scaler - cdn.ymaws.com · scaler welcome to the fabcap program fabcap_scaler how to profitably...
TRANSCRIPT
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scaler
Welcome to the FaBcap Program
FaBcap_scalerHow to profitably scale/grow your food or beverage business
-or-
FaBcap Accelerator in 4 hours
FaBcap AcceleratorHow to build an investible food business
Innovation conference, 1-1 coaching, SME mentoring, 6 cohort meetings,
investor pitches & graduation ceremony and $10,000 award
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scalerFaBcap_scaler Agenda
1:30 – 2:00 pm – Food & Beverage Business Profitable Growth DriversMaximizing Business Potential
Business Growth Considerations & Benchmarks
2:00 – 3:30 pm – Food & Beverage Business Profitable Growth Best PracticesMarketing Maximizing Brand, Product Lines and Net Margin
SalesMaximizing Customer Profitability and Relationships
Operations Deliver Best Quality, Lowest Cost within Food Safety Requirements
3:30 – 3:45 pm – Break and Networking
3:45 – 4:45 pm – Food & Beverage Business Profitable Growth Best PracticesAccounting/Financing Developing Reliable Accounting Procedures & Financial Tracking
Legal Make Sure Your Legal House is in Order
Organizational Management & Systems Developing a High-Performance Organization
Executive Management Building a Credible Leadership Team & Advisory/BOD
4:45 – 5:00 pm – Wrap-up, Q&A and FaBcap 3 Program & Schedule Reveiw
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Key Takeaways
Critical elements to profitably scale & grow a food or beverage company
– Macro business perspectives and scalable business models
– Key drivers to maximize your profitability and grow your business
Marketing
Sales
Operations
Organizational Structure & Leadership
Networking/Resources
– Peer businesses
– Professional & technical products and service providers
– Educational resources and programs
– Small business development support organizations
Accounting/Finance
Legal
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Introductions
10 second introduction and
very brief infomercial
– Name
– Company
– Products and/or Services
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Profitably Scaling/Growing
a Food or Beverage Business
Brad RostowfskeDirector of Industry Growth
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Profitably Scaling/Growing a Food or Beverage Business
Maximizing Your Business Potential
• Mutually aligned,
balanced Marketing, Sales
& Operations
Plans
• Deliver a
comprehensive
business plan that
is worthy of investment and
execution
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Scalable Food Business Models
Tera JohnsonDirector, Food Finance Institute
Founder of teraswhey™
(608) 890-0780 | [email protected]
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It’s a business model, not a product, that determines whether a company makes
money. Having adequate capital
determines whether your business model can reach critical mass.
Scalable Food Business Models
Fundable Business Models are Scalable
• A defensibly unique value
proposition
• Sufficient market and business scale
to generate adequate cash flow
• The right brand, packaging, pricing,
sales and distribution channels, and
promotional programs
• The right staff, production facilities,
& QA
• Enough appropriate capital to fund
growth
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Viable Local Food Business Models
That Achieve Scale and Cash Flow
Go Where the Market is
Diversify Income
Horizontally Integrated Businesses
Vertical Integrated Processors
Stay Small
Each of these growth paths have different financial benchmarks, capital requirements,
and optimal sources of capital over time. It is therefore important to pick your path as
soon as possible and optimize for it.
Scalable Food Business Models
Business Models That Are Working Financially
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Scalable Food Business Models
Direct Sales Local Brand
• High percentage of direct to
consumer sales
– Farmers Markets
– Retail front
• Shared use facility
• Often little or no other labor cost
• High cost of goods sold
• Inventory high % of sales
• AR low (direct model)
• F & F, Kickstarter, Microloans
MES = Manufacturing Execution System
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Scalable Food Business Models
Regional Brand
• Scale up by targeting most promising markets
• Co-packer with full labor allocation• Distributor sales drives margins
down & volume up• High promotional requirements in
new markets• High AR in new distributors• COGS improving with volume• Kickstarter and Microloans not large
enough• SBA 7a, F & F Investors, other
investors may be needed
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Scalable Food Business Models
National Brand
• Investor grade fast growth to exit business model
• $10M target sales level at exit
• Steadily improving COGS
• High sales and marketing expenses• Other expense growth slowing as a
% of sales
• Inventory, AR decline relative to sales as volume increases
• Accredited investor equity offering and conventional lender required
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Scalable Food Business Models
Local Vertical
• Local brand or on-farm processor adds retail location to gain scale and generate cash
• Production facility for wholesale is retail kitchen
• Capitalization more like a restaurant• Metrics like restaurant• Can be a successful model in small
communities• Potential for sustainable slow growth
model• Micro lender, F & F, Kickstarter
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Scalable Food Business Models
Horizontal
• Financed and managed as
a series of smaller businesses
• MES for each are aided by
synergies across entities
• Often capitalized
individually
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Scalable Food Business Models
Thinking BIGGER….
