Failing to Success

• Founded: 1881
• Revenue: $10 million+
• Employees: 40+

• ✅ E. E. Ward focuses on customer experience to differentiate itself in the competitive moving industry.
• ✅ The company has navigated economic challenges by sticking to its core business of household goods moving and office relocations.
• ✅ E. E. Ward's legacy as the oldest continuously operating Black-owned business in the U.S. is a key part of its branding and customer trust.

In this episode, Brian Brooks, President of E. E. Ward Moving and Storage, discusses the company's rich history, growth strategies, and focus on customer experience. Founded in 1881, E. E. Ward has grown to generate over $10 million in annual revenue with a seasonal workforce of 40-45 employees. Brian highlights the company's commitment to providing a stress-free moving experience, emphasizing the importance of clear communication and reliability. He also shares lessons learned from diversifying during the 2008 mortgage crisis and the impact of maintaining focus on core competencies. The company’s historical significance as the oldest continuously operating Black-owned business in the U.S. adds a unique element to its branding and customer appeal.

Q: How does E. E. Ward differentiate itself in the competitive moving industry?

A: We focus on customer experience, ensuring a stress-free move by maintaining clear communication and reliability throughout the process.

Q: What was the impact of the 2008 mortgage crisis on your business, and how did you navigate it?

A: The crisis hit us hard, and we mistakenly diversified into freight. We learned to stick to our core competencies, which helped us handle the challenges of COVID-19 more effectively.

Q: How does E. E. Ward's legacy as the oldest continuously operating Black-owned business impact your branding and customer relationships?

A: It adds credibility and reliability to our brand. Customers appreciate that we've been in business for 143 years and trust that we'll continue to be here.

Q: Can you explain the structure of your customer service approach?

A: Our process involves a salesperson, a move coordinator, and operations staff, all working in sync through our CRM system to ensure a smooth and well-coordinated move.

Q: What are the key lessons you've learned about sticking to your core business?

A: Focus on what you do best. Diversifying too quickly into unfamiliar areas can lead to costly mistakes. It's better to excel in a few things than to be mediocre in many.

00:00 Intro

00:08 Company Stats

01:13 Customer Experience Focus

03:38 1881 Strong: Legacy and Branding

04:48 Navigating Economic Challenges

07:17 Connect with E.E Ward

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#MovingCompany #CustomerExperience #BusinessGrowth #Entrepreneurship #BlackOwnedBusiness #LegacyBusiness #ServiceIndustry #BusinessStrategy #CustomerService #Leadership

• Founded: 1998 (roots tracing back to the 1920s as the Western Union Telephone Answering Service)
• Revenue: $65-$70 million annually
• Employees: Approximately 1,500

• ✅ AnswerNet has successfully integrated multiple acquisitions to expand its services and client base.
• ✅ Gary Pudles highlights that employees in the call center industry value security and recognition more than monetary compensation.
• ✅ The company's core values, represented by the mascot Pat the Fat Duck, emphasize passion, attitude, teamwork, and kindness.

In this episode, Gary Pudles, CEO of AnswerNet, discusses the company's growth strategy, which includes both internal sales and strategic acquisitions. Generating between $65 and $70 million annually, AnswerNet employs around 1,500 people. Gary emphasizes the importance of people management, maintaining core values, and making quick, balanced decisions. He shares insights into the challenges and opportunities of operating a large call center and BPO business, highlighting the need for employee security and recognition. Gary also talks about the pivotal moment when he bought out his partners and investors, leading to significant growth.

00:00 Intro

00:10 Company Stats

00:39 Growth Through Acquisitions

01:46 People Management Strategies

05:55 Decision Making and Core Values

07:51 Core Values

10:38 Connect with Answernet

Q: What has been the impact of acquisitions on AnswerNet's growth?

A: Acquisitions have played a big part in our growth strategy. We've grown through both internal sales and acquiring underperforming companies, bringing them into our platform to help them grow.

Q: What are some key aspects of people management you focus on?

A: It's important to learn from people at every level and keep arrogance out of the equation. People in call centers want security and recognition, and it's crucial to treat them with respect and appreciation.

Q: Can you share a pivotal moment that significantly changed AnswerNet's trajectory?

A: A major change was when my partners and I split, and I bought out all the investors, going out on a loan. Since then, we've tripled the size of the company from 2015 to now.

Q: How do you approach decision-making in the company?

