[00:00:04] Ray Latif: Hello and thanks for tuning into episode 77 of Taste Radio Insider. I'm Ray Latif, the editor and producer of Taste Radio, and I'm with my BevNET and Nosh colleagues, John Craven, Mike Schneider, and Melissa Traverse. In this episode, we're joined by Candice Crane, the founder of Petal, an innovative brand of sparkling botanical beverages. Just a reminder, if you like what you hear on Taste Radio, please share the podcast with friends and colleagues. And of course, we'd love it if you could review us on the Apple Podcasts app or your listening platform of choice. Well, loyal listeners of the show might have noticed that I didn't mention our recording location for this episode. That's because we're in multiple locations calling in from our respective homes. John, Mike, Melissa, how are your homes doing these days?
[00:00:51] Candice Crane: Very loud. There are lots of people running around in mine.
[00:00:56] Petal Beverage: I went on a hangout with Melissa earlier and there was like this shriek of, and I was like, is that some sort of animal dying? And she's like, it's one of my kids. I was like, Oh, okay. I got those two. That's all good. Yeah. I'm just trying to get my teenage children to get up before like a 10 o'clock in the morning.
[00:01:13] Ray Latif: That's the big question. I think if you have kids at home, you know, how are they being educated?
[00:01:19] Petal Beverage: I'm gonna take one of mine out and teach them to drive I'm thinking it's the best time there's no one to hurt on the road. That's that's a fair point I think that's not too bad.
[00:01:32] Candice Crane: She is she 15 or 16 15?
[00:01:33] Petal Beverage: Yeah Otherwise, homeschooling, I don't know, for a kid in middle school and one in high school, I'm not really going to give that a go.
[00:01:51] Ray Latif: Well, obviously you're not teaching calculus, but maybe you could teach a class on entrepreneurship?
[00:01:56] Petal Beverage: I was just thinking history of beverages. History of New Age Beverages 101. Do they still call it New Age? Well, no, it's a history class, so. Oh, I see. Right. Just teach them how to make Negronis. And CBD. That's terrible.
[00:02:10] Ray Latif: Well, obviously, these are strange times for well, everyone, you know, in the food and beverage industry, a lot of concern about the unknown. You know, if you go on to LinkedIn, or Instagram, or any really any social network, there's a lot of people talking about some of the struggles they're facing now and potentially in the future. It's tough. There's certainly no road map. There's certainly no clear path to tomorrow. But, you know, I love that, you know, the community is doing its best to come together and chat about the situation and sort of strategize around, you know, what can be done, what is within their control. And, you know, for us at BevNET, Nosh, Taste Radio and Brewbound, we're absolutely happy to talk and be part of that conversation. And I encourage folks that are listening to reach out to us.
[00:03:03] Candice Crane: Ray, that is such a good point. A big part of what I do for Nosh and BevNET as a brand specialist is simply speaking with folks at brands and helping them explore opportunities. Over the last few days, I've had a chance to speak with the folks at Urban Lose. They make these infused cubes that you can add to spirits, which they are certainly thinking might be very helpful in these times. So they're kind of re-strategizing and thinking about how to approach this very uncertain time. Clara Payne from Unite Food, who was on our elevator talks, She was due to launch her product at Expo, so now she's thinking about other ways to do that than Susan at The Naked Baker, who is also on our live stream, Elevator Talks, is thinking about how to get cookies to people in these uncertain times. I mean, there's nothing like a cookie to put a smile on someone's face. So there are just so many opportunities and so many challenges that brands have now. And we are here to chat and help.
[00:04:12] Petal Beverage: And look, we're here to chat whatever people want to chat about. It doesn't have to be something that's, you know, really specific to navigating this. You know, I guess we're all like everyone else, just missing connecting with everyone. So, you know, I guess I'll put that out there that, you know, happy to just chat about whatever non work stuff, even so.
