Arthur Gallego - How to Process Shutting Down Your Startup (& Move On and Up)

This episode is brought to you by Sendlane.   Arthur says, “I think most entrepreneurs these days have to give themselves a time limit. That, for example, ‘I will burn through X amount of dollars by this time. If I am not at this scale of growth, I will decide to close the business.’ Going back to the impact of social media, we make it look like you just have to work hard and the dream will happen, and that is not true. You need a great product, a great brand, a superior work ethic, lots of money, and, on top of that, a miracle.”   Today, we interview Arthur Gallego, Co-founder and former CEO of SunDaze, a beverage brand startup, that sold a new line of ready-to-drink cocktails made with an exclusive fermentation tech that transforms fruit juice into delicious, alcoholic refreshment.   In this episode, we have an open and frank discussion about how to process the shutting down of any startup, based on Arthur’s experience with SunDaze. We cover everything from the business mechanics of the beverage world to dealing with emotional health such as stress, anxiety, sleep issues, rejection, shame, identification of your personality with the business, societal pressures, and more. We also discuss how to move on, and Arthur’s return to Gallego & Co.   We discuss:   * Overview of SunDaze startup story * Reasons the brand shutdown * Working with retailers and impact of cost & margins * Burning through cash * How to deal with stress * Feeling like your creative self has gone dormant * Identifying with failure * Breakdown: why you experience rejection * Why we don’t talk about failure * Arthur’s example of success when you’re much older, via iconic chef Julia Child * Why you are not in a race against your age * Lessons from the industry * Arthur’s example of marketing success, via CANN (episode 971 & 972) * Every brand needs a miracle and what he learned from Daina Trout * Metrics of growth, including Whole Foods example * If you’re going to do it (launch a beverage or alcohol startup), there’s a lot to learn from this episode   Join Ramon Vela and Arthur Gallego, as we break down the inside story of when a “beverage brand startup shutdowns” on The Story of a Brand.   For more on Gallego & Co., visit: https://www.gallegoandco.com/   Subscribe and listen to the podcast on all major apps. Simply search for “The Story of a Brand” on your favorite podcast player.   *   This episode is brought to you by Sendlane.   Alright, guys, here’s the deal: I have a gift for you from our primary sponsor — Sendlane. They’re giving away their online course eCommerce Academy - Email & SMS Marketing!   This course gives you the step-by-step playbook to drive more revenue and retention with email & SMS. This is typically a $500 package, but for our listeners, it’s entirely FREE when you get started with your FREE 14-day trial of Sendlane.   When you do, chat with their support team and let them know you’re one of our listeners to get full access to hours of course content that will help you make email marketing your #1 growth engine.   Visit https://storybrandgift.com to get the details, sign up for a free trial and get your gift!