It’s a new chapter for Savory Fund. Co-founder Shauna Smith, who has been the CEO for more than five years, is leaning into her word of the year — “elevate” — and stepping into Savory Fund’s managing director role while passing the CEO baton to trusted restaurant management aficionado Clay Dover. Dover formerly served as the CEO and president of Velvet Taco, a beloved fast-casual restaurant that touts globally inspired tacos in locations across the United States.
Dover’s experience in the food industry has roots in Utah. While attending Brigham Young University, he supported himself through school by working as a waiter at the now-closed Prestwich Farms Restaurant in Spanish Fork.
The following is a Q&A with Dover and Smith that took place during their joint restaurant site visits in Arizona.
What is the impetus for this change?
Smith: My word of the year was “elevate,” and I started contemplating how to elevate our brands, how to elevate Savory, how to elevate the team. I’d be remiss if I didn’t pause and think, “How do I elevate myself, or how do I elevate this role?” We talk a lot about intellectual honesty at Savory, and part of that is just self-awareness. One of the things I started to really think about was the founder CEO versus the executive CEO. [Founder CEOs] are the fire starters. They’re the ones who come in and put in the late nights. And really, they are the heart and soul of it, but there does come a point when it’s like, OK, is it time to bring in an executive CEO? Someone who’s very intentional, who has a playbook, who knows this industry … and I had one name in mind, and it was Clay Dover.
How did you decide the timing was right for this transition?
Smith: When I stood back and thought about the feelings and the timing, it’s much like at the very beginning of my career, when I started as an owner-operator of a bakery. I don’t know what got into me and why, but there was this idea that I had in my mind, and I had to pursue it, and I couldn’t shake it. It was one of the best decisions I’ve made, and this is the exact feeling. There’s not necessarily anything that instigated it. It was just this thought that came to my mind that I couldn’t shake, and I knew that it was the right thing to do.
Shauna, what will your new role look like as managing director?
Smith: I’m still learning about what this role looks like. When I look at our investment team, when I look at the work that I’ve seen the managing directors around me do, including Andrew, a lot of it is looking at the portfolio from the investment view, and part of it is fundraising. Another part of it is building a profitable portfolio where we create value in each of our portfolio brands, and we return capital to our investors. So raising, returning and building value. That really is what this is about.
Clay, when did Savory Fund first come onto your radar?
Dover: I’ve known Andrew and Shauna for several years and have been very impressed with the work they’ve done as they’ve continued to grow throughout the industry. I’ve watched [their] progression throughout my career. I’ve known them, chatted with Andrew, and we’ve called each other for thoughts. They continue to set themselves apart. Shauna is very modest; she’s a trailblazer within the industry. Only about 4 percent of people do what she does — from being a female CEO to now a managing partner over a fund. It’s a very small group of individuals, and as a female leader in the industry, she’s truly a trailblazer.
Why did you decide to join Savory Fund?
Dover: I had been at Velvet Taco for eight-plus years. I’d grown it from four to 54 restaurants. I’d had a transaction, and I was thinking, OK, do I want to continue to do this the rest of my career? There were a lot of opportunities out there. I could go be a CEO of other brands … and Andrew said, “Why don’t you and your wife come down and spend some time with Shauna and I?” And Shauna said, “Well, why don’t you come to be our CEO?” She surprised me because I was not prepared for that. … There are only a few companies out there that do what [Savory] does. This is a community of founders, and it’s done in a special way.
What distinguishes Savory Fund’s approach?
Dover: It came down to three things. First of all, the people. … They are exceptional, smart, driven and hardworking. The second one is purpose. They’re driven by something more than just money. They care about the brands. The investment team works hand-in-hand with the support and operations teams. They’re all in the same building. That’s unique. … And then there’s the platform. We have 13 brands and … we can provide the unique support where it’s necessary, whether it’s in culinary or marketing.
Dover: Look at some of the brands that they’ve brought in, whether it’s Swig or Mo’Bettahs. … I’m getting goosebumps … because since the announcement went out, I’m getting this avalanche [of messages]. They’ve created this affinity that’s emotional. This isn’t just a business. There are emotional ties.
Shauna, what unique talents does Clay bring to Savory Fund?
Smith: I’m so excited to leverage his marketing genius. He’s so good at picking great real estate, at development, at building buildings and restaurants on time and on budget. When it comes to the work that we do and the value creation piece, every dollar counts. Knowing that every dollar I give out or put to work needs to return three, four or five dollars back, Clay is excellent at that.
What challenges in the restaurant industry are you preparing for?
Smith: There are tons of challenges. We’re all fighting for dollars with other competitors. You’ve got economic conditions, you’ve got social things. But I think that Savory has a lot of tools and a lot of ways in which we can look at things and dissect things. Everything right now is very “figure-outable.” 2025 was a hard year; … the headlines created some interesting consumer behavior. And when I say interesting, I mean inconsistent. … Predictability kind of went away in 2025. And so what we’re wanting to see is more predictability.
Dover: One of the unique advantages that we have with Savory is that we have the ability to look at the consumer from 13 different lenses. We are able to look from a variety of different angles. We’ve got all kinds of lines in the water that give a lot of perspective around what’s happening in the consumer.
