Good Spirits
Life's little twists molded the man who has patrons tapped into yard-high beers and gourmet food.
Vital Stats:
Steele Platt, 44, founder and CEO of Yard House Restaurants USA in
Irvine, California
Company:Yard House
and Tequila Jack's restaurants
2004 Projected
Sales: $60 million
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Night Shift:
Platt took downtown Denver by storm when he opened his first
restaurant, Kailua's (named after his hometown in Hawaii), at
age 25. A few years later, Platt created a beer hall called The
Boiler Room and then EFEX nightclub.
Surprise
Ending: He packed up and moved to Southern California when
EFEX, his most profitable venture, closed due to noise issues. A
millionaire by age 26, Platt says, "It happened so fast. I
lost everything when I was 31." Facing roadblocks in opening a
new nightclub, Platt worked as a car salesman and bartender to make
ends meet.
Back in
Business: Steve Reynolds, Kailua's former liquor rep,
partnered with Platt to create Yard House in 1996 (he has since
retired). Providing the seed capital, Reynolds and two other people
each invested $50,000, while Platt's 40 or so investors-family
and friends-raised $800,000. The landlord of the Long Beach
location provided more than $2 million in tenant allowance, after
researching Platt's prior successes.
"I
had something, lost everything, and came back and did the same
thing, but better."
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Yard Work:
That first Yard House boasted 250 tap handles and 180 flavors
served by the pint and in half and full yard glasses. Today, there
are seven locations in Southern California and Colorado, with plans
to expand to Illinois and Florida. "[Yard House] is three
components: beer, rock 'n' roll and good food," says
Platt. The Yard House's American Fusion cuisine has helped the
restaurant rank third nationally in highest average unit sales.
"[Restaurant] longevity is tied in with the food," Platt
attests. "It's our number-one priority."