I am a big fan of the ABC hit show Shark Tank
that airs every Friday night. I love seeing the
innovative products and services that these
optimistic entrepreneurs bring to the tank in
hopes of striking a deal with the millionaire
and billionaire sharks. Many lessons can be
learned about money, business, and life from
the tank.
This past week’s episode had an amazing
entrepreneur that gave an excellent example in
the ultimate lesson of positioning yourself for
success. Her name is Julie Busha and her
product is called Slawsa, www.slawsa.com,
a unique slaw-salsa condiment taking the grocery
store shelves by storm. Julie went into the tank
seeking a $150,000 investment for a 15% stake
in her company. But what was so special about
her story? Slawsa is based on an old family
recipe of a former partner of Julie’s that she
recently bought out. In a short time period,
under two years, and working diligently,
she was able to land the product in 5,000 grocery
stores across the U.S. and Canada, including
1,500 Kroger supermarkets. As a result, a media
buzz is happening with features in Entrepreneur,
a sandwich spread article in Rachael Ray’s Every Day
magazine, and NASCAR’s very own Kenny Wallace
promoting the product as “Slawesome”, just to name
a few. Shark Lori Greiner, the “Queen of QVC”,
was amazed at her accomplishments.
What makes this particular story so interesting is
how she and her husband handle money, which
is very inspiring and something to take note of.
As she paused and emotionally explained to the
Sharks about her journey, these are the highlights
of what she said and what I think are key:
– That she and her husband are fiscally responsible.
– Had no college debt since they earned scholarships.
– Bought their first home with half the money lenders approved them for.
– Never paid a penny of credit card debt.
– They practice living within their means.
Julie went on to say that if they had not saved their
money, she would not have taken the leap to become
an entrepreneur. She then explained why all the
money she is seeking will go into inventory because
they are expanding rapidly. Shark Damon John
asked her if she is taking a salary. Busha said, “I am
not taking a salary and am ok with that for a couple
of years.” Then Shark Tanker, Robert Herjavec, was
curious to know how she is able to live. Julie proudly
said, “My husband and I have saved a good amount
of money.” Billionaire Shark Mark Cuban, who once
started out his entrepreneurial career by eating mustard
and ketchup sandwiches and living with five other guys
in a 3 bedroom apartment said, “Good for you.” Cuban
then added, “I love what you are doing, setting the
example for people around the country, around the world.
Give up a little bit, save your money and put yourself
in an amazing position to be successful. You’re an
example like we rarely have in here.”
Although she did not get a deal with the Sharks,
you can hear it in her voice that she will accomplish
her dreams of making Slawsa a household name
and by being a major player alongside the Heinz’s
and Best Food’s of the world. When you work to
save your money and position yourself, you have
total confidence like Julie; unlike the countless
entrepreneurs who walked away angry from the
tank without a deal.
Mark Cuban was very impressed by her story,
maybe because he could relate to it so much.
Cuban said as the new “Queen of Condiments”
walked out of the tank, “The fact that she scrimped
and has no debt, pays off all her credit cards, saved
up enough money to buy into this company and bought
them out is just an amazing example for everybody.”
This is a true example of living with money on your
terms and what it can do for you. I hope Julie’s story
inspires everyone she comes across, and I hope it
inspires you as well. This is what Money On Your Terms
is all about, “Position yourself so you can live on your
terms instead of everyone else’s terms and you will
meet success.”