My Food Job Rocks!

Kris Theodorakos is the Business Development Manager at Webber Smith Associates, a firm that builds and designs manufacturing plants specifically for the food industry. If you ever wanted to know what goes into planning actually building a facility, Kris gives a nice rundown on what you need to prepare, what you should consider, and some strategies on how to build them out. Another topic we get to is career advice. Kris originally had a degree in communication, but when she started her masters in nutrition, found out about food science on the first day of class and switched over and the rest was history. Though she started out as a product developer for Nestle, she ended up with a pretty interesting career trajectory by getting involved in the Naturally Network and IFT.   Show Notes What is Webber Smith?: Engineering and Design firm that specializes in food industry buildings What makes a good prospect for someone who wants to build food manufacturing facilities?: It’s a very long process, longer than usual. What are the prerequisities for building a facility?: There’s a lot. Usually they need to have a feasibility study and runs through the whole gauntlet of requirements including ingredients, process and sanitation It’s best to get a team of experts such as food science, design, and engineering How long does it take?: We can do it for the year but it really depends on how you structure your plan, do you want to phase it instead of all at once, etc What is the most common thing people are surprised about?: Cost because there’s so much to consider including floors and lighting. There are so many things that you have to look at. Ghost Kitchens Describe the Steps to get to where you are today?: My bachelors is actually in communication. My first job was at a natural foods co-op. I eventually got into human resources. I moved to Colorado and got a Nutrition degree. In my first class on food chemistry, I was introduced to Food Science Christmas Vacation: The non-nutrative cereal schlak My first food science job was at Nestle Natural Development We then moved to rural Pennsylvania because of my husband’s job. My husband owns a piece of land. My husband’s company partners with Webber Smith How did you work on communication skills: Networking events and getting involved in them Institute of Food Technologist Rocky Mountain Committee Naturally Boulder Alamo IFT Naturally Austin My Food Job Rocks: I love the variety of projects and seeing progress throughout the variety Favorite trends and technology: Fermented beverages. I personally drink Kefir Water What is the biggest challenge the food industry needs to face?: We have a long way to go with packaging PACK Expo East Round Pizza Box PACK Expo West Where do you find your information?: Food publications such as food engineering magazines or food safety magazines google food engineering magazine.com foodconsultants.com foodmaster private label manufacturing Expo Do you have any advice for getting into the food industry?: Do your research and get involved in the food industry Also, don’t shy away from Staffing Companies Email: webbersmith.com or you can email me here: ktheodorakos@webbersmith.com    Learn more about your ad choices. Visit megaphone.fm/adchoices

NOSH writer Carol Ortenberg captured a written article with Neal Gottlieb about how he had to shut Three Twins Ice Cream down after 15 years of being in business and I found the article (which now behind a paywall) very reflective. So I got Neal on the show to talk about the really crunchy details about the direction of Three Twins Ice Cream. From its beginning in an ice cream shop, to raising money, to battling the brutal retail space. We talk about some really tactical stuff, but the ending is something that gives me a lot of hope. Not just for Neal, but for everyone. This episode is a bonus episode because it doesn’t follow our regular format. There’s no script on this one, just going through the journey and talking to some key points. For those in the food business, I think it’s extremely useful information. Information that might help you in your food business such as financing debt versus equity, manufacturing decisions, and figuring out the retail space. I just wanted to capture Neal’s lessons while it’s still fresh in his head, and he did an amazing job being transparent and honest about his experience with his food business. Show Notes NOSH article by Carol Ortenberg How did you start Three Twins I was once part of Finance for GAP Clothes Peace Corps Grew from a small ice cream shop to international brands Ice Cream is hugely competitive. Most organic brands come and go Even line extension organic ice cream disappeared Halo Top Effect – Big competitor took off and took a ton of shelf-space When we started, we had a small ice cream shop and did everything in house We built two factories: one in