Oops, forgot the link. https://modpizza.com/leadership/
On Nov 8, 2016 9:15 AM, "Josh Reynolds" <[email protected]> wrote: > Pretty O/T, but you should look at the the team MOD Pizza put together > over the past few years. Those guys are going places, and the food is great! > > On Nov 8, 2016 8:56 AM, "Travis Johnson" <[email protected]> wrote: > >> Yes, we can walk away if we can't come to a win/win deal. >> >> We aren't really looking for other investors... it's not about the money. >> We are looking for people that bring connections. My partner knows the >> former CEO of Skullcandy and he is interested (and has already invested in >> a different company we own). It's not about getting capital... it's about >> finding people that bring more to the table. >> >> Travis >> >> >> On 11/7/2016 3:59 PM, Chuck McCown wrote: >> >> Can you walk away? >> Do you want other investors? >> >> *From:* Travis Johnson >> *Sent:* Monday, November 07, 2016 3:34 PM >> *To:* [email protected] >> *Subject:* Re: [AFMUG] OT Travis and Shark Tank >> >> The actual deal paperwork is substantially different than the show... and >> I am now hearing from others that have been on previous shows that this is >> "normal". They have added royalties, commissions, bonuses and other "perks" >> (free product at cost), and they aren't really putting any cash into the >> business... instead they want an "option" to purchase equity at the offer >> price, but up to 5 years from now. >> >> As I said, we are still in negotiations. I am guessing most people on the >> show think this is a "normal" deal and so they accept it. Luckily for Megan >> (the Founder), we are involved. :) Having just completed a Series A >> investment round for another company (raising $7 million, including a large >> investment from Salesforce Ventures), we have a lot of experience with >> putting deals together. As it is written now, it's a terrible deal... but >> this company has some huge potential... so we are still working it out. LOL >> >> Our biggest irritation is when someone says "that's just how we do it" or >> "this is normal". We have never accepted any investment deal (on either >> side of the table) as it was originally written... even with someone like >> Salesforce Ventures, who has done over 280 investments in the last 5 years. >> We made them make changes on their "standard" investment documents that we >> weren't comfortable with. We have made large investment banks make changes >> to their loan documents (requiring a Senior VP approval) in order for them >> to get the deal. :) >> >> Travis >> >> >> On 11/7/2016 2:06 PM, Chuck McCown wrote: >> >> Doesn’t sound like it if there are commissions and royalties now. >> >> *From:* Chuck Hogg >> *Sent:* Monday, November 07, 2016 1:47 PM >> *To:* [email protected] >> *Subject:* Re: [AFMUG] OT Travis and Shark Tank >> >> The big question, is it still what the offer was on the show? >> >> Regards, >> Chuck >> >> On Mon, Nov 7, 2016 at 1:16 PM, Travis Johnson <[email protected]> wrote: >> >>> Correct. We only got the actual deal paperwork from him three weeks ago. >>> >>> Travis >>> >>> On 11/7/2016 10:56 AM, Chuck Hogg wrote: >>> >>> Wow. So since June and still no deal with Daymond? >>> >>> Regards, >>> Chuck >>> >>> On Mon, Nov 7, 2016 at 12:48 PM, Travis Johnson <[email protected]> wrote: >>> >>>> Yes, filmed in June. We spent $4,000 on FB ads and generated $108,000 >>>> in sales. We also blew up the FB and Instagram pages, and ran a BOGO sale >>>> all at the same time. We have over 200k followers on FB right now. >>>> >>>> Travis >>>> >>>> >>>> On 11/7/2016 10:35 AM, Chuck McCown wrote: >>>> >>>> So it must have been filmed in June. >>>> She mentioned dumping a bunch of coin on advertising. Was that all on >>>> FB? >>>> >>>> *From:* Travis Johnson >>>> *Sent:* Monday, November 07, 2016 10:18 AM >>>> *To:* [email protected] >>>> *Subject:* Re: [AFMUG] OT Travis and Shark Tank >>>> >>>> Honestly, not much... :( >>>> >>>> Over the last 3 days, we have seen about $70,000 in additional