Creating a Niche Fashion Brand: How We Made $1M Our First Year | The Ripcord Moment (Ep. 25)

On this episode of The Ripcord Moment, host Joe Seetoo welcomes Julia Schieffer, founder of DerivSource. DerivSource is an independent information source on derivatives, post-trade, fintech, risk management and technology that she sold to Markets Media in 2021. 

Julia encourages owners and leaders to listen to their gut. If you feel passionate about an idea, be persistent with your vision even if other people shoot it down. If it does not work out, know that trial and error are integral to finding success and creating uniqueness. Julia reframes failures as “experiments” and knows that they are for her ultimate good. 

She also urges owners to detach themselves from their business when it’s time to let go. Although the business might feel like it is a part of your identity, many owners ultimately suffocate their company because they do not allow themselves to trust another entity or owner to give it new life.  

Finally, Julia urges owners to know their worth and what they truly want. Write down a couple of your own goals (not what you think people want from you), and never waver from these core aspirations. She also encourages owners to build a strong transition team and surround themselves with a reliable team of lawyers, advisors, and other professionals. 

On this episode of The Ripcord Moment, Joe Seetoo welcomes Joel Sherwin, an experienced attorney and fintech leader. He is now Head of Legal at Galileo Financial Technologies and recently published The Path: A 30-Day Guide to Building a Meditation Habit That Will Change Your Life, a book on how he has become more present and peaceful in his daily life. 

Joel emphasizes the importance of mental fortitude for entrepreneurs and business owners. He discusses the need to have self-trust and confidence as you develop your career and pitch ideas to peers; it’s natural to feel afraid sometimes, but Joel encourages listeners to trust that they can ultimately persevere even if they don’t have all the answers right now. 

Furthermore, Joel shares his experience with meditation and journaling. These practices helped him manage his anxiety during the pandemic, leading to an incredible transformation in his mental health and perspective.  He also highlights the importance of having a solid support system and keeping people in your life who can provide valuable feedback and support (both professionally and personally). 

Finally, Joel advises business owners to define their core values as these shape not only their company’s direction but who the company grows with. He also reminds owners to evaluate what their market wants; sometimes, even a great idea that is executed perfectly does not get picked up because the audience or market does not want it. Make sure you do a proper analysis of the products your audience wants and the problems they most desperately need solved. 

On today’s episode of The Ripcord Moment, host Joe Seetoo welcomes Tim Gaspar, CEO and Founder of Gaspar Insurance Services. 

Tim spent 15 years building his company and began feeling uncertain how to continue growing within the insurance industry. In 2021, he decided to sell his business as various assets such as Bitcoin and real estate were experiencing high valuations. He considered the possibility that if he didn't sell his business at that time, he might regret it in the future when valuations could potentially decrease. 

Tim acknowledges that selling his business had a considerable impact on his personal life, as he saw the business as a part of his identity. He emphasizes the importance of being mindful of how the transition can change your sense of self ahead of time and finding support from family and friends during the transition. Tim also finds fulfillment in getting involved with his local community and giving back. He says community work can improve one’s sense of ownership, accountability, and responsibility- and therefore their leadership skills. 

Tim encourages listeners to take a leap of faith when they feel called, even if they do not feel “smart” or “ready” enough to. Many people try to put goals or tasks off due to the amount of time or energy it would take, but Tim says that time passes anyway and it’s better to start now and stop making excuses. He also suggests business owners to find wise people to learn from with a humble spirit.  

On this week’s episode of The Ripcord Moment, Joe Seetoo invites best friends and co-founders of Meli’s Cookies, Melissa Blue, and Melissa Mehall, to discuss how they started their gluten-free cookie company that now sells products in over 9,000 stores across the country.

Melissa and Melissa have been friends for 30 years. They say prioritizing their friendship over the company, finding mentors to seek advice from when experiencing tension, and realizing what areas are appropriate to compromise on have been critical for being able to maintain the closeness of their relationship while being business partners. 

Melissa and Melissa explain that the pandemic had both positive and negative effects on their company. When the pandemic ensued, people began baking more at home, so sales went up. However, in-person meetings with buyers transitioned into Zoom sessions, and many buyer meetings have stayed remote, making it harder to sell their product since buyers cannot taste it.  