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Scalable Food Business Models
Tera JohnsonDirector, Food Finance Institute
Founder of teraswhey™
(608) 890-0780 | [email protected]
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Marketing Maximizing Brand, Product Line & Net Margin
Lora SteinmetzSenior Account Executive
(262) 938-5569 | [email protected]
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Marketing
How Great Brands Are Built
• Understanding the customers
• Clarity of message
• Consistency in coverage
• A positive customer experience
• Products that always deliver on the brand promise
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Fundamentals of Marketing & Brand Building:
21
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Marketing
Take a Step Back
1. Be people-focused, not product-focused
2. Tell your target’s story, not yours
3. Focus first on inputs, second on outputs
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- Creative Alchemy
“We never seem to have enough time to do it right, but we always seem to find enough time to do it over.”
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WHAT IS ONE OF AN ORGANIZATION’S MOST IMPORTANT
ASSETS?
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Marketing
A Strong Brand Delivers …
• Increased revenue and market share
• Increased customer loyalty
• Increased profitability
• Decreased price sensitivity
• Increased clarity of vision
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• Increased ability to mobilize an organization’s people and focus its activities
• Increased ability to expand into new product and service categories
• Increased ability to attract and retain high-quality employees
Marketing
A Strong Brand Delivers …
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KNOW THE CUSTOMERS NEEDS AND MOTIVATIONS:CUSTOMER ACQUISITION THROUGH UNDERSTANDING
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Marketing
Your Ideal Consumer
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Audience Centric
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Marketing
Understand Your Target
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Marketing
Customer Persona
PHOTO
Background: Job? Career path? Family?
Goals: How do they define happiness or satisfaction? (Primary and secondary)
What can we (company) do?
Name: Motivators: What are my buying/recommending behaviors in this product category?
What can we (company) do?
Gender:
Age: Influences: Whom do I look to for advice, recommendations or as resources when
making a purchase decision in this category?
Role:
Geography:Common Objections: Why wouldn’t they buy your product or service?
Other:
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Marketing
Understand Their Desired Journey
7
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Marketing
Take the Time to Listen
• It’s not about playing back what they said, it’s about
bringing to life what they meant
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Marketing
Dig to Find Out More
• Surveys
• Trade Publications
• Investor/Analyst Communication
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ULTIMATELY, A BRAND IS A
PROMISE.
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A PROMISE YOUR COMPANY
CAN KEEP.
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scaler
Marketing Maximizing Brand, Product Line & Net Margin
Lora SteinmetzSenior Account Executive
(262) 938-5569 | [email protected]
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Sales Maximize Customer Profitability & Relationship
Scot TrojanowskiPresident
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Sales
Key Partners for Your Sales Team
Manufacturer
– Operations, production, sales, marketing, customer service, logistics
Broker
– Sales, analytics, customer service, forecasts, merchandising, auditing,
promotion implementation and verification, deduction management,
general sounding board
Distributor / Wholesaler
– Sales, analytics, customer service, merchandising, promotion
implementation, product consolidation
Retail Outlet
– Marketing, analytics, avenue to the consumer
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Sales
Developing Sales Capacity & Capability
Be prepared when meeting with each of your new team members
Broker Requirements• Complete Price List
― All customers should work off of one price list (example of a good
price list)
• Sell Sheet
― Product Family Sell Sheet
― Individual Product Sell Sheet
• Promotional Calendar• Samples
• General Professionalism
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Sales
Developing Sales Capacity & Capability
Be prepared when meeting with each of your new team members
Distributor/Wholesaler Requirements• Standard Price List
• Sell Sheets/Sales Deck
• Promotional Calendar• Samples
• Required Allowances
• Slotting dollars/free product
• Supporting Analytics
• Who of their customers are you targeting? How do you assure the
distributor or wholesaler they will be successful?
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Sales
Developing Sales Capacity & Capability
Be prepared when meeting with each of your new team members
Distributor/Wholesaler Requirements• Retail Outlet Requirements
• Standard Price List (from distributor or wholesaler)
• Sell Sheets/Sales Deck
• Promotional Calendar
• Samples
• Slotting dollars / free product
• Supporting Analytics
• Required Allowances
• Shipper/Display Vehicles
• Customer Service / Professionalism
• Why do they need your product in their stores / markets? What will you bring
to the category? How will you help them succeed with their consumer?
