The Exchanges

Q So what kind of food were you making? I mean, this is, this is like, I'm imagining like a hot dog push cart with like, You know, a water bin that's hot and warm, and like, another bin to keep buns, like, steaming hot. Was that what the food cart looked like?

A Oh my god, yes. The food cart, yes, was a cart with, um, that was a hot dog cart, and we used to go out at night after the bars closed, and we did the sausage scene. We were cooking up, and we were just trying to get money any way that we could, so that we could revamp the cart. And once we collected enough money, then we put the cart in to a shop and, you know, I designed it, you know, made a pretty front and a beautiful green awning, and we hollowed the whole thing out and made it almost into a deli counter. And we served healthy sandwiches, rolled in pita bread off of the food cart, and then we made everything to order.

AI assessment note: “we did the sausage scene... And we served healthy sandwiches, rolled in pita bread”

Q So what kind of food were you making? I mean, this is, this is like, I'm imagining like a hot dog push cart with like, you know, a water bin that's hot and warm and like another bin to keep buns Like, steaming hot. Was that what the food cart looked like?

A Oh my god, yes. The food cart, yes, was a cart with, um, that was a hot dog cart, and we used to go out at night after the bars closed, and we did the sausage scene. We were cooking up, and we were just trying to get money any way that we could so that we could revamp the cart. And once we collected enough money, then we put the cart in, To a shop. And, you know, I designed it, you know, made a pretty front and a beautiful green awning, and we hollowed the whole thing out and made it almost into a deli counter. And we served healthy sandwiches, rolled in pita bread off of the food cart, and then we made everything to order.

AI assessment note: “The food cart, yes, was a cart with, um, that was a hot dog cart”

Q Right. So you moved back to Boston, 1996. What did you guys decide to do?

A So, we decided to buy a food cart, because we couldn't afford anything else. I think it was 5000 dollars, and I worked with my sister, who, she owned a catering company in downtown Boston. She was a huge help, and, you know, I laid out the menu, and, and she would look at the menu and tell me, you know, you have too many items on here, you're gonna have too big of an inventory, you have to streamline this, you have to, like, she kind of, Always gave us that reality check on, on what, when that business sense, and at the same time, as, because now we learned you have to be in a facility, so all of our menu we prepped and made out of her catering place in Boston.

AI assessment note: “we decided to buy a food cart, because we couldn't afford anything else.”

Q when you know that actually the side project is really the thing that you have to hit the gas on. And, and the thing that you, that you thought you were doing, you've got to kind of roll it up. When did you start to understand that the sandwiches were not actually the business? It was these chips that you were handing out for free to people waiting in line.

A Yeah, it's kind of like you have to make a decision. Am I going, am I in the fork in the road? Am I going right? Am I going left? Right? And the decision was based on, um, we're in New England, and so your income's really only in the good weather. And, uh, over the winter, worked on the marketing, the packaging, went to trade shows, talked to other snack food companies, you know, and kind of got it ready to launch. The second year, we had, um, you know, a little help at the food cart so that we could focus more on the chips, and then eventually we, um, in 97, we ended up just, yeah, doing the chips.

AI assessment note: “The decision was based on, um, we're in New England... in 97”

Q from the person who you were in high school or college. Of course, we all change, and we, we grow and evolve, but, like, you, you sound like a very down-to-earth person, but, um, all of a sudden, you were, you had this wealth that you, I have to assume you weren't, you had no experience with. How did it change the way you live your life, or anything else?

A I think it, even today, sometimes when I go to do something, you think twice, oh, can I do that? Oh, can I buy that? Oh, can I, you know, and initially, I went out, and I bought a castle, right? I was like, I'm going to buy a big house in a beautiful neighborhood, and get a sports car, and do all of that, and I did, but Then I realized, my kids can't ride their bike, and they go on the bus, and, and there's only five kids on the bus, because everybody else is going to private school, and, and I was like, we're done. We're done with this house. I put the house on the market, and I bought a smaller house in a neighborhood where our neighbors are right next door, and you could, you know, borrow a can opener. And the kids can ride their bike, and, you know, that's how I wanted to raise my family.

