Warren Thompson, a notable figure in the restaurant industry, often poses a thought-provoking question to new leaders of his company’s restaurants: do they see themselves as corporate or entrepreneurial? The question reflects Thompson’s preference for leaders who embrace entrepreneurship, a trait he values highly.
“I’m looking for that person who would say they’re more of an entrepreneurial-type person, meaning they’re going to take calculated risks to move the company ahead,” Thompson remarked during an interview at the headquarters of Thompson Hospitality Corp in Reston.
Entrepreneurial Origins
Thompson’s entrepreneurial spirit was evident from a young age. At 15, he innovatively expanded his father’s produce business by purchasing a school bus to transport more apples and peaches from Nelson County orchards to Tidewater markets, a strategy that paid off.
Now, at 65, Thompson is considering retirement after half a century of business ventures that have led to Thompson Hospitality becoming the largest minority-owned food service and facilities management company in the U.S.
Today, Thompson Hospitality employs over 6,000 people and generates nearly $1 billion in annual revenue. The company owns more than 70 restaurants, including ventures like Ralph Sampson’s American Tap Room and The Ridley in Charlottesville. Additionally, the firm provides food service and facilities management for various corporate and educational institutions.
Reflecting on his journey, Thompson said, “When you start a company, you’ve got more time than money. When you’re getting toward the end of the company, you have more money than you have time. I have to make every minute count.”
Thompson, who began family life later than most, shares a special bond with his 4-year-old daughter, Skylar, whom he and his wife, Danielle, adopted as an infant. “She’s becoming a part of the business now,” Thompson laughed, noting her enthusiasm in interacting with staff and customers.
Future Outlook
Planning the future of Thompson Hospitality has been somewhat delayed. The pandemic posed significant challenges, forcing the company to pivot and adapt, drawing on Thompson’s early business lessons of diversification. The company expanded services, operating both restaurants and hotels.
With the economy stabilizing, Thompson is focusing on succession planning. The company’s CFO, Ali Azimi, is set to retire in 2024, to be succeeded by Joe Lawler, a fellow Darden School graduate currently serving as senior vice president for strategy and finance.
Commitment to Diversity
Thompson Hospitality is dedicated to diversity, sourcing about 30% of its purchases from diverse suppliers, including small, women-, and minority-owned businesses. Additionally, the company plays a mentorship role, fostering the growth of these enterprises.
Thompson’s commitment to an inclusive workplace is shaped by his personal experiences with racial discrimination. “It’s just a part of our culture,” he asserted. “Our business model has always been that we present a better option to the customer. We say to that client, ‘We understand your customer better than anyone else.’ So, we make the business case, not the diversity case, as to why.”
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