StarZero All shows Try the podcast clipper →

Jun 12, 2017 · 22m · top-founders

688: W/ 4 Kids, He Quit Job to Launch Leather Briefcase Company Breton with CEO Joseph May

Joseph May · 11m spoken Nathan Latka · 8m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of The Top, host Nathan Latka interviews Joseph May, founder and CEO of Breton, who details how he transitioned from practicing law to bootstrapping a $400,000 luxury bag business through strategic crowdfunding, lean unit economics, and micro-influencer marketing.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 41.9% of the talking time here. How this is scored →

Nathan as informed peer 5.2 Guest teaching 2.3 Guest disagreement 1.2 Nathan pushing back 2.7
05100:0010:0020:000:44–3:21 · Nathan as informed peer 4/10 Leaving Legal Practice to Launch Breton Latka probes into May's financial transition from legal practice to entrepreneurship, pressing him on his salary level and the risk of starting a business with four children. May responds candidly and cooperatively.3:21–7:14 · Nathan as informed peer 6/10 Product Design and Crowdfunding Launch Strategy Latka demonstrates insider knowledge by citing Zach from Funded Today and referencing a previous episode. May explains his decision to pivot manufacturing from the US to Asia mid-campaign to lower price points.7:15–10:11 · Nathan as informed peer 7/10 Bootstrapping Financials and Unit Economics Latka rapidly synthesizes May's production numbers into a complete unit economics model, calculating COGS, gross margin, and per-unit EBITDA profit. May readily validates the host's financial calculations.10:12–14:34 · Nathan as informed peer 4/10 Marketing Channels, Durability, and Product Specifications May educates Latka on dark traffic dynamics and the long-tail conversion cycle of Instagram marketing, as well as material properties of waxed cotton. The dynamic remains conversational and informative.14:36–17:53 · Nathan as informed peer 6/10 Company Valuation, Growth Strategy, and Demographics Latka pushes hypothetical investment and influencer equity terms, citing Chubbies' brand identity. May firmly rejects selling equity prematurely and informs Latka about female gift-buyer demographics.17:54–21:12 · Nathan as informed peer 4/10 Sponsor Break: Klipfolio Business Analytics Latka conducts an ad read for Klipfolio, runs through the Famous Five questions smoothly, and recaps the company's financials in the outro.0:44–3:21 · Guest teaching 1/10 Leaving Legal Practice to Launch Breton Latka probes into May's financial transition from legal practice to entrepreneurship, pressing him on his salary level and the risk of starting a business with four children. May responds candidly and cooperatively.3:21–7:14 · Guest teaching 3/10 Product Design and Crowdfunding Launch Strategy Latka demonstrates insider knowledge by citing Zach from Funded Today and referencing a previous episode. May explains his decision to pivot manufacturing from the US to Asia mid-campaign to lower price points.7:15–10:11 · Guest teaching 2/10 Bootstrapping Financials and Unit Economics Latka rapidly synthesizes May's production numbers into a complete unit economics model, calculating COGS, gross margin, and per-unit EBITDA profit. May readily validates the host's financial calculations.10:12–14:34 · Guest teaching 4/10 Marketing Channels, Durability, and Product Specifications May educates Latka on dark traffic dynamics and the long-tail conversion cycle of Instagram marketing, as well as material properties of waxed cotton. The dynamic remains conversational and informative.14:36–17:53 · Guest teaching 4/10 Company Valuation, Growth Strategy, and Demographics Latka pushes hypothetical investment and influencer equity terms, citing Chubbies' brand identity. May firmly rejects selling equity prematurely and informs Latka about female gift-buyer demographics.17:54–21:12 · Guest teaching 0/10 Sponsor Break: Klipfolio Business Analytics Latka conducts an ad read for Klipfolio, runs through the Famous Five questions smoothly, and recaps the company's financials in the outro.0:44–3:21 · Guest disagreement 1/10 Leaving Legal Practice to Launch Breton Latka probes into May's financial transition from legal practice to entrepreneurship, pressing