AI assessment note: “initially, I went out, and I bought a castle, right?”

Q So you're, you're, I guess, roughly, uh, 30 years old at this time. And by the way, you were engaged to, to a guy named Rick, right?

A No, that ended. I, I think it was just mutual. I think ultimately it was just not the right thing. I think we just both agreed. We had had the place picked out that we were going to get married, and it was kind of a bizarre story, but I went and I had a massage. This is, I know it sounds like I'm going off on a tangent here, but it'll come back. Um, I went and I had a massage, and the woman told me To take off all my jewelry, and blah blah blah blah blah, and I took it off, I put it in the dish, got my massage, and I got up, and I went to get dressed, and I was like, oh my god, all my jewelry is gone, including my ring, my engagement ring, and I was just, you know, it was from his family, it was like, I was just so upset, and the girl was gone, she had gone gone, like never to return, I think she took off to Florida or somewhere, she never came back to work, she just Kind of took all my stuff, but with Rick and I, it was kind of like the ring wasn't replaced immediately, even, and I don't care about the ring, even if it's just a cigar brand or something like that, that it kind of took so long replacing the ring that it forced both of us to look at, should we really be doing this? Maybe this was a sign or something, and, um, ultimately, yeah, we just decided maybe we shouldn't get married.

AI assessment note: “No, that ended. I, I think it was just mutual.”

Q Right. So you moved back to Boston, 1996. What did you guys decide to do?

A So, We decided to buy a food cart, because we couldn't afford anything else. I think it was 5000 dollars, and I worked with my sister, who, she owned a catering company in downtown Boston. She was a huge help, and, you know, I laid out the menu, and, and she would look at the menu and tell me, you know, you have too many items on here, you're gonna have too big of an inventory, you have to streamline this, you have to, like, she kind of always gave us that Reality check on, on what, when that business sense, and at the same time, as, because now we learned you have to be in a facility, so all of our menu we prepped and made out of her catering place in Boston.

AI assessment note: “We decided to buy a food cart, because we couldn't afford anything else.”

Q 65. Thank you. Um, Pepsi announces that they were acquiring Stacy's. How did that happen? Did they approach you like a year before? Did they say, hey, we're really interested in buying your company? Is, is that what happened? Or are you looking to sell it?

A So, a couple months before we saw them at a trade show, and, and they were like, oh, this is a good product, and in order for them to even look at you, you have to be at least fifty million in sales, and blah, blah, blah, and we were nowhere near there at the time, and, and that was the only contact we ever had with them. Then, you know, a year later at the trade show, again, there was this one month window where we got phone calls from three Of the biggest food companies in the world. And we were like, we better start looking at this. And this, at this time, I had two little kids, you know, they're two years old, a single mom. So we, we really said, you know what, we should, we should, where we never considered selling, you know, we should maybe think about this.

AI assessment note: “we got phone calls from three Of the biggest food companies in the world”

Q But the, the business was still you and Mark, right? You were the only permanent employees at this point?

A So, it was Mark and I for the first two years, and then my brother, who at this point had his PhD also, um, and we said to him, you want to sell some chips? And, you know, and ha ha ha ha, we were all joking around about it, and then he came back, like, a couple weeks later and said, you know what, if I don't try this now, he's married, they don't have kids, they don't want, If I don't try this now, when am I going to try it again? He's like, sure. Huh. Because his wife, she was an accountant. She had a steady income. So, you know, he said, you can just pay me minimum wage, and then we'll give it a try. And after the first of the year, you can just kind of start paying me back as we start generating a little bit of money. And that's what really, really important is that in the beginning, we surrounded ourselves with Believers.