[00:04:33] Ray Latif: Totally. And, you know, John, you had a great idea that you put on Slack yesterday about a Google Hangout, just to have a beer with the team. And, you know, sort of that five o'clock Beer Or'clock, whatever you want to call it, is something that I think we can do with brand owners too and brand executives. You know, if you want to just like reach out and say, hey, Ray, I'd love to catch up. You know, we missed you at Expo, you know, not sure when to see you next. Let's have a beer. I'd love to do that. So let's set up a Google Hangout. Let's set up a FaceTime. Just chat for a few minutes and sip on some Guinness. I'd love to do that.
[00:05:09] Candice Crane: Or coffee or tea if you want to do an earlier meeting. We are here and we want to talk to you.
[00:05:14] Petal Beverage: Definitely. And you should all stay tuned. We've got a bunch of different things that we're working on that are kind of in the same spirit of that Hangout format. They'll be both formal content things as well as just some stuff we're trying to do to connect with you all. We miss you guys. We've been this company that is used to having brands talking to us all the time, coming to the office, and having to put that on hold right now has been as difficult for us as I think it's Beer Or the community. So we'd love to see your faces. We've also been hearing a lot of questions from brands about, you know, what can we be doing right now? And, you know, there are free and paid ways on many channels out there to get your message out there. On our particular channels, you can, you know, submit your news to BevNET and Nosh and to Brewbound too. I've heard from a lot of founders that there are field marketers, really good people out there that they're not exactly sure what to do with right now, that they're not sure what to do with PR resources or the PR companies. It's a great time to have them take on some of your project debt. I don't know, claiming your page on BevNET and Nosh. You can go to BevNET.com and Nosh.com, look under the submit link, and there's a way to claim a page and to upload your photos and keep us up to date on your latest products. As John and Ray and Melissa alluded to before, there's the Elevator Talk series for both new brands and established brands. You can apply for Elevator Talk. You can always pitch us for Taste Radio. Ray, tell them a little bit about what we're looking for.
[00:06:51] Ray Latif: Yeah, I mean, given that we have the two shows, I mean, I always refer to Taste Radio as sort of how I built this. I mean, people are familiar with that podcast, but ours is much more specific to the food and beverage industry. And we're talking with founders who have been there, done that. You know, Taste Radio Insider is much more of a how am I building this. Brands that are in the trenches, on the ground, facing many of the same issues that brand owners across the spectrum are facing.
[00:07:19] Petal Beverage: And as we review those pitches, Ray, I always find like a little bit of data or some kind of insight on a process that's either product development related or marketing related or retail related are really interesting for us. So that's another free opportunity that we have. Of course, you can always send us product samples. We're still taking product samples. And then, you know, on the paid front, there are ways to launch your new products or line extensions or reveal a new package to the industry and replace some of those meetings that you missed at these events that have been canceled.
[00:07:49] Ray Latif: And regarding those meetings that folks might have missed at Expo West, I do want to encourage folks that if you are looking to speak with a retailer and you haven't been able to get through, just let us know. Shoot us an email, shoot me an email, rlatif at BevNET.com, or even ask at Taste Radio. We use that email address mostly for pitches, but we're connected to folks in the industry, and we can do our best to help you land one of those meetings or a five-minute phone call, something like that, just so that you can get on their radar. You're certainly not alone in this, and we're here to help in any way we can. Frankly, in times of uncertainty, there is opportunity. Every day, we're seeing photos of retail stores with out-of-stocks. Certainly, it's not that easy to just get on shelf anywhere that there is out-of-stocks, but there might be an opportunity for you to fill in the gaps with your brand and your products.
[00:08:45] Candice Crane: I would also say that in this time of uncertainty, the one certainty that we have is that consumers need to fill their days with food and beverage, and it's one of the most fun and enjoyable parts of a day in many cases. So there's a lot of room to fill that need for people.
[00:09:06] Petal Beverage: Those little indulgences, little pockets of joy, a cookie, a snack, those are such a big deal right now. We're seeing that across social media.
[00:09:14] Candice Crane: People want to have fun. I've been making fake cocktails for my kids, which perhaps is setting a bad precedent, but I've been making them. They look like Negronis, but I've been using that, which I snagged from the office, but I snagged a bottle of the Liars Rosso Aperitif.
[00:09:31] Petal Beverage: That's where that went. That stuff's incredible.
