You Chose This: Interview with Dave Dickert, Co-Founder and CEO of Branded Bills
I recently went one on one with Dave Dickert, co-founder and CEO of Branded Bills.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks or challenges have been most instrumental to your growth?
Dave: As an entrepreneur, you often hear of the challenges and failures encountered on the road to success. My journey has been no different. In my mid-twenties, I worked my way from a busser to a manager at PF Chang’s. I always had a passion for the restaurant business and thought that would be my life-long career. After about two years of managing, I had the itch to do something different and branch out on my own. It wasn’t long before I joined forces with another guy to take over a franchise coffee shop in Del Mar, California. We had an incredible location a block from the beach, which was right in the heart of downtown. The coffee beans were imported from Hawaii, roasted locally and smoothies were perfect for a post-beach cooldown. And the truth is this: I let all these exciting aspects overshadow the important market and financial conditions of the shop. The reality was this—we were across the street from a Starbucks, rent was north of $8k a month, and Del Mar is great in the summer and not so great for business in the winter. This hard lesson only lasted a year—granted, it was in 2008 and everyone struggled—but the due diligence was not done. Combination of ego and excitement overshadowed all the waving red flags.
As if that was not enough of a punishment and overall humbling experience, I went right back into the restaurant industry with a Greek quick-serve concept in LA. I was still chasing the dream of having a successful food business, and I was determined to be a key part of building it. Again, we encountered similar challenges when opening in food courts in popular malls. We knew rent was high, but we were sold on the number of mall employees and the surrounding areas. While we were mildly successful, opening two locations and supporting the business with a profitable catering company, the challenges we were not able to predict surrounded our local competition. Restaurants came and went, and often the first restaurant was replaced with yet another similar concept. As the malls went under a remodel, the only places open on the property were the restaurants in the food court. We eventually found our footing outside the food courts, in the up-and-coming area of North Hollywood. This location was a hit, and although I am not involved, it is still open today.
The experiences from starting at PF Chang’s to leaving the restaurant industry in 2016 were frankly tough. I saw long hours and no weekends—and the big wins were few and far between. And though I didn’t appreciate it at the time, I can now see how all of my challenges fine-tuned my business knowledge and skills for something greater with Branded Bills.
My advice? There are two types of people to go into business with: the ones that actually know what they’re doing and the ones that know they don’t actually know what they’re doing and are ready and able to learn. Our ownership at Branded Bills is conscious of everyone’s abilities, and there is truly no ego attached here. If we need to make a move for the better of the business, everyone benefits. Identify a void or problem and make sure you have the best product as a solution. Our Greek concept didn’t work in the mall with 20 other restaurants, but it was successful in an underserved area with appreciation for quick, healthy food. As you find success and continue to grow, take a temperature check of the owners: is everyone on the same page, and are we all still in this?
More than anything else, the restaurant business set my tone for my work ethic as an entrepreneur—provide the best quality product possible, hear and appreciate customers, and continuously drive efficiency and innovation.
Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas?
Dave: I genuinely believe that most great business ideas come from keeping your eyes open and being in a solutions-driven mindset.
One of my partners at Branded Bills, Sam Coil, was a couple months into opening a brewery with his buddies in South Dakota. Sam is a creative guy, and through cutting out a piece of leather in the shape of South Dakota and branding his brewery logo, Sam started selling these branded hats in support of the opening. My two other partners, Tim and Josh, purchased the hats to show support for Sam—and when Josh went on a trip to Mexico, everyone he met loved the hat, asking whether they made them by state and how they could get their hands on one. It was then that a that Josh had that classic “aha” moment, and the three of them started to put together the idea of a company with leather patches in state shapes. I eventually joined the team a couple months later, and with an initial investment of $4k, $1000 from each founder, Branded Bills was born.
How did we find early success? We had a unique product and served our customers who wanted to represent where they were from. People want products and services that are new and different, and if you can connect someone with a personal tie or experience, you have a great idea.
I am constantly coming up with new ideas and when I have one I want to run with I immediately research for the same thing. If it is out there, I ask myself whether it’s solutions-driven—is it being done the way I would do it, what problem am I solving for the customer, how can I do this in the most effective and efficient way possible?
I’ve also found that talking to your friends and family to establish their pain points or frustrations with products and services is a great way to better yourself and your business.
And when you think you have a good idea, be ready to become obsessed with that product/idea. You should live and breathe the solution, so you can better predict where the market is going—not where the market is today.
Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea?
Dave: Branded Bills was able to see and hear feedback from our customers right away through social media. While everyone’s first move is to ask their friends and family their opinions, it’s important to decipher when feedback is coming from a place of knowledge and a place of familial congratulations—patting you on the back and telling your idea is great without any sound backing. The customer is key here, and putting the product in front of the customer, using focus groups, generating social media buzz, and deploying email surveys are great ways to get transparent, real feedback. Today, we are all so fortunate to have a variety of tools available to us—so actually use them.
