Launched in an antique shop in Chicago in 1977, Potbelly Sandwich Works went from reliable neighborhood fixture to a chain of 300 company-owned and -franchised restaurants that began trading in October on Nasdaq. In 1996, Potbelly Corp. founding chairman Bryant Keil bought the original shop from Peter Hastings — who remains involved with the company — and began developing the concept. Potbelly now operates in 18 states and the Middle East, employing 5,000 systemwide. Initial full-year revenue as a public company was $299.7 million.
LEGAL TEAM
Matthew Revord joined Potbelly in 2007 and remained its sole attorney until senior counsel Bahi Okupa joined to assist with the company’s initial public offering. Of that process, Revord advises: “Do a lot of groundwork in advance with your CEO and CFO to make sure you’re equally prepared for what the underwriters and their counsel will ask you. You have to make sure you’re all working together in a very coordinated way.” Potbelly polices its trademarks as far away as China and India. “We’ve seen people trying to imitate Potbelly’s look and feel,” Revord said.
