Eons Founder on Mushrooms and Mental Health

Lawmakers worldwide are recognizing the medicinal benefits of natural compounds, such as those in cannabis and mushrooms. Once considered dangerous “drugs,” both are now widely legal, and both are the focus of entrepreneur Alex Wolfe.

He co-founded a cannabis business in 2017, built a 650,000 sq. ft. growing facility, and took the company public. He now runs a mushroom-based nutritional supplement company called Eons, which he launched in 2021.

In our recent conversation, he shared the mission of Eons, the challenges of regulated industries, and more. Our entire audio is embedded below. The transcript has been edited for clarity and length.

Eric Bandholz: Give us your rundown.

Alex Wolfe: I’ve launched and sold several companies. The latest is Eons. It’s a nutritional supplement business combining mushrooms and biotechnology. Our goal is to make a massive impact on mental health.

In 2017, I co-founded what became one of the largest cannabis companies in Canada. We built a 650,000-square-foot facility in Quebec, got it licensed, and took it public. That experience taught me valuable lessons in entrepreneurship. It was a wild two-year ride.

Mushrooms have the potential to impact both physical health and mental health, even on a spiritual level. My current focus is how mushrooms, especially in microdoses, can heal and improve mental well-being.

Trailblazing so-called “high-risk” industries like cannabis and mushrooms has challenges, especially with banking, payment processors, and marketing. But we eventually found solutions. Some people were willing to take a chance and work with us. If you’re determined, there’s always a way to make things work. Even now, as we bring a legal psychedelic microdose product to market, we face regulatory hurdles. But we always manage to find solutions.

Bandholz: What are the hurdles?

Wolfe: Psychedelics encompass a broad category. The word itself means “soul-revealing,” helping people access parts of their consciousness. Many psychedelics have mind-altering effects, ranging from mild to intense. Microdosing is on the tame end, yet it can be incredibly healing when done with intention.

At Eons, we focus on responsibly stewarding psychedelic mushrooms to show people that microdosing, when done correctly, can have amazing benefits without downside side effects. Our flagship product, Dialed, is a true microdose with 14 patents on its delivery technology, allowing precise dosing and quick onset. It helps people move from stress and anxiety to calm and observe their thoughts.

Bandholz: How do you market Eons?

Wolfe: We’re careful about making claims. Dialed falls under the dietary supplement category, so we can’t say certain things. But we’re heavily focused on science and data to support the product’s effects.

My business partner leads our research efforts. We’re exploring natural psychedelic compounds that can benefit mental health without causing hallucinogenic effects. Over time, Dialed repairs the GABA receptors in the brain, which regulate fear and anxiety. After using it for three to four weeks, people often notice that triggers no longer cause stress.

We’re working on brain mapping and neuroscience to show how it creates new neural pathways, helping people respond to situations in healthier ways.

Our marketing strategy, again, is rooted in science and data. We’re conducting a study with 100 veterans to show how Dialed helps with anxiety, post-traumatic stress syndrome, and addiction issues. Many veterans struggle with mental health, and if we can demonstrate the product’s impact on their well-being, it’s a win-win.

The data we collect will boost credibility and legitimacy. We also want to help young men and women struggling with social media comparison and identity issues. Our goal is to impact mental health and societal challenges positively.

Bandholz: Where can people support you?

Wolfe: Find us at Eons.com and follow us on Instagram. I’m on LinkedIn and Instagram.

Beardbrand Shifts to Growth, New Channels

I occasionally focus an “Ecommerce Conversations” episode on Beardbrand, my business. I do that not to promote the company but to share our challenges and successes in the hopes of helping others.

In 2024 alone, I’ve addressed last year’s sales decline, continued hurdles, and the hassle of changing fulfillment providers. I also interviewed our attorney, who successfully defended us in a lawsuit alleging accessibility violations.

We’ve now overcome many of our operational setbacks. We had to relaunch certain products and switch our manufacturer. We’ve moved to a warehouse here in Texas, which gives us more oversight. With these problems solved, the focus shifts back to growth and finding new channels.

That’s what I’ll discuss in this episode. My entire audio is embedded below. The transcript is edited for clarity and length.