A strategy that has helped Meli’s Cookies create more connections and find buyers is attending food shows and conventions. They also recommend business owners who may be minority-owned or women-owned to become certified, as this can potentially help them compete for federal contracts and gain recognition from stores who are looking to support minority and women-owned brands.

Melissa and Melissa also suggest listeners to consider raising funds earlier and working with people who have experience in their niche or industry. When starting a business from the ground up, you may not have time to train people to learn about the field. They say they have benefited the most from working with experts, mentors, and employees who are familiar with the food industry. 

Check out Meli's Cookies here: https://melismonstercookies.com/

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On this episode of The Ripcord Moment, host Joe Seetoo welcomes Aaron Bergh, founder of Calwise Spirits Co. Calwise is headquartered in Paso Robles and is home to labels like Big Sur Gin and Axe Hole Whiskey.

Aaron’s passion for spirits began in college when he learned how to make his own alcohol. Eventually, what was once a fun hobby turned into a calling. He attended Cal Poly, San Luis Obispo, which offered an entrepreneurship concentration that helped him develop a business plan and connect with investors. After graduating, Aaron worked in a distillery, got his product started there, and lived out of his car for two years. Now, Calwise has been established for seven years and is available in Albertsons, Vons, Total Wine, and many restaurants/bars. 

Aaron recommends other business owners to be open-minded enough to make changes to their product or brand based on what is or is not resonating with people, learn from mistakes, and stay resilient in difficult times.

Check out Calwise here: https://www.calwisespirits.com/

African Family Firms, and host of The Connected Generation podcast. 

Nikè Anani has first-hand experience with being a second-generation family business owner and knows how confusing and isolating a transition can feel. According to a study done by The Williams Group, only 30% of business transitions are successfully passed onto the third generation. 65% of the reasons why most transitions do not work out are due to lack of effective communication and trust and 25% was due to a lack of engagement in the next generation. Therefore, Lifetime to Legacy focuses on more qualitative and relational advice for how families can better connect, collaborate, and co-create the businesses of the future. 

She also recommends NextGen business owners to have more empathy for their elders and to understand what their deepest anxieties and aspirations are. It is normal for younger owners to have their own ideas and potentially become frustrated with traditions and how things were done by older owners. However, Nikè says bringing your new ideas to the table with empathy and a reverence for the experience older people have can help the transition go more smoothly. 

Nikè suggests family business owners to plan a family meeting and have collective conversations on the purpose and vision of the company and to join a community or networking group of other business owners who can act as a sounding board or a support system. She says transitions can potentially be a very stressful and lonely time for owners and it is important to have community. 

Visit Nike’s website here to connect with her: https://nikeanani.com/

On today’s episode of The Ripcord Moment, Joe welcomes sister-duo Lizzie Means Duplantis and Sarah Means, founders of Miron Crosby, a custom cowboy boot brand headquartered in Dallas, TX. 

Sarah and Lizzie were raised on a ranch in Texas and were gifted cowboy boots on every important occasion: birthdays, graduations, and weddings. Their cousins also owned a cowboy boot factory and helped them make custom boots for their personal use. When they began wearing these boots around New York City later in life, strangers would stop and ask where they could get a pair. That’s when Sarah and Lizzie knew they had something special to introduce to the luxury fashion market.

Miron Crosby made over one million dollars in revenue during their first year. Sarah and Lizzie say they accomplished this by elevating the shopping experience through their brick-and-mortar store in Highland Park, TX, highlighting the uniqueness of their products and working with a PR firm to help get their boots featured in publications like Vogue and Elle. They have tied sentimental value with luxury by also offering the option to embroider handwritten words onto their boots. There is no one else in the fashion world who is offering such niche products. 

As they grow even more this year, the sisters are putting more energy toward hiring new executives who will push their brand forward. They agree there are certain values and skills you cannot teach someone, like work ethic and kindness. Lizzie and Sarah are intentional about the tribe they keep at Miron Crosby to ensure their brand is propelled by the right people.

Lastly, they shared their two action items for business owners:
1. Work with people who are experienced and whose values align with yours.
2. Get comfortable with being uncomfortable. Be the first one to ask questions, don’t be afraid to seem “dumb,” and be open to feedback. 

On this episode of The Ripcord Moment, host Joe Seetoo invites President of Stainless Process Systems and Alliance Finishing & Manufacturing, Mark Hyman, along with his son, Chief Operating Officer of Stainless Process Systems, Brandon Hyman. They discuss generation gaps, the dynamic between parents and children when working together, and what Brandon had to consider when switching from a job at Google to a family business.  

