Anderson Brothers Design & Supply Creates New Product Lines with Marcus Lemonis

Entertainment / By


Tankfarm & Co. Facebook

“The Profit” is back tonight! This week, Marcus Lemonis travels to Seal Beach, California to help Tankfarm & Co., a men’s apparel and supply company. The brothers behind the business “clash every day, mistakes are piling up, and morale is fading away,” according to an episode description. Will Lemonis be able to help them?

Visiting one of their two retail stores, which did $530,000 in revenue last year, Lemonis immediately meets owners Mike and John Anderson, who give him a quick tour of the shop. He says the products are very good quality, but he is a bit worried about the margins. The brothers also have a private label company on the side, which did $1.7 million in revenue last year. Several staff members then share how the brothers are often spread fairly thin.

Lemonis travels to their father’s print shop next, which he says is “ultimately where it all started.” They recently did 2,600 shirts in one day and Lemonis likes the family tradition. The group then views a video of John and Mike’s brother Ricky, who they lost to cancer. They hope to celebrate his life.

At their other store in Huntington Beach, which Lemonis wants to close, the duo presents Lemonis with their financials. Lemonis sees value in product development and offers $2 million—$1 million in equity and $1 million as a line of credit—for 50.1 percent of the business. After a failed attempt at a negotiation, however, they ultimately agree to $1 million—$500,000 in equity and $500,000 as a line of credit—for 33.3 equity with Lemonis 100 percent in control.

Lemonis instantly sees the problems with their process when a design on one of their shirts is accidentally inverted. He then views the sales reports for their various brands, some of which do better than others. He wants to better utilize the space so there’s more room for manufacturing and creative development. They re-merchandize the front of the store and Lemonis invites Mike’s wife Candi, who owns a clothing store down the street, to help. She recommends using a smaller table but as she continues to play with the space, John pushes back at her ideas. Lemonis encourages John to let things roll off his back a bit more.

Next, the brothers present Lucille’s Smokehouse Bar-B-Que with some of their artwork. The team recommends that the duo spells BBQ correctly next time and Lemonis tells them to pay more attention to detail. They agree to a design, but Lemonis says he doesn’t view the meeting as a home run. They review the “good, better, best” model next for deciding what to offer in their store. The brothers get into an argument, however, when they disagree over their involvement and responsibility in the business. Lemonis encourages them to “get their sh*t together” and learn to coexist.

Lemonis then goes back to their Seal Beach store, where the employees share that John has been micromanaging and mocking them to the extreme. They add that they would leave if they had other opportunities. Several employees confront John and accuse him of “putting on a show” when Lemonis is there. John quickly pushes back at what they’re saying and says it’s only “half the story.” He ultimately apologizes, however, and looks toward the future. Lemonis tells him to put those words into action.

READ ALSO  Fat Shack Accepts $250,000 From Mark Cuban

John and Mike then continue to create new products and expand on their current ones. The duo then shows Lemonis the newly-renovated Anderson Brothers Design & Supply store, which he praises as “tight,” “spectacular” and much improved. He reviews the clothing next and says it’s still excellent quality. He likes the designs and fabric of Grit and Gravel and says Tankfarm “feels the most complete.” He adds, however, that the last Outsiders brand feels rushed. John says they upcycled. Lemonis says he’s happy with the progress overall and has the entire family help with the grand re-opening of the store.

Finally, Lemonis presents the family with the fourth product line, which honors Ricky. He praises the brothers’ improved relationship and sees a bright future for the company if they continue to work on the “people, product and process.”

See how social media reacted to “The Profit” premiere below:

Social Media Reacts to Tankfarm & Co.’s Appearance on “The Profit” Premiere

“The Profit” airs every Tuesday at 10 p.m. on CNBC.

READ ALSO  14 Ways to Improve Your Product Pitch to Clients and Investors

What are your thoughts on Anderson Brothers Design & Supply’s new product lines? How did you feel about John’s micromanaging? Sound off in the comments section below!

Author: Erica Abbott

View full profile ›





Source link

WP Twitter Auto Publish Powered By : XYZScripts.com
Exit mobile version