Vincenzo Guzzo: How to Become an Un-slayable Dragon in Business

Vincenzo Guzzo (also known as Mr. Sunshine), one of the five “Dragons” on CBC’s hit show Dragons’ Den, is known for being a sassy entertainment mogul who will tell participants the honest truth about their prospective business plans. But before becoming the president and CEO of Cinémas Guzzo, the largest independent operator in Quebec and the third-largest movie exhibitor in Canada, Guzzo was a lot like those contestants — another small operator who needed to prove himself as one of “the big guys.” 

The Start of the Quest

As the only son of Italian immigrants, Guzzo worked hard to turn his dad’s small theater business into the empire it is today, earning law and business degrees along the way. He eventually sued the biggest movie competition in Canada to gain equal opportunity to show first-run releases and won. Today, his Cinémas Guzzo chain includes nine IMAX cinemas and 10 locations, with more set to open over the next three years.

Photo credit: ledevoir.com

In 2019 Guzzo expanded his portfolio again and became a restaurateur with two fine-dining Italian pizzerias, Giulietta. Always one to innovate, Guzzo also pivoted to selling his pizza direct to consumers through LoveFoodToGo.com and within Cinémas Guzzo locations. He also entered the retail food space, with Good Pantry, Giulietta @ Home and Mr. Sunshine popcorn and chocolates hitting store shelves.

“Right now, my big focus is on starting new restaurants and getting deeper into the foodservice industry,” said Guzzo. “We want to bring brands to market on the retail side, including through partnerships with Costco, Traders Joe’s and other retailers. We are really trying to get ready so that when things open back up following the pandemic, we have everything in place and have filled the gap that has been left open by brands that couldn’t make it.” 

Navigating Uncharted Waters

As someone in the movie theater industry, Guzzo has spent the last two years heavily impacted by the COVID-19 pandemic himself. Throughout it all, Guzzo has been vocal in his criticism and resentment of the provincial government’s ever-changing COVID-19 restrictions.

“Even though the government has decided to shut down again in Canada, I think that the movie theatre industry is going to thrive when everything returns to normal,” said Guzzo. “Especially with movies like Spider-man: No Way Home performing so well, there is no reason to believe that the movie business is going anywhere. Will there be some consolidation and theatres shut down? Yes. That is a concern that every recession brings to us.”

When it comes to emerging trends Guzzo is seeing for the future of the post-pandemic foodservice industry, he says every restaurant brand will likely need to pivot into the retail business and diversify their portfolios. 

“It is an essential source of revenue —if people decide they want a White Castle Burger but don’t feel comfortable going to the restaurant, we at least want them to be able to have it at home,” said Guzzo. “The retail food business is a big concept in the U.S. but hasn’t become as popular in Canada. That is why we are focused on selling our pizzeria products in new ways.” 

The New Adventure of Franchising

Guzzo says his foray deeper into the restaurant industry has also brought him to a new potential path: franchising.  “We are looking at franchising the pizzeria concept, and we have had discussions with investors in Philadelphia, Miami, all over,” he said. 

For young up-and-coming entrepreneurs who are thinking of starting their own business right now, Guzzo says franchising may be the best bet.

“There are many people who want to be an entrepreneur but are not quite convinced that they are an entrepreneur,” said Guzzo. “You need to be a very special kind of person and an expert in many areas. So, franchising is a good way to benefit from the back-end experience that a massive franchisor offers. For example, if you invest in a Boston’s Pizza franchise, you get the knowledge of fellow Dragon Jim Treliving. All of that experience is translated down to the franchisees, and once they are successful with the first concept, they can spin off new businesses.”

While Guzzo says franchise concepts are seen by many as just a job, he notes it is really all about what the owner puts into it, especially when it comes to training. “Franchising can be a university course on how to run a small business,” he said. “I’m a big fan of the franchise model when starting off in business because I’ve seen the cost of learning. For every dollar I’ve spent, I’ve learned a lesson, and franchising is the same thing. You are paying not to make the past mistakes of others.”

The Big Takeaways

So, what are some of the overall lessons Guzzo has learned about surviving in business during a pandemic? For one, he says it is all about diversification.

“On a business level, we all need to realize we can’t just rely on brick-and-mortar anymore,” said Guzzo. “We need more stability, and the only way to get that is through varied sources of revenue. That is why the retail-food part of the business is so important. Our restaurants may stay closed, but the Costcos and Sam’s Clubs will always be open. You can still sustain partial revenue to supplement the brick-and-mortar.” 

But Guzzo says some people get the wrong idea about diversification. “It doesn’t necessarily mean owning both a movie theater and an oil well,” he said. “It can mean owning both a movie theater and a movie-streaming website. They may be in the same ballpark, but one is impacted by something like a pandemic, and the other isn’t.” 

Now, getting ready to film season 17 of Dragons’ Den, Guzzo says he is excited to see the creative minds of Canada back in action and will be looking for pitches that take all of these ideas into consideration.

“Auditions are open for the upcoming season, and I am always excited to go back on the show,” said Guzzo. “I get to see the innovative side of Canada.”