• Poppi's $1.95B Exit: Who Really Won and What the Media Got Wrong
    Jul 14 2025
    Poppi's $1.95B exit is being hailed as the new "North Star" for food entrepreneurs – but Sarah isn't buying the headlines.When she dug into the reported investor returns, the math literally doesn't work. Forbes reported returns that would individually equal the entire acquisition price – a mathematical impossibility. But if major publications can't do basic math on these deals, what else are we getting wrong?With $39 million invested over seven years to fuel Poppi's rapid growth from Shark Tank to nationwide distribution, this wasn't a bootstrap success story. Sarah traces the money trail and questions who actually won in this deal. Was it the founders who built the company, or the investors who funded the journey?As more independent food brands get absorbed by giants like PepsiCo, entrepreneurs need to know the real financial playbook – not the fairy tale version making headlines.All findings discussed in this episode are opinions based on publicly available reporting. We've compiled every article, press release, and data source we referenced so you can do your own research and draw your own conclusions.Food Republic: Mother Beverage/Poppi, here’s what happened after Shark TankThe Wall Street Journal: Small Investor Group Scores 88-Fold Return in Poppi SaleSpace Funding: How $105,000 Invested in Poppi Turned Into $9.5 Million: The Power of Early-Stage InvestingFood Navigator: Poppi closes $13.5m funding round led by CAVU Ventures and backed by celebrity investors: 'Poppi is the modern soda for the next generation'Forbes: Viral TikTok Prebiotic Soda Brand Poppi Raises $25 Million Series B To Expand Nationwide Through DSDTaste Radio: How A Four-Letter Word Sparked Poppi’s Billion-Dollar TrajectoryBevNet: Best of 2023Forbes: Poppi Investors Russell Westbrook, 24KGoldn Cash In On $2B PepsiCo DealPress Release from Pepsi Co.Join The Good Food CFO Community: Follow us on Instagram: @thegoodfoodcfo Connect on LinkedIn: @sarahdelevan Watch on YouTube: @thegoodfoodcfo Become a Member: BABOYOT This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    46 mins
  • BABOYOT with Joe Nicchi of CVT Soft Serve: Packaging Innovation, Avoiding Trends, and the Power of Luck
    Jun 30 2025

    What happens when nostalgia meets innovation? Sarah sits down with Joe Nicchi, founder of CVT Soft Serve, who transformed a simple craving for East Coast soft serve ice cream into a nationwide success now in 3,000 stores.

    After investing $150,000 in a vintage 1961 truck to bring authentic East Coast soft serve to LA, Joe spent years building cult-like brand loyalty. Then came the pivotal moment: when Jeff Bezos installed CVT's machine in his home, Joe realized he needed to democratize access to quality soft serve. Enter his revolutionary solution – soft serve pouches that deliver the truck experience anywhere, no machine required.

    Sarah and Joe explore essential strategies for emerging food brands:

    * Protecting margins like "your life depends on it"

    * Building regional brand loyalty before retail expansion

    * Innovation through packaging, not trendy product flavors

    * Landing on shelves without traditional trade spend using velocity data

    * Being open about your vision to leverage unexpected opportunities

    From breast milk storage bag prototypes to venture backing (you read that right!), Joe's journey proves that sometimes the best business opportunities come from solving your own problems – and being willing to admit when luck plays a role in success.

    Learn more about CVT Soft Serve

    Website: CVTsoftserve.com

    Instagram: @cvtsoftserve

    Join The Good Food CFO Community:

    Follow us on Instagram: @thegoodfoodcfo

    Connect on LinkedIn: @sarahdelevan

    Watch on YouTube: @thegoodfoodcfo

    Become a Member: BABOYOT



    This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    45 mins
  • Answering Listener Questions: What Does My Inventory Turnover Mean? (And Why It Matters for Cash Flow)
    Jun 23 2025

    Your inventory numbers are telling a story - but do you know how to read it?

    In this episode, Sarah answers listener questions about inventory turnover ratio - the metric that reveals whether your products are converting to cash or quietly draining your resources.

