Making Cents

Isaac Mertens (Flux Footwear CEO) reveals how he quit CPA exams, scaled Etsy furniture to 7 figures, then built $43M in barefoot shoes, self funded through 6 month supply hell, sellouts, and 80% margins.​

From Indiegogo $50K flops to $300K to $43M explosions via SBA loans plus supplier hacks (50% deposits to 20%). Footwear repeat nightmares solved: sub 10% to 30% rates, first order profits, LTV to CAC 3:1.​

"Apple of barefoot" aesthetics crush Vibram cringe, challenging Hoka with foot health mission (bunions to back pain fixed). DTC gold on unit economics, Meta ROAS drops (3x to 1.2x), daily margin obsession.​

Scale ready founders: supply crunches, no VC reality, awareness battles ahead.​

👇 Tap to hear the full Making Cents episode, raw playbook for apparel footwear wars.

#DTC #Bootstrapped #Ecommerce #StartupJourney #FootwearBusiness

In this episode of Making Cents, Drew hosts Sam McBride, former COO of RXBar and founder of Colter Ventures. Sam breaks down the legendary bootstrap journey of RXBar, which scaled from $2 million to $125 million in revenue in just four years before selling to Kellogg’s for $600 million. They discuss the "No BS" rebrand that experts hated but customers loved, the discipline of using bank debt over venture capital, and Sam’s new investment thesis at Colter Ventures focused on a "generational turnover" of the grocery store.

Chapters

00:00 – Health as a status symbol and the future of protein

03:07 – Why Sam left finance to become an entrepreneur

07:39 – Scaling RXBar: From CrossFit gyms to $120M+ in four years

12:10 – The "shaved bodies" story and early founder obsession

16:10 – Transitioning from D2C to massive retail distribution

19:11 – The rebrand: Why experts said the new packaging would fail

25:02 – Bootstrapping with debt: Using credit lines instead of VC

28:56 – Scrappy operations: Negotiating with vendors and mailing checks

35:48 – Pricing strategy: Solving problems to maintain high gross margins

41:21 – The $600M Exit: A bidding war between Pepsi, Mars, and Kellogg

48:15 – Colter Ventures: Focusing on secondary deals and Kettle & Fire

56:47 – The "Familiar but New" framework for category disruption

01:02:11 – Why the next generation of CPG might stay independent

In this conversation, Drew introduces Amy Haas, former CFO of Simple Mills, who shares her journey from the corporate finance world into the startup environment and the experience of building a successful food brand. Amy reflects on Simple Mills’ early mission, its growth, particularly following the launch of its cracker line and the role private equity played in scaling the business while preserving core values. She discusses the importance of building strong teams, prioritizing sustainable growth, and staying focused on mission rather than market trends. Amy also shares insights from her current work advising early-stage brands and the joy she finds in helping others navigate the food industry.

Chapters

00:00 – Acquired by Flower Foods for $795 Million

03:52 – From $500,000 in Sales to 10 Years Through Acquisition

13:59 – Whole Foods to Costco Was Kind of a Crazy Jump

16:01 – Revenue Wasn’t a Hockey Stick, Then a Big Jump Over $200 in a Year

17:25 – Multi-Category Brand Worth $100 Million Plus

22:05 – Capitalizing the Company Without Huge Amounts of Equity

24:30 – Debt, Stonegate, and Chicago Gross Margin Discipline

25:55 – Private Equity Enters and Expectations Change

27:23 – Private Equity TLC to Sell the Business

31:40 – CPG M&A and Founder Obsession With Exits

40:00 – Retail Finance Is People-Intensive

44:10 – Raising Less Capital in a Capital-Intensive Category

45:30 – Life After a $795 Million Exit Advising the Next Wave

In this conversation, Drew introduces Amy Haas, former CFO of Simple Mills, who shares her journey from the corporate finance world into the startup environment and the experience of building a successful food brand. Amy reflects on Simple Mills’ early mission, its growth, particularly following the launch of its cracker line and the role private equity played in scaling the business while preserving core values. She discusses the importance of building strong teams, prioritizing sustainable growth, and staying focused on mission rather than market trends. Amy also shares insights from her current work advising early-stage brands and the joy she finds in helping others navigate the food industry.

