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Best of Episode: Seth Goldman Brews Another Success
Best of: Seth Goldman Brews Another Success
TIME TO LISTEN: 36:15

It was around Memorial Day in 2022 when Coca Cola stunned the beverage world by announcing it was shutting down production of Honest Tea. No one was more surprised than Seth Goldman, who had co-founded the brand and sold it to Coke. But within two weeks, he’d decided to do it all again, and by that Labor Day, bottles of his new venture, Just Ice Tea, were already landing on store shelves. And now, three years later, Just Ice Tea has exploded from $1 million in annual revenue to nearly $24 million to rank 88th on the latest Inc. 5000—more than two decades after Honest Tea first appeared on the list. Which makes this the perfect moment to revisit the conversation I recorded with Seth right before Just Ice Tea launched. In it, he shares how he processed Coke’s decision, why he sold to Coke in the first place, what compelled him to get back into the business, and what he learned working inside the world’s largest beverage company. And yes, I asked whether he could imagine selling this brand to Coke, too.

It’s a Bear Market for Citibin
TIME TO LISTEN: 46:33

This week, Liz Picarazzi tells Jay Goltz and William Vanderbloemen that she’s had a couple of big breakthroughs. For Liz, it’s been a challenging few years dealing with the tariffs while also trying to break into a promising new market. Despite the advice of some very smart people who encouraged her to conquer her first market—urban areas plagued by rats—before expanding into additional markets, Liz has invested a lot of time and energy trying to position Citibin to serve towns, parks, and resorts that need trash bins strong enough to withstand bears. For that investment to pay off, however, Liz would have to outsmart her nemesis, an especially ferocious competitor that goes by the name of Seeley. Plus: Jay talks about the plight of small retailers trying to survive while their industry collapses around them. And William tells us how he’s trying to keep up in the AI arms race between employers and employees.

When Your Biggest Hire Ever Is a Bust
TIME TO LISTEN: 44:27

This week, Jaci Russo tells David C. Barnett and Kate Morgan how the hiring of her agency’s first top-level sales person went wrong. About four months ago, when Jaci first told us about this big step, she sounded thrilled. She said her new sales chief was a delight to be around, had hit the ground running, and had already lined up at least one impressive client. Unfortunately, none of that panned out. But Jaci, who is hardly the first business owner to have an important placement go off the rails, offered to walk us through her process to see what lessons we can all learn: Were the interviews flawed? Was the onboarding effort insufficient? Was it the executive recruiting firm she used? Was it the compensation structure? Or was it the remote-work arrangement? Plus: We also discuss the mounting evidence that companies have stopped filling entry-level positions. And should that trend continue, where will owners find the next generation of leaders?

Laura Zander Named Her Exit Price
TIME TO LISTEN: 49:04

This week, Laura Zander tells Mel Gravely and Jennifer Kerhin how she and her husband, Doug, managed to sell their business for precisely the price they wanted. As you may recall, Laura and Doug started Jimmy Beans Wool more than two decades ago as a tiny corner store and turned it into one of the biggest brands in the yarn industry. Years ago, the couple decided they’d be open to selling—but only if the offer was right. With that goal in mind, they made a deliberate effort to get the business sale-ready and to keep it that way. And as Laura ran the company, she started cultivating relationships with anyone she thought might one day be a buyer. In fact, she tells us, she was never shy about saying, “Oh, hey, Bob, it's really nice to meet you. Do you want to buy my business?” Eventually, someone said yes—although getting to a signed contract, Laura says, nearly broke her. Plus: Jennifer thought she had her hands full running her business—and then her own home went up in flames.

Those Who Can, Do. Those Who Can’t, Uh, Coach?
TIME TO LISTEN: 44:48

This week, David C. Barnett, Jay Goltz, and Lena McGuire talk about their experiences hiring consultants, advisors, and especially coaches. There are, of course, lots of great business coaches out there, but as the owners explain, it’s easy to be led astray by coaches who don’t really know your industry or who address your specific challenges with their cookie-cutter solutions. And here’s a question: Does it matter whether the coaches were successful in their own entrepreneurial endeavors? “I've seen some of these people in the picture framing industry,” Jay tells us, “these people who were coaching and were giving advice to people. And every last one of them failed in their own business.” But when coaching works, it can be transformative, says Lena, who is “absolutely thrilled” with the coach she hired. So how do you tell the difference between a coach who can actually help and one who just talks a good game? Plus: Jay explains why he’s thinking about opening a pizza shop. Seriously. Well, sort of seriously.

