339. Kendra Scott: From $500 to a $1 BILLION Empire, $700K Debt Crisis, Shark Tank Secrets & Her Biggest Payday!
This week, Jason is joined by billionaire-dollar jewelry brand founder, entrepreneur, philanthropist, and Shark Tank investor Kendra Scott! Starting with just $500 and a wooden tea box in the spare bedroom of her Austin home in 2002, Kendra turned her passion for jewelry into a company valued at over $1 billion, with more than 170 stores nationwide and over 4,000 employees. Kendra takes Jason behind the scenes of building her empire, from dropping out of college and watching her first business fail to bootstrapping Kendra Scott for 10 years without outside investment. She opens up about the terrifying moment during the 2008 financial crisis when the bank called her $700,000 line of credit, leaving her just 45 days to figure out how to save her business. She also breaks down how the company grew from approximately $1.7 million in revenue in 2010 to $24 million in 2013, securing her first $5 million investment, and the life-changing private equity deal that valued her company at over $1 billion. Jason and Kendra dive into the financial realities of entrepreneurship, including taking on debt, putting everything up as collateral, retaining employees when you can't afford competitive salaries, hiring and firing, executive compensation, and knowing when to bring in outside leadership. Kendra also reveals why she stepped down as CEO, the three-year manifestation exercise that transformed her approach to business, and how she's expanding her empire beyond jewelry with her Western lifestyle brand, Yellow Rose. Plus, Kendra shares what really happens behind the scenes of Shark Tank, what she looks for before investing in a founder, the biggest red flags that make her walk away from a deal, and why even the most passionate entrepreneur doesn't always have an investable business. She also opens up about navigating divorce, raising two young children as a single mother, having just $200 in her checking account for groceries, and the surreal moment she finally achieved financial freedom. From building a billion-dollar business with just $500 to overcoming financial setbacks, creating a company culture that puts people first, and learning the power of surrounding yourself with the right people, Kendra reveals all this and so much more in another episode you can't afford to miss! Subscribe to the Trading Secrets podcast! Host: Jason Tartick Audio: John Gurney Video: Marc Colcer Guest: Kendra Scott Learn more about your ad choices. Visit podcastchoices.com/adchoices