California and one in Wisconsin The decision between co-packing and manufacturing yourself: Copackers are unreliable. For example, a soy yogurt copacker shut down completely. We only found two organic ice cream companies. Oregon Ice Cream (had a contract to not sell ice cream) and one that already shut down. So it made more sense to manufacturing yourself How did you raise money?: Until the factory, friends and family round When you have a  good product, high growth, and a  charismatic founder, it can work out Should you get investment?: You probably have to. Our big mistake is that we focused too much on growth On raising, you can either raise equity or debt, the issue with debt is that it has to pay back first Convertible Note – most food companies do this so the investors mitigate risk Before the pandemic, people-focused all on growth Krave Jerky multiple 6x sale hyped up grocery Krave sold back to John Sebastiani The selling dynamic reflected a lot on the natural food sector. It’s easy for a big legacy company to buy out the competition even if the company isn’t doing well internally Use the money to either decrease overhead or increase margins What were the margin killers for Three Twins Ice Cream?: Organic cream is very expensive. At the top, vanilla was over $500 dollars/gallon Also, grocery discount structures and slotting fees really killed us Broker Fees What is your opinion on the retail cold chain?: It’s a necessary evil. UNFI probably makes a razor-thin margin How can you optimize the retail situation?: Offer something unique (your product) and optimize your margins On line extensions – How can you tell about cannibalization?: We launched two line connections such as bigger tubs and higher protein. Initially, these SKUs took our shelf-space which lead to less brand facing opportunities Advice for Food Entrepreneurs: Back up and figure out why your brand is special and that people will spend money on Find people who have recent food experience in your board of advisors It’s one thing to have smart people in your team, but you need relevant people How did you reflect on this event?: It’s actually refreshing to look forward again. I’ve been extremely lucky to have opportunities. The journey is the reward You can find Neal here Also: did you know Neal was in survivor? Learn more about your ad choices. Visit megaphone.fm/adchoices

Blake Thomas, the founder of Tiny House Coffee Roasters, was one of my first contacts in Austin, Texas and I had a lot of fun getting to know him and drinking his coffee every day when I was working at WeWork. Blake’s story is super impressive and he works really hard at his job. Learn how Blake jumped on board selling coffee during the end of his Peace Corps stint and how he built up a nice little coffee company in Austin. One of the biggest growth opportunities that Blake was able to get was working with the regional team at WeWork to supply his coffee into their offices. The business relationship was so good, that Blake was able to open a coffee shop at a WeWork location on Barton Springs Road. We also get Blake’s perspective on how he’s handling on the pandemic and it’s really tough, but Blake is using his time wisely by innovating new drinks so he can adapt in trying times. The good news, is that this isn’t the first time Blake had to innovate on the fly. Show Notes How did you start Tinyhouse?: Through the Peace Corps. After my stint, I got going Peace Corps Farm Gate Import Service Anthem Coffee Imports: They do financing and they are very good partners Surprisingly, a lot of farms will have social media platforms and will reach out to us directly WeWork Barton Springs location Cold Brew Coffee COO FairTrade America – Bryan Lew Interview Thirst- Charity Water Book by Scott Harrison HEB PPP Loan- work with a local banker and a banker who cares Virtual Tip Jars (generally a venmo code) GoFundMe Tipping Program Do you think coffee will change in the pandemic?: Yes, DTC coffee will work. Austin coffeehouses are already doing Tea Any advice for food business?: Really dig into the “why” of your product Clean Cause 22 Immutable Laws of Marketing You Miss 100% of shots you don’t take tinyhousecoffeeroasters.com We deliver! blake@tinyhousecoffeeroasters.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Whenever I move to a new city, I try and contact the local IFT section in the area and connect with them saying I’m a new food scientist looking to get involved. Natalie Roesler, the VP of Surlean Foods and the section leader at Alamo IFT welcomed me with open arms. Actually, everyone in the Austin Texas area is well connected and super welcoming. It’s one of the friendliest places I’ve ever been to. So to return the favor, I interviewed Natalie. Though there are tons of amazing lessons in this interview, a lot of the episode is about working with people empathetically and efficiently. You can tell Nathalie is really passionate about understanding how to really make people happy in the workplace and how focusing on people’s happiness can actually allow you to innovate faster as a company. This episode was recorded right before everything started to shut down, but a lot of the forecasting here is still pretty on point and it’s always funny to see what still holds during this time. About Natalie Natalie currently serves as the Vice President of Innovation for Surlean Foods in San Antonio, TX.  