I had many offers of private equities wanting to get involved. I just didn't see any benefit of it at that time s…”
Edible Arrangements sold 300 new franchise stores annually by 2005
“When I hired that team and all these things that we had automated and put into systems, ah, we were, by 2004, 2005, we were selling 300 stores a year.”
Farid never issued a refund under Edible Arrangements' original satisfaction guarantee
“I never had to give anybody the money back because people loved it.”
Farid: Customers demanded fruit bouquets despite florists dismissing the idea
“I shared the idea and he said, you know, stay in your flower business. This is crazy. Who would buy? Fruit on sticks in a basket, especially for the price you're selling it. But every time we sent it to a customer, the customers would call back and said, can I…”