Read on Twitter
Every night with dinner, I drink a Black Raspberry Polar Seltzer. Last night, I decided to Google their beginnings – every “gritty” entrepreneur MUST read this thread.
This carbonated water empire is built on the back of creativity and grit.
This carbonated water empire is built on the back of creativity and grit.
For starters, I don't spend my time studying AirBnB, SNAP, and Uber.
Why?
Because I'm like 99.99% of you. I need (and want) to make a profit. I'm also not into "winner-take-all" businesses that get too much press for losing cash.
Why?
Because I'm like 99.99% of you. I need (and want) to make a profit. I'm also not into "winner-take-all" businesses that get too much press for losing cash.
Back to Polar Beverages...which was founded in 1882 in my home state (MA).
The grittiness in their culture is obvious. Ralph Crowley is the 4th generation Crowley to head the company and believes...
The grittiness in their culture is obvious. Ralph Crowley is the 4th generation Crowley to head the company and believes...
1. The first generation starts a business from nothing
2. The second generation expands the business
3. The third generation (spoiled) destroys it
He's done the exact opposite.
2. The second generation expands the business
3. The third generation (spoiled) destroys it
He's done the exact opposite.
Polar noticed some of the bigger beverage companies (Coke, Pepsi, Etc.) we're targeting their 45% market share.
Most would try to sell and "take their money and run".
Not Polar. They are gritty and creative.
Most would try to sell and "take their money and run".
Not Polar. They are gritty and creative.
What did Crowley do?
He did exactly what his forefathers did. Got creative and profited in a big way.
He instructed members of his sales team to start cold-calling cutting edge beverage brands to place investments in them.
He did exactly what his forefathers did. Got creative and profited in a big way.
He instructed members of his sales team to start cold-calling cutting edge beverage brands to place investments in them.
He established a "Private Equity Arm" of his carbonated water company.
In the mid 2010s, Polar made an investment into Bai Waters...
In the mid 2010s, Polar made an investment into Bai Waters...
In 2016 Dr. Pepper Snapple paid $1.7B to acquire Bai Waters from Polar with only $120MM in sales.
Turning a 4th generation water company into a private investment company to profit off of Coke, Pepsi, and Dr. Pepper is the kind of businessman I want to be.
Turning a 4th generation water company into a private investment company to profit off of Coke, Pepsi, and Dr. Pepper is the kind of businessman I want to be.
Now, top private equity investors consistently try to invest with Polar because they have gotten so good at finding emerging beverage companies and turning massive profits.
It's hard to imagine the 1st generation of Crowley’s concocting a private investment company out of a carbonated water operation – but that’s what happens when gritty, profit focused entrepreneurs face a problem.