She has a bachelor’s degree in food science and technology from the University of Nebraska - Lincoln and a master’s in business administration from the University of Wisconsin – Oshkosh.  She has been in the food industry since 2002 in progressive roles within the field of research and development.  During this time, she has played a leadership role in innovation process and product design across a variety of channels and product types.  Channels include national accounts, food service, retail, club store, K-12 schools and college and universities. In addition to Natalie’s technical experience she is passionate about building mutual trust and respect to enable high performing individual contributors and teams.  Because of this collaborative nature and leadership style she has been able to unite departments and impact overall organizational culture.  Natalie has been a member of the Institute of Food Technologists (IFT) since 2002 serving as an IFT Ambassador and assisting students and entrepreneurs in answering questions within the field of food science.  She also serves as the Chair Elect for the Alamo Section of IFT, bringing relevant educational content and networking opportunities to regional members.  In addition to IFT, Natalie is a member of the Women’s Foodservice Forum and serves as a volunteer at the Bulverde Area Humane Society in the San Antonio area.     Show Notes What do you tell people what you do for a living?: I get to work with chefs and scientists that make products that are in restaurants everywhere Official Job Title: VP of Innovation at Surlean Foods What products do you make?: Kettle cooked products and also patties History of Surlean foods: We’re a spin-off company in the ground meat industry Can you describe the steps it took to get to where you are today?: I got my foot in the door by being a technician. After 5 years, I went back for my MBA at the University of Wisconsin. What don’t scientists think about?: Most scientists don’t understand the marketing and sales part of a business which hampers the possibilities of innovation. There’s always a middle ground. Always ask more questions. How do you buy equipment?: You can actually lease equipment, borrow it, or get a floor model. With equipment, it’s not marked up a ton. There are options. What does an MBA give you?: It gives you a firm understanding of everyone’s job and department. It allows you to put yourself in their shoes. It makes you less defensive and more understanding How did you find what you’re good at?: I wanted to be a chef or a realtor but I had the opportunity to get a four year degree. I went to a camp in the University of Nebraska and found the food science department. First job: Senior Lab Technician in Wisconsin South Eastern Mills High-Performance Workplace My passion came from how to be good with people A high-performance workplace is mainly about culture. It brings up positives and eliminates negativity. Tagline: Feeding people like family You’ve moved a lot: Nebraska, Wisconsin, Georgia, and now San Antonio Moving for opportunity is really personal. If you have the right opportunity American Food Innovate Summit: I was a speaker there and I talked about high performance innovation My Food Job Rocks: I get to work with a lot of great people. We’re feeding people, people have to eat and it’s a  stable industry We collaborate with restaurants a lot because the QSR’s have a better understanding of their brand What is the benefit from copacker innovation?: more minds, bigger ideas What trends are you looking for in your innovation?: plant-based foods and high tech plant-based foods Freakanomics – Impossible Foods The Wizard and the Prophet Biggest Challenge the food industry needs to face?: Individual Packaging and sustainable packaging Has this affected your business?: Yes, our customers have made commitments to packaging We’re making small increments and I think it will accelerate Doe sit matter that face companies are pushing sustainable packaging?: Yes, actually, Styrofoam cups are not as popular anymore What is one thing in the food industry you’d like to know more about?: Learning more about the cell-based meat area. Paul Shapiro’s book Clean Meat How did you get into food?: Food Network, Emeril but especially Alton Brown. Dr. Susan Braska IFT Alamo IFT What books do you repeatedly read?: The Secret by Rhonda Byrn. It helps you get out of your own way Book of the Five Rings Who Moved My Cheese? Five Dysfunctions of a Team Do you have any advice on how to succeed in the industry?: Find what you’re good at and what you can do in which no one else can do. It can take 5-6 years.       Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's episode is with Jaime Snydel, Founder of Simplified Superfoods. A direct to consumer smoothie pack business where you can enjoy a delicious smoothly with just ice, fresh fruit, and a pack of Simplified Superfoods. After the pandemic hit, I started to post in a few food startup groups if they’d like to be interviewed. It was my impulsive way of giving back. My Food Job Rocks now does have a bit of a barrier of entry just because I get so many PR inquiries so this was an opportunity to ask businesses who might not have made it, about what’s going on in their world. So I have a couple of interviews where I talk to businesses that are a bit new and interview them. This is one of them and I learned a ton from this. I think it’s always refreshing interviewing people who’ve just started because the idea of how they started and what resources they use is just so fresh in their head. One of the most valuable things in this interview is where Jaime talks about her time in the Hatchery, one of Chicago’s best food incubators. If you’re thinking of starting a food business, you might want to think of looking into resources such as this one. This episode was also recorded about 3 weeks ago so Jaime tells her side of how the pandemic is affecting her business. Sponsor for the Episode: WeStock Grocery is changing daily due to the current environment and we know it is an uncertain time for your brand. At WeStock we are working to help our brand partners continue to grow even now. WeStock streamlines the request process providing your brand with consistent retail leads and gives you the insights needed to grow your business. Learn more at WeStock.io and use promo code MyFoodJobRocks for 25% off your first year. Show Notes When someone asks what you do for a living, what do you tell them in a sentence or less?: I make smoothies We sell sachets and bulk bags that have all the powders How do you know about health?: Education is powerful. What I eat helped me get out of the hospital multiple times Mark Hymen When did you start to be an entrepreneur?: I started in Trunk Club based in Chicago. After it got bought out, I didn’t know what to do next. People started to ask me about smoothies so I started making smoothies The Hatchery - Incubator Fancy Food Show How to Start a Food Buisness – Hatchery Worboy’s Design in Denver My Food Job Rocks: When you’re small, you can interact with the people who buy your product and I feel like it’s important. The community of people in food is always willing to help| How are you dealing with the pandemic?: It doesn’t affect me too much What trends are popping up iin your sales?: Immunity How do you make a peanut butter and jelly smoothie?: Chia/Hemp, Almond Milk, Spnaich, Frozen Strawberries, Peanutbutter For Spinach: Steam first, then freeze Vitamix Ninja What is one piece of advice for someone who wants to start a food business? : Everyone in this space is a copetitor not a competitor Instagram: @simplified_superfoods Jaime@simplifiedsuperfoods.com     Learn more about your ad choices. Visit megaphone.fm/adchoices

After the pandemic hit, I started to post in a few food startup groups if they’d like to be interviewed. It was my impulsive way of giving back. My Food Job Rocks now does have a bit of a barrier of entry just because I get so many PR inquiries so this was an opportunity to ask businesses who might not have made it, about what’s going on in their world. So I have a couple of interviews where I talk to businesses that are a bit new and interview them. This is one of them and I learned a ton from this. I think it’s always refreshing interviewing people who’ve just started because the idea of how they started and what resources they use is just so fresh in their heads. Today we have Michael Mitchell, from Acari Fish. This is a bit of a short episode but it brings some interesting perspectives. How do you turn trash into treasure? In this case, Michael shares with me the devil fish of Mexico and how he found an opportunity to turn it into Jerky. Properly named, El Diablito Jerky. I also found it fascinating the global political confusion when it comes to selling catfish products. Enjoy! Sponsor for the Episode: WeStock Grocery is changing daily due to the current environment and we know it is an uncertain time for your brand. At WeStock we are working to help our brand partners continue to grow even now. WeStock streamlines the request process providing your brand with consistent retail leads and gives you the insights needed to grow your business. Learn more at WeStock.io