What Can You Learn From Siete Chips Success?

In today’s video, Matt is reviewing a video that goes over three takeaways from the success of Siete Chips. The problem is Matt doesn’t think the takeaways are relevant to most business owners. Watch the video to make the decision for yourself.

There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!

Video Transcript: 

Business Advice Video:

How can you turn a side hustle into a billion-dollar company? Just ask the Garza family, who grew Siete foods from a single grocery store to a household name in just ten years. Find someone to take a chance on you. For the Garza’s, that’s someone worked at an Austin grocery store called Wheatsville Co-op. 2 Put yourself in a position to get lucky. They really wanted to get into Whole Foods, but every time they tried they were turned away. Finally, a Wheatsville shopper who happened to know the CEO of Whole Foods randomly mentioned their product. They got lucky. Three, no one to cash in. Pepsi recently announced a deal to acquire Siete Foods. The price? $1.2 billion.

Matt’s Review:

I don’t know how much you can actually do with these tips. One, find someone to take a chance on you. Well, I guess you’ve got to have something for them to take a chance on first, and then you’ve got to present it, and then you’ve got to be lucky enough to find somebody in the network that you can connect with to do that. As opposed to just being self-reliant and building yourself up, that’s a much more sure-fire path than finding someone to take a chance on you. Getting lucky, yes, get lucky. That’s great if it happens, but I’m not sure how that’s usable advice. And then know when to cash in. That is an entirely personal decision, right? What is your goal? What are you trying to do? What is your long-term vision? And if somebody had come along in the very early days and offered them half a million dollars for the business, that might have been okay for them at that point. Instead, they grew it and waited and got a $1.2 billion deal. Was that the right move? Presumably, if they said yes to it. But you could also argue maybe they should have held on and later they could have sold for 4 billion. None of these advice points are very useful or practical for anybody to actually take advantage of. Especially get lucky. I don’t know what you do with that. And know when to cash in. That, I mean, yes, have some goal and exit in mind. But you know, if they’ve only been around 10 years, it seems like they, I don’t know. Why they decided 10 years in was long enough in the business? The number was just too good to walk away from maybe. But I don’t know how this advice is going to help anyone besides this very specific example. You can’t really do anything directly with it.