Stan chats with Joel Clark, the CEO of Kodiak Cakes. Joel takes us through his 25-year journey building the original whole grain protein-packed pancake mix company. Joel shares insights on early misconceptions about negotiation, the importance of open and transparent discussions, and how he negotiated his way through relationships with suppliers, retailers, and family members. Learn about the humble beginnings of Kodiak Cakes, the importance of standing for something, and Joel's strategies for forming strong partnerships. Don't miss this action-packed entrepreneurial story full of highs and lows, valuable lessons, and tips on successfully navigating the complex world of business negotiations.
00:00 Introduction to Negotiation
00:36 Meet Joel Clark: CEO of Kodiak Cakes
01:27 The Humble Beginnings of Kodiak Cakes
03:21 From Neighborhood Sales to Gift Shops
05:49 Breaking into Grocery Stores07:53 Building Relationships and Overcoming Challenges
12:40 Cold Calling and Early Sales Strategies
17:50 Balancing a Job and Growing a Business
19:49 Supplier Relationships and Product Quality
23:07 The Importance of Trust in Business
27:55 Rebuilding Trust and Early Decisions
28:36 Quitting the Job and Distribution Wins
29:06 Working with Family and Launching New Products
29:50 Bringing in a New Partner
32:04 Challenges and Successes with Costco
36:02 Consumer Feedback and Brand Integrity
39:41 Family Business Dynamics
44:55 Raising Capital and Choosing the Right Partners
50:36 Conclusion and Reflections