    She shows how to turn a confusing ratio like "2.75" into clear insights - that inventory turnover ratio means it takes your business 146 days to sell through the product on your shelves. The eye-opener: Sarah shares how a rapidly growing meat company with impressive revenue was hemorrhaging cash because they had eight months of chicken inventory collecting freezer rent.

    Listen in to learn:

    • Step-by-step calculations for both accrual and cash-based businesses

    • Why industry benchmarks miss the point

    • And how to interpret your number based on lead times, growth plans, and cash runway.

    Essential listening for food entrepreneurs ready to make data-driven inventory decisions that protect cash flow.

    BABOYOT Member Spotlight:

    Amber Stevenson of Rosebud's Real Food

    Learn more at www.rosebudsrealfood.com

    Join The Good Food CFO Community:

    Follow us on Instagram: @thegoodfoodcfo

    Connect on LinkedIn: @sarahdelevan

    Watch on YouTube: @thegoodfoodcfo

    Become a Member: BABOYOT



    This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    46 mins
  • BABOYOT with Ilay Karateke of Bezi: Data-Driven Strategy Over VC Dollars
    Jun 16 2025

    What happens when you choose to 'control your growth' instead of racing to expand? Sarah sits down with Ilay Karateke, co-founder and CEO of Bezi, the labneh brand redefining growth through meticulous data collection and strategic expansion.

    Ilay shares her unconventional approach: launching direct-to-retail in handpicked New York stores, doing her own distribution, and running 5-10 demos weekly while tracking every data point. Every retail partner and expansion move is calculated to maintain profitability while building brand equity.

    The conversation reveals practical strategies for cash flow positive growth:

    • How Bezi operates without brokers or distributors

    • Why premium retailers outperform bodegas for brand positioning

    • Using demo performance data to drive every expansion decision

    For founders questioning whether strategic growth can compete in today's rush-to-scale environment, this episode proves building on your own terms creates sustainable momentum.

    Learn more about Bezi

    Website: Eat Bezi

    Instagram: @eatbezi

    Join The Good Food CFO Community:

    Follow us on Instagram: @thegoodfoodcfo

    Connect on LinkedIn: @sarahdelevan

    Watch on YouTube: @thegoodfoodcfo

    Become a Member: BABOYOT



    This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    1 hr
  • Answering Listener Questions: What Google Gets Wrong, Why Your COGS Don't Match Reality, and When Tiered Pricing Makes Sense
    Jun 9 2025

    You asked, Sarah is answering! We love these listener Q&A episodes, and today's cost of goods sold questions are absolute gold.

    First up: When Google gives you two different definitions for the same term, which one should you trust? Sarah breaks it down and explains gross profit margin vs. net profit margin and which should be your starting point for healthy food business cash flow.

    Then, we hear from a food founder who thinks they're "double charging" themselves for labor. Spoiler alert – they're not, but Sarah's explanation about theoretical COGS versus actual P&L numbers will probably change how you think about your own spreadsheets.

    The episode wraps with insights from a recent live Q&A where tiered pricing sparked a fascinating conversation among members. One founder wants to simplify their pricing structure due to rising & fluctuating costs, while another realized tiered pricing may be a benefit. Hear Sarah’s recommendation on how they should determine their best pricing strategies.

    Keep those questions coming – we read every single email! You can reach us at hello@thegoodfoodcfo.com

    Join The Good Food CFO Community:

    Follow us on Instagram: @thegoodfoodcfo

    Connect on LinkedIn: @sarahdelevan

    Watch on YouTube: @thegoodfoodcfo

    Become a Member: BABOYOT



    This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    43 mins
  • 100 Apply, 2 Get In: Expert Advice on How to Beat the Co-Manufacturer Odds and Create a Bidding War
    May 26 2025

    Ever wondered why finding a co-manufacturer feels impossibly difficult? Sarah sits down with Julia Megson, CEO of ReScale, who reveals the shocking reality that co-manufacturers receive about 100 inquiries monthly but only work with one to two brands from that entire pool.

    Julia's unique background – from auditing over 100 contract manufacturers at Trader Joe's to founding a tech platform specifically for emerging food brands – gives her unparalleled insight into what actually works in co-manufacturing partnerships. She breaks down why this process is more like sales than shopping, and how treating it as a relationship-building exercise can save you up to 30% on production costs.