[00:09:32] Candice Crane: I took it and I put a little orange peel in some sparkling water and everyone has a drink together and it's really nice.
[00:09:40] Petal Beverage: Well, that sounds really nice, Melissa, but I'm actually teaching my kids to make me a real cocktail, doing something useful with their time at home. But in all seriousness, I think outside of just, you know, thinking about retail stores, what Ray said in the beginning is right, you know, there's always some opportunity out there. know, right now it's still sort of early and it's kind of hard to really like, you know, figure out where things are going to land at normal for a bit. But, you know, I think these sort of situations, although this is certainly a unique one, but, you know, there will be opportunity, you know, either for companies to refine their own business or their approach. And, you know, I have to imagine that things like direct-to-consumer and e-commerce companies will focus in on that type of stuff since there's been a huge growth in online shopping. I think I'd just encourage everyone out there to try and look out for that stuff. It's kind of like the old keep your head up and stay focused and keep busy. It's just better than sitting around being stressed, which is obviously sometimes a challenge. I had a conversation with a brand about, you know, it's a new brand pre-launch. Should we go forward? And we don't know the answer to that question, but I think in this time, if you can succeed in this time, if you can, you know, if you can get a product launched and you can make good relationships and get your product into the hands of people now, you can do it anytime.
[00:11:11] Cost Plus: guessing your margins, that's risky. Belay Financial gives CPG brands the clarity to scale smarter, faster, stronger. Get your free inventory e-book by texting TASTE to 55123 and start making data work for you.
[00:11:31] Petal Beverage: Tune in at the end of this episode for an exclusive interview with Matt Lynn of Belay Solutions. He sits down with Melissa Traverse to break down the biggest inventory and accounting mistakes CPG founders often make. You'll learn how to bring clarity to your numbers so you can scale with confidence.
[00:11:49] Ray Latif: Speaking of new products, before I left the office last week, I was able to snag some of the new products that came into the office. I just want to say thank you so much to the makers of Simply 7 veggie straws. My daughter loves you folks.
[00:12:05] SPEAKER_??: Thanks.
[00:12:06] Ray Latif: Also, the makers of Wisps, they make these wonderful cheese crisps that are 100% cheese. I think we've mentioned these on the show before, but it's these crispy snacks that are 100% made of cheese. My wife thanks you for those. And of course, Brewer's Crackers. These are crackers made out of spent grain from the brewing process. I thank you very much for this.
[00:12:28] Petal Beverage: Ray, I think those wisps are, those are incredible. I mean, they come in a small package, but one bite of those feels like three bites of another chip. They're so dense and so rich. I love those.
[00:12:40] Ray Latif: Also, Clara Pei, who just launched Unite Food, which is a brand of protein bars made with global flavors, including things like churro flavor and Mexican hot chocolate. Thank you very much for sending some product. Those are key in the times where I'm hunkered down in my office and forget to eat lunch or breakfast or both. So thank you very much for those. And good luck with everything going forward, Clara. You have a great product and brand.
[00:13:07] Petal Beverage: I definitely looted some of the Better Booch from the fridge at the office, notably the new Hibiscus Healer. I don't know if it's going to be a healer, but I'm going to drink it anyway. It's tasty stuff. Well, it sounds like you guys grabbed a lot of stuff. I think for me, you know, I was maybe hoarding the spindrift pineapple, which is quite tasty. And I also decided to give these Shroom Shot a try, which I guess anything with a little immunity boost probably isn't a bad thing. But yeah, those are pretty tasty.
[00:13:41] Candice Crane: In addition to the Liar's Rosso Aperitif, I also grabbed some Maple Mama. So the lemon ginger is a huge winner in my house, and sometimes I'll switch that out in my kids' cocktails. In Maple Mama is a brand of sparkling beverage lightly sweetened with maple syrup. Is it Maple Mama or Maple Mama? Maple Mama, Maple Mama, and they are doing a relaunch of their beverage, so look out for some really gorgeous new packaging.
