Last week at the Tampa Club’s Ascending Leaders Luncheon, attendees were treated to more than just a keynote—they got a front-row seat to the rollercoaster entrepreneurial journey of Kal Gullapalli. With over 100 franchises under his belt and a fresh expansion bringing PopUp Bagels to Tampa Bay, Kal’s story is a masterclass in grit, reinvention, and operational excellence. His remarks were organized not as a biography, but as a blueprint—highlighting the five lessons that have defined his path.
Lesson 1: Take Calculated Risks (And Learn from Losing)
After graduating from the University of Michigan in 2004, Kal failed to land an investment banking role on the first try. Instead of walking away, he offered to work for free—and earned the opportunity. Two years in investment banking and five more at Merrill Lynch’s internal hedge fund taught him how to spot financial patterns and short markets, experiences he likened to The Big Short. But then he traded in spreadsheets for poker chips, competing in national tournaments. “The swings from playing poker were tremendous (particularly because I was not the best at bankroll management) and I often found myself in tough times,” Kal shared. “But I always found a way to get back on my feet. It taught me to take smart risks and lean on people when you fall.”
Lesson 2: Sweat the Details (Especially in the Food Business)
In his late 20s, Kal bought a 60-year-old Italian butcher shop in Malverne, NY—despite having zero experience in meat or retail. Working alongside longtime employees who were 60 to 70 years old, Kal learned some of his most impactful lessons in leadership and customer service. “Those guys didn’t care about my hedge fund background—they cared about whether I showed up, knew the product, and treated people with respect,” he said. He took the time to become a butcher himself—learning not just cuts and margins, but how to build trust with skeptical staff and serve a demanding local clientele. He opened a second location, branded it Fork & Cleaver, and eventually sold both shops. But the hands-on experience taught him that in food, nothing replaces sweating the small stuff—because the customer always notices.
Lesson 3: The Operating Agreement Is Everything
After moving to Boston, Kal launched several new franchise ventures, including a pizza concept and Wu Burger. It was during this phase that he learned the value of legal clarity. “My partner was doing 10% of the work and we were splitting profits 50/50 because of the operating agreement,” he explained. That lesson ended in a buyout—but served as a wake-up call: friendship and contracts are separate entities.
Lesson 4: Be Over-Capitalized, Not Just Optimistic
Kal and his wife were members at Orangetheory Fitness when he approached a franchisee about opportunities. That conversation led to opening two locations in Massachusetts—but they underestimated how much capital they’d need to scale. “In franchise territory acquisition, timing is everything—and cash is your fuel,” he said. That close call cemented the rule: always raise more than you think you’ll need.
Lesson 5: Know Your Dance Partner in Private Equity
Kal bought four underperforming European Wax Centers and turned them around by addressing the root issues: under-trained staff, absent leadership, toxic culture, and poor inventory management. He met with every employee, fixed supply issues, hired new managers, and rebuilt morale. The turnaround was so successful that he and his partners sold half their stake to private equity. But when COVID hit, more capital was needed—and their equity share shrank. “Private equity can be a great accelerator, but know how it works before you get on the ride,” Kal warned.
Today, Kal’s portfolio includes Marco’s Pizza, Dave’s Hot Chicken (his top performer), Restore Hyper Wellness, Hand & Stone Massage, Sandbox VR, and now PopUp Bagels—which launches in Tampa Bay this summer. His journey proves that resilience, relentless attention to detail, and people-first leadership are the true ingredients to scaling a sustainable empire.
Elevate Inc. is proud to support Kal and PopUp Bagels as they bring a fresh, warm twist to the Florida food scene.
