Rich Dennis is a philanthropist and a wealthy businessman. He is primarily known as the businessman behind the Sundial Brands-carried SheaMoisture product. Richelieu established Sundial Brands to serve an underserved ethnic group in the US with natural and pertinent cosmetic items. The goods produced by Sundial are now so well-liked that they are sold all over the world. Richelieu attributes his family’s support, especially his grandmother, whose recipe and method of making shea butter served as an inspiration for him to start the company Richelieu Dennis runs today.
Cling tightly to equity
Before any outside party acquired any portion of the company, Sundial Brands had been operating for roughly 25 years. Dennis revisits many of the choices he made at time, but he never gives the option to keep equity a second thought. When Sundial Brands Unilever, Richelieu Dennis and his mother owned 51% of the company. When you have anything of value, you want to hold onto that for as long as you can, Dennis adds. You don’t want to give that away, and you certainly don’t want to give it away for financial gain. As challenging as it is to obtain financing in our town, exchanging it for shares is expensive, he says.
Do Not Modify Your Mission To Appease Investors
Why should investors who probably don’t understand the problems the founders are trying to solve with their products urge them to change the basics of their businesses if the founders grasp the issues their products meant to solve? Outside investors will rarely understand the problems of the target customers and entrepreneurs behind those marketed to women of colour. According to Dennis, it would alter a brand’s core values for an investor without having this understanding. He claims that authenticity is “the very reason brands are successful,” particularly in relation their points of uniqueness and the products and services they give to customers.
Consider Your Market And Message Boldly
Dennis names two choices taken at Sundial Brands that he wishes he could go back and change. With the mass market haircare brands Nubian Heritage and SheaMoisture, the company expanded into the high-end beauty market with Madam C.J. Walker Beauty Culture. Dennis now wishes he had simultaneously attempted to create elite and mass brands. Every one of those venues populated by women of colour who, he claims, “deserve to have things that speak to them within those surroundings and that can solve their challenges within those environments. He could go back in time would have said his concerns more quickly.