Black Friday, Cyber Monday

Our 2024 Black Friday and Cyber Monday campaigns didn’t meet expectations. Traditionally, our BFCM focus is product launches instead of discounting. We wanted to introduce a new product for Black Friday, but the launch was delayed until Cyber Monday and then pushed to mid-December. This disrupted our holiday selling. Sales weren’t down, but the missed product launch made a noticeable dent.

Last year, we introduced a bundling promo — buy three items, get a fourth free — and it performed so well that we kept it as a permanent feature. We had no similar Black Friday promo this year. We considered a subscription-based discount but decided against it due to concerns about sending the wrong message to customers and the potential complexity of managing it.

I also sent an email inadvertently encouraging customers to wait for Cyber Monday instead of taking advantage of Black Friday deals.

Cyber Monday was our best revenue day since Black Friday 2023. We had planned to launch our utility deodorant this year, but it too got pushed to mid-December.

We reverted on Monday to offering pre-launch pricing to loyal customers. They had a short window to purchase the product at a lower price. This strategy is my preferred way to handle discounts because it feels less like a markdown and more like a product release with dynamic pricing.

We sent three emails throughout Cyber Monday promoting the eventual launch, which helped boost sales. However, there were some logistical hiccups. Our pre-launch pricing wasn’t displaying correctly, and we had to fix it last minute. Despite the challenges, the promo went well, and we hit our sales goals.

Sales Growth

November 2024 sales were up about 8% compared to last year. However, we’re replacing lost organic YouTube sales with ads. In 2022, 48% of new customer sales came from YouTube, generating roughly $670,000. By 2023, that dropped to $366,000; this year, we’ll be lucky to reach $250,000. With YouTube becoming less effective, we’ve had to shift to social platforms such as Facebook and X, bringing our overall 2024 advertising spend 75% higher than last year.

Adapting for 2025

As we move to 2025, we’re in a better place operationally, but we need growth channels. Beardbrand’s products are consumable — ideally, customers will reorder. We may explore new fragrances or product sizes in 2025 but won’t go overboard with launches. The goal is to focus on top-selling products with consistent customer education and communication.

Our business is fundamentally shifting. We must assess the growth potential of organic channels such as YouTube or, instead, shift to advertising for customer acquisition.

I never set sales targets. I focus instead on the inputs and let the outputs follow. Businesses should appreciate the hard work and effort, regardless of whether it pans out. Factors like timing, market conditions, and even packaging can influence success, as can a bit of luck.

Ultimately, it’s essential to enjoy the journey. Every day is a gift. There’s no right or wrong way to build a business — it’s about aligning it with your values and goals. That’s the beauty of being an entrepreneur.

From Porsche to Purpose: A CMO’s Journey

Kevin Dahlstrom once paid cash for a $211,000 Porsche. He was in his 30s, living in Texas, holding down high-powered corporate marketing jobs, such as with Mr. Cooper, a mortgage services company, and Elevate, a credit solutions firm.

He says the Porsche created more stress than joy and started his practice of minimalism — letting go of material things. So in his 40s he chucked it all, moved his family to Colorado, and focused on “a more meaningful and balanced life.”

He and I recently spoke. He shared his evolution — from money-seeking to happiness, purpose, rock climbing, and more. Our entire audio is embedded below. The transcript is edited for length and clarity.

Eric Bandholz: Give us your overview.

Kevin Dahlstrom: I live in Boulder, Colorado, with my wife and two teenage daughters. I’m 53, and my motto is, “I learned everything the hard way, so you don’t have to.” My career has involved starting four companies and working at the C-level in larger companies, typically as a chief marketing officer. At the peak of my career in my mid-40s, I walked away from the corporate world, moved to Boulder, and rebooted my life. I focused on finding happiness through activities like rock climbing and creating a more meaningful and balanced life.

When I was younger, I bought into society’s definition of success — money and status. I climbed the corporate ladder but realized I wasn’t happy. I wasn’t deliberate in shaping my life around what mattered to me. In my mid-40s, I redefined success on my own terms and built my life around that vision. Today, I have control over my time, balancing my passion for work and rock climbing while being a dedicated husband and father.

Bandholz: Could you have achieved this life without the money-and-status stage?