and use promo code MyFoodJobRocks for 25% off your first year. Show Notes El Diablito Jerky Armored Catfish Big Ideas Social Venture Competition Global Social Venture Competition Vietnamese Catfish FDA controls all seafood USDA actually controls catfish How did the pandemic affect your sales?: It canceled sales plans usch as demos but luckily we have a shelf-stable products We're also trying influencer channels: We’re testing keto/gluten-free fitness influencers What advice would you give someone in the CPG industry?: Keep battling. There’s a lot of challenges. The community for the Startup CPG community is extremely well-connected Naturally Network Webinars Acarifrish.com Follow us on Instagram and Canada Article at the end of the episode Learn more about your ad choices. Visit megaphone.fm/adchoices

Sari Kimbell is a food business consultant who helps people from the idea stage to getting into retail channels. She runs the website, food business success. Sari's experience being a broker at Whole Foods and running a commissary kitchen makes her an expert in understanding the challenges and needs to starting a food business so I ask her some pretty real questions. I try to ask super blunt question like how much money do you need to start and Sari does an excellent job really honing in on the endgame, or goal. We take a dive deep into maximizing margins before even launching your product, sell sheets and price sheets and how to use them properly, and things like that. A disclaimer is that this interview is before the pandemic and we talk about ecommerce! Though the game has changed, I think Sari’s advice is still very valid. Perhaps the only outdated thing is something I’ve said. There’s a comment that I don’t buy food online and IT’S STILL TRUE. I might have bought maybe a couple of food items from Amazon, but that’s all. If you want to know more about Sari’s offerings, check out our shownotes for this episode About Sari Sari Kimbell has held just about every position in the CPG food industry from grocery buyer to selling local produce wholesale into stores, running a commissary kitchen to starting her own food business and helping food brands get off the shelves as the Marketing Director at Whole Foods Market. In 2015 she launched Sari Kimbell Consulting with a mission to help packaged food and beverage entrepreneurs start and scale profitable businesses. When she isn’t working on pricing and projection spreadsheets or go-to-market strategies, her passion is to help the “I just have an idea” entrepreneurs navigate the tricky food industry. This includes a number of women and English as a second language entrepreneurs wanting to bring their delicious ideas to life. As a consultant at her local Small Business Development Center,  Sari explored their pain points and built up a bank of resources for those who were committed to bootstrapping their business (ie: figuring it out themselves).  Her goal is to help more startups launch and scale up, and in 2019 Sari introduced Food Business Success™ that provides online courses and accelerators that combine self-directed learning with one-on-one business strategy sessions or group calls to answer specific questions and provide accountability to help this early stage entrepreneur. Food Business Success has a ton of great resources you should check out if you're considering starting a food business. Including a Free Masterclass for Farmer’s markets and a 21 week accelerator program. Sponsor for the Episode: WeStock Grocery is changing daily due to the current environment and we know it is an uncertain time for your brand. At WeStock we are working to help our brand partners continue to grow even now. WeStock streamlines the request process providing your brand with consistent retail leads and gives you the insights needed to grow your business. Learn more at WeStock.io and use promo code MyFoodJobRocks for 25% off your first year. Show Notes Alli Ball Consulting We’re similar but we have different niches. Sari focuses before you start, Ali is later in the game What's your history?: I was a whole foods market buyer, vendor onboarding. I found my passion to help really early stage entrepreneurs. I then managed a commissary kitchen Food Business Success What would you tell someone who has an idea?: Really focus on why you want to do it. Do you really have a  deep drive or conviction of doing this? What should your budget be in starting a food business?: Depends on the goal. Farmers market or national push? Cottage Food Laws Questions to ask: What’s your launch strategy? Avery Labels Online Labels.com Uline Packaging Do you have any success stories on people working in stores?: You kind of see what people are made of. You have to plan well in advanced for those capital needs. Numbers don’t lie. They hurt, but they don’t lie. I have a Pricing for Profitability course COGS – Cost