The restaurant industry is more competitive and challenging than ever before. Mobile ordering is placing fresh pressures on the kitchen. Wage inflation is weighing on the industry’s profit margins, especially in top states such as California and New York. And food tastes are evolving as people aim to live healthier lifestyles. Yahoo Finance executive editor Brian Sozzi sits down with celebrated restaurateur Danny Meyer to explore the world of restaurants. Meyer is the acclaimed author of “Setting the Table”, which many in the restaurant industry credit with establishing a new standard in hospitality. Meyer also founded Shake Shack, helping to take it from a hot dog cart in New York City to a public company with hundreds of locations worldwide. The pair discuss the future of restaurants in America, and Meyer’s top advice to getting ahead in the competitive industry.

Yahoo Finance's Opening Bid, brings you a high-octane take on the freshest analyst calls, wildest stock moves and shrewdest commentary in the business world. Executive Editor Brian Sozzi puts Wall Street's finest through their paces in this essential conversation for every investor - before the stock market opens.

Find this episode's transcripts and more episodes of Opening Bid at http://finance.yahoo.com/videos/series/opening-bid/.

Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com.

00:00-Danny Meyer on Opening Bid

02:00-Early NYC restaurant days

10:20-'Enlightened Hospitality'

15:00-Business of food

22:30-Family legacy

Yahoo Finance's Opening Bid is hosted by Brian Sozzi, and produced by Rachael Lewis-Krisky.

Danny Meyer is a renowned restaurateur, CEO and founder of Union Square Hospitality Group, founder of Shake Shack, and one of Time Magazine's 100 Most Influential People of 2015.

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