[00:14:18] Ray Latif: On that note, once again, if you have some products you'd like to send to the office, new line extensions, brand revamps, whatever, please do so. We're continuing to look at them, we're continuing to photograph them, and we're continuing to put them on our social media channels as well. And just to reiterate, please stay in touch. Reach out about anything. As John mentioned, if you want to talk about life, work, anything, we're here to chat. Google Hangout with a beer, Google Hangout with a coffee. I know everyone who's on the line right now would love to take a few minutes and chat with you.
[00:14:52] Candice Crane: So Mike mentioned all of the great stuff that we have available for brands, all of the free stuff. If you email strategy at BevNET.com, we have a team of brand specialists who can walk you through how to craft a press release. We can help you talk through marketing strategies. We can go over all of the opportunities that we have within Nosh and BevNET, explain everything and give you a roadmap to figure out how to move forward. So email us at strategy at BevNET.com.
[00:15:26] Ray Latif: All right, I think it's time to get to our featured interview for this episode. That's with Candice Crane, who, as I mentioned at the top of the show, is the founder of botanical drink brand Petal Beverage. Founded in 2017, Petal is one plaudits for its organic sparkling beverages, which are formulated with a range of botanical essences, including rosewater, lychee, and elderberry varieties, among others. Petal is distributed in a thousand locations, including at Gelson's, Jimbo's, Albertson's, and Cost Plus World Market. In the following interview, I spoke with Candice about her foray into the beverage industry, identifying the brand's core consumer, and how the company is leaning into its digital marketing strategy amid uncertain times. Hey folks, it's Ray with Taste Radio. I'm on a call with Candice Crane, who is the founder and CEO of Petal Beverage. Candice, how are you?
[00:16:23] World Market: Hi, thank you very much for having me today.
[00:16:27] Ray Latif: Great to speak with you. You are based in Chicago?
[00:16:30] World Market: I am. I am. I'm in Chicago.
[00:16:33] Ray Latif: Chicago's a nice city. I always wonder though, how cold is it in March in Chicago? I've never been there this month.
[00:16:41] World Market: Well, you know, the weather here is quite bipolar. We could hit days of 70 and we could have a snowstorm. So anywhere and in between.
[00:16:51] Ray Latif: So Candice, I'm familiar with Petal Beverage based on your appearance in the New Beverage Showdown about a year ago, BevNET Live's signature beverage brand competition. I feel like I'm on stage. But for folks who are not familiar with the brand, tell us a little bit about Petal Beverage and how you got into the business.
[00:17:09] World Market: Sure. So, you know, my inspiration from Petal really comes from my background. I was born in South Africa but then raised in Chicago. My parents had an opportunity to buy and run a packaging manufacturing company here in Chicago. We built all kinds of equipment like shrink wrappers and corrugated box erectors and stretch wrappers. But really my inspiration takes me back to South Africa. We used to go back every year to Plettenberg Bay to visit my grandparents. And in South Africa it's a tradition to have tea time every afternoon at four o'clock. So I've always been creating my own teas, blending ingredients together. And that's where my true passion as an entrepreneur was, you know, my inspiration comes from was that we can source global ingredients, ancient elixirs, eternal magical elixirs, and blend them together to create a beautiful refreshment.
[00:18:12] Ray Latif: Obviously, there's the idea and then there's the execution of that idea. When you initially launched the brand, what were some of the key takeaways? What resonated most with consumers?
[00:18:23] World Market: So three years ago, I was following the trends of botanical ingredients, floral flavored ingredients in the food and beverage starting to trend. The data was showing that there was growth for botanicals. I linked up with some folks in the beverage industry and we laid out a plan to go the conventional route to market. And in the May of 2018 is where I really launched Petal, very small in my backyard in the Chicago World Market. The purpose of that summer was really to test and prove out the concept. So I personally opened up 50 accounts with a distributor here in Chicago and we tested out natural independent stores in World Market just to prove out the concept. You know, we've sort of created this new category, this sparkling botanical herbal tonic new category that sits in between the sparkling water set and the functional set. But we don't necessarily sit in the water section, and we're not as functional as a coffee or a coconut water or a kombucha. We're really creating this new set, a new age botanical herbal tonic. And the feedback from our test from consumers have been, we've heard things like, oh, I've been waiting for Petal Beverage like this, or wow, lychee rose. I used to drink rose water with my, I'm Persian, and my Persian background, and my grandparents are from India, and we've always been making our own rose water at home. It's so exciting to see Petal Beverage delivering these ingredients. You know, rose water is an ancient, eternal elixir. Cleopatra famously used to bathe in rose baths and drink rose petal tea. Leonardo da Vinci used to drink rose petal tea. In fact, rose water was the most popular ingredient before vanilla was introduced.