Dahlstrom: There are seasons in life. There’s a season for grinding and one for reaping the rewards. I’m in the latter now. What’s essential is grinding with purpose. I made the mistake of pursuing goals that didn’t matter much to me. I can tell you from experience that once you hit a certain level of wealth, adding more doesn’t improve your life — it can even worsen it.

It’s all about setting boundaries. I started early in my 30s when I realized I was on a hamster wheel, running faster but getting nowhere. Boundaries ensured I remained present for my family and maintained my health. Many think you grind for years, then suddenly retire. I see it as a sliding scale where you gradually gain control over your time and choices. Even though I rebooted in my 40s, this process had been underway for years.

Bandholz: Were there events that triggered your reassessment?

Dahlstrom: I have an exercise called the “ideal end state.” You list what your perfect life looks like — not achievements, but how you want to spend your time and who you want to be with. Most people find that what they want costs less than they thought. I did this exercise, and it led to my reboot.

A pivotal moment was when I bought a Porsche 911, a childhood dream. I paid $211,000 in cash, but it brought me more stress than joy. I realized I wasn’t that kid anymore, and the Porsche didn’t define me. That experience started my practice of minimalism, helping me let go of material things that didn’t align with who I had become.

Bandholz: You’re into rock climbing. Is your family involved?

Dahlstrom: One of my daughters used to climb but lost interest. My wife is into tennis; it’s healthy for everyone to have their own thing. I believe in the concept of “three lives”: your life as a family, your life as a couple, and your individual life. All three need to be maintained.

Many young parents give up one or two of those lives, which creates a toxic environment. Early in my marriage, climbing caused conflict, but we’ve come to appreciate the importance of maintaining separate interests for a sustainable relationship.

We’ve been married 27 years, and anyone who says it’s easy is lying. A healthy marriage, like any long-term relationship, is hard work. The best advice I ever got was, “A great marriage is a choice you make every day.” It’s about mindset — believing in your partner.

Weekly check-ins are crucial. My wife and I sit down for 30 minutes without distractions and discuss how things are going. This intentional time keeps the relationship strong, even in tough times. As soon-to-be empty nesters, we’re excited for the next phase of life and the freedom it brings.

Bandholz: You’ve said you’re focused on the long term. How does that play into your success?

Dahlstrom: I’m only interested in long games. Short games don’t appeal to me. Long games involve ups, downs, suffering, and discipline. I thrive in that. My ability to endure, to power through tough times, is my secret weapon. Long games are about mastery — you might not see immediate results, but over time, the benefits compound. That’s how I’ve approached climbing and business. Stick with something long enough, and you’ll eventually see success.

Bandholz: You’ve talked about manifesting the life you want. What is that?

Dahlstrom: Manifesting is about setting your mind on something and letting that intention guide your actions. Your behavior follows your thoughts. It’s not just about setting goals — it’s about aligning your energy and actions to create the life you want.

Bandholz: Where can people connect with you?

Dahlstrom: They can sign up for my newsletter. I’m on X and LinkedIn.

Health Crisis Drives $50 Million Supplement CEO

Dean Brennan says a diet of beer, pizza, and fast food led to his ulcerative colitis. His doctors diagnosed it years ago in his twenties and told him he’d need medications for life. But Brennan decided otherwise.

“I didn’t want to take lifelong medication,” he told me. “It sparked my passion for health and led me to want to help others.”

Fast forward to 2024, and Brennan is the CEO of Heart & Soil, a nutritional supplement company doing $50 million in annual revenue.

In our recent conversation, he addressed his journey to Heart & Soil, key supplement ingredients, supply chain challenges, and more. The entire audio is embedded below. The transcript is edited for clarity and length.

Eric Bandholz: Give us a rundown of what you do.

Dean Brennan: I’m the CEO of Heart & Soil, a nutritional supplements company. I entered ecommerce in 2020 with no experience, coming from a background in filmmaking.

I got involved with the company from my personal health journey. In my twenties, I was diagnosed with ulcerative colitis, and doctors told me I’d need medication for life. I grew up eating home-cooked, natural foods, although in college I consumed a lot of beer, pizza, and fast food.

I didn’t want to take lifelong medication. It sparked my passion for health and led me to want to help others who suffer from conditions like psoriasis, Crohn’s disease, and eczema.

