Trust Your Intuition and Do the Work to Make Yourself Right

In this episode, Jerome interviews entrepreneur Larry Gaynor who has been in the beauty business for over 50 years. They discuss Larry's journey starting in the hardware business as a teenager, expanding into beauty products, becoming the largest nail product distributor, pivoting his business multiple times, and eventually manufacturing his own beauty products and PPE. Larry shares lessons on trusting your gut, taking risks, finding opportunities during adversity, and knowing when to exit a business. You won’t want to miss this episode. [00:00 - 09:35] - Getting His Start in the Beauty Business Through a Hardware Store Started selling black haircare products as a teen to appeal to hardware store customers Expanded into laundry products, candy, and other items not typical for a hardware store Increased overall store revenue significantly through these experiments Opened a specialty health and beauty store in the suburbs after college [09:34 - 22:22] - Pivoting into Nail Products and Battling Bigger Distributors Opened a professional nail product division called Nail Co. in 1985 based on customer demand Became the top nail product distributor despite manufacturers not wanting to work with him Manufacturers copied his business model when they couldn't stop his growth Began manufacturing his own private label when big brands cut him off Grew the nail business exponentially but constantly had to prove himself [22:22 - 37:58] - Refusing a Major Acquisition Offer and Rebuilding After a Blow Turned down a $45M acquisition offer from L'Oreal despite being $17M in debt L'Oreal later cut him off, but he rapidly found a replacement Italian hair color line Manufacturers he helped build often cashed out without rewarding him Larry rebuilt revenue each time he lost a big chunk of business He became determined to control his destiny as a manufacturer [37:58 - 50:03] - Manufacturing PPE During COVID and Thriving on Amazon Pivoted during COVID to focus on manufacturing PPE and pandemic supplies Helped hospitals, funeral homes and found new business during lockdowns Dropped half his business by eliminating distribution to focus on manufacturing Rebuilt revenue significantly through production and selling direct on Amazon Now has top selling beauty products and PPE on Amazon as a manufacturer Key Quotes: "When you're on the field, play to win always, because if you're not on the field and you're on the sidelines and you're watching, there's nothing you can do." - Larry Gaynor "Being in business is brutal. It's not for the faint of heart. Being an entrepreneur, you wake up and you just grin and bear it, but you have to stay optimistic." - Larry Gaynor Connect with Larry! Linkedin: https://www.linkedin.com/in/larrygaynor/ LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.  Dreamcatchers is an inclusive organization that targets people’s interest in being more instead of a certain demographic. We have people from all walks of life at many different ages. Find out more at www.itooktheredpill.co Learn more about your ad choices. Visit megaphone.fm/adchoices