An ice cream shop started by a 40-year-old could generate $200 million in revenue this year.

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In 2007, Alex Smith's goal was to open an ice cream shop, not a multi-state restaurant group that generates nine figures annually.

Smith, now 40, was eager to build something of his own after growing up in a family of ultra-successful entrepreneurs. "It was very important for me to carve my own path separate from my family," he says.

A Häagen-Dazs franchise in Baltimore's Harbor East neighborhood helped Smith open a nearby deli three years later, which became the first in his portfolio of 50 bars, restaurants, and "entertainment concepts" with more than 2,700 employees across five states.

Atlas Restaurant Group, founded and led by Smith since 2014, is projected to generate over $200 million in gross sales this year, up from $145 million in 2020, according to CNBC Make It's review of company documents.

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Running a restaurant for your entire adult life has its advantages and disadvantages, according to Smith. He is adept at managing all aspects of the business, including working at the deli counter during peak hours and seating customers at his upscale Greek restaurant nearby.

Smith declares that he would interact with every table and converse with every guest.

"Being a bigger restaurant corporation requires stepping back and focusing on the big picture, which is a challenge for those who are used to being hands-on," he says.

Learning how to run a business

At the University of Delaware, Smith studied business administration while also playing lacrosse. In 2007, he graduated with the aim of becoming an entrepreneur, without seeking employment with his family.

John Paterakis, his maternal grandfather, owned H&S Bakery in Baltimore and made a fortune selling bread rolls to McDonald's before starting a real estate development business. On the other hand, Julian Sinclair Smith, his other grandfather, founded Sinclair Broadcast Group, a conservative media giant with an annual revenue of $3.1 billion.

The younger Smith received a boost from a connection after college. He asked Paterakis if he could open an ice cream shop in an empty space next to a movie theater in Baltimore's Harbor East, a development built by his grandfather's company.

Smith secured a location and prepared a business plan, which impressed the franchising team during his interview for a Häagen-Dazs franchise ownership application.

A tenant improvement allowance was provided to him by Harbor East to help cover the $100,000 cost of opening the franchise, which Smith states was a common tool used by landlords to attract commercial tenants.

He underwent two weeks of training at Häagen-Dazs University in Minneapolis, where he mastered various aspects of the business, including payroll and inventory management, marketing strategies, shift scheduling, and equipment maintenance.

Smith states that running a small business is learned through the process of learning how to do it, and on the day he opened his store, he was able to run it independently.

He still owns and operates that Häagen-Dazs location today.

The challenges of stepping back

After three years, Smith utilized the ice cream shop's profits, a tenant improvement allowance, and some of his savings to establish a restaurant called Harbor East Deli.

"Smith explains that he recognized a demand for a lunch spot in the community and did not initially consider it as part of a larger plan. Instead, he focused on fulfilling the need and then considered how to profit from it."

In 2012, Smith opened a Greek restaurant called Ouzo Bay, which was one of three businesses he owned and managed. All three of his businesses were located within three blocks of each other, enabling him to oversee every aspect of each location, including pricing, staffing, and playlist selection for ambient music.

Letting go was necessary for Smith to grow his portfolio, resulting in a total of $6 million in sales that year. However, this success came at a cost, leaving him with an impending sense of burnout.

"He states that Atlas currently has over 40 corporate employees, including a finance person, an HR person, and a digital media person. He notes that the company is now focusing on determining which departments are necessary to execute a larger plan."

In addition to the challenges faced by the restaurant group, other issues have emerged. In 2020, the group was sued for racial discrimination over Ouzo Bay's customer dress code. Atlas apologized for the incident and let go of two employees, including the restaurant manager who enforced the dress code. A federal judge dismissed the lawsuit this year.

Smith learned from the failure of his first restaurant, Atlas, which was unable to succeed in Boca Raton, Florida, in 2017. He now focuses on entering new markets by acquiring existing businesses with established community presence.

In June, Atlas acquired a majority stake in Delaware's Big Fish Restaurant Group and its 16 restaurants, making it the largest independently operated restaurant group in the Mid-Atlantic.

Despite Baltimore's history of economic struggles, it now has one of the fastest-growing gross domestic products among cities of its size, according to 2023 data from the U.S. Department of Commerce.

Smith is excited to contribute to the city's revival by providing employment opportunities, as he and his family have resided there for many years.

"Smith declares, "This is where I was born and where I'll die. I aim to ensure we improve it.""

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