The Classy Way to Turn Down a $720k Shark Tank Deal Backstage

Kim-Kaupe-

Summary:
In Episode #283 Nathan interviews Kim Kaupe, a Forbes 30 under 30 and co-founder of custom publishing company Zinepak. Zinepak creates fan packs and merchandise for artists and sports teams. They’ve worked with Justin Bieber, Katy Perry, and the Boston Red Sox.  Listen as Nathan and Kim talk googling your way to success, making good investment deals, and Kim’s stint on Shark Tank.

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  • Favorite Book? – Rework
  • What CEO do you follow? — Jim O’Shea
  • Favourite online tool? —  Freshbooks
  • Do you get 8 hours of sleep?— I am
  • If you could let your 20 year old self know one thing, what would it be?— Eat more chipotle and dance more, it’s all going to be okay

Time Stamped Show Notes:

  • 01:30 – Nathan’s introduction
  • 02:15 – Welcoming Kim to the show
  • 02:30 – Started Zinepak in 2011 – found a fantastic niche
  • 03:05 – Latest clients include Justin Bieber and Shawn Mendes
  • 04:04 – Work as an agency – they’ll create the product and sell it wholesale
  • 05:00 – Order size varies from 500 units to 200,000 units
  • 05:20 – Average order would be around 5,000 – 20,000 units
  • 05:41 – Packs sell to the client from $3-5
  • 06:05 – Margin talk
  • 07:01 – Total revenue in the first year was $600,000
  • 07:31 – Started the business after working in corporate for two years
  • 07:50 – “It was pretty much a googling game”
  • 08:50 – “Know what you’re good at and what you’re not so good at”
  • 09:11 – Total revenue in 2015 was $2.8 million
  • 09:20 – On Shark Tank in April 2015
  • 09:40 – “For us it was about moving into fanbases outside the music industry”
  • 10:20 – “We wanted to get 5-10 solid business leads from the show”
  • 10:55 – “You’d be surprised how many CEOs and CMOs watch Shark Tank”
  • 11:45 – Ask on the show was $725,000 for 17.5%
  • 12:30 – Due diligence starts a couple of weeks after the shoot
  • 13:40 – Ultimately didn’t go through with the deal
  • 16:10 – If Nathan and Lisa created a product together, what would it be?
  • 17:05 – Maybe a product to do with goals and structure
  • 18:10 – Maybe exclusive data – delivered at a live event
  • 18:58 – Connect with Kim at her website, or on Twitter and Instagram
  • 21:30 – The Famous Five

3 Key Points:

  1. Know your strengths and weaknesses…and outsource your weaknesses.
  2. Be clear on what you want from an investment partnership. Is your partner bringing anything to the table apart from money? Don’t be afraid to walk away.
  3. Look after yourself and your health. You need to be on top form to take over the world.

Resources Mentioned:

  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
  • Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.

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