Culture Kings founder Simon Beard grew up in Mount Isa, ran a market stall on the Gold Coast and last year cut a deal to sell his company s for more than $600 million. Here’s how.
after cutting a deal to sell the company to US group scooping up retailers called a.ka. Brands. It listed on the New York Stock Exchange, but its shares have slumped around 80 per cent.The hit to their wealth has been buffeted by a decision to sell just over half the business for $307 million in cash. He credits getting good advice from one of his advisors, Peter Hedge.
Their success came from hours and hours of working their stall, and then an eBay store and then brick and mortar retail outlets. Beard credits Tah-nee for turning his fledging operation into a “proper business”. She joined him to help sell products including Schoolie Slippers to school-leavers after losing her job with a car company during the global financial crisis.
They got a lease to a shopfront nearby, after noticing kids would “peel” around the corner and thought they could capture the foot traffic. He hounded the landlord and got attractive terms.
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