How Do You Roll (HDYR) is a fast-casual sushi restaurant founded by Yuen and Peter Yung. They pitched their franchise on Shark Tank and signed a deal with Kevin O’Leary. As of 2024, How Do You Roll is valued at $0. HDYR was acquired in 2015 but is no longer in business due to bankruptcy.
After Shark Tank
The brothers spent months trying to work out a deal with Kevin O’Leary but were unable to agree. The royalties from the deal would consume too much of the company’s cash flow and was not a good idea in the long run.
Despite the setbacks, the business continued to grow and opened more than 100 locations in the United States, Canada, and the Middle East. In June 2015, HDYR was acquired by a private restaurant group. Even after the sale, the brothers continued to operate Maki Maki, LLC and provide equipment, training, and supplies to franchisees.
The new management team failed, and HDYR closed a few years later. Yuen Yung later served as CEO of two companies, Halbar Partners and Apex Landmark. His brother has kept a low profile online, but now works as the director of operations at Bella Restaurants Group.
Founder
Yuan and Peter Yung grew up in Manhattan’s Chinatown. Peter began working in his parents’ restaurant at the age of eight. It was here that he mastered the art of cooking Japanese cuisine.
Yuan graduated from the University of Texas at Austin with a bachelor’s degree in finance. The Manhattan native worked as a financial planner at Kenty, Yung, Ozias & Associates for more than seven years before returning to his alma mater to serve as a CFP instructor for four years.
How Do You Roll
The brothers noticed that in their area, there were only two ways to get sushi: through high-end restaurants and through grocery stores.
They want to change that and plan to open a restaurant that serves sushi based on ingredients customers request in real time, with a fast casual service.
The restaurant opened in 2008 as Maki. A year later, the name was changed to How Do You Roll. After establishing headquarters in Austin, Texas, they began franchising in 2010 and signed up 40 franchisees within two and a half years.
Shark Tank Appearance
In 2013, HDYR was expanding rapidly, but Yuan and Peter Yung needed funds to grow through franchising and help manage costs. The Yung brothers appeared in the fourth season, seeking $1 million for a 12% stake.
After the speeches began, Barbara Corcoran was invited to the stage to order custom sushi. They also served special sushi to the other Sharks, who all loved it.
They revealed that 15 of the 40 franchised stores were open and profitable, Yuen expected to earn $250,000 per year in franchise fees alone, and they had received an offer for $6.6 million for 75% of the company.
Kevin O’Leary was the last Shark Tank member to leave due to Barbara’s overly flowery speech. Kevin offered $1 million for 22% of the shares, but asked for annual royalties. The founders pushed back and eventually reached an agreement for 20% of the shares. This was the largest investment in Shark Tank at the time.
Categories: Shark Tank
Source: dut.edu.vn
