The Ledger
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Griffin-Black: Private equity ruins natural personal care brands by cutting quality
“Everything I saw, and that we saw, of companies that took private equity money, and especially if they sold the majority, They didn't have control anymore, and I, we always joked that the first thing they would do is take that rose essential oil that costs 850…”
Founders Should Conquer Their First 100-Mile Radius Before Expanding Markets
“This idea of starting locally, and really, really engaging with people that you know, and you take that first hundred miles, and you really go Hard and strong and see what you learn and who you learn from and all of that. That is a great foundation and base to…”
Broad Distribution Channels Ultimately Drive Direct-to-Consumer Growth
“I like spreading out Distribution, because it all feeds back into DTC anyway, if, you know, and it just gives you more exposure and more advocacy and more accessibility.”
Brad Black: EO Products succeeded by simply not going out of business
“We're not such great business people. We're really great not going out of business people. We haven't had the luxury to go out of business or not to make it work. There's never been a choice not to be successful, not to make it work.”
EO Products founders lacked financial stability for their first 18 years
“You know, we did not have, we didn't have money really for the first 15 to 18 years.”
EO Products Negotiated $2M COVID Liability With Supplier via Promissory Note
“A packaging company that we did maybe 30,000 dollars worth of business prior to COVID. We are on the hook for two million dollars. And I had to link in with the CEO and just explain our story and see if he would give us a promissory note for the next two years…”
EO Products secured a $65,000 lifeline order from TJ Maxx
“We got a 65,000 dollar order from TJ Maxx.”
EO Products lowered prices by simplifying formulas and cutting profit margins
“We use many of the same ingredients, however, instead of using a rose, essential oils, we may keep it to citrus. Or instead of putting in a lot of extracts, which are expensive as well, we would, you know, do a much smaller amount. So we simplified formulas. I…”
Bloomingdale's only ever placed a single order with EO Products
“It crushed it, but crushing it from the other side, I think they ordered once.”
Griffin-Black scaled Neal's Yard US sales to $500,000 before parting ways
“We got it up to a certain level of sales. I think it was half a million in the U.S., but we could still see how we could do it ourselves, and do it for Less money because, you know, all of that shipping and do it our own way. So we gave them six months to find…”
A 1995 Bloomingdale's catalog order prompted the creation of EO Products
“So in 1995, Bloomingdale's called and said, will you make us Four essential oil blends for our holiday catalog. I know, we said sure, and we had to think of a name for the company then, and these were very small bottles, so, you know, we didn't have a lot of r…”
EO Products' accountant advised the founders to shut down the company
“Our accountant was like, you know, he did advise us to maybe fold and get a job.”
EO Products founders chose to remain co-CEOs after getting divorced
“I think we decided there's no reason to, like, you know, take down the house. I mean, our personal relationship wasn't thriving. Our business is. Our kids are. So what is the best way, you know? And we understood our options. We could have sold. We could have …”