sales... >>>> so it made a difference, but not what we were hoping for. Our single >>>> biggest day was in June this year, when we went all out on marketing and FB >>>> ads and we did $108,000 in sales in a single day. >>>> >>>> Travis >>>> >>>> >>>> On 11/7/2016 10:07 AM, Chuck McCown wrote: >>>> >>>> What did the show to to sales in the past few days? >>>> >>>> *From:* Travis Johnson >>>> *Sent:* Monday, November 07, 2016 10:05 AM >>>> *To:* [email protected] >>>> *Subject:* Re: [AFMUG] OT Travis and Shark Tank >>>> >>>> Hi, >>>> >>>> The Shark Tank episode was very edited and chopped together. She was >>>> actually in front of the sharks for over 90 minutes... they cut it down to >>>> 8. Here is the basic summary: >>>> >>>> She started the company with her brother after he gave her about $2,000 >>>> to buy inventory. They tried out for Shark Tank (4 years ago) and didn't >>>> make it past the first stage. Another person saw a local news episode about >>>> her and the company, and contacted her. He gave her $3,000 in cash, and >>>> paid her rent for a year in exchange for 50% of the company (basically >>>> buying out her brother). >>>> >>>> Those two were involved for about 2 months before they realized they >>>> needed more money and expertise to make anything happen. They contacted me >>>> via email, and we had a meeting. We told them in the meeting we would do an >>>> investment, and asked how much and what they would give up. They told us >>>> $30,000 for 50% of the company. We gave them exactly what they asked for. >>>> Also, at this point, her total sales for all of 2014 was $7,000. That's >>>> TOTAL SALES... not profit. So there are four of us, each at 25% ownership >>>> right now. >>>> >>>> We then took the company from $9,000 total sales in 2014 to $1 million >>>> in sales in 2015. We provided business experience, obtained a line of >>>> credit at the bank, helped setup the e-commerce website, helped finance >>>> inventory (doing a personal loan to the company), etc. >>>> >>>> We then put a CEO in late 2015 that has helped take the company from $1 >>>> million in 2015 to now we will do over $4 million in 2016. >>>> >>>> There is not a single person I know of that would have invested $30k to >>>> a business that had only done $7k in total sales for the year. No shark, no >>>> other investor I have ever talked to about this deal. Everyone just laughs >>>> when I tell them. >>>> >>>> This episode was actually filmed about three months ago. We only >>>> received paperwork from Daymond's group about two weeks ago, and we are >>>> still in negotiation with him. The deal paperwork is SUBSTANTIALLY >>>> different than the episode shows ($400k for 20%). He has had no involvement >>>> with the company thus far, and does not have any ownership or equity yet. >>>> >>>> Reality TV is not very real. LOL >>>> >>>> Travis >>>> >>>> >>>> On 11/7/2016 8:56 AM, Chuck Hogg wrote: >>>> >>>> So Travis, are you a 1/5th partner now instead of a 1/4th? Not bad >>>> that you got in that cheap and Daymond paid some major change. >>>> >>>> Regards, >>>> Chuck >>>> >>>> On Sat, Nov 5, 2016 at 12:09 AM, Chuck McCown <[email protected]> wrote: >>>> >>>>> Odd, I was expecting Kevin but you got Daymond and nothing was >>>>> mentioned about royalties. >>>>> Did she say she had $100K revenue in one day? >>>>> What e commerce platform? >>>>> Where was that ad buy she mentioned? >>>>> >>>> >>>> >>>> >>>> >>>> >>>> On 11/7/2016 8:56 AM, Chuck Hogg wrote: >>>> >>>> So Travis, are you a 1/5th partner now instead of a 1/4th? Not bad >>>> that you got in that cheap and Daymond paid some major change. >>>> >>>> Regards, >>>> Chuck >>>> >>>> On Sat, Nov 5, 2016 at 12:09 AM, Chuck McCown <[email protected]> wrote: >>>> >>>>> Odd, I was expecting Kevin but you got Daymond and nothing was >>>>> mentioned about royalties. >>>>> Did she say she had $100K revenue in one day? >>>>> What e commerce platform? >>>>> Where was that ad buy she mentioned? >>>>> >>>> >>>> >>>> >>>> >>>> >>>> >>> >>> >>> >> >> >> >>