A: My decision-making process involves considering if it makes economic sense, aligns with our core values, and its impact on people. It's a balance between making good business decisions, considering people, and staying true to our core values.

Q: How did you develop and implement your core value system?

A: In 2007-2008, we brought in Vern Harnish and implemented the Mission to Mars approach. We identified core values by recognizing the characteristics of people who represented the best of our company, leading to the creation of our mascot, Pat the Fat Duck, symbolizing passion, attitude, teamwork, detail-oriented, good communication, and being kind and likable.

#CallCenterManagement #BPOIndustry #BusinessGrowth #PeopleManagement #CoreValues #Leadership #Outsourcing #CustomerService #CompanyCulture #BusinessStrategy

• Founded: Program in 1963, nonprofit organization in 1975
• Revenue: $31 million
• Employees: 45
• Voyagers: Operates two voyages per year, in fall and spring

• ✅ Semester at Sea generates $31 million in revenue annually.
• ✅ The organization operates with a high fixed cost model, primarily driven by ship operations.
• ✅ Scott Marshall emphasizes the importance of aligning personal ambitions with authentic career goals.

In this episode, Scott Marshall, CEO of Semester at Sea, discusses the unique challenges and opportunities of running a nonprofit organization that combines elements of higher education and the cruise industry. Founded in 1963 as a program and established as a nonprofit in 1975, Semester at Sea has grown to generate $31 million in annual revenue with a team of 45 dedicated staff members. Scott delves into the complexities of their high fixed cost model, the impact of the pandemic on their operations, and the importance of staying true to their mission. He also shares personal insights about career ambition and the significance of following one's gut instincts.

00:00 Intro

00:08 Company Stats

00:34 Operational Challenges and Opportunities

04:36 Personal Insights

06:33 Connect with Semester At Sea

Q: How does Semester at Sea manage its high fixed cost model?

A: Our ship operations account for 73% of our costs, and staff makes up 21%. This fixed cost structure works well in the nonprofit sector but would be tough in the private sector.

Q: What are the main challenges of running a nonprofit organization like Semester at Sea?

A: The complexity of combining study abroad, higher education, and cruise operations is challenging, but it ensures a clear purpose and meaningful impact every day.

Q: How does Semester at Sea select and recruit students for its voyages?

A: We partner with universities across the country and internationally, running two voyages per year. The program is self-selecting, appealing to students who want to study abroad and travel to multiple countries.

Q: How did the pandemic affect Semester at Sea?

A: The pandemic was extremely challenging, with no revenue for almost two years. We are slowly recovering, with a projected revenue of $32 million for the next fiscal year.

Q: What personal lesson did you learn from not securing a leadership position at a previous job?

A: I realized I didn't authentically want the position and failed to do a gut check. This experience taught me to align career ambitions with personal authenticity.

#SemesterAtSea #NonprofitManagement #StudyAbroad #HigherEducation #CruiseIndustry #Leadership #MissionDriven #CareerAdvice #EducationalTravel #GlobalLearning

• Founded: 2019
• Users: More than 200,000 users, with over 7,000 on the paid tier
• Employees: 12

• ✅ Hexact automates data collection and analysis, saving businesses valuable time.
• ✅ Stepan Aslanyan leverages 20 years of entrepreneurial experience to drive Hexact's success.
• ✅ Hexact's platform integrates with GPT, enhancing its data processing capabilities for users.

In this episode, Stepan Aslanyan, co-founder of Hexact, shares his entrepreneurial journey and insights into building successful tech businesses. Hexact, founded in 2019, has grown to over 200,000 users, with 7,000 on the paid tier. The company specializes in workload automation, helping businesses with data scraping, collection, and analysis. Stepan discusses the challenges and successes of his various ventures, emphasizing the importance of adapting to market demands and the accidental nature of business exits. Hexact's integrates with advanced technologies like GPT to enhance its automation capabilities, making it a valuable tool for e-commerce and data-intensive businesses.

Q: What inspired you to start Hexact?

A: My entry into the tech business was very accidental. I saw the dot-com boom and decided to start an online store in Armenia.

Q: How did you pivot from your first idea to focusing on web development?

A: After realizing the demand for websites, I shifted from e-commerce to selling websites. Over seven years, we became the biggest web development company in Armenia.

Q: What lessons did you learn from your initial e-commerce venture?

A: I learned that timing and market readiness are crucial. Launching an online shop in Armenia in 2001, with limited internet access, was premature.