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Sales
Go to Market Strategy / Execution
Notice a Trend? BE PREPAREDYour brokers, distributors and retail execution will only be as good as you are.
All aspects of your go to market strategy needs to be carefully evaluated,
developed and executed
– Target Consumer
– Brand / Product Role in Market
– Target Markets & Channels
– Retailer Requirements and Expectations for Success
– Pricing and Merchandising
– Promotional Programs to Generate Awareness, Trial and Repeat Purchases
– Metrics, Audits and Follow-up – Follow-up – Follow-up
• It should go without saying but YOU NEED TO WIN AT SHELF
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Sales Maximize Customer Profitability & Relationship
Scot TrojanowskiPresident
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Operations Deliver Best Food Quality & Safety at Lowest Cost
Peg DornManufacturing Specialist
(608) 643-5405 | [email protected]
Adam HaenSmall Business Consultant
(608) 770-6971 [email protected]
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WMEPWisconsin Manufacturing Extension Partnership
48
Operational ExcellenceServices that result in reductions to lead - time, increased sales per employee, improved
quality and on-time-delivery.
GrowthGrowing revenues by reaching new customers and markets, new product development,
exporting, adding capabilities through strategic hires, and improved employee productivity.
Human Capital Developing an environment and processes that attract and retain talent, grow employees’
capabilities, and create an empowered workforce.
Certification & CompliancePursuing certifications that set a company apart as well as certifications needed to fulfill
local, state, national and international qualifications and to achieve awards and grants.
TechnologyHelping companies analyze new and existing technology to grow their business and protect
their enterprise.
We help you build a foundation for success by showing you how to improve your business in key areas.
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Operations
Operational Excellence
Value Added
–Any activity that
increases the market
form or function of the
product or service.
These are things the
customer is willing to
pay for.
Non-Value Added
–Any activity that does
not add market form or
function or is not
necessary. These
activities should be
eliminated, simplified,
reduced or integrated.
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Operations
Production Process Optimization
Lean = Eliminating Waste• DEFECTS – any aspect of the service/part that does not conform to
customer needs• OVERPRODUCTION – making more, earlier or faster than required by the
next process• WAITING – idle time waiting for such things as people, materials, machinery,
measurement or information• NON-VALUE ADDED PROCESSING – extra effort that adds no value to the
product (or service) from the customer’s point of view• TRANSPORTATION – movement of materials, products or information• INVENTORY – any supply in excess of a one-piece flow through the process,
whether it is raw materials, work in process or finished goods• MOTION – any movement of people, tooling and equipment that does not
add value to the product or service• EMPLOYEES NOT ENGAGED – not fully utilizing people’s mental and
creative skills and experience
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Operations
Supply Chain Optimization
• Get to know your vendors
– Identify which vendors present the most risk
–Qualify them as an approved supplier
• Do they have a quality system – ISO, GFSI, FSMA
– Track their performance
• Cost
• On-time delivery
• Quality
–Communicate with them – Build a relationship
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Operations
PRA™-Profit Risk Assessment ™
• Profit Risk Assessment benefits include:
– Focuses attention on the factors that drive profitability
and value in your organization
–Reaching consensus within your leadership team on
areas of greatest opportunity and risk
– Identification of specific actions you can take to
improve your organizations profitability and overall value
– Low cost, high value evaluation
–Quick and easy to complete
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• Generic examples include:– Financial
– Strategic
–Compliance / Effectiveness
–Operational / Planning (physical & environmental)
–Human Factors
– Legal / Political (import/export controls)
– Environmental Health & Safety
–Counterfeit Products
–Cyber Attacks
– Ethical / Image
Operations
Business Risk Categories
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Operations
Goals of Strategic Workforce Planning
1. Reduce labor costs rapidly without negatively impacting
productivity
2. Identify and prepare leaders and managers for future openings
3. Fill “sudden vacancies” in key roles immediately with capable
talent
4. Maintain a flexible contingent workforce
5. Proactively move talent internally to maximize the return on
talent
6. Target retention activities on key talent
7. Identify mechanisms to rapidly hire needed talent
8. Increase the overall productivity of the workforce
54
Source: Dr. John Sullivan
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Operations
Cost of Quality
• Sum of costs incurred in maintaining acceptable quality levels
plus the cost of failure to maintain that level (i.e. cost of poor quality)
– Quality planning - creation of plans for quality, reliability, operations, production,
and inspection
– Quality assurance - creation and maintenance of the quality system
