Travis, I have no experience, poor management skills, even worse marketing skills, and hardley any money. Toy won't take my $5?
On Tue, Nov 8, 2016, 9:19 AM Josh Reynolds <[email protected]> wrote: > 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? > > > > > > > > > > > > > >
