Question
How did Michael Wystrach grow Freshly to a $1.5 billion exit starting with $15 and debt?
Response
Michael Weistrach, speaking in the Asking NY Billionaires video, said he was not from money. He had $15 in his bank account when he started the business at 35, after an earlier company had gone bankrupt. He also carried about a million dollars in debt that he had to pay off within three years, which gave him a strong sense of urgency. He said the business already had some product-market fit when he decided to go all in. He started with 100% ownership and, after taking on investors, sold the business for $1.5 billion while owning about 10% of it. He credited relentless data focus and Meta ads for growing the company to $550 million in sales in a little over five years. He also said the first step is to stop wishing and decide to act.
Sources & references
- 01Asking NY Billionaires If They Believe in God!7:19(opens on YouTube in a new tab)
I had $15 in my bank account when I started the business. I was 35 when I started it.
- 02Asking NY Billionaires If They Believe in God!7:32(opens on YouTube in a new tab)
I had a million dollars in debt that I had to pay off.
- 03Asking NY Billionaires If They Believe in God!7:38(opens on YouTube in a new tab)
We'd already had some product market fit and I said, well, we got to go.
- 04Asking NY Billionaires If They Believe in God!9:09(opens on YouTube in a new tab)
Sold the business for 1.5 billion, owned 10% of it.
- 05Asking NY Billionaires If They Believe in God!8:00(opens on YouTube in a new tab)
The key is you got to stop wishing and you got to decide.