Q: How do you identify when it's time to sell a business?

A: It's never planned. You start with an idea and a problem to solve. The decision to sell comes when you realize it's the right time to move on.

Q: What are the core problems that Hexact is solving?

A: Hexact allows users to delegate repetitive tasks related to data collection and data analytics, especially in e-commerce and research-intensive areas.

00:00 Intro

00:06 Company Stats

01:16 Stepan's Entrepreneurial Journey

04:03 Insights on Business and Exits

06:08 Contact Hexact

#Entrepreneurship #TechStartups #Automation #DataAnalytics #BusinessGrowth #Ecommerce #WorkflowAutomation #StartupSuccess #Innovation #TechSolutions

• Founded: 2017
• Revenue: $11.5 million
• Employees: 200+

• ✅ HypeAuditor ends 2023 with $11.5 million in revenue, showing significant growth.
• ✅ Influencer marketing requires products that appear natural on social media for effective promotion.
• ✅ Successful influencer campaigns often involve a mix of micro, mid-sized, and celebrity influencers for maximum impact.

In this episode, Alexander Frolov, co-founder of HypeAuditor, discusses the evolution and impact of influencer marketing. Founded in 2017, HypeAuditor achieved $11.5 million in revenue by the end of 2023, with a team of around 200 employees. Alexander emphasizes the importance of having products that look natural on social media to succeed in influencer marketing. He explains how brands can effectively approach and incentivize influencers by offering not just money but also interesting products. Additionally, Alexander shares insights into building successful influencer campaigns by leveraging a mix of influencers, from micro to celebrity, to achieve the desired reach and engagement.

Q: What year did you found HypeAuditor?

A: 2017 is the date of foundation, but we made several mistakes in the beginning and then pivoted. HypeAuditor was launched in 2018.

Q: What's the current revenue of the business?

A: We ended 2023 with 11 and a half million in revenue.

Q: How many employees does it take to run an 11 and a half million dollar business?

A: It's close to 200 employees.

Q: Who is the right fit for influencer marketing? What kind of business do I need to have?

A: Your product should look natural in social media. Industries like beauty, fashion, food and beverages, and e-commerce see a lot of success with influencer marketing.

Q: How do I approach an influencer and incentivize them to do a good job?

A: Approach influencers as humans and creators, not just business units. Offering cool products and building a personal relationship can incentivize them beyond just monetary compensation.

00:00 Intro

00:07 Company Stats

00:33 Understanding Influencer Marketing

03:12 Approaching and Incentivizing Influencers

04:56 Tools and Strategies for Influencer Marketing

06:23 Budgeting and Scaling Influencer Campaigns

09:00 Connect with HypeAuditor

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#InfluencerMarketing #DigitalMarketing #SocialMediaStrategy #ContentCreation #BrandGrowth #MarketingTips #Ecommerce #BusinessGrowth #OnlineMarketing #MarketingStrategy

• ✅ Joe Eisner transitions from Amazon to founding Ronin Advisors, focusing on direct customer engagement.
• ✅ Guerrilla marketing tactics, like hosting partner events, prove highly effective for customer and partner engagement.
• ✅ Learning from past failures, Joe identifies timing as crucial for the success of innovative solutions.

In this episode, we talk with Joe Eisner, principal of Ronin Advisors, about his journey from Amazon to founding his strategic advisory firm. Joe shares insights on the importance of direct customer engagement and the effectiveness of guerrilla marketing tactics, such as hosting partner events. He discusses his experiences working with a wide range of clients, from technology ISVs to large private equity firms. Joe also highlights a significant lesson from his past failures—understanding the right timing for market readiness is crucial for the success of innovative solutions. He concludes by discussing his new venture in AI, aimed at optimizing and simplifying the sales process.

Q: What brought you into the space of strategic advisory?

A: After five years at Amazon, I wanted to work directly with customers again. I started my advisory practice soon after leaving AWS.

Q: What range of clients have you worked with over the years?

A: I've worked with technology ISVs with $1M in revenue to large private equity firms making tens of billions annually, needing advice on strategic acquisitions.

Q: How important has guerrilla marketing been throughout your journey?

A: Guerrilla marketing has been crucial, especially at Amazon, where we used creative tactics like hosting partner events with limited budgets to drive engagement and co-promotion.

Q: What is your failing to success story?

A: One profound lesson came from a wearable device startup I co-founded in 2001. Despite solving a real problem, the market wasn't ready, teaching me the importance of timing.

