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From Finance to Fro-Yo: Building a Frozen Yogurt Empire
1 May
Summary
- Hershman pivoted from finance to entrepreneurship in his early twenties.
- He doubled the profitability of his first frozen yogurt store within months.
- Hershman now leads a frozen yogurt franchise with 40+ locations.
Neil Hershman, now in his early 30s, transitioned from a finance career to entrepreneurship after graduating college. He leveraged his savings and an SBA loan to purchase his first 16 Handles frozen yogurt store in New York City.
Hershman quickly identified inefficiencies and implemented changes, such as optimizing staff shifts and renegotiating processing fees. These adjustments doubled the store's profitability and improved customer reviews, prompting further expansion.
His early success led him to acquire two more stores, ultimately culminating in the purchase of the entire 16 Handles corporate brand. He now serves as CEO, overseeing approximately 40 franchised locations and six stores he owns.
The broader franchise industry in the U.S. comprises over 832,000 establishments, with a significant portion owned by first-time business owners. The frozen yogurt market is experiencing a resurgence, with a projected 4% growth this year, and many 16 Handles locations are reporting year-over-year growth exceeding 15%.