Heart & Soil offers supplements containing nature-based multivitamins made from bovine organs sourced from regenerative farms, initially in New Zealand and now also from the U.S.

Bandholz: How did you get connected with Heart & Soil?

Brennan: I was aware of Paul Saladino, our founder, but not the company. He’s a board-certified physician and a nutrition specialist. I followed him on social media while experimenting with a carnivore diet. I admired his ability to simplify complex health concepts and share them in an engaging way.

In 2020, I met Paul by chance, along with two employees who are now our chief research officer and head of operations. At the time, the company hadn’t launched yet, and I offered feedback on its prototype product. Initially, I wasn’t looking for a position in the company, but I was passionate about their mission.

Later that year, after my persistence, Paul brought me on board the day the company launched. I printed shipping labels and prepared the orders. Within three months, I had worked my way into a bigger role.

The team was small then — Paul, me, and three others. We worked out of a rental house in West Austin, packing and shipping supplements ourselves. We grew quickly. Paul realized his expertise was podcasting and researching, not operations. He assigned those responsibilities to me by January 2021.

Bandholz: How did you earn Paul’s trust so quickly?

Brennan: It was a gradual transition. Paul left for a trip to Africa. Then there was a massive ice storm in Austin, and he couldn’t return. Eventually, he went to Costa Rica and decided to stay there, leaving me to run the business. I think he trusted me because I showed up every day, worked hard, and didn’t ask for anything.

The transition was easy. I was nervous about how the team would react, but they were all on board. We’ve worked well together ever since.

Bandholz: How do you spread awareness beyond Paul’s podcast audience?

Brennan: Only about 30% of our customers come from Paul’s audience, with the same percentage coming through word of mouth. Our product works, and we’ve received hundreds of customer success stories. One of our strengths is personalized customer service. Our team of health guides offers one-on-one support, which has led to word-of-mouth referrals. People often tell others about us, even if they haven’t purchased our products themselves.

We also started another podcast called Radical Health Radio, and we’re producing films for YouTube. Our documentary on seed oils will be released next month.

Bandholz: What’s your supply chain like?

Brennan: Our long-term goal is to build a U.S.-based supply chain to produce all the organs needed for our supplements. In 2020, nothing like this existed in the U.S., so we sourced from New Zealand, where regenerative farming is common. But we’ve worked hard over the last four years to develop U.S. suppliers, supporting American farmers.

There’s a huge education gap in the U.S. regarding organ consumption. Around the world, most cultures consume organs regularly. We hope that educating consumers can drive demand for better products and ingredients.

When consumers ask for healthier alternatives, large companies will have to respond. This movement isn’t just about our products but about supporting sustainable farming practices and improving public health.

Bandholz: Where can people buy your supplements and follow you?

Brennan: Our ecommerce site is Heartandsoil.co. You can follow me on X and LinkedIn.

Supply.co Founder on Life after the Sale

Patrick Coddou’s entrepreneurial journey is impressive. In 2015 he launched Supply, a direct-to-consumer seller of razors and shaving goods, and then sold the business in 2022. He conceived the idea, hired staff, scaled revenue, and exited profitably.

His journey is incomplete, however. His talents apply to seemingly any industry, but his identity for years was tied to Supply. He’s now adjusting and charting his next moves.

Patrick is among the most popular guests on the podcast, starting in 2020 and followed by appearances in 2021, April 2022, and October 2022. In this recent conversation, he shares his post-Supply life, the emotions of stepping away, and looking forward.

Our entire audio is embedded below. The transcript is edited for length and clarity.

Eric Bandholz: Update us on what you’ve been up to.

Patrick Coddou: It’s been quite a journey. I was the founder and CEO of a shaving company called Supply, which I sold a little over two years ago. After the sale, I stayed with the company for about a year, running the business and seeing it grow. I’m currently the head of marketing at a snow ski startup called M1 Skis. It’s been a bit of a roller coaster, but in a good way.

Bandholz: You took a step back from social media, particularly X. Why?

Coddou: After the sale, I hit burnout. I didn’t consciously decide to leave X — I just stopped engaging. Burnout comes with apathy and disinterest in things that once excited you, and X was one of those things. I stayed involved with Supply for a year after the sale, though, and it was productive. We doubled our top- and bottom-line numbers.