Mark and Brandon say they have different communication and work styles due to their generational gap; for example, while it would be natural for Mark to call a customer or vendor, Brandon would rather email them. Furthermore, due to the fact that Brandon used to work at the multi-billion-dollar entity that is Google, financial resources have never been a constraint for his prior working experience. Therefore, he would rather pay more money to save time, while Mark would rather spend more time on a process to save money. When it comes to bridging their gaps, Mark says compromise and trust are key. 

If you are considering joining or starting a family business, Brandon and Mark agree it is crucial to consider how other people like extended family members may be affected (spouses, children, grandchildren, etc.). Before Brandon transferred to SPS, he created a document for his wife outlining how the transition from Google to SPS would work and how to mitigate the risk of joining a smaller family business. 

Ultimately, Brandon and Mark have been able to maintain their close father-son relationship and have learned to trust and respect each other’s skills and contributions. They say keeping lines of communication open, holding each other accountable, prioritizing the right goals together and discussing one another’s visions for their lives within and beyond the company is pivotal to successfully running a business with family. 

Disclosure: Information presented herein is for discussion and illustrative purposes only.  The views and opinions expressed by the speakers are as of the date of the recording and are subject to change or do not necessarily represent the views and opinions of Morton Wealth. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.

On this episode of The Ripcord Moment, host Joe Seetoo invites Regional Executive Vice President at American Business Bank, Jeff Munson, to discuss the recent bank crises and what business owners can do to protect themselves.

Jeff says Silicon Valley Bank collapsed due to their investments in longer bonds, so when depositors started to leave the bank, SVB did not have much liquidity because they could not sell those long-term bonds. This is a learning lesson for anyone who has money in a bank- it is imperative to ensure your bank prioritizes risk management. Jeff says while your banker should understand your balance sheet, you should also be asking questions about theirs. You should have conversations with your banker about their loan portfolio, bond strategy, and senior management. 

Jeff also notes that American Business Bank evaluates their clients’ character, management, strategy during the pandemic, etc. Therefore, the clients they take on are generally quality companies who make money and preserve their assets. Your bank should be asking questions about how your business is run and how your organization has weathered storms in the past, as this may mean they are a bank that understands risk. 

Jeff recommends business owners to analyze the cash flow and debt structure they need to transform their lifestyle business into an organization that is not entirely dependent on them. Your bank should be helping you understand how to get there. Furthermore, business owners should understand how FDIC Insurance works in order to understand what risk they are taking.  Jeff is confident that while some banks have failed recently, reinforcing the importance of being with a bank that mitigates risk, the banking system is here to stay through good and bad times.  

Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change or do not necessarily represent the views and opinions of Morton Wealth. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.

Welcome to Season 3 of The Ripcord Moment! On the first episode of this season, host Joe Seetoo invites CEO of Watermark Life Insurance Services Nicole Rex to discuss being a woman in the insurance industry, the challenges of owning her own business, and insuring one’s business. 
Nicole says although obtaining initial opportunities in the insurance industry has been easy for her, as a woman, proving herself to clients and peers has been difficult since the field is extremely male-dominated and people may doubt her intelligence because of stereotypical beliefs around women. 

Therefore, she works hard to educate herself on insurance so she can provide valuable knowledge and show how reliable she and her team can be. Nicole asserts that there are good days and bad days as a business owner, but if you carry a persevering attitude, you have much better chances of succeeding.

Nicole also talks about how many insurance companies do not clearly explain the reasoning behind their policies to clients. She wants to make insurance easy to understand for the average person so their clients know exactly why they have their policies. She also encourages business owners to go over their insurance regularly to ensure it fits their individual situation as circumstances change.

Finally, Nicole admits it’s easy to get caught up in everyday tasks as a business owner but reminds listeners to create goals that will take their company to the next level and actually block the time to complete them. It may even be beneficial to leave the office for one day to meditate on what would be best for the company’s long-term strategy and return to work with a refreshed mind and appropriate goals that will optimize the business. 

Check out Watermark Life Insurance here: www.watermarklife.com

Disclosure: Information presented herein is for discussion and illustrative purposes only.  The views and opinions expressed by the speakers are as of the date of the recording and are subject to change or do not necessarily represent the views and opinions of Morton Wealth. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.