Chapters

00:00 – Acquired for 795 Million Off One Round of Funding

03:52 – From 500,000 in Sales to 10 Years Through Acquisition

13:59 – Whole Foods to Costco Was Kind of a Crazy Jump

16:01 – Revenue Wasn’t a Hockey Stick, Then a Big Jump Over 200 in a Year

17:25 – Multi-Category Brand Worth 100 Million Plus

22:05 – Capitalizing the Company Without Huge Amounts of Equity

24:30 – Debt, Stonegate, and Chicago Gross Margin Discipline

25:55 – Private Equity Enters and Expectations Change

27:23 – Private Equity TLC to Sell the Business

31:40 – CPG M&A and Founder Obsession With Exits

40:00 – Retail Finance Is People-Intensive

44:10 – Raising Less Capital in a Capital-Intensive Category

45:30 – Life After a 795 Million Exit Advising the Next Wave

Drew Fallon sits down with David Rabie, co-founder and CEO of Tovala, to unpack how the company is reinventing home cooking by pairing a smart oven with a seamless meal subscription service. 

David dives into Tovala’s unconventional business model, the highs and lows of fundraising, and the hard-earned lessons behind achieving true product-market fit. He reflects on scaling the company through the challenges of the pandemic, shares what’s next for menu expansion and personalization, and explains how AI is being woven into Tovala’s operations. 

Together, the conversation paints a clear picture of Tovala’s bold vision to transform meal preparation and serve a broad, evolving customer base.

Chapters

00:00 - Introduction to Tovala's "Keurig for Food" Revolution

02:36 - The $400 Oven Fail and Genius Business Model Pivot

05:52 - Cracking Customer Acquisition and Retention Secrets

08:38 - How VC Cash Fuels Tovala's Explosive Scale-Up

11:49 - Navigating Brutal Product Market Fit Challenges

14:34 - The QR Code Technology Behind Tovala's Success

17:32 - Funding Journey Wins and Hard Lessons Learned

20:44 - Meal Kit Industry Wars and Tovala's Winning Edge

24:47 - Surviving Financial Firestorms and PMF Hurdles

28:25 - Marketing Overhaul That Exploded Sales Growth

30:34 - Pandemic Boom: From Chaos to Millions in Revenue

35:02 - Series B and C Fundraising Mastery Insights

Drew Fallon sits down with David Rabie, co-founder and CEO of Tovala, to unpack how the company is reinventing home cooking by pairing a smart oven with a seamless meal subscription service.

David dives into Tovala’s unconventional business model, the highs and lows of fundraising, and the hard-earned lessons behind achieving true product-market fit. He reflects on scaling the company through the challenges of the pandemic, shares what’s next for menu expansion and personalization, and explains how AI is being woven into Tovala’s operations.

Together, the conversation paints a clear picture of Tovala’s bold vision to transform meal preparation and serve a broad, evolving customer base.

Chapters

00:00 - Introduction to Tovala's "Keurig for Food" Revolution

02:36 - The $400 Oven Fail and Genius Business Model Pivot

05:52 - Cracking Customer Acquisition and Retention Secrets

08:38 - How VC Cash Fuels Tovala's Explosive Scale-Up

11:49 - Navigating Brutal Product Market Fit Challenges

14:34 - The QR Code Technology Behind Tovala's Success

17:32 - Funding Journey Wins and Hard Lessons Learned

20:44 - Meal Kit Industry Wars and Tovala's Winning Edge

24:47 - Surviving Financial Firestorms and PMF Hurdles

28:25 - Marketing Overhaul That Exploded Sales Growth

30:34 - Pandemic Boom: From Chaos to Millions in Revenue

35:02 - Series B and C Fundraising Mastery Insights

Drew Fallon talks with Nick Allen and Dave Skaff, the founders of Geologie — about their journey building a personalized men’s skincare brand and ultimately selling it. They dig into the financial realities behind the business: balancing a capital-hungry DTC model, expanding SKU count from trial kits to full product lines, navigating the shift into retail, and managing a balance sheet that no longer matched the scale of their opportunities. Nick and Dave break down how subscription economics drove the company from day one, why they ultimately hired bankers, how multiple offers emerged, and what it took to reach an acquisition. They also share the emotional highs and lows of the sale, the importance of financial readiness and a strong team, and what comes next for them after the exit.Chapters00:00 – Meeting the Founders & the Geologie Story Begins01:06 – How Geologie Came Together: Backgrounds & Early Careers03:22 – From Sidecar to Skincare: Pivoting Into a New Industry04:44 – Building Complementary Skills for a Startup Partnership05:49 – Creating Personalized Men’s Skincare & the Early Strategy07:00 – Launching the Brand: Year One of Development12:13 – The Financial Model Behind Trial, Subscription & LTV13:34 – Scaling Product Lines: Body, Hair & Acne as Growth Levers18:00 – Retail Expansion: When DTC Starts Falling Apart30:54 – Multi-Vertical Strategy & Preparing for Retail34:29 – Balance Sheet Constraints & Exploring a Sale Process37:14 – Banker-Led Sale, Multiple Offers & Why They Chose to Exit01:00:11 – Life After the Acquisition & Lessons Learned

