In this episode of The Female Founder, Jaime Schmidt, founder of Schmidt's Naturals and co-founder of BFF, shares her incredible entrepreneurial journey and insights on navigating business growth, acquisitions, and post-exit ventures. From starting small in Portland, Oregon, to catching the attention of industry giants like Unilever, Schmidt's story is a testament to the power of passion, resilience, and strategic decision-making in the business world.
Key Takeaways
1. Jamie Schmidt started organically as a creative outlet in Portland, Oregon, a city known for its artistic community. Initially, she focused on developing body care products like lotions and soaps, driven by her passion for essential oils and a limited budget due to being pregnant at the time. The positive response from the community at the Farmers Market validated her products' potential and led to organic growth, eventually leading to retailers approaching her to sell in their stores.
2. Additionally, Schmidt's experience with Unilever expressing interest in acquiring her brand highlights the unpredictable nature of entrepreneurship. Despite not initially planning to exit, she remained open to opportunities and carefully evaluated the potential benefits and challenges of selling her company, demonstrating the importance of flexibility and adaptability in navigating unexpected opportunities in business.
3. Additionally, Schmidt's emphasis on keeping good financial records and avoiding long-term contracts underscores the importance of sound financial management from the early stages of a business. By keeping finances in order and keeping supplier relationships flexible, entrepreneurs can be better positioned for a possible future acquisition or exit. Her financial acumen provides peace of mind and preparedness, key elements in the unpredictable world of an entrepreneur.
Four. Schmidt's post-retirement businesses, including the founding of investment fund Color and media company SuperMaker, reflect her passion for supporting other entrepreneurs and sharing her knowledge and experience. These businesses reflect her desire to give back to the entrepreneurial community and help others navigate the challenges and opportunities of running a business.
Five. Still, Schmidt's emphasis on self-care, hobbies like pickleball, reading, and investing in her sports business highlight the importance of maintaining a healthy work-life balance. Prioritizing self-care and engaging in activities outside of work helps entrepreneurs stay recharged and motivated, leading to greater overall happiness and productivity. Her example is a reminder that success isn't just about business, it's also about personal happiness and fulfillment.
“It's not like I suddenly decided one day, 'I'm going to start a business. Here's my business plan.' It just happened.” – Jamie Schmidt