I had built a strong team, especially a capable head of marketing, Trace Crawford, who took a lot off my plate. As the year progressed, I became more of a leader and less of a doer, which helped me navigate the burnout. That was a big part of the transition.

Bandholz: How does leadership change when you stop doing everything yourself?

Coddou: It helped that I no longer had ownership, so I didn’t carry the same emotional weight. However, I was still financially motivated, as an earn-out was tied to the business’s performance. That allowed me to guide the team without micromanaging. They knew what needed doing, and I let them figure out how. Our team was solid; no one left that year, and the company continued to perform well.

Bandholz: You’re now outside of Supply. How has your perspective changed?

Coddou: My earn-out ended in August, but I had already stepped away from day-to-day operations a year prior. Trace took over as CEO, and I stayed on as a consultant. My role now includes filming ads and offering strategic advice. I have zero regrets about selling the business — it was the right move for me, my family, and the company.

But stepping away did force me to confront my identity. I hadn’t realized how much of my self-worth I tied to being the “razor guy” until that was gone. After the sale, I experienced a sense of joy, followed by a profound period of questioning and even depression. After the burnout, I felt lost, unsure of what I wanted to do next, and hesitant to return to ecommerce.

Bandholz: Why do entrepreneurs feel unfulfilled after selling their business?

Coddou: Many entrepreneurs believe that selling their business will bring happiness, but that’s rarely true. I attended the Main Street Summit, where we discussed how money, success, and fame don’t bring joy.

I’ve realized that selling Supply has brought me financial comfort and freedom but didn’t provide lasting happiness. Work is essential for finding joy and purpose, and I’ve come to appreciate that I need to be building something, whether a business or a personal project, to feel fulfilled.

Bandholz: Tell me about your role at M1 Skis. Was this a deliberate direction or an opportunity that fell into your lap?

Coddou: It was a bit of both. I’m running marketing for M1 Skis, a startup in its early stages. When I joined, there was almost no public awareness of the company. I’m responsible for building the brand from scratch, which I love doing. I work part-time, remotely, and for a friend. It’s a perfect fit. Initially, I hesitated to return to work, but this opportunity was too good to pass up.

Bandholz: How do you approach marketing for M1 Skis compared to Supply?

Coddou: The marketing strategies are surprisingly similar. At Supply, we sold high-end razors, which required educating customers about why they should invest in a more expensive product than competitors. It’s the same challenge with M1 Skis.

Unlike anything on the market, we make our skis from solid aluminum. They’re more expensive than traditional skis, and people are skeptical about the technology. My job is to explain why our product is worth the investment and build customer trust through education and engagement.

The experience has been great. I get to focus on the things I enjoy — like building the brand — without dealing with the headaches of payroll or invoices. The best part is that I don’t lose sleep like I did with Supply. I’m still invested in M1’s success, but it doesn’t consume my thoughts 24/7. I can fully check out when I’m not working, which is a huge relief.

Bandholz: Could you envision starting another business?

Coddou: I could, but I would approach it very differently. I would create a small, manageable business with minimal stress. Something that aligns with my lifestyle, even if it means making less money. It would be niche, high-margin, and not reliant on constant social media or inventory management. I want a business that works for me, not one that adds unnecessary complications to my life.

Bandholz: You’re advocating for simplicity.

Coddou: Exactly. The complexity of Supply became overwhelming. We used 30 apps on our Shopify store and multiple social media channels. It was a lot to manage. At M1 Skis, I’ve kept things simple. We’re using Shopify Email instead of a more complex service like Klaviyo, and I haven’t installed any extra apps. This approach allows me to focus on building a great product and telling its story.

Bandholz: Where can people buy these skis and reach out to you?

Coddou: M1skis.com. I’m on LinkedIn and X.

The ‘Why’ of Man Flow Yoga

To Dean Pohlman, long-term business success stems from a purpose. His is to help men improve their health and fulfillment through fitness and personal connections. That’s the mission of Man Flow Yoga, the company he founded in 2012, which offers memberships to workout programs and a paid community.

Pohlman, a former college lacrosse player, is an authority on yoga instruction for men and a published author on the topic.