Drew Fallon talks with Nick Allen and Dave Skaff, the founders of Geologie — about their journey building a personalized men’s skincare brand and ultimately selling it. They dig into the financial realities behind the business: balancing a capital-hungry DTC model, expanding SKU count from trial kits to full product lines, navigating the shift into retail, and managing a balance sheet that no longer matched the scale of their opportunities. Nick and Dave break down how subscription economics drove the company from day one, why they ultimately hired bankers, how multiple offers emerged, and what it took to reach an acquisition. They also share the emotional highs and lows of the sale, the importance of financial readiness and a strong team, and what comes next for them after the exit.

Chapters

00:00 – Meeting the Founders & the Geologie Story Begins

01:06 – How Geologie Came Together: Backgrounds & Early Careers

03:22 – From Sidecar to Skincare: Pivoting Into a New Industry

04:30 – Building Complementary Skills for a Startup Partnership

05:49 – Creating Personalized Men’s Skincare & the Early Strategy

07:00 – Launching the Brand: Year One of Development

12:13 – The Financial Model Behind Trial, Subscription & LTV13:34 – Scaling Product Lines: Body, Hair & Acne as Growth Levers

18:00 – Retail Expansion: When DTC Starts Falling Apart 30:54 – Multi-Vertical Strategy & Preparing for Retail

34:29 – Balance Sheet Constraints & Exploring a Sale Process

37:14 – Banker-Led Sale, Multiple Offers & Why They Chose to Exit

01:00:11 – Life After the Acquisition & Lessons Learned

In this episode, Drew Fallon sits down with Reese Wabara, founder of Manière De Voir, to unpack how he went from playing professional football to building one of the UK’s most disciplined and profitable fashion brands. Reese breaks down the evolution of MDV, how he’s navigated trend cycles, and the bold strategic pivots that protected margins and long-term growth. He shares why timeless product beats fast fashion, how retail expansion fits into the next chapter, and why building a strong, aligned team is central to MDV’s future. The conversation dives into profitability, repositioning, customer experience, and Reese’s long-term vision for scaling the brand without compromising on quality.

Chapters

00:00 — Reece Wabara: From Footballer to Building Manière De Voir

00:07:37 — £35M Revenue & £6M EBITDA at MDV’s Peak

00:09:01 — Revenue Drops from £35M to £25M but Still Seven-Figure Profits

00:10:10 — Raising Prices 50%+ to Protect Margin

00:10:43 — Losing 80% of Customers During the Repositioning

00:12:29 — Staying Profitable Through a Complete Business U-Turn

00:22:54 — London Store Generates Seven-Figure Profit in Year One

00:23:54 — MDV Store Model Targeting £5M Revenue Per Location

00:31:17 — Self-Funding a £12–13M Repositioning Without Investors

00:32:36 — Avoiding the Private Equity Path by Reinvesting Cash Flow

00:34:12 — Forecasting £35M+ Revenue and £6M Profit by 2026

00:34:18 — Ambition: £50M Revenue and £10M Profit (20% EBITDA)

00:58:10 — £6.7M Profit and £8M Cash Flow Last Year

In this enlightening conversation, Drew Fallon speaks to Danny Yeung, CEO of Prenetics, who shares the journey of his entrepreneurial ventures, the pivot to at-home PCR testing during the COVID-19 pandemic, and the launch of IM8, a revolutionary supplement brand co-founded with David Beckham. He discusses the importance of science-backed formulations, customer acquisition strategies, and the company's focus on long-term growth. Additionally, Danny elaborates on Prenetics' capital market strategies, including a unique Bitcoin treasury approach, and shares his vision for the future of IM8 and Prenetics.

Chapters:

00:00 The Fastest-Growing Supplement Brand Ever?

00:25 From Restaurants to $200M E-Commerce

02:54 Scaling Groupon: CAC, LTV & Funnels

06:52 Why DTC Failed Early for Genetics

07:15 COVID Pivot: 28 Million PCR Tests

08:47 Revenue Rocket: $10M → $65M → $275M

13:05 Replacing $800M Revenue: Birth of IM8

14:11 Meeting Beckham & Co-Founding IM8

17:18 Clinical Doses, Mayo Clinic, and NSF Testing

23:29 $600K Month One → $10M Month Eleven

25:18 Sub-4-Month Payback: The Scaling Formula

31:47 Bitcoin Treasury & Divesting Legacy Units