Q: How is your new AI startup different from your past ventures?

A: My new AI startup focuses on optimizing the sales process. Learning from past mistakes, I've ensured there's a clear demand and market readiness for this solution.

00:00 Intro

00:11 Joe's Journey to Strategic Advisory

00:46 Client Range and Experiences

01:15 Guerrilla Marketing Tactics

03:26 Challenges and Lessons Learned

06:52 New Ventures and AI Innovations

08:04 Contact Joe

#StrategicAdvisory #GuerrillaMarketing #Entrepreneurship #BusinessGrowth #CustomerEngagement #Innovation #AIVentures #SalesOptimization #MarketTiming #BusinessLessons

• Capital Raised $5.5 million

✅ The construction industry faces a workforce crisis with 41% retiring in the next seven years.

✅ Learning from failure is crucial for success; success can be a misleading teacher.

✅ Building a synchronized, complementary team is essential for startup success.

In this episode of "Failing to Success," we welcome Shreesha Ramdas, the CEO of Lumber, a startup focused on construction workforce management. Shreesha shares how Lumber raised $5.5 million in a seed round to address the critical workforce crisis in the construction industry. With 41% of workers set to retire in the next seven years and younger workers not entering the industry at the same pace, Lumber aims to tackle this significant challenge. Shreesha discusses the lessons learned from his previous startups, emphasizing the importance of viewing failure as data and the necessity of building a synchronized team. His insights into maintaining velocity during uncertain times and iterating to solve problems offer valuable guidance for entrepreneurs.

Q: How much money did you raise for this startup?

A: We raised $5.5 million in a seed round last year.

Q: What motivated you to start Lumber?

A: The construction industry faces a serious workforce crisis, with 41% of workers retiring in the next seven years and a slow influx of younger workers.

Q: What are some key lessons you've learned from your previous startups?

A: Viewing failure as data, understanding the importance of team synchronization, and maintaining velocity during uncertain times.

Q: How do you go about building a strong team?

A: By identifying top performers, ensuring team chemistry, and maintaining a network of skilled professionals across various functions.

Q: How can listeners get in touch with Lumber or learn more about your mission?

A: Visit our website at www.lumberfi.com or connect with me on LinkedIn.

00:00 Intro

00:13 Company Stats

00:31 Challenges in the Construction Workforce

01:40 Lessons from Previous Startups

05:36 Building a Strong Team

07:22 Connecting with Lumber

#ConstructionIndustry #WorkforceManagement #StartupSuccess #Entrepreneurship #Innovation #Leadership #TeamBuilding #BusinessGrowth #StartupLessons #FailingToSuccess

• Revenue: $50 Million+
• Employees: 1,000+
• Founded: 1900

✅ Vummidi Bangaru Jewelers has over 1,000 employees and $50 million in revenue.

✅ The company is expanding from India to the U.S., starting with a flagship showroom in Texas.

✅ Transitioning cultural approaches from India to the U.S. market has been a unique and educational experience.

In this episode of "Failing to Success," Scott Bates, CEO of Vummidi Bangaru Jewelers, shares the remarkable journey of the oldest and largest luxury jewelry brand in southern India as it expands into the U.S. market. With over 1,000 employees and a revenue exceeding $50 million, Vummidi Bangaru Jewelers recently opened its first flagship showroom in Texas. Scott discusses the challenges of transitioning the business to the U.S., the importance of melding Indian and American cultures, and the lessons he has learned from his diverse career background. The company's future plans include expanding into Northern California and Virginia, emphasizing the importance of in-person shopping experiences for luxury jewelry.

Q: How many employees does Vummidi Bangaru Jewelers have currently?

A: We have over 1,000 employees and are continually growing.

Q: What is the revenue of the business?

A: Over $50 million.

Q: How did you get involved with Vummidi Bangaru Jewelers?

A: I was recruited for my background in jewelry, diamonds, marketing, and management, and was selected after several meetings and a trip to Chennai.

Q: How has the transition of the business to the U.S. market been?

A: It's been unique and educational, integrating Indian and U.S. cultures to cater to a younger demographic of Indian-Americans.

Q: Do you plan to expand throughout the U.S. with multiple showrooms?

A: Yes, we're looking at markets in Northern California, Virginia, and more locations throughout the U.S.

