Now and then, you have the chance to meet extraordinary people and learn more from their story than you ever thought possible. This conversation with Steven Sashen of Xero Shoes is one of those opportunities!
https://youtu.be/ZxaGb90SUtY
In this episode, we’re talking with Steven Sashen about shoes, speed, and success. He’s one of the fastest men over 55 in the country, co-founder of Xero Shoes that’s creating not only a brand, but a movement, he’s also turned down a $400K funding offer on Shark Tank.
So if you want to learn from a successful entrepreneur, so you can build a life and business you love … tune in below!
Table of contentsIn the Business of Making Xero ShoesFrom DIY to Worldwide RecognitionTurning Down Shark TankXero Shoes: A Fast-Moving CompanyChance vs. ControlTaking Responsibility of Your FinanceCash Flow in BusinessXero ShoesAbout Steven Sashen
We believe that his ability to create a community and a movement is something that you can benefit from as business owners and entrepreneurs. No matter where you’re at in the journey, we think you’ll find something valuable in this conversation with Steven Sashen. Enjoy the show notes below.
In the Business of Making Xero Shoes
When you think of how a business gets its start, you probably think of all the planning, designing, and prep work that goes into a brand. However, that’s not quite how things happened for Sashen.
[3:27] “The way it actually happened is my favorite thing, which was a complete accident. So what happened was...a little over 13 years ago, I was 45, I got back into sprinting after a 30-year break, which I don’t really recommend. I was getting injured constantly for like two years. And finally, a friend of mine, who’s like a world champion runner...said, ‘Try running barefoot and see if you learn anything about why you might be getting injured.’”
This planted the seed, and Steven discovered that running barefoot allowed him to correct his movements with more ease and fluidity.
From DIY to Worldwide Recognition
When Steven Sashen finally hit his stride, everything changed. That’s when he knew he must lock-in the benefits of this natural movement. He had heard of natives in Mexico who ran with sandals made from scraps of tire. So he created his own version.
With some rubber from a shoe repair shop and cords from Home Depot, he created what we could consider his first prototype. Here and there, friends would request their own. Then one day, he was approached with the opportunity that started it all.
A barefoot running coach was writing a book, and said that if Sashen treated this hobby like a business and made a website, he’d feature it in the book. In the following three and a half years, Xero Shoes became a DIY sandal-kit company. Now, Xero Shoes sells a complete line of casual and performance shoes, boots, and sandals.
Turning Down Shark Tank
Early on, Xero Shoes appeared on Shark Tank. And though they were offered $400,000 Sashen turned the money down. This sparked a lot of discussion on whether he made the right decision.
[12:38] “People kept telling us all along that we should be on the show, we didn’t even know what they were talking about. And then we found the show.”
Steven Sashen realized that, were they to get on Shark Tank, regardless of the outcome, it would be free exposure to millions of people.
[13:37] “The thing that was really valuable is that once they told us they wanted us on the show, it really made us focus on who were are, what we did, and what we wanted.”
[15:40] "So the key moment though, was that thing with Kevin, where he offered us 400 grand for half the company, [and] we were offering 8% of the company. We had done a lot of research about valuations of footwear brands. And so we knew what the range for yes and no was, we were very negotiable. We just didn’t get that far, and so it was a non-starter.”
Xero Shoes: A Fast-Moving Company