him on his salary level and the risk of starting a business with four children. May responds candidly and cooperatively.3:21–7:14 · Guest disagreement 1/10 Product Design and Crowdfunding Launch Strategy Latka demonstrates insider knowledge by citing Zach from Funded Today and referencing a previous episode. May explains his decision to pivot manufacturing from the US to Asia mid-campaign to lower price points.7:15–10:11 · Guest disagreement 1/10 Bootstrapping Financials and Unit Economics Latka rapidly synthesizes May's production numbers into a complete unit economics model, calculating COGS, gross margin, and per-unit EBITDA profit. May readily validates the host's financial calculations.10:12–14:34 · Guest disagreement 1/10 Marketing Channels, Durability, and Product Specifications May educates Latka on dark traffic dynamics and the long-tail conversion cycle of Instagram marketing, as well as material properties of waxed cotton. The dynamic remains conversational and informative.14:36–17:53 · Guest disagreement 3/10 Company Valuation, Growth Strategy, and Demographics Latka pushes hypothetical investment and influencer equity terms, citing Chubbies' brand identity. May firmly rejects selling equity prematurely and informs Latka about female gift-buyer demographics.17:54–21:12 · Guest disagreement 0/10 Sponsor Break: Klipfolio Business Analytics Latka conducts an ad read for Klipfolio, runs through the Famous Five questions smoothly, and recaps the company's financials in the outro.0:44–3:21 · Nathan pushing back 3/10 Leaving Legal Practice to Launch Breton Latka probes into May's financial transition from legal practice to entrepreneurship, pressing him on his salary level and the risk of starting a business with four children. May responds candidly and cooperatively.3:21–7:14 · Nathan pushing back 2/10 Product Design and Crowdfunding Launch Strategy Latka demonstrates insider knowledge by citing Zach from Funded Today and referencing a previous episode. May explains his decision to pivot manufacturing from the US to Asia mid-campaign to lower price points.7:15–10:11 · Nathan pushing back 3/10 Bootstrapping Financials and Unit Economics Latka rapidly synthesizes May's production numbers into a complete unit economics model, calculating COGS, gross margin, and per-unit EBITDA profit. May readily validates the host's financial calculations.10:12–14:34 · Nathan pushing back 2/10 Marketing Channels, Durability, and Product Specifications May educates Latka on dark traffic dynamics and the long-tail conversion cycle of Instagram marketing, as well as material properties of waxed cotton. The dynamic remains conversational and informative.14:36–17:53 · Nathan pushing back 5/10 Company Valuation, Growth Strategy, and Demographics Latka pushes hypothetical investment and influencer equity terms, citing Chubbies' brand identity. May firmly rejects selling equity prematurely and informs Latka about female gift-buyer demographics.17:54–21:12 · Nathan pushing back 1/10 Sponsor Break: Klipfolio Business Analytics Latka conducts an ad read for Klipfolio, runs through the Famous Five questions smoothly, and recaps the company's financials in the outro.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 54.1% · guest 45.9%0:00 · Nathan 54.1% · guest 45.9%3:00 · Nathan 39.8% · guest 60.2%3:00 · Nathan 39.8% · guest 60.2%6:00 · Nathan 19.9% · guest 80.1%6:00 · Nathan 19.9% · guest 80.1%9:00 · Nathan 19.9% · guest 80.1%9:00 · Nathan 19.9% · guest 80.1%12:00 · Nathan 28.3% · guest 71.7%12:00 · Nathan 28.3% · guest 71.7%15:00 · Nathan 39.4% · guest 60.6%15:00 · Nathan 39.4% · guest 60.6%18:00 · Nathan 62.6% · guest 37.4%18:00 · Nathan 62.6% · guest 37.4%21:00 · Nathan 98.8% · guest 1.2%21:00 · Nathan 98.8% · guest 1.2%
Sharpest disagreement ▶ 14:48 Guest rejects hypothetical investment valuation

May flatly rejects Latka's hypothetical offer of 20 grand for 10% equity, explaining that taking capital when the business is still iterating would be dishonest and counterproductive.

 Hardest push from Nathan ▶ 15:49 Host insists on equity for promotion

Latka challenges May's reluctance to give up equity by presenting a hard bargaining scenario where he would refuse to post to his 5 million followers without receiving company shares.

