Kat Cole on having an owner's mindset

I was a child of a single parent, alcoholic father, college dropout who had worked for Hooters her whole life. I mean, tell me how compelling that might be to some people if you just read the headlines. Welcome to The Path where I, Ryan Roslansky, sit down with the biggest changemakers, innovators, and the thought leaders in the world. At the end, we'll see what turning points shaped the journey of these incredible success stories. Today, my guest is Kat Cole. Kat has one of the most inspiring career arcs I've ever heard from a teenage waitress to leading international corporations in her early 30s. Here's how Kat Cole paved her path. I want to go way, way back to a young Kat growing up and maybe the first time you can remember at all what you wanted to be when you grew up. When I was very young, I remember wanting to be a dancer. After that, my teachers told me, I love debate, I like talking, I should be an attorney. And so that got in my head. I grew up very poor, so my mom left my dad when I was 9 and she needed to work multiple jobs. At 15, I started working. I cleaned gym equipment. I then got a job in malls selling clothes. I then became a hostess at Hooters, and that was all before I was 18 while I was in high school. How were you thinking about education during that time? College was the plan. I was the first person in my family to get into college on both sides, and so that was a very big deal. I was in electrical engineering and computer sciences major and a psychology of women minor. Kat was juggling school and work, taking on all the shifts she could at Hooters to cover tuition. She was a hostess, a waitress, a bartender, even a cook. She quickly moved up to manager. She eventually was asked to train employees at other local franchises in Florida. So she was overseeing training for the entire region. And then when she was 19, the Hooters corporate office called and asked her to join a team of people going to Australia to open the first franchise in that country. I'd never been on a plane. I did not have a passport, but I said yes and it turned into a nonstop set of opportunities because the company was growing in Central America, in South America. That led to me really failing college. And I met with the counselor and I remember she said, there is a way to make this up, which would mean no more travel, no more openings, and actually working less, which I couldn't afford to do. Wow. The choice was so obvious to me. I love what I'm doing. I'm good at it. And while I absolutely love school and deeply believe in higher education, I had something more compelling right in front of me. Kat eventually lands a corporate job at Hooters, and by the time she's 20, was promoted to global employee training coordinator for all of Hooters. She just kept rising through the ranks from there. I know that you became a vice president just at the age of 26 years old. Did you feel like you were prepared for that? I mean, I did feel prepared in a way for the VP role because I'd been in the corporate world at that point for five-and-a-half six years. And so I had entered at the ripe age of 20. And so that was the role that I wasn't prepared for. It was a shock on every level. I was moving from essentially being paid tips to a paycheck, salaries. The climate, the environment, the attire was very different. But then I acclimated in every two years or so, I took on more responsibility. Eventually, you end up getting an MBA. Yes. I know, even though I don't believe you ever received a bachelor's degree. I got a phone call from a mentor of mine. She called me and said, "You know what, Kat? If you only want careers in this industry, which was the restaurant industry, you'll have no problem, yet if you want to get anywhere else, you will not get through their HR filter." You know, I was a child of a single parent, alcoholic father, college dropout who had worked for Hooters her whole life. I mean, you know, even now tell me how compelling that might be to some people if you just read the headlines. I did not want doors to be close to me. That shouldn't be. That's the part that bugged me. Kat takes the GMAT and asks 10 CEOs for recommendation letters, including CNN founder, Ted Turner. She lands a spot in Georgia State University's executive MBA program. Then in 2010, Kat was offered the role of President of Cinnabon, and she accepted. But Hooters was in the middle of changing ownership. And Kat felt that after 14 years at the company, she had to stay and help during the transition. Cinnabon held the position for her for months. Hooters was so great to you and so great to your career. So great. And was that a tough decision to leave and do something new? No, it wasn't tough. I mean, it was 14 years, and there were many moments to reflect. Do I still love this? Is it still right for me? And so it just reached a point where I knew I was ready for different, I just didn't know when or where. At 31, Kat is sitting at the helm of a struggling company. It was her job to turn it all around, all while finishing up her MBA. So she revamped the business model, taking Cinnabon reach beyond the world of malls and airports. 4 years later, she was asked to step into the role of group president of Cinnabon's parent company, Focus Brands, overseeing companies like Auntie Anne's, Moe's, Jamba Juice, and Carvel. Kat is eventually promoted to COO and president of Focus Brands. At a certain point, again, you decide to leave, you know, a company that you've really been a massive part of and kind of helped build with focus, what was kind of the thought process of that? So a few things were happening in my last 3-4 years at Focus Brands, I became an angel investor and at the same time I felt my job was done. And very similar to when I reached this point at Hooters, I realized if the opportunity were there for me, I'm not the right person to sign up for another 5 years to be the CEO of this company, I'm ready for that next change. Both times that I was ready to leave Hooters and Focus Brands, something happened that caused me to delay that departure out of a real sense of commitment to the business. I was going to leave Focus Brands and we brought in a new CEO, and then COVID hit. I decided to stay and double down and lean into helping the company navigate that unprecedented event. Not everyone makes the move to do the right thing. Why was that so important to you? And it happened to you twice. Since I was very young, I have an owner's mindset. This is my team. These are my franchisees. These are my customers. If someone's going to lead them through chaos or through a really difficult time, I want it to be me. If I go, it's not going to fall apart, but I know I'm going to do it in a way that is so deeply honoring what we've been through that it's worth it to put my dream on hold for one more year. Yeah. When people heard the story of why I chose to stay, I have to believe there was something that said to them, "This is someone who cares who is going to carry that owner's mindset forward even if she's not the founder." But once we made it through 2020, I figured I would just take a year off. I've been operating since I was 17 years old. I probably have earned a break. Kat took that time to spend with her family, continue her public speaking work, and focused on advising companies in the wellness and food technology space. That's where she meets the founder and CEO of Athletic Greens, a daily nutrition company. She loved the brand and its potential and eventually joined the team as president, COO, and board member. When someone asks you, "Kat, what is your best career advice?" I'd love to hear what you tell them. Man, one, everyone's journey is so unique, so be careful listening to other people's career advice. But I will share a few bits. One, this mantra that I have, that's a version of what my mom used to write on my birthday cards, "Don't forget where you came from, but don't you dare ever let it solely define you." And I'll add, "Our truth is in our roots, but our past is not our anchor." So I worked for Hooters, but I was also a champion of women's leadership. I ran Cinnabon, one of the most indulgent companies in the world, but I was a champion for food deserts, healthy eating, nutrition. And if you look at some of those things, they can look like complete conflicts with each other. But in fact, they're just a person on a journey not being too worried about what other people think. You're always reinventing and the way you do that is doing incredible work, taking really great care of people and never stop learning. So here's my takeaway: From the moment Kat started working at gyms and other hourly jobs, she exhibited a remarkable sense of ownership and determination. Her family didn't have money, so she hustled. She was failing college, but she found a way to build an extraordinary career without a degree. She did it all because of what she calls an Owner's Mindset. It reminds me of a similar mindset here at LinkedIn, "act like an owner." When you as an employee align your success to the company's success, you'll discover purpose in what you're doing. You'll grow meaningful relationships with your peers, all while helping the company succeed in its goals. But an owner's mindset isn't just about job performance, it carries over to your own career path. When Kat stopped being challenged, she moved on to her next growth opportunity while giving the team she left behind everything they needed to succeed. So remember, regardless of your starting point, look at the challenges, the stepping stones, and opportunities for professional and personal growth.