He first appeared on the podcast in 2021. In this our second conversation, he shares client success stories, YouTube tactics, and the “why” behind his business.

The entire audio of our discussion is embedded below. The transcript is edited for length and clarity.

Eric Bandholz: Give us a quick rundown on who you are.

Dean Pohlman: I own a company called Man Flow Yoga. We sell memberships to Yoga workout programs for men.

I’m a former collegiate lacrosse player. I discovered yoga by accident but noticed its benefits after consistent practice. However, I saw that men weren’t engaging with it much, especially because it wasn’t presented in a way that resonated with them. So, I created a brand focusing on fitness-oriented yoga tailored for men. I initially launched a YouTube channel and a Facebook page.

Over time, I developed paid membership workouts for men — primarily those in their 40s, 50s, and 60s. They found they couldn’t do their regular workouts due to aging and needed to focus on flexibility and foundational strength. Our programs help with flexibility and alleviate pain in, typically, the lower back, shoulders, and knees. The ultimate goal is to enable men to stay active and independent as long as possible, whether playing with their kids or staying mobile as they age.

I’ve been interviewing members for our podcast, “The Better Man.” One memorable story is from a guy who weighed 300 pounds at the onset of Covid. He started a yoga program alongside daily dog walks and lost 75 pounds within a year. What stands out from these stories is the consistency people find in exercise. They enjoy it and feel good afterward, which encourages them to continue. This creates a ripple effect, where they start improving other areas of their lives like diet or adding in more physical activities.

Bandholz: What do your workout programs look like?

Pohlman: They can be as few as two to three times per week or as many as five or six. Our sessions aren’t long — typically 30 to 40 minutes. We have beginner programs that start at 15 to 20 minutes. People start noticing changes after just a few weeks, especially in how they feel.

For example, back pain disappears. These physical improvements motivate people to stay consistent. When you feel better and have more energy, it’s easier to continue instead of focusing solely on aesthetics, which takes much longer to notice.

Bandholz: You’ve done a great job of building a community.

Pohlman: I’m proud of the Facebook Group we’ve built, though it took a lot of time. It’s a supportive community of about 7,000 men who aren’t afraid to be vulnerable and share personal struggles. When someone posts about not being consistent with workouts, they’re met with understanding, not judgment. People relate to the same struggles, which fosters a sense of camaraderie.

I launched the group in 2013, and new members are always welcome. However, to maintain its quality, we keep the group exclusive to paying members — whether they join a challenge, sign up for a full membership, or purchase a book.

We consistently remind members about the community through emails, video mentions, and our 90-day onboarding series. The ongoing engagement keeps people connected and accountable.

Bandholz: How’s your YouTube channel performing?

Pohlman: Despite having over 500,000 subscribers, engagement is relatively low, although new videos typically get 3,000 to 10,000 views in the first week. Some go viral. Our morning yoga videos have recently gained traction. Short-form content is also helping with the algorithm. We went from gaining about 3,000 subscribers monthly to 10,000 last month. Certain topics, like sexual wellness, perform exceptionally well.

Bandholz: Do you collaborate with other brands?

Pohlman: Collaborations need to feel organic. I prefer working with people I genuinely connect with and would hang out with outside of business. One example is Anthony Balduzzi from Fit Father Project. We’ve been collaborating for about two years; our products complement each other. Beyond business, he’s a friend. These types of authentic relationships work well for long-term success, and that’s the approach I take.

Bandholz: What’s your long-term vision for Man Flow Yoga?

Pohlman: I want the business to expand beyond yoga into a broader men’s wellness brand. I’ve started introducing mental and emotional wellness topics on the podcast, but I want to incorporate more of that. We currently offer structured programs via an app and website, but everything is self-paced. I want to introduce more guided support — something more hands-on. While we have customer support and a Facebook Group, a more direct assistance model could benefit our members.

Bandholz: What’s the “why” behind your business?

Pohlman: Many men haven’t done the introspective work to understand their desires and what drives them. It’s about recognizing that the things I truly want — family, freedom, joy — are already within reach. I don’t need to wait for a business milestone to achieve them.

Most men believe they must accomplish something before feeling fulfilled, but that’s a trap. Once you realize you can have what you want, life becomes easier. Authenticity is key. People can sense inauthenticity, and I believe businesses built on genuine connections and purpose are more successful in the long run.