Listen to the feedback and if there seems to be a common theme, take a closer look at how you can improve or what needs to be done to better educate the customer. For example, our customers at Branded Bills were asking for more states, more designs, and the option to customize the patches. This was something we heard repeatedly across the board, so along with adding all 50 states and rolling out new designs, we launched a custom program that has been incredibly successful.
Listen to the people who are helping build your business—your customers are important, exciting members of your team.
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
Dave: Going from a concept born in a hot Arizona garage to a small business to an established company takes many different investments and strategic moves. Working capital is the first thing people think of or want to use as a reason for not growing faster but having the right people in the right seats will be the key to elevating your idea to a business and your business to a company.
It took Branded Bills a couple years before we figured this out, and when we took a close look at our org chart and responsibilities, we were able to identify our opportunities. The beginning is tough, as everyone must wear multiple hats and juggle different parts of the business too keep everything aligned and on track. But if you always have an eye on that next key hire, the business will continue to improve and grow at much faster rate.
Adam: What are your best sales and marketing tips?
Dave: You have to know your customer and why they are interested in your product.
We recently started taking a deeper dive to really understand the “who” and “why” behind our customers today. While this may not have changed from the customer we originally set out to serve, it’s an important practice to better our business. Once you have landed on who the customer is, ask yourself key details about their life: what car do they drive, how do they spend their weekends, what do they value in your product or industry, what do they perceive your company stands for? Now from a marketing perspective, how do you position your company and product to resonate with this customer? How do you provide value or confidence that your product will be their solution, alleviating the problems they’re currently facing?
Personally, I always have the outlook that people are buying the person or the brand, not the product. If you are on the street, you likely aren’t going to buy something from someone you don’t know or trust. Trust takes time, but if you can tell someone exactly what problem you are solving and how, they may be willing to take a chance. That chance is everything—and once they take it on you, you’re awarded the opportunity to build and grow that trust. If you can develop a strong relationship with your customers, not only will they provide you with valuable feedback, but they will also be one of your best sales reps. Imagine having thousand of sales reps for your company that aren’t on payroll—how would you take care of them?
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Dave: To be an effective leader I think you must have a clear vision of where you’re taking, and leading, the team, as everyone wants to know where they are headed. Being able to execute that level of leadership and foresight is the next step—and you aren’t going to do it by yourself. Developing a team of people you can trust to execute will not only save you time but allows you the opportunity to have continued focus on the brand’s vision.
At Branded Bills we encourage people to fail fast. I love if someone has an idea that is well thought out and they’re excited and willing to try something new. Some of these ideas will fail, some make an incremental change, and some are homeruns. Affording your team failure encourages innovation—and outfit them with the tools to quickly fix if it doesn’t work out.
As a leader, I also encourage making a big deal about wins. Not everyone needs a pat on the back when they improve a process or product, but everyone appreciates the acknowledgement. The team you have today will likely change from the team you have 2, 5, or 10 years from now—and that’s okay. Your team and their capabilities are human, and so they are in a constant state of learning and transitioning. Developing your team is crucial, and knowing how, where, and when to invest in them is an essential job of any business leader.
Adam: What is your best advice on building, leading and managing teams?
Dave: As you start to build teams, you must identify the core values of the company. This should be applied not only in hiring but also as an evaluation tool for ongoing employees. At Branded Bills our core values are “Loyal, Innovative, Fun, Diligent, and Accountable”, and we make it a point to recognize these values in individual employees every quarter. We are incredibly fortunate and downright lucky, to consistently find people that appreciate these values and want to further them for every customer and employee that walks through our doors.
In order to build a great building, you must start with the foundation. As your company continues to grow, make sure each person in a leadership position demonstrates your core values.
Adam: What are your three best tips applicable to entrepreneurs, executives and civic leaders?
Dave:
1. Clearly define the vision of the company and communicate how the team is going to get there.
2. Surround yourself with people that have a passion for the vision and are laser-focused on executing their role.
3. You aren’t the best at what you do, and you aren’t the first to do it. Constantly seek out advisors that are willing to help you on your journey. Just like your team, these should be people with their eyes wide open, solutions-driven and constantly excited by further innovation.
Adam: What is the single best piece of advice you have ever received?
Dave: As good or as bad as something may be, it will pass. We have more control than we like to think—you are the writer, director, and leading role in your life, so if the plot isn’t a fit, rewrite it
Adam: Is there anything else you would like to share?
Dave: Someone who I have a lot of respect for told me this recently, and I think it a great reminder for entrepreneurs: “You chose this.” Simple, but wildly effective.
Enjoy the moments of freedom, the grind of being passionate about your business, and never forget that this is the path you forged—so how are you going to keep carving your way?
Adam Mendler is the CEO of The Veloz Group, where he co-founded and oversees ventures across a wide variety of industries. Adam is also the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal winning athletes, political and military leaders - for intimate half-hour conversations each week. Adam has written extensively on leadership, management, entrepreneurship, marketing and sales, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities and non-profit organizations.
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