This as-told-to essay is based on a conversation with Ashley Morris, CEO of Capriotti’s. It has been edited for length and clarity.
My whole career is based on a love affair with food — and a lifelong friendship. I grew up on the West Coast, but had tried cheesesteaks on trips east, and adored them. In college, I was living with Jason, who has been my best friend since we were 10. One day, he came home talking about the best sandwich he’d ever eaten. He told me I had to go to Capriotti’s.
I was busy, studying finance and working at a bank. By that Friday, when I still hadn’t gone, Jason dragged me to the sandwich shop. I was just as blown away as he was. I’d eaten a lot of cheesesteaks, but this was the best of the best. It was true love.
Jason and I went to Capriotti’s so much that when we needed a new apartment, we chose one further from school, but closer to the restaurant. That was the first sign of the role Capriotti’s would play in our lives.
My banking success helped us go into business together
I started working as a bank teller at Wells Fargo when I was 18 because it was the only finance job they’d let me do at that age. After I graduated from college, I moved to the financial services team, and by the time I was 25, I was earning more than any young kid should: about half a million a year.
Jason and I had always wanted to get into business together, and now I had the financial resources to make that a reality. We decided to spend a week thinking about business ideas, then decide what to do. When the meeting came, we each brought one idea: open a Capriotti’s franchise.
We quickly opened 3 restaurants, but wanted more
We planned to be 50/50 business partners while both maintaining our day jobs. I would put in more capital, and Jason would do more of the hands-on work, while keeping his government job.
However, we quickly learned that running a passive business just isn’t a reality. The restaurant wasn’t going to be a side hustle, especially because we were so cocky that we opened two franchises at the same time. Before long, we had a third. My girlfriend at the time (now wife) handled a lot of the operations, while Jason and I supported her as much as we could.
We wanted to own 10 restaurants, but we started butting heads with Capriotti’s CEO. I thought she had an old-fashioned mindset, and each time we asked to open another location, she said no.
After a year of that, I’d had enough. I realized if I waited for her to say yes, I’d be 40 and not living my dream. After speaking with Jason, I told the CEO we wanted to buy the whole company. It took everything Jason and I had, but we purchased Capriotti’s in 2008, when I was 27.
We established rules to protect our relationship
We’ve been running the company together since — Jason’s the CEO and I’m the president. We have a lot of the same values, probably because we forged them growing up together. We know each other inside and out, like brothers. That allows us to give really honest feedback. Jason has no problem walking into my office and saying, “You’re missing the boat on this one,” and instead of getting defensive, I immediately open my mind to what he has to say.
When we decided to buy the business, we established commandments to make sure our business partnership wouldn’t ruin our friendship. First, there’s a hierarchy: if we reach an impasse on a decision, I have the final say. That’s only happened twice, and Jason has graciously accepted my decision.
Our second commandment is that if either of us wants out, the other must be fully committed to helping him exit. Luckily, we’ve never had to use that, but we know that we could part ways amicably, fairly, and with integrity if we wanted to.
Today, Jason’s four boys are close with my sons and daughter. We all went on vacation together for New Year’s. Life is busy, and it’s not always easy to find time together outside work, but we try. It’s wonderful to see our friendship recreated with our kids.
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