The CEO of Insomnia Cookies made millions of people selling his business to Krispy Kreme, but has a warning for entrepreneurs: “ It can be alone, it is a lonely life ” ‘

“It can be lonely, it’s a lonely life. It’s really. (During) the most difficult moments are very lonely – camaraderie, mentoring, community sense, it’s really important, “says Berkowitz Fortune. “Because I’m going so deep, it is sometimes difficult to find others and let them in.”

Berkowitz has put on the scale of insomnia cookies since 2003, when he was a junior studying the economy at the University of Pennsylvania. Rapid advance of more than two decades later, and his business is now a must in American colleges with many of its 350 international stores (and counting) hosted on or near university campuses. Offering hot cookies in the early hours of the morning, with open places until 3 a.m., it is a choice for students who come back from rowdy holidays or frenzy television in their dormitories. And his idea turned out to be extremely successful: in 2018, Krispy Kreme bought majority participation in Insomnia Cookies, paying around $ 139.5 million for 74.5% of the company. Krispy Kreme has since sold his participation, a transaction which appreciated the company at 350 million dollars in total enterprise value, twice the value of the acquisition.

Having launched the company as a young student, the CEO now 44 years old had no previous commercial expertise to predict the ups and ups of entrepreneurship it would be confronted. And despite great success, he can be alone at the top. This is why Berkowitz has increasingly embraced the mentoring throughout his career, relying on the wisdom of the current CEO of Krispy Kreme, Josh Charlesworth, and the former chef of Chef Michael Tattersfield to “unlock part of the power” that he did not know he had.

“In the past decade, I have been much more intentional on this subject: to meet the others, to get to know people who have done what I want, what I intend to do or something similar to what I do,” said Berkowitz. “I found it really powerful.”

The life of entrepreneurship is “not for everyone”: Berkowitz warns against pressure and professional exhaustion

Entrepreneurship can be a bridge that changes life to leave 9 to 5 jobs forever while obtaining fortunes of several million dollars. And while Berkowitz likes to be CEO and all the responsibilities that accompany him, he prude young hopes for the weight of the career.

“I am an entrepreneur, I am a growing person. I love what I do, ”explains Berkowitz. However, he admits that the life of entrepreneurship “is really not for everyone”.

“There is a lot of pressure. I have always felt the responsibility to raise the capital of others. If you cut me a check, I really appreciate it not only and I have a huge gratitude, but I feel the responsibility to make you your money, which I was lucky to have done with all my investors. There is a real burden with it. ”

Then comes the possibility of exhaustion and fatigue. Although insomnia cookies may come $ 350 million today, his business has taken a turn when the big recession struck. Insomnia had not yet reached profitability, and in addition to their customers, it was difficult to raise capital. Berkowitz says that the providential investors of the company could not put their money in “pastime investments” as they did once. It was a dark period for the dessert empire which forced Berkowitz to travel constantly across the country to maintain the brand’s locations then the 14, with little profits.

“There is certainly the possibility of, it cannot be so well. You don’t want to believe it. You don’t want to own it. There were moments like: “Dude, I was a little delusional. Lots of trips with little profit, ”explains Berkowitz. “There is a real risk of professional exhaustion … If you don’t think it’s for you, you should be careful.”

This period of years was difficult for Berkowitz and insomnia – but the company ended up succeeding. The founder says that by playing “The Long Game” and by going these difficult years with constant passion and innovation, the company has been able to become the sweet treatment giant that it is today.

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