Making Cents

Join us on Byside as we welcome Robbie Patterson to unpack the playbook behind Astō Consumer Partners. Robbie breaks down how his team recently raised a 350 million dollar fund to back profitable consumer brands in food, VMS, and personal care. We explore why Astō prefers buying secondary shares at a 10 to 20 percent discount to align with founders, how they identify brands with massive gross margins up to 90 percent, and where true investment alpha lives in the transition from online channels to physical retail. Plus, hear Robbie's bold prediction on why the public markets are reopening with half a dozen CPG IPOs this year.

How do you scale from $1 million to $100 million in revenue without taking a single dollar of outside capital?. In this episode, we are joined by Kevin Gould, the co-founder of Glamnetic. Kevin takes us through his career starting in the WME mailroom, his transition into influencer management, and the eventual creation of one of the fastest-growing brands in the beauty space. We discuss the high-stakes decision to pivot the company from magnetic lashes to press-on nails, the tactical realities of managing cash flow in a bootstrapped business, and the recent launch of their mass-market brand into 2,700 Walmart doors. This is an essential listen for anyone interested in finance, marketing, and the "real world" challenges of scaling a consumer brand.

Horatio, CEO of Buddha Juice (NYSE American: BUDA), shares how they pivoted from ~18–19 retail stores to a profitable wholesale model built on an “ultra-fresh” cold chain (~35°F, 8–12 day shelf life). We unpack Costco roadshows, the decision to IPO vs private equity, and how automation + operational discipline can drive strong margins in CPG.We also dig into the unit economics behind a ~45% gross margin beverage business, how automation drove labor costs down dramatically, and how BUDA thinks about scaling capacity (including expanding beyond Dallas to serve the East and West Coasts).​

This Making Cents compilation brings together top beauty and personal care insights from Tara Hyland (Main Post Partners), Sean Riley (Dude Wipes), and Geologie founders Nick Allen and Dave Skaff.Hear why investors love beauty and personal care (better margins and multiples than food and beverage), how hero products like Dr Dennis Gross’ two step peel pads drove a $450M Shiseido exit, and what $25–35M topline “proof of concept” really looks like.We unpack Dude Wipes’ journey from Amazon side hustle to national retail, bootstrapping 3.4B wipes sold using asset based lending instead of early VC, plus Geologie’s path from subscription mens skincare to a banker led sale without ever scaling to $100M.You’ll also learn how minority vs majority deals work in beauty, how founders can keep control, and what it takes to survive DTC 2.0 CAC spikes with lean teams, disciplined hiring, and tight inventory management.👇 Tap to hear the full compilation and get a practical playbook to grow and exit a beauty or personal care brand on your terms.#BeautyBusiness #PersonalCare #DTC #Bootstrapped #Skincare #StartupJourney

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.Chapters00:00 – Health as a status symbol and the future of protein03:07 – Why Sam left finance to become an entrepreneur07:39 – Scaling RXBar: From CrossFit gyms to $120M+ in four years12:10 – The "shaved bodies" story and early founder obsession16:10 – Transitioning from D2C to massive retail distribution19:11 – The rebrand: Why experts said the new packaging would fail25:02 – Bootstrapping with debt: Using credit lines instead of VC28:56 – Scrappy operations: Negotiating with vendors and mailing checks35:48 – Pricing strategy: Solving problems to maintain high gross margins41:21 – The $600M Exit: A bidding war between Pepsi, Mars, and Kellogg48:15 – Colter Ventures: Focusing on secondary deals and Kettle & Fire56:47 – The "Familiar but New" framework for category disruption01:02:11 – 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.Chapters00:00 – Acquired by Flower Foods for $795 Million03:52 – From $500,000 in Sales to 10 Years Through Acquisition13:59 – Whole Foods to Costco Was Kind of a Crazy Jump16:01 – Revenue Wasn’t a Hockey Stick, Then a Big Jump Over $200 in a Year17:25 – Multi-Category Brand Worth $100 Million Plus22:05 – Capitalizing the Company Without Huge Amounts of Equity24:30 – Debt, Stonegate, and Chicago Gross Margin Discipline25:55 – Private Equity Enters and Expectations Change27:23 – Private Equity TLC to Sell the Business31:40 – CPG M&A and Founder Obsession With Exits40:00 – Retail Finance Is People-Intensive44:10 – Raising Less Capital in a Capital-Intensive Category45:30 – 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.Chapters00:00 - Introduction to Tovala's "Keurig for Food" Revolution02:36 - The $400 Oven Fail and Genius Business Model Pivot05:52 - Cracking Customer Acquisition and Retention Secrets08:38 - How VC Cash Fuels Tovala's Explosive Scale-Up11:49 - Navigating Brutal Product Market Fit Challenges14:34 - The QR Code Technology Behind Tovala's Success17:32 - Funding Journey Wins and Hard Lessons Learned20:44 - Meal Kit Industry Wars and Tovala's Winning Edge24:47 - Surviving Financial Firestorms and PMF Hurdles28:25 - Marketing Overhaul That Exploded Sales Growth30:34 - Pandemic Boom: From Chaos to Millions in Revenue35:02 - 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