of Goods For workshops, I generally throw a number on when you should pay yourself: $250,000 dollars. People are aghast when you hear the numbers. Unfortunately, profitability is small competition is high How do you convince a store how to take on your product?: What’s in it for your buyer? Sell Sheets – a professional sell sheet is super important It usually takes 9-12 months for a buyer to re-evaluate a category in a big store Sell-sheet Price sheet Online Retail Market Goldbelly Bubble Thrive Market People generally don’t buy from people’s websites. When was the last time you do? (answer for me is never) Wholesale: FAIR and Hubba Expo West was canceled When should you go to a trade show?: Go beforehand and walk it. Most food shows have the same structure Eat Colorado Food Show Some tricks: Have a private party in a suite or a booth Connections in the industry are also super important. Not just buyers For more awesome content Food Business SuccessOr Sari Kimbell Consulting Youtube Channel Instagram @FoodBizSuccess Learn more about your ad choices. Visit megaphone.fm/adchoices

For those of you who don’t know Gary Nowacki, he built TraceGains, a very popular supply chain management software that allows you to digitize your documentation. For those of you in product development, you can see how useful this is. But TraceGains does so much more than just digitize paperwork, it’s a network, so it becomes valuable when it comes to understanding how to navigate through the pandemic. You’ll learn a lot more about TraceGains during this interview. Learn about how Gary found the opportunity of digitizing the spec sheets, about how Gary transitioned from programmer to Sales Manager, and also some sage career advice on how to find what you’re good at. It’s more about doing something than saying something. Also note, My Food Job Rocks has had several collaboration opportunities with TraceGains. I was a guest on Gary’s own podcast where he interviews experts in the food industry, I’ve had the VP of marketing Mark Simony, and we've collaborated on several guest posts. Collaborations with TraceGains Adam Yee on Gary’s podcast – CtoC podcast VP of Marketing - Mark Simony on My Food Job Rocks Blog Post -  The Seeds Have Been Planted For Meat and Dairy Alternatives Blog Post -  The Five Biggest Mistakes in Product Development Blog Post -  Sustainability is Here to Stay Blog Post - Consumers Support Stronger Supplement Regulations Blog Post - Top Five Food and Beverage Trends for the New Year Show Notes What is TraceGains?: We’re a software company and connect ingredient and packaging suppliers. We are supply chain management software and we’re increasingly expanding our platform. Before TraceGains, people were using faxes, emails, etc. Now, everything is digital and we found an opportunity there Why did you look into food? Was that your industry?: I was in the ERP/shipping tracking business and most of my clients were food. We felt the world needed supply chain trading When did you know that you were gaining feedback: consistent praise that their product solved a lot of problems. Crossing the Chasm book Early Adopters David Benzaquean – Ocean Hugger Foods Sushi Best chicken nugget on Food Network - plant-based hybrid nuggets Barry Nalebuff – Honest Tea co-founder Seth Goldman Mission in a bottle Why Does Your Food Job Rocks?: I really like to build things. If you want to build something, you need to make something truly exciting and can build things in a unique way. What about Pandemic stuff?: We did a survey with our customer base. We asked how this pandemic affects your business 18% of our customers believe this is neutral 11% have a negative effect 71% has a positive effect The negative effect affects companies in food service and selling B2B significantly Small Companies are doing pretty fine but startups who just started might be getting crushed. Some small companies are getting 600x orders but the small companies can’t really fulfill the order. Elaine Watson article about data and plant-based products Impossible Foods Recent Raise It’s always good to have a job in food because people have to eat Helen Timothy We acquired a company in the dietary supplement space and I’ve been getting a lot of media inquiries about that Health Notes What you’re Feeling is Grief This is a Human Tragedy What advice would you give people in the food industry?: Really reflect how consumer behavior has changed. Look at your stock and evaluate Where can we find you? Tracegains.com My podcast is called CtoC or Conception to Creation email me: gary.nowacki@tracegains.