Never miss a 21 Hats Podcast episode
How Many Clients Did That Post Bring You?
TIME TO LISTEN: 46:10

This week, David C. Barnett, Kate Morgan, and Sarah Segal compare notes on how they market themselves—and their businesses—online. All three are active on LinkedIn, but their strategies, investments, and even their goals are quite different. Are they seeking likes? Credibility? Clients? All three? “Sales and revenue are ultimately the metric we have to look at,” says David. “Likes and shares don't pay any bills.” Plus: Kate just spent what she calls “a boatload of cash” to publish a book. David self-publishes on Amazon—for free. And Sarah? She’s not writing a book at all. She hired a VP instead. It’s a lively conversation about what works, what doesn’t, and how small business owners decide where to invest their time and money.

Do I Want to Work with My Family?
TIME TO LISTEN: 46:32

Last September, we hosted a 21 Hats Brainstorm podcast episode in which BaLeigh Waldrop told us that she was considering buying the family business from her parents. BaLeigh, who has been serving as chief financial officer of the Miller Waldrop furniture business that her great grandfather started, recognized that she was being offered a remarkable opportunity, but she had some concerns. Sales have been off of late, the business is predominantly brick-and-mortar, and most importantly, she would have to work out an ownership structure with her younger brother. The 21 Hats crew of owners and entrepreneurs who joined the brainstorm asked a lot of good questions and offered smart suggestions. “I think what's actually incredibly hard about this whole thing is that I love it,” says BaLeigh. “I love wearing the different hats. I love owning a business in a small community.” We left it that BaLeigh would get back to us once she’d figured things out. In this week’s episode, she returns to tell Jay Goltz and the rest of us what she’s decided.

Straight Talk About ESOPs and Co-Ops and EOTs, Oh My!
TIME TO LISTEN: 50:04

This week, Jay Goltz, Mel Gravely, and special guest John Abrams have a frank conversation about what business owners can do to avoid what John calls the “fat-wallets-and-broken-hearts syndrome.” That’s his term for what can happen when an owner sells to private equity and the company ends up getting stripped. Jay, Mel, and John all agree they want no part of that. They all would like to see their businesses continue on without them. And yet, in thinking about succession, they’ve chosen different paths. In a conversation sparked by the recent publication of John’s book, From Founder to Future, we discuss those choices along with such issues as: why there are so few employee-owned businesses, whether they outperform other businesses, how you can finance the sale of a business to employees, whether the employee owners of an ESOP are truly owners, and whether a worker co-op model just might work for a hard-bitten, old-school owner like Jay Goltz.

Something’s Happening in the Job Market
TIME TO LISTEN: 56:53

This week, Paul Downs tells Kate Morgan and Liz PIcarazzi that he recently posted a job on Indeed and got 153 resumes—more than he’s ever gotten before, which prompted some interesting questions: What does this mean for business owners? Should a job posting be more about what the company expects from a candidate or more about what the company has to offer? Do the owners ask candidates to take personality tests? If the owners get 150 resumes, do they ask ChatGPT to review them? And doesn’t it seem as if more people are looking to switch careers? “When I look at someone who's working as a graphic designer in an ad agency,” Paul tells us, “I'm thinking: This person realizes AI is coming for their job.” Plus: Liz gives us a surprisingly upbeat update on her tariff situation. And the owners respond to a Reddit post asking whether it would be crazy to start a business in the current economic environment. Paul’s response: “Don’t do it.”

Why Don’t You Just Sell the Business?
TIME TO LISTEN: 54:21

This week, David Barnett, Mel Gravely, and Kate Morgan discuss a somewhat unusual approach to succession, which is to not sell the business. Basically, it’s about taking a step back from leadership while maintaining ownership, and both Kate and especially Mel are moving in this direction. The approach can pay off financially in part because businesses often are worth more to the owner than they would be to a buyer. Why is that? As David explains, the business that the buyer buys isn’t really the same business that the owner sells: “If you've owned the business for a long time,” he says, “the balance sheet is probably pretty strong. You've had time to earn money, pay down debts. You’ve got a good equity position. This makes the business strong, and it makes it better able to weather storms.” But, as David goes on, if he were to buy Mel’s business, he would probably have to borrow money to finance the acquisition. That would leave him with a much weaker balance sheet than Mel has today. And a significant portion of the cash flow that Mel currently generates would have to go to the bank. Which is part of the reason Mel’s keeping his business. Of course, this approach to succession does have some challenging elements, including the need to find someone to run the business. Plus: We also discuss whether it’s possible to sell a solopreneur business.

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