Making Cents

Drew Fallon

Walking you through what happened this week in the consumer industry

Episodes

  1. 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

  2. 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

  3. 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

  4. 20/11/2025

    E:8 From Shower Thought to $50M Brand & Industry Leading Retention w/ Ryan Babenzien

    In this Making Cents episode with Drew Fallon, Ryan Babenzien breaks down how he went from building GREATS to $20M and selling it to Steve Madden, to launching Jolie with a completely different business model focused on recurring revenue, high margin filters, and profitable growth from day one. Ryan explains how he started Jolie in 2020/2021, why the showerhead-plus-filter structure created a powerful retention engine, and how the brand generated $4M in its first nine months without spending on paid marketing. He shares how the beauty consumer shaped the pricing and positioning, why Jolie doesn’t think of itself as a showerhead company, how Erewhon became their top retail door from the beginning, and why subscription behavior became the core insight behind the entire business. The conversation also covers profitability discipline, category dynamics, copycats, team structure, and why running Jolie with fewer than ten people has been a strategic advantage.

    1h 7m

  5. 13/11/2025

    E:7 Dude Wipes Founder Sean Riley on Selling 3.4 BILLION Wipes from $0 raised

    Drew Fallon introduces Sean Riley, co-founder and Chief Executive Dude of Dude Wipes, a personal care brand born from a simple idea among friends in Chicago who wanted better hygiene solutions after college. Sean shares the story of building Dude Wipes "brick by brick," starting with selling individually wrapped flushable wipes designed especially for men. The interview covers Dude Wipes’ journey of bootstrapping early sales through Amazon and retail, leveraging creative marketing tactics, making deals like the Shark Tank investment with Mark Cuban, and scaling into a major consumer brand disrupting a traditional category. Toward the end, Sean discusses the financial strategy that fueled growth - focusing on solid unit economics, leveraging asset-based lending to manage inventory, avoiding early dilution from investors, and building a company banks want to fund through disciplined, profitable scaling. Chapters 00:00 How a Group of Chicago Friends Invented Dude Wipes 00:45 From the South Side to the C-Suite: The Founding Team 01:50 “We Didn’t Even Know How to Sell Online” — The Early Hustle 03:00 Loading Pallets on Amazon and Hitting the First $1 Million 04:40 From Amazon Proof Point to Kroger, Target, and Walmart Shelves 07:15 Inside the Shark Tank Moment That Put Dude Wipes on the Map 09:00 Getting Rejected by Every VC and Learning to Bootstrap 10:05 Solving Inventory with Asset-Based Lending and Smart Margins 12:00 From Kabbage and PayPal Loans to Banking with Chase 14:00 Mark Cuban’s Advice: “If It’s Working, Don’t Take the Money” 18:45 Partnering with TSG: Finding the Right Private Equity Fit 33:40 Becoming Number One in Wipes and Building a Bankable Brand 40:00 What’s Next for Dude Wipes

    49 min

  6. 06/11/2025

    E:6 Tara Hyland @ Main Post Partners on Beauty, When to Sell Equity, Minority/Majority Deals

    In this episode, Tara Hyland, a Partner at Main Post Partners, breaks down how growth equity approaches the beauty and personal care sector. She shares how Main Post evaluates brands around the $25M–$35M revenue range, writes $30M to $100M+ equity checks, and looks for repeat purchase behaviors of 2–3 times per year. Tara walks through the Main Post investment in Dr. Dennis Gross — including their June 2020 investment and February 2024 exit — and explains why clinical skincare, omnichannel strategy, and hero replenishable products like peel pads drive long-term value. The conversation also covers TikTok Shop surpassing Sephora in beauty sales, Gen Alpha’s influence on pricing and discovery, the importance of team and systems, and why brands need to be retail-ready before entering Sephora or Ulta. Chapters 00:00 All Things Beauty: Drew & Tara Kickoff01:37 Who Main Post Partners Really Is04:34 From Cleveland to Investment Banking Roots05:58 Building Beauty Brands with Sephora & Retail Anchor Partners07:18 Defining Proof of Concept – $25–35M Topline Benchmark10:29 Flexible Capital Structures: Minority or Majority Stakes13:41 How Founders Can Keep Control in Beauty Deals21:54 Dr. Dennis Gross Skincare and $450M Shiseido Exit24:51 The Power of Hero Products: Peel Pads That Win28:14 Gen Alpha Buying Habits & TikTok Shop Surpassing Sephora42:30 Professionalizing with Teams and Relentless Innovation53:30 The Risky Road to Launching in Retail Today