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we have Christine Rico, the consulting CFO for CFO on Speed Dial equips business owners and entrepreneurs with the accounting and financial strategies needed to maximize both profit and social impact. We dive into what loans are good and what loans are bad and how to really think about it. You’ll learn some cool resources like the Small Business Development Centers, or KIVA, or what a bridge loan is. We also talk a lot about Business Plans and current events. How did Christine spend time with her clients during the great shutdown in New York? Though this episode was recorded a week ago, I’ve asked Christine to give me an update today. So if you’re a small business struggling in this environment, stay toward the end. We frontload this episode with the strategies first, and then learn a bit more about Christine! About Christine Christine Rico is a financial consultant, business growth expert and social entrepreneur who got her start in financial management while keeping the books for Cooperative Home Care Associates in the Bronx, NY more than 20 years ago. (Cooperative was then a startup and is now the country’s largest worker-owned business) At CFO on Speeddial, Christine & her team help business owners set and reach financial goals and build companies that are making a positive social impact on their communities with a focus on healthy, local and sustainable food products. To address the sudden shift in business due to the Corona Virus, CFO on Speeddial is focused on business resilience:  the pivot points, cash needs and overall strategies business owners can use to adapt, survive and thrive in 2020 and beyond.  Christine is also co-Chair of the board of Slow Money NYC and a mentor in the Food Future Co accelerator. Show Notes #OMGCPG Facebook Group When someone asks what you do, what do you tell them in a sentence or less?: I help the finances of many food companies What is the million dollar mark?: It’s an arbitrary number but with the margins of the industry, it’s hard to afford a deep level of financial support earlier than that My pricing should be around 2% or less of your revenue How does a CFO help a business?: We see Profit First professionals group Mike McCallowitz What are the most common pitfalls for a balance sheet?: Usually excessive debt (credit card, accounts payable, bank debt) Some debt is good debt An example is a loan versus a salesperson Bridge Loan Stimulus Bill Bad loans are generally NOT transparent Good Loan Sources: KIVA a nonprofit social enterprise lender SBA Loans can take a long time (Small Business Development Centers help a lot) Before you think about finance, work on your business model 5 financial fundamentals Figure out your business plan first then match the money to the model Timeframe, scope, and what you’re building is very important No Business Plan Survives First Contact Business Canvas How many people get Forecasting wrong?: Everyone. For us, we have to take 6-8weeks to make a model fit for you SLOW Money Biggest thing to cut in a recession: salaries and rent payments Figure out February and March weekly expenses and go from there Communicate with your loan people Look at the biggest number you got and make it smaller Four and Twenty Black Birds Carlitos Cocina (Vending Machine) Bodegas are still running because they still have food Korean Markets (Corner Vegetable Stores) are also stocked Bodega tech company gets ousted My Food Job Rocks: I love the diversity of clients Where can we find you? CFOonSpeedDial.com Learn more about your ad choices. Visit megaphone.fm/adchoices

We have returning guest Cesare Varallo, an Italian lawyer who is the global advisor on food safety, food labeling, and food regulatory issues talk about what's happening right now. More specifically, he’s a crisis consultant for food and one would say we’re in a crisis. I wanted his perspective on the pandemic because well, he’s in Italy, and also because Cesare interacts with so many global players. Though I learn a bit about what’s happening in Italy, for my own curiosity, this episode shines from a systems point of view. When the pandemic happens, what are the chain reactions that happen> And how many are driven by fear? We dive into that and it’s quite interesting. A quick disclaimer is that neither of us are experts on COVID from a health perspective so our point of view is just our observations. Please do your part in researching things in terms of news of the pandemic. This is considered a piece of knowledge, specifically, economically. Enjoy and stay safe out there. General Topics Include -How are you? -How is Italy? -How is it affecting businesses? -How is it affecting food supply chain? -How is it affecting exports? -How is it affecting food safety? -What are companies doing? -Ecommerce and remote work perspectives Show Notes Bloomberg article Where do you get your information?: I usually read financial data to get more economic perspectives Financial Times Guardian I try to get the news from all the angles I read a ton of studies about COVID-19 Cesare’s LinkedIn profile Learn more about your ad choices. Visit megaphone.fm/adchoices