In February, I was part of an acquisition through a division that Clement Wan, Sean Coyne and myself have all put together called The Capitalism Initiative.
The Capitalism Initiative is an investment fund to buy brands that have an impact, that hit a big audience and are that are poised for really aggressive growth.
From November through January, I was involved in negotiations to acquire a company called Foxbrim. Foxbrim is an anti-aging brand that sells oils and creams. It was started by someone who listens to Freedom Fast Lane and comes to our events.
We will be having him on the podcast here over the next few weeks (subscribe on iTunes so you don't miss it!).
I will also be sharing more about the story of the acquisition, how we paid for it, how we acquired it, the investors who are involved, and I will be revealing the entire process to you.
The business did $250,00 in sales in February, which is great. The first month that we had it, sales held steady.
That is important because through that first month, the team, which is headed up by Sean Coyne, my former partner on Zen Active Sports, the yoga brand that I built and sold, he was getting to know the rest of the team and their processes.
We were fumbling our way through figuring out all of the different moving pieces in the company as well as getting to know the team members and how they're used to doing things.
The company is based in Orlando, Fla. We're all based in Austin, Texas.
So there's traveling back and forth and communication and virtual meetings and all of those things you're figuring out in those first 30 days.
To have everything stay steady at $250,000 in top-line revenue, huge thumbs up. We feel enthused about that.
Our plan for growth is aggressive and exciting. Sean, Clement and I will be sharing about that in a future episode of Freedom Fast Lane.
We'll document what we're going to do to take this from a $3 million company to $10 million.
Check back soon for more details on The Capitalism Initiative and other great episodes of Freedom Fast Lane.
MORE FREEDOM FAST LANE PODCAST EPISODES ON CAPITALISM.COM:
• Why Crowdfunding Is a Long-Term Play at Starting a Product Business
• How To Find the Next Private Label Products that Could Sell $30 Million Annually On Amazon
• Dropout Turned Entrepreneur Kicked Heroin and Now Sells $50k in Fitness Products Per Month