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[00:21:30] Ray Latif: That's Taste Radio slash oceans. It sounds like your consumers really appreciate the ingredients in petal because of their functional benefits or the nostalgic aspect of the ingredients. At the same time, you know, it's really expensive to educate consumers who are unfamiliar with botanical ingredients.
[00:21:55] World Market: So we've invested in online digital marketing. We use influencers a lot to demonstrate how they use pedal as an experiential brand. And so most of our online marketing has gone to social media and having influencers drive traffic into stores. I'm on our Instagram account, so I speak directly, and I thank our consumers directly for purchasing Petal, and then we have a dialogue, where did you buy Petal?
[00:22:25] Ray Latif: When you said you engage with the consumer or the Instagrammer that is posting a story about your brand, are you personally getting involved? Are you personally engaged with that consumer?
[00:22:37] World Market: Yeah, I am. I am. I speak directly to them. I mean, listen. I launched this beverage in my backyard. So I, you know, I used to sample in the stores myself just to gain consumer feedback. I love hearing what's happening on the street. We're so lucky that we're living in this day and age that we're not just relying on the data, the sales data, but we're also relying on social media to give us consumer feedback. And so it's been remarkable to see the encouragement from our tribe out in the field.
[00:23:10] Ray Latif: I have to assume that you're making some adjustments to your 2020 business strategy. Can you talk to me about how you prepare now for the coming year?
[00:23:19] World Market: Our customers, our current customers are open. And not only are they open, but they're being swamped by their customers. Our sales orders are coming in. As of yesterday, we had sales orders. They're just as strong as they were last month. And we've had communication from our co-packer. that they are not rescheduling and they are not canceling any production, which gives us a sense of security. However, they are not allowing any outside employees into their facility, which is a bit of a challenge because as brand owners, we like to be there for quality control. But we have a sense of security that our co-manufacturers are producing at this time. And, you know, we will be ready to fulfill the orders as they come from our current customers. Our biggest challenge as we move forward is that We don't know how many retailers are actually putting on new products at this time. We don't know if the resets are being delayed. There hasn't been a communication out just as yet. And I don't blame the retailers. I mean, they're probably swamped just trying to stock their shelves. But if there's any lightness here, it's that Petal offers a beautiful refreshment. We're full of inventory and we're ready to stock the shelves.
[00:24:41] Ray Latif: Well, that bodes well for the future, Candice. Obviously a lot of uncertainty at this point. I'd love to hear from you, you know, how you're managing your team and as the CEO, as the founder, how are you talking to your team about the current situation and navigating the unknown of 2020 and potentially beyond?
[00:25:06] World Market: Yeah, of course. Listen, we're a lean team. I think it's the obligation of a CEO to always send out a positive mindset, not only to our business, but to our consumers. You know, there are two ways to look at everything. And I think we need to stay positive. We take a moment out of our day every day to be grateful for what we have and where we can go. And we're grateful that our customers are open and our business is still working. I have many friends that their businesses just cannot function under these circumstances. So for the moment, we're feeling grateful that we have something to do, something that we could be resourceful. We can be a part of the supply chain and I encourage other entrepreneurs that are in the same boat like we have a purpose here. We are able to help consumers eat and drink. It's as simple as that. We cannot let this darkness take over. We have to shed some light. It's our obligation to do well and we have to thrive. So that's my words of wisdom and my moment of encouragement. This is not the end. We will thrive and survive out of this.