Bandholz: Where can people follow you?

Pohlman: Visit ManFlowYoga.com to get started. You can find me on all the major platforms — YouTube, Instagram, Facebook, and TikTok.

4x Founder Debuts Ecommerce Intel Tool

In late 2020 I interviewed a developer who had launched a Shopify app to send manual text messages to cart abandoners. Eighteen months later we spoke again, this time to discuss his sale of that company and purchase of another, an app for creating upsells in a Shopify checkout.

By early 2023 he had sold the second company and launched a third one, a coupon-leak recovery app.

And that brings me to my fourth conversation with Dennis Hegstad. He has shut down the coupon-leak business and started his fourth, a data provider for the ecommerce industry called Internet Research Unit. What, exactly, is Internet Research Unit? I asked him that question and more when we recently spoke.

The entire audio of our conversation is embedded below. The transcript is edited for clarity and length.

Eric Bandholz: Give us an update on what’s happening in your world.

Dennis Hegstad: In 2021, I sold LiveRecover, our SMS app for Shopify. That was our first exit in ecommerce. Then I sold another app, OrderBump, just 100 days after buying it in 2022. That sale was pretty much luck.

In 2023 I launched Vigilance, a coupon-code leak protection app, but that business failed. Shopify updated its checkout system, ultimately killing Vigilance, so we shut it down. We offered to return the investors’ money, but they said, “Try something else.” That’s when we started building Internet Research Unit earlier this year. Those same Vigilance investors are part of it.

Bandholz: What’s Internet Research Unit?

Hegstad: It’s a data platform for the ecommerce industry. Our primary users are brand owners, agencies, app developers, and financiers. Brands can track competitors’ revenue, units sold, popular SKUs, app stacks, and more. They can set up alerts to track competitors’ sales or app usage changes to guide product launches or strategic decisions. Agencies and app developers can use the data for lead generation — tracking which brands use specific services or technologies, such as Klaviyo, and which don’t. Financiers can assess trends or identify struggling companies they might want to invest in or acquire.

Our product is high-end, priced around $500 a month, so it’s not for beginners. It’s aimed at established companies who want to fine-tune their strategies.

Our data is public; brands cannot hide it from our platform. We can track compliance-related issues, like price manipulation or accessibility compliance, so companies can address potential problems before they lead to lawsuits.

We have ways of accurately estimating sales and breaking it down by SKU. For example, if a brand sells leggings, we can report which colors and sizes are selling best. That way, competitors can focus on high-performing products.

Bandholz: The front-end design of your software apps, including Internet Research Unit, is terrific. What’s your design philosophy?

Hegstad: We don’t use professional designers on the site. My co-founder and I handle design and prioritize aesthetics. Stripe pioneered the trend of beautifully designed SaaS platforms, and we follow that approach. Software should feel exciting to use, not boring or outdated.

We aim for a cyberpunk vibe with Internet Research Unit — something that feels futuristic and appeals to tech-savvy users. We even started selling a bit of merchandise — shirts and hats — with designs inspired by this aesthetic. We did hire a designer to create cyberpunk-inspired shirt art. One says “anti-algorithm” because we feel like everyone’s life is ruled by algorithms these days. It’s a fun way to rebel against that.

We’ve considered other branded products, such as ZYN-style [nicotine-pouch] cans with USB drives inside. But we’re focused on growing the software business before diving deep into merchandise. If the software performs well, we might reinvest some of the profits into the brand side.

Bandholz: Is the platform fully built?

Hegstad: There’s more to come. We launched in March, and we’ve slowly onboarded users. In November, we’ll open it to the public. We want to add funding data so our users can find brands that have raised capital but are underperforming. That would help venture capitalists or merger and acquisition teams identify struggling companies that need help.

We’re not trying to shoot for the stars. We want to build something fun and keep it going. Reaching $5 million in annual revenue would be great. We love the business — it feels challenging, and there’s much to learn.

Bandholz: Where can people support you?

Hegstad: Our website is InternetResearchUnit.com. You can also find me on LinkedIn and X.