00:00 Intro

00:10 Company Stats

00:46 Scott's Journey to Vummidi Bangaru Jewelers

01:12 Transitioning Cultures: India and the US

02:04 Scott's Career Before Jewelry

04:27 Entering the Jewelry Industry

05:56 Expansion Plans and Customer Experience

07:52 Connect with Vummidi

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• Founded: 2007
• Revenue: Just under 20 million
• Employees: Under 40

• ✅ We started DevHub in 2007, now generating just under 20 million in revenue with fewer than 40 employees.
• ✅ Licensing our software to media companies was a game-changer, leading to significant growth.
• ✅ Focusing on franchise markets reveals the importance of local marketing and multi-location strategies.

In this episode, we speak with Mark Michael, founder of DevHub, who shares insights on scaling a business to just under 20 million in revenue with fewer than 40 employees. Mark discusses the journey of founding DevHub in 2007, the initial challenges, and the pivot to licensing software to media companies. He emphasizes the importance of understanding market needs and finding the right niche. The conversation also delves into the value of websites, especially during the pandemic, and how focusing on franchise markets has allowed DevHub to thrive. Mark offers valuable advice on acquiring companies and the significance of client relationships in driving growth.

Q: What year did you found DevHub, and how much revenue have you built it up to now?

A: Founded in 2007, DevHub has grown to just under 20 million in revenue.

Q: How many employees does it take to run a business generating 20 million in revenue?

A: DevHub operates with under 40 employees.

Q: What was the turning point for DevHub in realizing the value of your platform?

A: The pandemic highlighted the importance of websites, as businesses needed to maintain their online presence, making our platform more valuable.

Q: Why did you decide to focus on the franchise market?

A: Focusing on franchises allows us to target a broader audience, emphasizing local marketing and multi-location strategies.

Q: What insights can you share about acquiring a company for growth?

A: Acquiring a company is a significant step that involves being respectful and understanding the legacy of the business you're taking over. It's about continuing their legacy in a new world while advancing your own company.

00:00 Intro

00:09 Company Stats

00:27 Early Challenges

01:17 Pivoting and Licensing Software

04:24 Focus on Franchise Market

08:11 Acquisition Strategy and Insights

11:21 Connect with Mark

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#BusinessGrowth #Entrepreneurship #FranchiseMarketing #TechStartup #SoftwareLicensing #PandemicPivot #ScalingBusiness #LocalMarketing #BusinessStrategy #CompanyAcquisition

• Capital raised: Over $22 Million, including angel investors and grants ($9 Million).
• Employees: 6 (35 during technology development)
• Founded: 2012

✅ Innovation in grant acquisition by developing groundbreaking technology.

✅ Microbiome's critical role in human health and disease prevention.

✅ Revolutionary approach to microbiome mining with large-scale technology.

In this episode of "Failing to Success," we welcome Ross Youngs, founder of Biosortia, to discuss the innovative process of raising grants and the transformative technology in microbiome mining. Ross reveals how Biosortia has secured around $9 million in grants and over $22 million in total capital. He explains the critical role of the microbiome in human health, noting that we have more microbial cells than human cells. Biosortia's groundbreaking technology enables large-scale extraction and analysis of untapped microbes, paving the way for significant advancements in therapeutics, agriculture, and more. This technology could revolutionize our understanding and application of microbiome science.

Q: How much money have you raised in grants for your business?

A: Around $9 million.

Q: What is the total capital raised for Biosortia?

A: Over $22 million, including angel investors and grants.

Q: How do you raise such significant grant funding?

A: By developing innovative technology that catches the attention of granting agencies looking to support next-generation technologies.

Q: What is microbiome mining?

A: It's the process of extracting and analyzing microbes at a large scale and quality to discover untapped molecules and enzymes that have vast potential applications.

Q: How do microbes impact human health?

A: Microbes outnumber human cells and genes, playing a crucial role in disease courses, inflammation, and overall health, making them vital for therapeutic opportunities.

00:00 Introduction to Ross Youngs and Biosortia

00:16 The Financial Journey: Grants and Capital Raised

00:56 Exploring the Microbiome: Untapped Microbes and Technology

03:34 The Revolutionary Approach to Microbiome Mining

04:59 The Impact of Microbiome on Human Health and Beyond

05:57 Scaling Up: The Future of Microbiome Mining

08:16 Closing Remarks and How to Learn More

#Microbiome #Innovation #Biotechnology #GrantFunding #HealthTech #DrugDiscovery #Sustainability #MicrobialEcology #Startups #ResearchAndDevelopment