    The episode uncovers game-changing strategies most founders never hear: why you should delay your co-manufacturing search as long as possible to strengthen your negotiating position, how to use simple email templates that achieve a 65% response rate (compared to the typical 10%), and why creating competition between manufacturers can dramatically reduce your costs.

    Julia also tackles the controversial topic of minimum order quantities, revealing they're often negotiable barriers rather than hard equipment limitations. For founders currently overwhelmed by demand but hesitant to make the manufacturing leap, she provides a clear framework for knowing when you're ready and how to present yourself as the kind of partner co-manufacturers actually want to work with.

    This episode delivers the insider knowledge that could transform your approach to scaling production and building the manufacturing relationships that will fuel your growth.

    Learn more about ReScale:
    Website: tryrescale.com
    Read the Blog

    Join The Good Food CFO Community:

    Follow us on Instagram: @thegoodfoodcfo

    Connect on LinkedIn: @sarahdelevan

    Watch on YouTube: @thegoodfoodcfo

    Become a Member: BABOYOT



    This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    48 mins
  • KeHE Uncovered: Real Case Study of a Food Brand's First Payout
    May 19 2025

    In this eye-opening episode, Sarah breaks down the harsh food distributor chargeback reality that many founders don't discover until it's too late. Using a real-world example of a brand that invoiced KeHE for $68,267 but received only $13,345 (just 19.5%), she dissects exactly where that money went.

    From the surprising "initial PO" payment policy that can delay your first check for 3-6 months, to the specific chargebacks that consumed 80% of a brand's revenue, Sarah provides the financial transparency food entrepreneurs desperately need before signing distribution agreements.

    The episode explores several chargeback categories including intro allowances, free fills, spoilage allowances, and promotional fees – revealing how these can quickly transform an exciting distribution opportunity into a significant cash flow challenge.

    Sarah shares practical strategies for surviving the distribution onboarding process, emphasizing the importance of “velocity over doors” and suggesting regional distributors as potentially more transparent alternatives to national giants.

    Tune in for an essential financial reality check that could save your food business from a costly distribution mistake or help you prepare properly for sustainable growth through distribution channels.

    For content like this delivered straight to your inbox, join our mailing list!

    Join The Good Food CFO Community:

    Follow us on Instagram: @thegoodfoodcfo

    Connect on LinkedIn: @sarahdelevan

    Watch on YouTube: @thegoodfoodcfo

    Become a Member: BABOYOT



    This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    41 mins
  • 40 Successful Years in Food: Financial Lessons from D'Artagnan's Founder
    May 12 2025

    Ever wonder how a food business thrives for four decades without compromising on quality? Sarah sits down with culinary visionary Ariane Daguin, who transformed America's specialty meat landscape with just $15,000 and an unwavering commitment to sustainability.

    Ariane shares the unvarnished truth about building D'Artagnan from the ground up. She walks us through those challenging first ten years managing tight cash flow, explains why turning down certain growth opportunities actually strengthened her business foundation, and describes the strategic "shotgun clause" she used when buying out her partner who wanted to prioritize rapid growth over maintaining quality standards.

    For food entrepreneurs navigating today's rising costs and economic uncertainty, Ariane offers practical wisdom: "Don't panic. Whatever goes down goes back up." She explains why economic downturns can become valuable moments to reassess, reinvent, and differentiate your business from competitors.

    Now mentoring the next generation through her Germinators program while building a new sustainable farm venture with her daughter, Ariane continues sharing insights that food founders won't find in typical business resources. This episode delivers straightforward financial guidance from someone who's weathered four decades of economic cycles while staying true to her founding principles.

    Connect with Ariane Daguin

    AOOA Farm Website: alloneoneall.org

    Instagram: @arianedaguin

    Germinators: Learn More

    Join The Good Food CFO Community:

    Follow us on Instagram: @thegoodfoodcfo

    Connect on LinkedIn: @sarahdelevan

    Watch on YouTube: @thegoodfoodcfo

    Become a Member: BABOYOT



    This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thegoodfoodcfo.substack.com/subscribe
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    47 mins