Assertion certainty 4/5 debate potential 1/5

John Clark launched Kodiak Cakes using $1,400 earned from flipping a truck

Joel Clark · Kodiak Cakes: Joel Clark · Dec 7, 2020 · at 14:32

Joel Clark, co-founder of Kodiak Cakes, describes how his older brother John obtained the initial seed capital to produce their first batch of pancake mix in 1995.

0:00 / 0:09exact quote · 9.6s
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“John drove it around for a while, and then he sold it, and he made 1400 bucks. And so he was kind of like, look, I think I can actually start my business on this.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Joel Clark

Assertion Not checkable as stated
Joel Clark's father borrowed $260,000 against his home to fund Target inventory
“So he went down to the bank. He got a check on his home equity line. So he had to borrow the money and he showed back up to my office with a check for 260,000 bucks.”
Joel Clark Dec 7, 2020 ▶ 57:40 Kodiak Cakes: Joel Clark
Assertion Supported
Clark: Kevin O'Leary offered $500,000 for 50% of Kodiak Cakes
“So the first offer was Kevin. So Kevin says, I'll give you that 500 grand, but I want half the business.”
Joel Clark Dec 7, 2020 ▶ 1:00:35 Kodiak Cakes: Joel Clark
Prediction Held up
Joel Clark projected Kodiak Cakes would surpass $200 million in 2020 revenue
“Yeah, we should go over that this year.”
Joel Clark Dec 7, 2020 ▶ 1:09:32 Kodiak Cakes: Joel Clark
Assertion Not checkable as stated
Joel Clark: Kodiak Cakes generated $29,000 in total revenue in 1997
“What I do remember is so, you know, when I took it over later in two, in 1997, the revenue that year was 29,000 dollars total revenue.”
Joel Clark Dec 7, 2020 ▶ 24:37 Kodiak Cakes: Joel Clark
Assertion Not checkable as stated
Joel Clark: John Clark sold Kodiak Cakes to him for one dollar
“What we did to actually formalize it, we actually made a little contract and John literally sold me the business for a dollar.”
Joel Clark Dec 7, 2020 ▶ 25:36 Kodiak Cakes: Joel Clark
Assertion Not checkable as stated
Joel Clark incorporated Kodiak Cakes in 1999, returning 50% equity to John
“It was in not until about 1999 that I actually incorporated the business. And then I went back to John and I gave him half the shares back.”
Joel Clark Dec 7, 2020 ▶ 26:05 Kodiak Cakes: Joel Clark
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