[00:26:20] Ray Latif: I really appreciate you sharing that, Candice Crane those are indeed words of wisdom and words of hope. You know, this has been a really great conversation. I sincerely appreciate you taking the time to speak with me. Good luck with everything going forward with Petal. And let's catch up again really soon.
[00:26:36] World Market: Thanks so much, Ray. Wash your hands, raise your vibe, and join our tribe.
[00:26:41] Ray Latif: I love it. Well done. That brings us to the end of Episode 77 of Taste Radio Insider. Thank you so much for listening, and thanks to our guest, Candice Crane. Please subscribe to Taste Radio on the Apple Podcasts app, Spotify, Stitcher, and Google Podcasts. As always, for questions, comments, ideas for future podcasts, please send us an email to askattasteradio.com. On behalf of the entire Taste Radio team, thank you so much for listening, and we'll talk to you next time.
[00:27:22] Candice Crane: Hello, I am Melissa Traverse here for the Taste Radio podcast, talking about some of the biggest tension points that CPG brands and founders face when they're scaling a brand, and those are financial accounting and inventory management. I am joined by Matt Lynn, inventory accounting guru from Belay Solutions, and he is going to shed some light on all of this that is going to help everybody out quite a bit. Matt, thank you so much for joining us today.
[00:27:52] Beer Or: Thank you for having us, Melissa. It's great to be out here at Expo West and it's great to sit down and be able to chat this because it's kind of a passion project of ours, working mainly with CPG brands and hoping to help them scale.
[00:28:03] Candice Crane: It's been such a pleasure chatting with you and the team and learning all about what you do over there at Belay Solutions. Can you tell us a little bit about yourself and what your role is and the kinds of solutions that Belay gives to CPG brands and founders?
[00:28:19] Beer Or: Yeah, absolutely. My role with Belay, I'm actually our inventory accounting manager. I run our inventory department, so we work with CPG brands, taking them from spreadsheets, putting them on inventory management systems, and really helping connect their tech stack between their sales online marketplaces to that inventory management system, even down to their financial systems like QuickBooks. Belay overall is kind of an outsourced accounting firm. And with that, we're helping teams. We have different levels with bookkeeping, controller level work, even high level into CFO type items. So we really help those brands in any way that they need financially. And then I just have a subset of a department where we're really just laser focused on inventory.
[00:29:02] Candice Crane: It's certainly a complex topic and there are plenty of places to go wrong. Let's start by going right and start super simple. Can you tell us what some of the biggest red flags are that would help a founder understand or, you know, the person running a brand understand that it really is time to get some help with some of these areas?
[00:29:23] Beer Or: Yeah, absolutely. I think some of the early red flags is just everything is chaos. So when they're looking in their financial software, maybe they don't really have an accounting background, and they're kind of just piecing it together and doing their best. And what they'll see is that reconciliations take forever, if they even happen. They have a lot of transactions that don't get coded, or they just put them into placeholders to just get rid of it so it's not an eyesore. they'll notice they have revenue but no cash or they notice that they have a good amount of cash but their blind spot is really seeing the vendor invoices that are sitting there just needing to be paid and so they just lack that clarity that's going to really be around the corner.
[00:30:00] Candice Crane: You know, you were talking about one of the red flags that comes up that I think makes so much sense. When somebody asks you what your numbers are and you can't come up with the right number, that's a big problem because that's something that you really should be able to share with decision makers who you're ideally looking to do business with. What should you be able to call up at a moment's notice?
[00:30:24] Beer Or: really at any time, you should be able to know an accurate margin. It's amazing how many founders we end up talking to that they can tell you their revenue numbers, they can tell you their selling price, and then the minute you start talking about cost or their cost of goods sold, they just get a deer in headlights look. So really it's very hard to tell, am I even making money? Or if you don't know your entire landed cost. Maybe you know what the freight cost is, the duties separately, but you're not really getting that as part of your unit cost. So it's really hard to tell. Am I even making money or am I losing money from the very beginning?
[00:30:57] Candice Crane: And do you recommend that founders are able to call up a margin by channel?
[00:31:02] Beer Or: Absolutely. And depending on the number of products and channels, you kind of want to know what are your best sellers, which ones are making the most and which ones maybe you're not making as much. But especially if you're branching out and you're doing D to C with B to B, absolutely want to know that.
