In 2013, Cupbop started as a Korean BBQ food truck in Salt Lake City. They have now grown into a household local quick-service restaurant brand with a total of 36 store locations and several food trucks. Cupbop dreams of becoming the first Korean food-based national chain in the US, as they focus on incorporating the values of fun, fast, giving, and Korean love into their business.
After establishing a name for themselves in their market, the Cupbop team was ready to make a push for growth. However, their CEO and founder, Jung, quickly realized a commitment to stabilized growth meant a deliberate assessment of their financials and a solid system to gain valuable insights. At the time, Cupbop had 14 separate QuickBooks accounts. Consolidations took days to put together, and real-time reporting of the business was not yet developed. After determining it was time to bring a part-time CFO into the picture, Jung took on the guidance of an Amplēo consultant.
Amplēo provided a financial expert ready for action. After making a thorough assessment of Cupbop’s business structure, processes, and reporting, Amplēo’s part-time CFO acted as the impetus for strategic growth, resulting in an explosion of efficiency and scaling. Amplēo aided Cupbop in identifying an enterprise restaurant accounting system that would meet their needs, resulting in real-time reporting and consolidation. As a result of establishing one common system, Amplēo was also able to simplify the payroll process and credit card charges. Amplēo also helped Cupbop understand its business as a whole by providing easy access to actionable insights via backing Cupbop’s database and building custom BI reports.
Cupbop powers forward in its industry and is expanding rapidly. In May 2022, Cupbop appeared on the TV show Shark Tank, where they received one million dollar offers from all five sharks. Cupbop ultimately accepted a deal with Mike Cuban and is excited about the continued growth of becoming a national chain in the US.
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