098: The Wheel that Lance Armstrong road to Victory (Anne Hed of HED Cycling)

Background on Anne Hed of HED Cycling:

Anne Hed is a lifetime resident of Minnesota. Her history as a business owner began back in the 1980’s, when she raced as a professional triathlete. She completed eight Ironman Triathlons in Hawaii, and met her late husband, Steve, through the sport. He became one of her first sponsors, making the first modern aerodynamic disc wheel for her. Funded in part by Anne’s race winnings, Hed Cycling was born and immediately started doing business out of Steve’s garage.

Along the way, Hed Cycling was awarded several significant patents, securing them as one of the top cycling manufacturers. In 2014, Anne was awarded the Established Business Owner of the Year for Minnesota, by the National Association of Women Business Owners. In 2016, Hed was one of the ten finalists out of 1,400 companies who applied for the 2016 FedEx Small Business Grant. 2016 also saw the debut of the Cervelo P5X triathlon bike – one of the most advanced bicycles in the world – made by Hed in Minnesota. In 2017, they were selected as one of Forbes 25 Small Business Giants, with feature article and video to chronicle their success.

Time-Stamped Show Notes:

[1:19] Anne Hed is the CEO and Co-Founder of Hed Cycling products. They are based in Minessota, where she talks about having the coldest weather and how they try to deal with it and enjoy it at the same time.
[5:54] Anne described the start of Hed Cycling as a unique love story. She met her husband, Steve Hed, when she was looking for a sponsor to help her enter a triathlon.
[7:55] Steve Hed started making disc wheels for bikes and Anne raced with them internationally. After seeing how many people are interested with these disc wheels, she tried borrowing money from the bank to start the business.
[10:24] One defining moment in her life was when she failed to enter the swim team in her school. She found a mentor who taught her how to swim fast. The following year she tried out again and this time she got in and even broke their swimming record.
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[15:56] The rear solid disc wheel was the product that eventually started Anne and Steve’s Hed Cycling company.
[17:48] Steve and Anne wanted to introduce the solid disc wheel to the mainstream public. Back then, this type of bike wheel has a very high price tag. Their goal was to produce and sell these wheels at an affordable price.
[18:55] The first 3 years of their business were very tough financially. They were having difficulties trying to make ends meet.
[20:15] Anne describes how difficult it was during the first few years, but they got through it because they worked as a team, leaning and supporting each other.
[21:37] They first started making the bike wheels in the house/shop until they were able to move to a bigger location, hire a few employees, and grew bigger from there.
[25:43] Hed Cycling made wheels that had the fastest records in Tour de France and they also produce bike wheels that are made for weekend rides with a more affordable price.
[27:00] Anne had a very interesting story regarding Lance Armstrong. As a kid, Lance called Anne asking for a bike wheel. She helped the kid out until Hed Cycling became one of Lance Armstrong’s first sponsors.
[31:48] Steve Hed’s source of inspiration for creating his disc wheel was the famous Italian cyclist Francesco Moser. 30 years later, Hed Cycling got the chance to sponsor Francesco’s son.
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[35:54] Anne told the story of how the company transitioned from producing bike wheels to making bike frames. This was also the time when Steve passed away.
[43:36] Hed Cycling was very fortunate not to encounter too much financial problems. Anne explains that she and her husband have a mindset of not buying beyond their means.
[50:35] She advices entrepreneurs to look for a good accountant and people that you can lean on, in order to push your business forward.
[51:55] Austin and Anne talks more about the Strength Finder test and how it can help in finding and developing your strengths.
[52:49] The future of the company is to expand their knowledge of carbon and diversify into other amazing products.

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Pride and Prejudice by Jane Austen
🙌😎 Favorite Amazon.com purchase? Jura Coffee Machine
🌱💸 Favorite Tool that's GROWN your Business? Traction ( EOS)
💭💡 BIGGEST Challenge keeping your Business from GROWING? China and Asia Wheels