8fig understands the pain points of eCommerce entrepreneurs and built their product to relieve that stress.
Alex & Jerry’s 8fig Journey.
Selling an eCommerce store is a life-changing event, and one Alex and Jerry had been dreaming about for years before it became a reality. The married couple were both artists when they first met and fell in love in Chicago: Alex an opera singer and Jerry an actor. They’d put these passions aside for steadier jobs before finding themselves unsatisfied and needing a change.
“After a series of frustrating jobs, we started to realize we were going to need to figure out how to make our own money to provide the quality of life that we wanted,” Alex said. They were also at a pivotal moment in their lives: Alex was pregnant with their daughter and they both wanted to devote time to their growing family.
That’s when Alex and Jerry made the decision to step out on their own and launch an eCommerce business. The couple’s backgrounds as artists would help propel them to success and they were able to build a unique brand that stood out in the competitive kitchenware industry. After becoming an 8fig partner their revenue more than doubled and they’ve successfully exited with a lucrative 7-figure deal in hand.
When we started our business, selling was the pot at the end of the rainbow. It`s amazing to have our dream come true
“When we started our business, selling was the pot at the end of the rainbow,” Alex said. “It’s amazing to have our dream come true. ”
So how did two artists who dreamed of escaping their corporate jobs to take control of their own destiny achieve their dreams in such a short amount of time? Here is their 8fig story.
An Early Focus on Brand Building Led to Massive Sales on Amazon
Kitchenware is one of the most common product categories sold on Amazon today, and there’s a ton of competition in the marketplace. When Alex and Jerry picked this product category, it came with some learning lessons early on.
“We tried a few things that didn’t work at the beginning,” Alex said. “We realized that the way to create something stable and scalable was through brand building.”
The goal of Alex and Jerry’s kitchenware brand was to provide high-end, quality goods that would both last a long time and look beautiful in customer’s kitchens. The duo’s artistic roots came in handy as they crafted a brand aimed at the upwardly mobile woman. For inspiration, Alex would use social media platforms like Instagram to find beautiful content aimed at their target audience.
“We wanted to appeal to working women who might love cooking but have limited time to invest in it,” Alex explained. “A really good kitchen tool can save you a lot of time and make cooking more accessible for busy women.”
After sourcing unique and high-end kitchen products and crafting the brand, it was time to launch. The brand took off very quickly and in just a few months, they had a business on the verge of 7-figures. The problem? Cash flow was becoming a limiting factor as they set their sights on scaling.
We loved 8fig’s inventory-backed approach and the flexibility that came with it.
8fig’s Continuous Capital Helped Both Sustain and Scale Product Demand
After achieving quick success as Amazon sellers, Alex and Jerry learned how tricky cash flow can be for an eCommerce business model. Buying inventory months in advance is difficult to project and fund, and putting orders on credit lines could turn disastrous if a major disruption occurred.
“We’re just a little family running a business and don’t want to put crazy amounts of debt on credit lines,” Alex explained. “I wanted to be really sure we could comfortably pay everything back in the allotted time frame.”
When it came time to fund Q4 inventory in 2019, Alex began shopping around for a funding solution. That’s when her PPC partner Incrementum Digital referred her to 8fig. The continuous capital and adaptability of an 8fig Growth Plan appealed to Alex and Jerry and after meeting with the 8fig team, they signed on in July of 2020.
“We loved the inventory-backed approach and the flexibility that came with it,” Alex said. “What’s wonderful about 8fig is that you can adjust the rate at which you pay back based on sales. When we needed that flexibility, it was huge.”
After 8fig funding, Q4 sales were a massive success. Alex and Jerry’s store grew 118% from $1.7 million in annual revenue to $3.7 million in annual revenue. This exponential increase in sales made their dreams of an advantageous exit deal become a reality in less than 2 years of partnering with 8fig.
A Lucrative Exit Offer Brings 7-Figures and Financial Freedom
Alex and Jerry were able to scale their Amazon business to new heights with 8fig, and aggregators took notice. Although the couple originally didn’t have plans to sell in 2021, receiving multiple offers throughout the year made them rethink their exit timeline.
“There were some opportunities that came our way that made us think more seriously about selling, and one offer was really compelling,” Alex said. “We both realized that after a stressful couple of years, we were ready to de-risk our situation and sell sooner than we originally planned.”
Once Alex and Jerry selected an offer, they closed in a matter of weeks. While many specifics about the exit remain confidential, Alex was able to share that it was a multi 7-figure offer and a dream come true for the couple. Now, she and her husband are excited to devote more time to their family and their artistic passions.
“There’s a big step of faith involved when you decide to create something rather than feel frustrated it’s not there,” Alex mused. “It was a really important turning point for us and although it hasn’t always been rainbows and butterflies, it’s something we’ll continue to do as we figure out what’s next for us.”
As for what comes next? “I’m excited to take a break,” Alex said. “We’re going to go on a few vacations, spend time with our daughter, and enjoy it.”
Are you ready to reach for the stars and unlock your next stage of growth? Whether your goal is to sell your business or continue expanding your brand offerings, 8fig can help you rapidly increase your revenue.
Start by building an 8fig Growth Plan and infusing every stage of your supply chain with our continuous capital. Adjust as you go so your business stays nimble to real-time demands.