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.Chapters00:00 — Reece Wabara: From Footballer to Building Manière De Voir00:07:37 — £35M Revenue & £6M EBITDA at MDV’s Peak00:09:01 — Revenue Drops from £35M to £25M but Still Seven-Figure Profits00:10:10 — Raising Prices 50%+ to Protect Margin00:10:43 — Losing 80% of Customers During the Repositioning00:12:29 — Staying Profitable Through a Complete Business U-Turn00:22:54 — London Store Generates Seven-Figure Profit in Year One00:23:54 — MDV Store Model Targeting £5M Revenue Per Location00:31:17 — Self-Funding a £12–13M Repositioning Without Investors00:32:36 — Avoiding the Private Equity Path by Reinvesting Cash Flow00:34:12 — Forecasting £35M+ Revenue and £6M Profit by 202600:34:18 — 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-Commerce02:54 Scaling Groupon: CAC, LTV & Funnels06:52 Why DTC Failed Early for Genetics07:15 COVID Pivot: 28 Million PCR Tests08:47 Revenue Rocket: $10M → $65M → $275M13:05 Replacing $800M Revenue: Birth of IM814:11 Meeting Beckham & Co-Founding IM817:18 Clinical Doses, Mayo Clinic, and NSF Testing23:29 $600K Month One → $10M Month Eleven25:18 Sub-4-Month Payback: The Scaling Formula31:47 Bitcoin Treasury & Divesting Legacy Units

In this Making Cents episode with Drew Fallon, Ryan Babenzien breaks down how he went from building GREATS to $20M and selling it to Steve Madden, to launching Jolie with a completely different business model focused on recurring revenue, high margin filters, and profitable growth from day one. Ryan explains how he started Jolie in 2020/2021, why the showerhead-plus-filter structure created a powerful retention engine, and how the brand generated $4M in its first nine months without spending on paid marketing. He shares how the beauty consumer shaped the pricing and positioning, why Jolie doesn’t think of itself as a showerhead company, how Erewhon became their top retail door from the beginning, and why subscription behavior became the core insight behind the entire business. The conversation also covers profitability discipline, category dynamics, copycats, team structure, and why running Jolie with fewer than ten people has been a strategic advantage.

Drew Fallon introduces Sean Riley, co-founder and Chief Executive Dude of Dude Wipes, a personal care brand born from a simple idea among friends in Chicago who wanted better hygiene solutions after college. Sean shares the story of building Dude Wipes "brick by brick," starting with selling individually wrapped flushable wipes designed especially for men. The interview covers Dude Wipes’ journey of bootstrapping early sales through Amazon and retail, leveraging creative marketing tactics, making deals like the Shark Tank investment with Mark Cuban, and scaling into a major consumer brand disrupting a traditional category. Toward the end, Sean discusses the financial strategy that fueled growth - focusing on solid unit economics, leveraging asset-based lending to manage inventory, avoiding early dilution from investors, and building a company banks want to fund through disciplined, profitable scaling.Chapters00:00 How a Group of Chicago Friends Invented Dude Wipes00:45 From the South Side to the C-Suite: The Founding Team01:50 “We Didn’t Even Know How to Sell Online” — The Early Hustle03:00 Loading Pallets on Amazon and Hitting the First $1 Million04:40 From Amazon Proof Point to Kroger, Target, and Walmart Shelves07:15 Inside the Shark Tank Moment That Put Dude Wipes on the Map09:00 Getting Rejected by Every VC and Learning to Bootstrap10:05 Solving Inventory with Asset-Based Lending and Smart Margins12:00 From Kabbage and PayPal Loans to Banking with Chase14:00 Mark Cuban’s Advice: “If It’s Working, Don’t Take the Money”18:45 Partnering with TSG: Finding the Right Private Equity Fit33:40 Becoming Number One in Wipes and Building a Bankable Brand40:00 What’s Next for Dude Wipes