– Verification - checking of incoming material, process setup, and products against
agreed specifications
– Quality audits - confirmation that the quality system is functioning correctly
– Supplier rating - and approval of suppliers of products and services
– Waste - performance of unnecessary work or holding of stock as a result of errors,
poor organization, or communication
– Scrap - defective product or material that cannot be repaired, used, or sold
– Rework or rectification - correction of defective material or errors
– Lost sales / customers / brand equity - due to poor quality
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Operations
Quality Management & FSMA Traceability
• Food Safety Modernization Act (FSMA) Not Voluntary
– Recall Procedure – Test it
– Risk assessment (HACCP) – process controls
– Allergen Program
– Sanitation Procedures
– Vendor Control – They must make a safe product, you must make
sure they do
• Global Food Safety Initiative – (GFSI) Voluntary
– HACCP + Pre-requisite Programs + Management Systems
– Annual recertification audit
– Safe Quality Foods (SQF), British Retail Consortium (BRC), Food
Safety System Certification (FSSC 22000)
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Products in Support of Client Business Objectives
WMEPWisconsin Manufacturing Extension Partnership
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Operations Deliver Best Food Quality & Safety at Lowest Cost
Peg DornManufacturing Specialist
(608) 643-5405 | [email protected]
Adam HaenSmall Business Consultant
(608) 770-6971 [email protected]
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3:30 pm to 3:45 pmBreak & Networking
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scaler
Legal & Risk ManagementMake Sure Your Legal House is in Order
Eric NeumanAssurance Manager
(262) 522-8276 | [email protected]
Jason PovlichTax Manager
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Accounting & Finance
Accounting: Why is it so Important?
• Provide Information to Banks, Lenders or Investors
• Measure Performance
– Budget vs Actual
– Financial Forecasting
• Make Informed Business Decisions
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Accounting & Finance
Accounting Process: At a High Level
• Recording
• Classifying
• Summarizing
• Reporting
–P&L, Balance Sheet, Cash Flow
–Management Reports and Key Performance Indicators
• Analyzing
• Interpreting
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Accounting & Finance
Optimized Processes: Systems in Place
• Built on policies that are followed without exception
• Defined Roles and Responsibilities
• Standard processes-simplified whenever possible,
automate whenever possible
• Timeliness (On time, every time)
• Goal = Information that is reliable and timely
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Accounting & Finance
Accounting Processes That Work
Are integrated with your operating systems
and are used to make management decisions
–Not something separate that happens weeks later
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Accounting & Finance
Accounting Processes That Work
For example, accounting information that is
integrated with your operations makes it possible
for you to manage your working capital:
–Cash
–Accounts Receivable
–Inventory
–Accounts Payable
Always important, but critical as your business grows!
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Accounting & Finance
Accounting Best Practices
• Make it a Priority from the Start
• Choose accounting method
• Spend your time wisely
• Invest in the Right Software
• Consider a Payroll Service Provider
• Automate Certain Functions
• Chart of Accounts w/ Account Numbers
• Determine appropriate costing / segment reporting
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Accounting & Finance
Taxes
General Tax Considerations
- Entity Structure & Administrative Burdens
- Research & Development Credit
- Excise Taxes
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Accounting & Finance
Taxes
Tax Law Changes – Business
- Qualified Business Income Deduction
- C-Corporation Tax Rates – 21%
- Meals & Entertainment
- South Dakota v. Wayfair
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Accounting & Finance
Taxes
Tax Law Changes – Individual
- Condensed & Lower Brackets
- Increase to Standard Deductions
- Cap on State & Local Tax Deduction
- Modification of Child Tax Credit
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scaler
Legal & Risk ManagementMake Sure Your Legal House is in Order
Eric NeumanAssurance Manager
(262) 522-8276 | [email protected]
Jason PovlichTax Manager
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scaler
Legal & Risk ManagementMake Sure Your Legal House is in Order
Robert HeinrichBusiness Lawyer; Chair of Food & Beverage Practice Group
(414) 298-8418 | [email protected]
Kathryn WestfallBusiness Lawyer
(414) 298-8226 | [email protected]
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• Inventions and Assignment Agreements
•Confidentiality Agreements
• Employment Agreements– Severance
– Termination for "Cause"
–Restrictive Covenants
©2018 All Rights Reserved
Reinhart Boerner Van Deuren s.c.
Legal & Risk Management
Key Employees and Advisors
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Legal & Risk Management
Intellectual Property
•Current IP - validity of status:
Federal vs state trademarks
•Any additional IP to be registered?
• License Agreements
•Work-for-hire agreements©2018 All Rights Reserved
Reinhart Boerner Van Deuren s.c.
