How a Founder Was Forced to Take Back the Company From His CEO

About 20 years ago, Scott Jordan wanted to solve a very common problem; He needed a way to carry and organize all my gadgets and gear without a “man-purse”. Now taking inspiration from his loyal customers, Scott made SCOTTVVEST the world’s best travel and first digital native clothing company.

In the Small Business Radio show this week, Scott talks about how he was forced to run the company he founded from his CEO and return it to profitability.

Scott Jordan Interview

For the first 15 years, SCOTTeVEST grew only through excellent public relations and referrals from happy customers. He never paid for advertising beyond digital retargeting. But in 2016, when he saw the success that the UnTuckIt shirt had in television, Scott decided to produce his own commercial for $ 10,000. Shortly thereafter, SCOTTeVest purchased television spots; As a result, in 2017 their sales increased by 85%. Scott said that he had thought about how to eventually grow the company and decide to entrust the company to someone to run it. He said that “I was shopping for a jet plane”.

In 2019, as the company expanded its TV advertising, things fell apart. He lost $ 2M and the bank called the loan he had to cover personally. Scott realized that his media vendor was not looking at spending and invested in expensive video production and inefficient television spots. No one was tracking ad spending and results. Everyone was giving them financial credit and “the bills just kept coming”. Scott was forced to run the company.

Like many companies this year, SCOTTVVEST shrunk by 50% during the epidemic. Scott used the time to get closer to his customers by traveling armchairs and not talking about COVID. She also did a series of livestreams with her mother-in-law to talk about the journey. SCOTTeVEST also raised its prices during this period and nobody noticed.

Listen to the entire episode and the fascinating return story of Scott on the small business radio show.

Picture: SCOTTeVEST