In this episode, Tara Hyland, a Partner at Main Post Partners, breaks down how growth equity approaches the beauty and personal care sector. She shares how Main Post evaluates brands around the $25M–$35M revenue range, writes $30M to $100M+ equity checks, and looks for repeat purchase behaviors of 2–3 times per year. Tara walks through the Main Post investment in Dr. Dennis Gross — including their June 2020 investment and February 2024 exit — and explains why clinical skincare, omnichannel strategy, and hero replenishable products like peel pads drive long-term value. The conversation also covers TikTok Shop surpassing Sephora in beauty sales, Gen Alpha’s influence on pricing and discovery, the importance of team and systems, and why brands need to be retail-ready before entering Sephora or Ulta.Chapters00:00 All Things Beauty: Drew & Tara Kickoff01:37 Who Main Post Partners Really Is04:34 From Cleveland to Investment Banking Roots05:58 Building Beauty Brands with Sephora & Retail Anchor Partners07:18 Defining Proof of Concept – $25–35M Topline Benchmark10:29 Flexible Capital Structures: Minority or Majority Stakes13:41 How Founders Can Keep Control in Beauty Deals21:54 Dr. Dennis Gross Skincare and $450M Shiseido Exit24:51 The Power of Hero Products: Peel Pads That Win28:14 Gen Alpha Buying Habits & TikTok Shop Surpassing Sephora42:30 Professionalizing with Teams and Relentless Innovation53:30 The Risky Road to Launching in Retail Today

In this episode, Drew sits down with Jordan Nathan, Founder & CEO of Caraway, to unpack the financial blueprint behind building a $100M+ profit-first brand. They break down the real numbers driving Caraway’s growth - from achieving first-purchase profitability and maintaining strong margins to leveraging factory payment terms for 3× inventory turns before payment. Jordan shares how disciplined ROAS targets, LTV/CAC efficiency, and long-term financial planning helped scale Caraway sustainably without burning cash. If you’re obsessed with business metrics, capital efficiency, and the economics behind category-defining consumer brands, this is a masterclass in financial discipline and operational excellence.

In this conversation, Drew Fallon and Wayne Wu discuss the evolution of the health and wellness movement, the dynamics of corporate divestitures, and the importance of aligning goals between founders and investors. Wayne shares insights from his 18 years at VMG, emphasizing the significance of consumer demand signals, gross margin discipline, and the need for entrepreneurs to diligently assess potential investment partners. The discussion also touches on the intersection of food, beverage, and beauty industries, as well as the current trends shaping the market.

In this episode, Evan Zhao shares his journey from academia to entrepreneurship, detailing his experiences with Ravella, a company focused on innovative beauty products and its eventual acquisition. He discusses the importance of intellectual property in consumer products, the challenges of navigating public markets and the significance of brand equity and consumer connection. Evan also introduces his new venture aimed at addressing allergies through innovative solutions, emphasizing the collaborative and supportive nature of the consumer industry.

In this episode, Scott Norton, co-founder of Sir Kensington's, shares his entrepreneurial journey, discussing the evolution of the consumer packaged goods (CPG) industry, the intricacies of mergers and acquisitions and the current trends affecting large CPG companies. He reflects on his experience with Unilever, the lessons learned from the acquisition process and the impact of consumer trends on market dynamics. Scott also explores the future outlook for capital markets, the importance of building strong consumer connections and his interest in new opportunities within consumer fintech.

In this episode, Adam Draper discusses his journey as a venture capitalist and his recent investment in Allbirds. He shares insights into the deep tech sector, the challenges faced by consumer brands, and the importance of understanding market dynamics. Draper emphasizes the need for bold marketing strategies and a clear brand identity to succeed in today's competitive landscape. He also reflects on the potential for Allbirds to become a billion-dollar business if it can navigate its current challenges effectively.Chapters00:00 Introduction to Adam Draper and Boost VC02:00 Understanding Deep Tech and Investment Strategies07:31 The Allbirds Investment Decision12:41 Analyzing Allbirds' Market Position and Financials21:46 Challenges and Opportunities for Allbirds30:20 Marketing Strategies and Brand Identity42:24 Future Prospects and Long-term Vision for Allbirds