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•Vesting:– Time Vesting
–Performance Vesting
•Repurchase Rights:–Voluntary termination
– Termination for Cause
• Tax Implications©2018 All Rights Reserved
Reinhart Boerner Van Deuren s.c.
Legal & Risk Management
Offering Equity to Key People
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• Think Exit Strategy
• Financial Statements/Business Plan
•Valuation of your Company
• Investment Documents
©2018 All Rights Reserved
Reinhart Boerner Van Deuren s.c.
Legal & Risk Management
Raising Capital
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Legal & Risk Management
Alternative Financing Options
• Small Business Administration loans
•Crowdfunding
•Kiva Zip, WWBIC, etc.
• Focus on Energy programs: Cash-back
incentives and technical expertise
©2018 All Rights Reserved
Reinhart Boerner Van Deuren s.c.
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Legal & Risk Management
Governance Issues
•Re-assess Entity Form
•Governance Documents:
Transferability
Board size
Waterfall
Withdrawal of a Member
©2018 All Rights Reserved
Reinhart Boerner Van Deuren s.c.
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scaler
Legal & Risk ManagementMake Sure Your Legal House is in Order
Robert HeinrichBusiness Lawyer; Chair of Food & Beverage Practice Group
(414) 298-8418 | [email protected]
Kathryn WestfallBusiness Lawyer
(414) 298-8226 | [email protected]
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scaler
Legal & Risk ManagementMake Sure Your Legal House is in Order
Matt WesselCo-Owner, COO | 2017-18 FaBcap Participant
(414) 759-3127 | [email protected]
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Operational Management & Executive Leadership
A (very) brief timeline …
• 2012 = Year in Germany
• 2013 = Company begins
• 2014 = Move to Kasana
• 2015 = Move to Riverwest
• 2016 = OOM Distribution
• 2017 = SQF Level 2 / Bucks
• 2018 = Expansion
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Operational Management & Executive Leadership
In the beginning …
It’s just you.
And maybe your spouse.
Or a friend.
Or a cousin.
But the point remains:
YOU ARE THE TEAM
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Operational Management & Executive Leadership
But if your crazy idea works …
You will need help!
1) Production
2) Logistics
3) Sales
4) Administrative
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Operational Management & Executive Leadership
Look for leadership early on …
Things to look for:
– Self motivated
– Responsible
– Great attendance
– Passionate about your product / brand
– Leads without being asked to
– Respectful and kind
– Takes criticism
– Looking for a career
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Operational Management & Executive Leadership
Look for leadership early on …
Things to be wary of:
– Low energy
– Unreliable
– Poor attendance
– Indifferent about the product / brand
– Identifies problems, not solutions
– Disrespectful and/or mean
– Defensive when corrected
– Job hoppers
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Operational Management & Executive Leadership
Then, make them leaders …
And give them:
– Job description
– An appropriate title
– More pay
– Benefits (formal or informal)
– Bonuses (when deserved)
– More work
– More responsibility
– More expectations
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Operational Management & Executive Leadership
Basically …
CONVINCE THEM OF
AND EXCITE THEM FOR
THE OPPORTUNITY!
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Operational Management & Executive Leadership
Oh, and …
LET.
THEM.
LEAD.
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KATIE WESSELChief Executive Officer
MATT WESSELChief Operating Officer
ERIC KITZKE
Production Mgr
SHARON GREASBYBakery Mgr
CARI DECLUE
Production Mgr
CODY GLORIOSO
Food Safety Mgr
PRODUCTION ASSISTANTS
ANGELO BONCIMINO
VP, Sales
Operational Management & Executive Leadership
Our team …
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Operational Management & Executive Leadership
As you grow, you’ll want advice …
• Board of Directors
• Board of Advisors
• Executive Leadership Groups
• Roundtables
BUT FIRST – Just talk to people in town who
do what you do.
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scaler
Legal & Risk ManagementMake Sure Your Legal House is in Order
Matt WesselCo-Owner, COO | 2017-18 FaBcap Participant
(414) 759-3127 | [email protected]
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scalerQ&A
It’s really quite simple,
just not easy!
So, what questions
do you have?
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scaler2018/2019 FaBcap Accelerator Program
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scaler
LOOK FOR OUR FaB ANNOUNCEMENTS
September 20th from 8:30 am to 2:00 pm at Marquette
2018-2019 ACCELERATORGROWING & CAPITALIZING YOUR BUSINESSApplication period open 8:00 am Jul. 16th until 12:00 pm Aug. 17th
Program runs from Sept. 2018 to Jun. 2019
KICK-OFF & CAFÉ MAKING FOOD OUR FUTURE