Making Cents

Drew Fallon

The go-to finance podcast for the consumer goods industry. Host Drew Fallon brings on experts to cover everything from capital markets transaction to tactical tips on how to scale a company from the CFOs seat

  1. 5 HR AGO

    E:16 Beauty & Personal Care Scale Secrets: Hero SKUs, PE Deals, and DTC Survival

    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

    21 min

  2. 30 JAN

    E:15 $43M Barefoot Empire: Bootstrapped No VC (Flux Footwear Secrets)

    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

    57 min

  3. 23 JAN

    E:14 Sam McBride, Founder of Colter Ventures & Ex COO of RXBar on Selling to Kellogg for $600M

    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. Chapters 00:00 – Health as a status symbol and the future of protein 03:07 – Why Sam left finance to become an entrepreneur 07:39 – Scaling RXBar: From CrossFit gyms to $120M+ in four years 12:10 – The "shaved bodies" story and early founder obsession 16:10 – Transitioning from D2C to massive retail distribution 19:11 – The rebrand: Why experts said the new packaging would fail 25:02 – Bootstrapping with debt: Using credit lines instead of VC 28:56 – Scrappy operations: Negotiating with vendors and mailing checks 35:48 – Pricing strategy: Solving problems to maintain high gross margins 41:21 – The $600M Exit: A bidding war between Pepsi, Mars, and Kellogg 48:15 – Colter Ventures: Focusing on secondary deals and Kettle & Fire 56:47 – The "Familiar but New" framework for category disruption 01:02:11 – Why the next generation of CPG might stay independent

    1h 5m

  4. 15 JAN

    E:13 Amy Haas, Ex Simple Mill CFO on the 10 year journey to $795M sale to Flower Foods

    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. Chapters 00:00 – Acquired by Flower Foods for $795 Million 03:52 – From $500,000 in Sales to 10 Years Through Acquisition 13:59 – Whole Foods to Costco Was Kind of a Crazy Jump 16:01 – Revenue Wasn’t a Hockey Stick, Then a Big Jump Over $200 in a Year 17:25 – Multi-Category Brand Worth $100 Million Plus 22:05 – Capitalizing the Company Without Huge Amounts of Equity 24:30 – Debt, Stonegate, and Chicago Gross Margin Discipline 25:55 – Private Equity Enters and Expectations Change 27:23 – Private Equity TLC to Sell the Business 31:40 – CPG M&A and Founder Obsession With Exits 40:00 – Retail Finance Is People-Intensive 44:10 – Raising Less Capital in a Capital-Intensive Category 45:30 – Life After a $795 Million Exit Advising the Next Wave

    47 min

  5. 8 JAN

    E:12 David Rabie of Tovala on YC, Raising $110M, Finding PMF & Maximizing Retention

    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. Chapters 00:00 - Introduction to Tovala's "Keurig for Food" Revolution 02:36 - The $400 Oven Fail and Genius Business Model Pivot 05:52 - Cracking Customer Acquisition and Retention Secrets 08:38 - How VC Cash Fuels Tovala's Explosive Scale-Up 11:49 - Navigating Brutal Product Market Fit Challenges 14:34 - The QR Code Technology Behind Tovala's Success 17:32 - Funding Journey Wins and Hard Lessons Learned 20:44 - Meal Kit Industry Wars and Tovala's Winning Edge 24:47 - Surviving Financial Firestorms and PMF Hurdles 28:25 - Marketing Overhaul That Exploded Sales Growth 30:34 - Pandemic Boom: From Chaos to Millions in Revenue 35:02 - Series B and C Fundraising Mastery Insights

    49 min

  6. 18/12/2025

    E:11 How Geologie got acquired without scaling to $100M

    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

    1h 2m

  7. 11/12/2025

    E:10 Reece Wabara founder of Maniere de Voir on churning 80% of customers to reach $8M EBITDA

    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. Chapters 00:00 — Reece Wabara: From Footballer to Building Manière De Voir 00:07:37 — £35M Revenue & £6M EBITDA at MDV’s Peak 00:09:01 — Revenue Drops from £35M to £25M but Still Seven-Figure Profits 00:10:10 — Raising Prices 50%+ to Protect Margin 00:10:43 — Losing 80% of Customers During the Repositioning 00:12:29 — Staying Profitable Through a Complete Business U-Turn 00:22:54 — London Store Generates Seven-Figure Profit in Year One 00:23:54 — MDV Store Model Targeting £5M Revenue Per Location 00:31:17 — Self-Funding a £12–13M Repositioning Without Investors 00:32:36 — Avoiding the Private Equity Path by Reinvesting Cash Flow 00:34:12 — Forecasting £35M+ Revenue and £6M Profit by 2026 00:34:18 — Ambition: £50M Revenue and £10M Profit (20% EBITDA) 00:58:10 — £6.7M Profit and £8M Cash Flow Last Year

    59 min

  8. 02/12/2025

    E:9 Danny Yeung, Founder of IM8 on how he scaled IM8 to $100M ARR in 11 Months

    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-Commerce 02:54 Scaling Groupon: CAC, LTV & Funnels 06:52 Why DTC Failed Early for Genetics 07:15 COVID Pivot: 28 Million PCR Tests 08:47 Revenue Rocket: $10M → $65M → $275M 13:05 Replacing $800M Revenue: Birth of IM8 14:11 Meeting Beckham & Co-Founding IM8 17:18 Clinical Doses, Mayo Clinic, and NSF Testing 23:29 $600K Month One → $10M Month Eleven 25:18 Sub-4-Month Payback: The Scaling Formula 31:47 Bitcoin Treasury & Divesting Legacy Units

    59 min
See All (16)

About

The go-to finance podcast for the consumer goods industry. Host Drew Fallon brings on experts to cover everything from capital markets transaction to tactical tips on how to scale a company from the CFOs seat

Information

  • Creator
    Drew Fallon
  • Years Active
    2025 - 2026
  • Episodes
    16
  • Rating
    Clean
  • Copyright
    © Drew Fallon
  • Show Website
    Making Cents

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