The Ledger
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Act III secures ROFRs on follow-on rounds and has never declined one.
“And so when we invest in a company, we're going to put an investment in it. And then we're going to agree take a right of first refusal. And all follow on rounds of capital at a pre-agree to multiple. So we're all in alignment. It's an easy thing. And the trut…”
Shaich convinced Au Bon Pain to sell everything and bet on Panera.
“I went off and came back two months later and went to my board with a proposal to sell every other business and bet the whole thing on this Panera Bread division.”
Act III invests in common stock alongside founders rather than preferred shares.
“Number one, we believe in founder-friendly capital. So when we go in, we hope it's the last investment capital that gets taken before an IPO. Generally we will come in as common stock. Not preferred. Same place as the management team. And we will typically tak…”
Act III Holdings grew from $200 million to $2 billion, returning 55%.
“And, you know, it started as a two hundred million dollar investment is now a nearly, you know, it's a two billion dollar portfolio. And it's delivered 55% returns”
Ron Shaich uses an annual framework to set multi-year life priorities.
“And ever since, I began on an annual basis sitting down and saying, what is it in five years, in 10 years, I'm going to respect in the context of my relationships with my work,
My relationships with my family and friends, my relationships with my body, and my …”