RXBAR

“I think we talked about this, I think they said they were over a hundred million in revenue, and he's, what, less than two years post-launch?”

“So Peter was the guy who started RX bar in his mom's basement and he eventually sold it for something like six hundred and fifty million dollars only six years after starting.”

“We just totally stopped doing investor work and went straight to just actually designing and making the product.”

“It cost us a dollar. We sold it for two dollars.”

“In the beginning, the first 24 months, like, we didn't do any retail. It wasn't in our cost structure, and we also couldn't manufacture enough.”

“Two million.”

“Whenever we tried, they wanted two times revenue, one times revenue, and we were profitable, you know, from inception more or less.”

“If we would have raised money and had grow like a balance sheet, I think we would have done stupid shit for sure.”

“RX bars were like really bad on, on plasticizers. So microplastics and RX bars predominantly an agricultural product. It's dates, almonds, eggs. David scores like is super clean. It doesn't have any plasticizers, heavy metals, and that's because of its process…”

“We did a hundred sixty one million in sales.”

“Like we were 300% year a year for like five years, four years.”

“I also like knew we were close to our ceiling.”

“The product portfolio that we could do was defined by quantifiable whole food ingredients. So our design, that famous design of our X-Bar, really was a constraint on where we could innovate. Because you had to formulate stuff that could be communicated on the …”

“I think probably like 200, but profitable right now for, and especially in Mars portfolio, like they need stuff to get to a billion in revenue. And I think that its position is hard to innovate. You can't go down on price because you're using a whole real food…”

“In the bar market in general, if you just study and observe the shopper, you'll see they reach out, grab the product, and immediately flip it over.”

“And that's what we did at our accident. That's at David. We're doing it as well. Like we're sample, we sample like crazy. It's like trial is so important.”

“One of my sort of design principles, it's a bit crude, but I think it's a very good approach to packaging design, is like, the consumers are stupid and lazy. Stupid in the sense that they don't really care that much, The brand is supposed to make it easy for t…”

“That rebranding on RX bar transformed that company because initially it didn't look like that. It didn't say, you know, four egg whites, three dates, two cashews. But once they did that and Peter Rahal talked about this on our show years ago. It just transform…”

“If I look at, like, the big success story over, like, the past couple of years was RX Bar, who in five years got to a hundred twenty million.”

“Peter Rahal. Founded RX Bar. Did not raise a lot of venture capital. I don't know if he raised any. He sold the business for hundreds of millions of dollars, became very wealthy, and then decided to run it all back and build another protein bar company”

“RX Bar, a snack bar, raised 10,000 dollars to sell for six hundred million dollars to Kellogg's.”

“So, it was great conditioning for me to kind of go on and survive, and I think about some of the early days of our expert in particular, like, with Jared, it was, like, survival.”

“What dyslexics are good at is pattern recognition, so like facial recognition, recognizing shapes, holistic thinking, things that are really good in strategy.”

“Honestly, I think a lot of entry-level jobs require sequential tasks and linear thinking, and I'm just not set up for it, and I think that's why you see a lot of entrepreneurs who are dyslexic.”

“But from a protein perspective, there was one called AMRAP Nutrition, but it kind of sucked.”

“No one, the market didn't need another protein bar, that's for sure.”

“To start, it was like 5000 each. And I borrowed the five.”

“In an early stage of a business, you can't break the law, but you kind of have to break the rules a little bit”

“I think a lot of people look at niches and, or look at a small segment, and then it's not big enough for them.”

“We rather have a CrossFit customer in California than a local Chicago independent grocery store. Just because in the grocery store, we're among the sea of competition. We had no awareness. The product didn't really make sense for everyone. Whereas in a CrossFi…”

“Some, you know, cyber squatter had the domain. And he wanted 10,000 for it. And I was like, fuck. Jared's like, well, let's offer a thousand. I was like, alright, let's just do it. He offered a thousand, he gave it to us.”

“The advantages to manufacturing and doing it in small batch is you keep your inventory really low. And so that's where your cash ultimately lays, and so we didn't really need to raise a lot of money because we, Made a hundred bars, and then went online and sol…”

“Yeah, so April, 2013 to end of year, we did 600.”

“300,000 dollars, 400,000 dollars. And I think about, so, in May, we did like 500,000 dollars in sales. By the end of that, like, process, because we were out of stock for two to three months, while we, like, found a new partner. We, then by, like, August, we d…”

“I mean, Jared still lives in his 400 square foot apartment.”