[00:31:19] Candice Crane: Gotcha. You mentioned that when things feel really chaotic, that's probably a red flag. I would say that it probably almost always feels chaotic if you're running a CVG brand. And I know this may be hard to quantify, but is there a revenue number? Is there a number of doors number that would help a brand understand whether or not it makes sense to bring on a partner like Belait? Understanding that so many brands are bootstrapped or they might be tight for cash. What is that friction point?
[00:31:49] Beer Or: 3 3 3 3 3 But as you're growing, as you're getting to those six-figure revenue numbers, and especially as you're approaching seven, you want to make sure you've got good financials. Because as you scale to that point, most likely you're going to be looking to raise capital. And investors, the first thing they're going to look at is your books. And are they clean? And do they show a clear picture of your business?
[00:32:22] Candice Crane: You know, another area that folks might look to to organize some of the chaos are their systems. So many folks stick with Excel spreadsheets for a good amount of time. How do you know that you need to outsource some of your accounting to an organization like Belay Solutions versus maybe signing on to a Synth7 or a NetSuite or something like that?
[00:32:44] Beer Or: Well, that's actually something we really help with when it comes to that cost question. That's something that trips people up. And sometimes if you just have a turnkey business, you buy and sell a finished good, you can maintain with spreadsheets. And we've had clients with million dollar revenue that can do that. But we see so many brands nowadays are using contract manufacturers. and they're just sourcing certain parts of their product. So when you start talking cost, they have no idea exactly what their unit cost is. So that's where we come in and we kind of understand, we'll speak with the customers and the clients and get their needs. And then if we think they're ready for a system, then we'll help put them on that system so they can get some of that clarity. And it's not something we force on anybody. There are plenty of times where founders come to us and we'll tell them bluntly, you're not ready for it right now, but we'll let you know when we think you are.
[00:33:30] Candice Crane: That sounds like excellent advice. What should a founder or somebody running a brand look for in an outsourced accounting partner? Are there certain checklist items that they should make sure that their partner be able to execute or be able to help them understand?
[00:33:47] Beer Or: Absolutely. I think one of the keys, there's, there's a lot of outsourced accounting firms out there. Some focus on service-based SaaS companies, but if you're a CPG founder, you really want to make sure that your accounting firm has CPG experience. I would ask them, you know, what kind of brands have they worked with and even beyond that industry specific, because there's so many subsets of CPG. And that's something that I think is great about what we do with Belay is that we kind of run the gamut. It's kind of like the insurance commercial. We know a thing or two because we've seen a thing or two across a broad spectrum.
[00:34:17] Candice Crane: Probably getting references is always helpful, right? Absolutely. All right. So this all sounds great. I think we have a really good understanding of would it make sense to hire an outsourced partner? You know, what some of the things you should be looking for are. What does offloading this kind of work mean for the brand? What can this do for lightening the load of a founder or lightening the load of a brand operator? Like, how does that help them in their everyday business?
[00:34:46] Beer Or: It just tries to really help quiet the chaos. So what we're looking to do is just take some of the weight off that founder's shoulder, let them focus on building the brand, building the business, getting that exposure. If you don't have sales, you really don't have anything. So we want them to be able to focus on that while we take care of your back end office work. And we can just present that to you on a monthly basis, you can help make decisions, you can take that to investors. And really, you can just focus on growing your business.
[00:35:12] Candice Crane: I feel like I felt founders and the folks who are running brands collectively sigh a breath of relief just hearing that. How can people learn more about Belay Solutions?
[00:35:23] Beer Or: So people can text TASTE to 55123 for their free inventory guide to get started.
[00:35:29] Candice Crane: Matt Lynn, inventory accounting guru at Belay Solutions. Thank you so much for joining me here at Expo West. It's been such a pleasure to chat with you and learn about what you all do over there to help founders and brands with their financial accounting and inventory management. For everybody else out there, thank you for listening to the Taste Radio podcast. I am Melissa Traverse and we'll see you next time.
