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Michelle Weinstein, AKA The Pitch Queen, is the host of Success Unfiltered, which features an array of unique and inspiring guests. She talks to all kinds of innovators and achievers, including multi seven and eight figure entrepreneurs, Shark Tank veterans, authors, performers, and investors.

Her guests share their most intimate stories, no holds barred. It’s the raw and vulnerable stuff that you don’t always hear about, like major rejections, epic failures, and unrelenting setbacks.
They share their most inspiring stories of overcoming adversity, never giving up, and achieving success beyond their wildest imaginations.

She created this podcast to help entrepreneurs realize that they are NOT alone. Everyone who has attempted something epic has had their share of setbacks, failures, and NOs. By sharing unfiltered stories from extraordinary individuals who overcame hardships and ultimately achieved their version of success, her hope is to inspire others to stay in the game and hold out for their own dreams.

Her mission and goal is to inspire rising entrepreneurs to break through barriers, overcome obstacles, and make a bigger impact in the world. It’s her passion to show people how to take action, own their value, and grow their top-line revenue. You CAN build a successful and flourishing business and make a global impact by doing what you love, and Success Unfiltered will inspire you ever step of the way!

https://www.thepitchqueen.com/podcast-success-unfiltered/

May 15, 2019

Episode 103 | Zalmi Duchman Shares Why Angel Investors Aren’t Always the Answer to a Profitable Business

Where is the money coming from that fuels your business?

Zalmi Duchman is an entrepreneur and food-tech pioneer. In 2005, Zalmi launched The Fresh Diet out of his apartment with $500 on his credit card. Over the next 10 years, Zalmi grew his business into the largest fresh daily meal delivery service in the country, with over $30 million in annual revenues. After selling his business, Zalmi switched his focus to helping other small business owners by mentoring, investing and writing for Forbes.com. Today Zalmi operates HomeBistro.com, a frozen meal delivery company as well as advises Mellow.com a smart sous-vide kitchen appliance that has revolutionized home cooking.

Money, and where it comes from, is a huge factor in the growth of your business.

Are you slowly growing into profitability? Or are you experiencing explosive growth through angel investments or outside capital, as your business takes off?

There are two ways your money fuels your business:

  1. Fast growth, fueled by angel investors or capital
  2. Slow growth, fueled by bottom line profitability

One of the dangers of that fast growth is that you can quickly run out of money! And without money, you don’t have a business.

This week’s guest on the Success Unfiltered Podcast, Zalmi Duchman, started his food company, The Fresh Diet, out of his Miami apartment. After convincing the bank to give him a $900,000 SBA loan, he acquired a national competitor, and business took off.

Then, the money ran out.

If you’re ready to hear all the nitty gritty details of what it’s like when the investment money runs out, then this episode of Success Unfiltered is a MUST LISTEN!

Enjoy, and thank you for listening and tuning into Success Unfiltered!

To share your thoughts:

To help the show out:

  • Please leave an honest review on iTunes. Your ratings and reviews really help and I read each one.
  • Subscribe to the show on iTunes.

Special thanks go out to Zalmi Duchman for taking the time to chat with Michelle. Be sure to join us next week for our next new episode!

How Much Does It Cost To Work With You?” THAT question comes up in a sales conversation. Suddenly your heart is pounding and your confidence is shaking. You’re hoping to answer without choking. But what if the REAL answer to the COST question wasn’t about dollars, but something a LOT more powerful? If you know what that something is, it just might change your sales conversations FOREVER. My FREE guide, “Cost Vs. Investment: The Secret To Showing Your Value” will show you how to take the sting out of sales conversations by focusing on the REAL outcome of your services.

Here are a few key secrets we talked about in this episode:

  • Michelle introduces Zalmi Duchman.
  • Zalmi founded The Fresh Diet in 2005 from his apartment in Miami, he saw an opportunity to expand by acquiring a competitor, but no bank would give him the money - the bank denied him a $900,000 SBA loan.
  • This was the first time he had ever thought, “I will not take NO for an answer!” This was a defining moment in his success.
  • When he dug deep and learned why they denied the loan, he was able to counter the rejections and was awarded the loan.
  • There is usually a reason for the NO, and communicating helps reveal that reason.
  • Zalmi realized that one angel investor would not be enough; he approached 20 different investors, and all said NO.
  • When the investors all said NO, Zalmi was removed from management and lost the ability to give input on the company.
  • He bought the Company back in 2016, as it was on the brink of closing. No last minute deals could save it, and he had to close it down.
  • “Closing a company is like running into a burning building to save your baby - you will do whatever you can to try to save it.” ~ Zalmi Duchman
  • They key is to make sure that you do whatever it is that you could do.
  • “Eventually, you’re going to lose your business. Very few businesses are handed down from generation to generation. The key is being prepared.” ~ Zalmi Duchman
  • “A good lawyer is like a 401k for your business - a lawyer is an investment today that will save you more money later.” ~ Zalmi Duchman
  • You need to have two lawyers - a personal lawyer and a business lawyer - do not commingle the two.
  • The closure was the worst day of my life. I didn’t know how I was going to overcome it.
  • Ultimately, it was through positivity and the support of other entrepreneurs that helped Zalmi make it through the closure of the business.
  • He had to learn to keep his mouth shut - no matter how badly Zalmi wanted to tell his side of the story, it wouldn’t help. It was better to be quiet.
  • Zalmi’s biggest accomplishment was the growth of the business. It went from $3 million in sales to $30 million in just a few years. Knowing that he was giving people jobs and they were able to support their families was huge, and feedback from clients and customers was amazing.
  • Zalmi avoids burnout by taking a complete electronics break weekly. It may be “forced” by his Orthodox Jewish beliefs, but it’s an excellent discipline that helps avoid burnout.
  • You’re going to have the people who bring 20% of your business and take 80% of your time. You have to be aware that some customers are not worth it. In fact, when they had customers who complained just to complain, the company would often encourage them to discontinue the service and find a better fit elsewhere. But most of the time the customer didn’t want to, because they loved the product so much!
  • Zalmi shares what he would tell his younger self - focus on profitability.

Connect with Zalmi:

P.S. How Much Does It Cost To Work With You?” THAT question comes up in a sales conversation. Suddenly your heart is pounding and your confidence is shaking. You’re hoping to answer without choking. But what if the REAL answer to the COST question wasn’t about dollars, but something a LOT more powerful? If you know what that something is, it just might change your sales conversations FOREVER. My FREE guide, “Cost Vs. Investment: The Secret To Showing Your Value” will show you how to take the sting out of sales conversations by focusing on the REAL outcome of your services.

Music produced by Deejay-O  www.iamdeejayo.com