P29: Fatheadz… How Uncle Rico survived Bankruptcy & Built a BiG Business 😎
Video & Audio of Our Call:
Background:
Rico Elmore is a seasoned entrepreneur, budding philanthropist, and founder and CEO of Fatheadz. Growing up in his family’s general contracting business instilled an entrepreneurial spirit in Rico from a young age. Working in various industries after completing school, Rico founded Fatheadz in the mid-2000s in response to his discouragement of the lack of plus-sized sunglasses that fit him comfortably. After nearly two years of patience, perseverance, faith and a little bit of luck, Fatheadz took off in 2008.
Since becoming financially able, Fatheadz has been involved with causes like Frames for the World, the Julian Center, Folds of Honor, Indiana District Assemblies of God, local law enforcement branches and more. Rico firmly believes in giving back and supporting others in any way possible.
Today, Rico is living proof that crazy ideas do work, and to never give up on your dreams. Fatheadz has evolved into an eyewear powerhouse as the brand has entered strategic partnerships with some of the world’s largest retailers. With more than 200 unique product offerings for men and women of all head sizes, Fatheadz products now can be found in more than 5,000 stores and counting.
Time-Stamped Show Notes:
- [1:22] Rico Elmore is the founder of Fatheadz Eyewear, which he started in 2004. The reason why he created Fatheadz is that he always had a hard time finding eyewear that could fit him.
- [3:52] In terms of the size, they have 20 employees with over $10 million in revenue.
- [5:36] Having a hundred thousand dollars in the bank, Rico was able to start his company, Fatheadz.
- [8:58] During the early days of the business, Rico was thinking if he was still doing the right thing.
- [10:15] In 2005, the company experienced a major setback with its injection molding tools for creating their eyewear.
- [13:42] WalMart found out about Fatheadz through an article written by Indianapolis Star.
- [16:43] Austin and Rico talk about reaching out and promoting your business when the opportunity arises.
- [19:17] When USA Today picked up the article done by the local newspaper, Rico gained some popularity.
- [21:23] Rico shares his very interesting story on how his products got into Walmart.
- [29:01] They didn’t make a profit for the first 7 years of the company.
- [32:15] After landing the deal with Walmart, their next plan was to diversify into the independent optical shops.
- [33:11] Rico reveals the biggest lessons he learned from running Fatheadz.
- [35:20] The goal of the company was to be 100% made in the US. Rico also wanted more control of the business, which is one of the main reasons why he wanted everything manufactured in the US.
- [37:25] For people who want to find manufacturers overseas, Rico offers some tips and suggestions.
- [38:50] Even though they plan to manufacture all their products in the US, they wouldn’t change the pricing of their eyewear.
- [40:40] Fatheadz is starting a “Try 5 for Free” program that everyone could check out online.
Fabulous 4 Questions:
- 📖📚 Favorite Book(s)? Into the Fire by Dakota Meyer
- 🙌😎 Favorite Amazon.com purchase? All of the items for our studio we built
- 🌱💸 Favorite Tool that's GROWN your Business? Web page Software
- 💭💡 BIGGEST Challenge keeping your Business from GROWING? Capital
Key Point from the Interview:
- “Never quit. Just keep fighting. If it’s something that you believe in enough to start it, you better believe enough in it to keep going and to fight through everything you have to make it happen.”
Resources Mentioned:
- LinkedIn: RicoElmore
- Twitter: @RicoElmore
- Instagram: @RicoElmore
- Facebook: @fatheadzeyewear
- YouTube: Fatheadz TV
- RicoElmore.com
- How Rico Elmore, a Former Truck Driver, Found His Niche Developing Sunglasses to Fit All Head Sizes
- Fatheadz Shifts Their Production to Support the COVID-19 Response
- Fatheadz Eyewear – Manufacturing PPE for Healthcare Workers
Secret Resources:
