Allison Ellsworth's Background and Early Business Journey
- Allison Ellsworth's biggest dream after selling her company, Poppy, was to invest in fashion, and her first big fashion splurge was on Christian Louboutin shoes, which she prefers over Prada, and this purchase gave her husband Steven a shock 10s.
- Ellsworth transitioned from working in the oil and gas industry to founding Poppy, an apple cider vinegar drink, which she and her husband sold to Pepsi for nearly $2 billion last year 42s.
- The idea to go all-in on beverages came to Ellsworth when she was 3 months pregnant with her first kid, and she and her husband maxed out their credit cards, sold one of their cars, and invested about $90,000 into the business in the first year 2m6s.
- At the time, Ellsworth's husband Steven was working nights and weekends in the oil and gas industry to pay the mortgage, while Ellsworth worked on the business during the week and on weekends for farmers' markets to buy groceries, and they reinvested every bit they had into the business 2m6s.
The Shark Tank Experience and Early Business Challenges
- Ellsworth appeared on Shark Tank when she was 9 months pregnant, and despite the challenges, she was determined to have a successful business and a family, and she ended up securing a deal with Rohan, who took a 25% stake in her company 4m30s.
- After securing the deal on Shark Tank, Ellsworth went through a 6-month due diligence process with Rohan, and they worked on rebranding the company over 9 months, which involved changing the packaging from glass bottles to 12 oz cans and renaming the company to Poppy 6m40s.
- The rebranding process was challenging, especially changing the name, but Ellsworth and her team finally landed on Poppy, which is a play on the term "soda pop", and this rebranding helped to revolutionize soda for the next generation 8m10s.
The Due Diligence and Rebranding Process
- Ellsworth's experience with due diligence was intense, with bankers and lawyers peppering her with questions, but she was able to navigate the process and ultimately close the deal with Rohan 10m20s.
- Allison Ellsworth had a newborn and was still working on her business, taking Zoom calls from the hospital just two hours after giving birth, and returning to the filling line with her baby two weeks later, showcasing her dedication to being successful 10s.
Balancing Motherhood and Entrepreneurship
- After giving birth, Allison experienced exhaustion, night sweats, and pain, but had a good support system, including her mom and husband, which helped her balance work and taking care of her newborn, and she believes it's okay to work hard and live in chaos to achieve success 2m6s.
- A typical day for Allison during this period involved getting coffee, taking her kids to school or daycare, and being on Zoom calls by 8:00 a.m., often breastfeeding on Zoom, and relying on her mom's help to care for the baby, as she couldn't afford a babysitter 4m42s.
Collaboration and Decision-Making in Business
- Allison co-founded her business with Steven, and they had moments where they disagreed, but she learned to put aside her ego and collaborate with others to drive the business forward, recognizing that her way wasn't the only way 8m10s.
- Allison made bold decisions, such as launching Poppy in March 2020 and using TikTok as a marketing platform, despite others thinking it was a crazy idea, and she created content like taco recipe videos and danced to trends, eventually sharing her personal story and changing the trajectory of the business 10m40s.
Innovative Marketing and Embracing Risk
- Allison's decision to use TikTok was driven by her desire to share Poppy with as many people as possible and be successful, even if it meant making a fool of herself online, and she saw the platform as an opportunity to connect with people in their homes during a time when traditional marketing methods were no longer effective 14m20s.
- Embarrassment is considered an underexplored emotion when it comes to success, and being willing to make a fool of oneself is necessary for achieving success in life 10s.
The Decision to Sell Poppy to Pepsi
- The idea of selling the company, Poppy, was considered from the beginning, as the founders knew they needed a distribution partner to expand their reach, and Pepsi's incredible distribution capabilities made them an attractive partner 42s.
- The decision to sell to Pepsi was emotional, but it ultimately changed the lives of many employees, with 44 people becoming millionaires, and allowed the company to expand its distribution to places like Starbucks, sports stadiums, and music venues 2m6s.
- Pepsi initially offered to buy the company a year before the final deal, but the offer was not accepted, and it wasn't until they offered $1.95 billion that the deal was accepted, with the paperwork being signed six weeks later 2m6s.
- When the founder heard about the $1.95 billion offer, she was in the car with her husband, and they decided not to negotiate and instead accepted the offer, wanting to have a good partnership with Pepsi 2m6s.
The Aftermath of the Sale and Life After Success
- The day the money from the sale hit the bank account was a significant moment, but it did not immediately change the founder's life, as she and her husband still had a busy schedule and did not have time to celebrate immediately 2m6s.
- The founder and her husband eventually took time to celebrate and reflect on their new situation, and they had already planned for their financial future with the help of advisors, which made the transition smoother 2m6s.