AI assessment note: “it was Mark and I for the first two years, and then my brother”

Q Amazing. Um, Stacey, when you think about the trajectory of your life and your career and the incredible success you had, do you, do you think that it's because of the skills that you brought and the hard work that you brought, or do you think that luck played a bigger role in, in that?

A You know, a lot of people say, oh, she got lucky. That really pisses me off. Because, you know, yeah, maybe the stars aligned, and maybe the timing was right for a lot of things, but each and every one of the challenges and the hurdles that you overcome, others might not have gotten there. And we did. I could have very easily followed the path that my father laid out for me. You know, I probably could have just stayed in that comfort zone. But, you know, yes, by moving to this place and moving to that place and taking on additional challenges, you know, I think you develop the skill, somewhat of a survival skill. That's what Got us to where we were in 2007 when we sold. Yeah, maybe there was some luck in there, but there was a lot of skill that's involved in crossing that finish line.

AI assessment note: “maybe there was some luck in there, but there was a lot of skill”

Q So you're, you're, I guess, roughly, uh, 30 years old at this time. And by the way, you were engaged to, to a guy named Rick, right?

A No, that ended, I, I think it was just mutual. I think ultimately it was just not the right thing. I think we just both agreed. We had had the place picked out that we were going to get married, and it was kind of a bizarre story, but I went and I had a massage. This is, I know it sounds like I'm going off on a tangent here, but it'll come back. Um, I went and I had a massage, and the woman told me, To take off all my jewelry, and blah, blah, blah, blah, blah, and I took it off, I put it in the dish, got my massage, and I got up, and I went to get dressed, and I was like, oh my god, all my jewelry is gone, including my ring, my engagement ring, and I was just, you know, it was from his family, it was like, I was just so upset, and the girl was gone, she had gone, gone, like never to return, I think she took off to Florida or somewhere, she never came back to work, she just kind of took all my Stuff.

AI assessment note: “No, that ended, I, I think it was just mutual.”

Q 65, thank you. Um, Pepsi announces that they were acquiring Stacey's. How did that happen? Did they approach you like a year before? Did they say, hey, we're really interested in buying your company? Is, is that what happened? Or are you looking to sell it?

A So, a couple months before we saw them at a trade show, and, and they were like, oh, this is a good product, and in order for them to even look at you, you have to be at least fifty million in sales, and blah, blah, blah, and we were nowhere near there at the time, and, and that was the only contact we ever had with them. Then, you know, a year later at the trade show, again, there was this one month window where we got phone calls from three Of the biggest food companies in the world, and we were like, we better start looking at this, and this, at this time, I had two little kids, you know, they're two years old, a single mom, so we, we really said, you know what, we should, we should, where we never considered selling, you know, we should maybe think about this.

AI assessment note: “we got phone calls from three Of the biggest food companies in the world”

Q Let's just pause for a moment and talk about Money. Because even though you are getting some stores, you know, willing to pick up the chips and, uh, to sell them, I, I can't imagine your business could, could operate entirely on like the sale of pita chips. How did you have money to, to run this thing?

A Yeah, I mean, we had a lot of debt between the two of us. We ran up our credit cards. We applied for, so I, I was, I started working with the Neighborhood Development Center, and they helped me write a business plan. There was, I, I really networked with everybody I could possibly draw information from. Um, so there was the Neighborhood Center, there was, um, I think Jewish vocational services was in downtown Boston, and there was this one girl that used to eat at the cart, and she said to me, um, how do you know if you have enough bread? And she'd ask all these weird questions, and, and one day I said, why are you asking me these weird questions? She said, well, I teach a business plan boot camp, and, you know, I use your cart as an example all the time. Wow. And I said, really? I'm like, Can I take that class? She's like, yeah, you want to take you? Come on over. And, and I went and I took an eight week business plan boot camp. So between all of these agencies that I kind of worked with, because remember, I didn't have a business degree. I didn't know. I didn't know what a business plan was.

AI assessment note: “we had a lot of debt between the two of us. We ran up our credit cards.”