    1h 1m

  7. 30/10/2025

    E:5 Caraway CEO on Manufacturing Terms, and Building a Brand Investors Want to Acquire

    In this episode, Drew sits down with Jordan Nathan, Founder & CEO of Caraway, to unpack the financial blueprint behind building a $100M+ profit-first brand. They break down the real numbers driving Caraway’s growth - from achieving first-purchase profitability and maintaining strong margins to leveraging factory payment terms for 3× inventory turns before payment. Jordan shares how disciplined ROAS targets, LTV/CAC efficiency, and long-term financial planning helped scale Caraway sustainably without burning cash. If you’re obsessed with business metrics, capital efficiency, and the economics behind category-defining consumer brands, this is a masterclass in financial discipline and operational excellence.

    41 min

  8. 23/10/2025

    E:4 Wayne Wu, GP @ VMG on Health & Wellness, Fundraising for CPG, and Channel Mix Strategy

    In this conversation, Drew Fallon and Wayne Wu discuss the evolution of the health and wellness movement, the dynamics of corporate divestitures, and the importance of aligning goals between founders and investors. Wayne shares insights from his 18 years at VMG, emphasizing the significance of consumer demand signals, gross margin discipline, and the need for entrepreneurs to diligently assess potential investment partners. The discussion also touches on the intersection of food, beverage, and beauty industries, as well as the current trends shaping the market.

    46 min

  9. 16/10/2025

    E:3 Selling to Oddity for $76M, Being in public company C Suite , and the importance of IP

    In this episode, Evan Zhao shares his journey from academia to entrepreneurship, detailing his experiences with Ravella, a company focused on innovative beauty products and its eventual acquisition. He discusses the importance of intellectual property in consumer products, the challenges of navigating public markets and the significance of brand equity and consumer connection. Evan also introduces his new venture aimed at addressing allergies through innovative solutions, emphasizing the collaborative and supportive nature of the consumer industry.

    55 min

  10. 09/10/2025

    E:2 Scott Norton, co-founder of Sir Kensington's on selling his brand to Unilever for $140M

    In this episode, Scott Norton, co-founder of Sir Kensington's, shares his entrepreneurial journey, discussing the evolution of the consumer packaged goods (CPG) industry, the intricacies of mergers and acquisitions and the current trends affecting large CPG companies. He reflects on his experience with Unilever, the lessons learned from the acquisition process and the impact of consumer trends on market dynamics. Scott also explores the future outlook for capital markets, the importance of building strong consumer connections and his interest in new opportunities within consumer fintech.

    46 min

  11. 02/10/2025

    E:1 Adam Draper Secretly Buys 5% of ALLBIRDS

    In this episode, Adam Draper discusses his journey as a venture capitalist and his recent investment in Allbirds. He shares insights into the deep tech sector, the challenges faced by consumer brands, and the importance of understanding market dynamics. Draper emphasizes the need for bold marketing strategies and a clear brand identity to succeed in today's competitive landscape. He also reflects on the potential for Allbirds to become a billion-dollar business if it can navigate its current challenges effectively.Chapters00:00 Introduction to Adam Draper and Boost VC02:00 Understanding Deep Tech and Investment Strategies07:31 The Allbirds Investment Decision12:41 Analyzing Allbirds' Market Position and Financials21:46 Challenges and Opportunities for Allbirds30:20 Marketing Strategies and Brand Identity42:24 Future Prospects and Long-term Vision for Allbirds

    58 min
  • 11 Episodes

About

Walking you through what happened this week in the consumer industry

Information

  • Creator
    Drew Fallon
  • Years Active
    2K
  • Episodes
    11
  • Rating
    Clean
  • Copyright
    © Drew Fallon
  • Show Website
    Making Cents

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