 Biggest teaching moment ▶ 17:20 Guest reveals gift-buying customer demographics

When Latka assumes most buyers are male, May corrects him by detailing that roughly 50% of purchasers are women buying gifts for husbands and relatives.

 Nathan holds their own ▶ 9:46 Host calculates unit EBITDA margin live

Latka demonstrates strong financial acumen by translating raw production and marketing costs into a structured breakdown of gross margin and per-bag operating profit.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Leaving Legal Practice to Launch Breton 4113 Latka probes into May's financial transition from legal practice to entrepreneurship, pressing him on his salary level and the risk of starting a business with four children. May responds candidly and cooperatively.
Product Design and Crowdfunding Launch Strategy 6312 Latka demonstrates insider knowledge by citing Zach from Funded Today and referencing a previous episode. May explains his decision to pivot manufacturing from the US to Asia mid-campaign to lower price points.
Bootstrapping Financials and Unit Economics 7213 Latka rapidly synthesizes May's production numbers into a complete unit economics model, calculating COGS, gross margin, and per-unit EBITDA profit. May readily validates the host's financial calculations.
Marketing Channels, Durability, and Product Specifications 4412 May educates Latka on dark traffic dynamics and the long-tail conversion cycle of Instagram marketing, as well as material properties of waxed cotton. The dynamic remains conversational and informative.
Company Valuation, Growth Strategy, and Demographics 6435 Latka pushes hypothetical investment and influencer equity terms, citing Chubbies' brand identity. May firmly rejects selling equity prematurely and informs Latka about female gift-buyer demographics.
Sponsor Break: Klipfolio Business Analytics 4001 Latka conducts an ad read for Klipfolio, runs through the Famous Five questions smoothly, and recaps the company's financials in the outro.

Statements from this episode (8)

Assertion Supported
May: Breton raised $280,000 across Kickstarter and Indiegogo campaigns
“So just on Kickstarter, we did 240,000. If you count our Indiegogo campaign, we got to about two 80.”
Joseph May Jun 12, 2017 ▶ 3:45
Disclosure
May: Pivoting manufacturing to Asia unlocked $220,000 in Kickstarter funding
“And we, about a weekend, we changed the price of our campaign and said, okay, it's no longer made in the U S it's going to be made In Asia. And this is a new price point. And we kind of reset my campaign about seven days in and we're able to raise another 220,…”
Joseph May Jun 12, 2017 ▶ 6:53
Assertion Not checkable as stated
May: Breton generated about $400,000 in revenue in 2016
“So we did about four, oh, I had about 400,000 in revenue.”
Joseph May Jun 12, 2017 ▶ 7:47
Assertion Not checkable as stated
May: Breton's modern briefcase costs about $65 to produce
“So we're, we come at about 65 dollars to produce.”
Joseph May Jun 12, 2017 ▶ 8:54
Assertion Not checkable as stated
May: Breton sources leather from Dior and Montblanc's Italian tannery
“We get our leather from Italy from this really nice tannery who does like all the leather for like Christian Dior and Mont Blanc, all these really expensive companies.”
Joseph May Jun 12, 2017 ▶ 8:58
Assertion Not checkable as stated
May: Single June & January post drove 15 Breton sales within an hour
“She posted and we sold 17 like within an hour. So I know that we can kind of correlate. Well, at least like maybe one or two word didn't come from her, but you know, like seven, we could tie at least 15 to her.”
Joseph May Jun 12, 2017 ▶ 10:52
Assertion Not checkable as stated
Latka controls 5 million followers across various Instagram accounts
“I've got about five million people across all the accounts that I own, their travel accounts, their fashion accounts, their, my account”
Nathan Latka Jun 12, 2017 ▶ 15:54
Assertion Not checkable as stated
Women represent 50% of Breton buyers despite male-dominated end users
“I think well, people who use it, I think more men than women use it, but I think we're about 50, 50 for women buying it because they're buying it. They're buying it. Yeah. For gifts or buying it for others.”
Joseph May Jun 12, 2017 ▶ 17:25
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 2,600 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.

Try the podcast clipper Learn more