A Smoothie Transition with Alex Bayer of Genius Dreams
We all know just how difficult it can be to enter the world of CPG, let alone thrive in it. But what may be even harder is knowing when it's time to let go of the brand you've worked tirelessly to build. Today we are joined by the former CEO and Co-Founder of Genius Juice and current Founder and Manager Partner at Genius Dreams, Alex Bayer. In our conversation, Alex walks us through the highs and lows of founding a CPG business, the tightrope of fine margins that the industry forces you to walk, the main things to consider when it's time to close shop forever, and the importance of making time for self-care as a dedicated entrepreneur.
Key Points From This Episode:
Alex Bayer shares the lessons he learned in founding, growing, and closing a CPG brand.
How Alex got into CPG, and what inspired him to co-found Genius Juice.
Whether it's better to have a large or small product catalogue.
The biggest highs and most notable lows from Alex's 10 years at Genius Juice.
How they navigated the innate CPG challenges of operating within fine margins.
Key factors to be aware of when entering the refrigerated-products market.
The ins and outs of Alex's decision to close the doors on Genius Juice.
Taking a look at the processes of shutting a business down, and how to do it the right way.
Navigating burnout and protecting your well-being as an entrepreneur.
The services that Alex's consulting business, Genius Dreams offers and the clients it serves.
Homemade smoothies, golfing, the CPG Vibes podcast, and Mark Samuel.
“[CPG] is a brutal, brutal industry that's also a lot of fun at the same time. It's an industry that has a lot of passionate entrepreneurs [who] want to bring a product to the market that could revolutionize the market and make a difference in people's lives.” — Alex Bayer [0:03:03]
“It takes a village to build a brand.” — Alex Bayer [0:03:51] “If your supply chain is not set up correctly, and your margins are too low, and it takes too long to get the product, and you're having out-of-stock issues, it just leads to a world of hurt in this business.” — Alex Bayer [0:24:31]
“Product creation and product-market fit is the most important thing, and creating something that the market really wants.” — Alex Bayer [0:33:46]
“We're on this earth once, depending on your beliefs, and we have one life – We've got to make the most of it, and working all the time is not living life.” — Alex Bayer [0:45:58]
“The survival rate for CPG brands is less than 5%, so keep that in mind when you're putting your personal finances at risk.” — Alex Bayer [0:52:30]
