Neil Hershman walked away from a Wall Street career to invest his entire savings in 16 Handles frozen yogurt franchise. (Image: Facebook)
Today, at 30, Hershman stands at the helm of 16 Handles, a frozen yogurt brand that has been buckling industry decline, boasting annual revenues of more than $20 million. Here’s a look at his journey. (Image: Facebook)
In 2017, Neil Hershman moved to New York City after completing his graduation. However, the high-octane world of finance soon lost its appeal. Speaking to CNBC, he said, “I was looking for something that was a little bit more hands-on, down to earth and in person.” (Image: Facebook)
He was drawn to the neighbourhood self-serve frozen yogurt shop. He purchased his first 16 Handles franchise in 2019, investing nearly all his savings, about $160,000 alongside a bank loan. (Image: Facebook)
Following, he dove headfirst into operations. Hershman said, “I worked the register for full shifts, days in and out.” With this approach, he soon recognised that the brand was stagnant due to a lack of innovation. (Image: Facebook)
By 2022, after expanding to six stores, he made a bold decision, acquiring the entire 16 Handles brand and becoming its majority owner at the age of 27. Around 2016, according to data from food service research firm Technomic, the self-serve frozen yogurt industry had been in decline. However, Hershman saw untapped potential. (Image: Facebook)
Under his leadership, the company in-store traffic increased by more than 10% year-over-year, and approximately 10 new outlets were added since 2022. The brand’s trajectory stands in contrast to industry trends, driven by innovative strategies and customer-centric thinking. (Image: Facebook)
From limited-edition flavours like French fry, butter beer, and black matcha to Harry Potter-themed offerings, 16 Handles created an engaging experience designed to go viral. (Image: Facebook)
Today, Hershman plans to scale 16 Handles to 100 locations in the coming years, aiming to make it a household name in the dessert and snack category. (Image: Facebook)
His company, 16 Handles, reportedly generates an estimated annual revenue of $44.1 million. (Image: Facebook)