Software Founder Pivots to PPE Manufacturing

I’ve interviewed hundreds of entrepreneurs for this podcast. Most are problem solvers and optimists, confident in their ability to fulfill a need.

Take Lloyd Armbrust. He’s an editor turned software founder, having launched OwnLocal, a Y Combinator-backed portal for local newspapers.

When the pandemic hit, he observed doctors and nurses struggling to get protective gear. He thought, “This is ridiculous. How hard could it be to make these things?”

His solution was Armbrust American, an Austin, Texas-based manufacturer of personal protective equipment, which he launched in May 2020 and remains viable despite the dramatic drop in demand.

He and I recently spoke. He shared his lessons in manufacturing, ecommerce, and family-first priorities. Our entire audio is embedded below. The transcript is edited for clarity and length.

Eric Bandholz: Tell us who you are.

Lloyd Armbrust: My background is in media and software, but most prominently, I started a U.S.-based personal protective equipment manufacturing company in May 2020, at the onset of the pandemic. We produce U.S.-approved surgical masks, KN95 facemasks, and gloves. People said manufacturing couldn’t be done here and had to be in China, but we proved them wrong — though it’s been the hardest thing I’ve ever done.

When the pandemic hit in March 2020, my software business, OwnLocal, was slowing down. I saw how doctors and nurses struggled to get protective gear — some wore raincoats in emergency rooms. I thought, “This is ridiculous. How hard could it be to make these things?” So, I started researching and quickly learned it was much more difficult than I assumed.

I come from a software background, and I often say pushing pixels is easier than pushing atoms. If you want to scale software, click a few buttons on Amazon Web Services, and you’re ready. Manufacturing is a different beast. Yet we launched on Shopify and made a $1 million revenue in the first week, mainly because no one had masks in stock.

Bandholz: Did you have inventory ready, or was it a scramble?

Armbrust: We were producing masks but underestimated how hard fulfillment would be. We didn’t have a shipping system or proper label printers. I bought a label printer from Office Depot and tried to fulfill the first 100 orders. We had thousands of orders coming in, and it felt impossible. It took about three months to catch up.

This wasn’t about money. It was about solving a problem. Our mission from the start was to bring strategic manufacturing back to the U.S. All profits have gone back into the company. Today, consumer demand for masks has dropped significantly. We’re down to about $1.8 million in sales over the last 12 months compared to $7 million in January 2022 alone.

Bandholz: How do you manage a company with such a revenue drop?

Armbrust: It’s tough and demotivating. Scaling up and scaling down require the same skills — cutting costs and being ruthless. In the early days, our system was inefficient. We had 27 assembly machines, with 100 people running them to produce about a million units daily. Now, we’ve got five machines, each run by one person to output 200,000 units daily. So, we went from 27 machines and 100 employees to five machines and five employees, with the same production capacity.

We got lucky with our lease. The facility had been used by a defense contractor. When the pandemic hit, no one was leasing manufacturing space, so we got the space at a fraction of the cost. The owner wanted $50,000 a month for the space. It was really beautiful and big. We started at $5,000 monthly and worked up to $20,000, which they agreed on. Still, it was an 18-month lease. But by the time demand for PPE dropped, we were in prime real estate, right next to Amazon and Elon Musk’s Boring Company. We eventually moved to a facility on my ranch to save costs.

Bandholz: When you built that facility, what were your revenue projections, and where are you now?

Armbrust: We’re down to $1.8 million in annual consumer sales, but that’s only part of our business. We also manufacture for the government and other companies, but those contracts come with tighter margins — about 10-15%. The consumer side is more profitable and keeps us afloat.

When I built the facility, I had no idea where the bottom would be. China sells masks at prices lower than what it costs us to buy raw materials. They deliver masks to the U.S. for 1 cent each, while my raw materials cost more than that. The Chinese government subsidizes their manufacturers, covering costs like machines and even offering rebates. We can’t compete with that on price.

Ninety percent of medical gloves in the U.S. come from Malaysia and China. But before the pandemic, the U.S. didn’t produce any of these critical items.

Bandholz: You run the manufacturing business and OwnLocal, the publishing portal. You have six kids and a wife who also runs a business. How do you manage it all?

Armbrust: It’s all about priorities. My wife is at the top of my list, followed by my kids, and then making sure there’s money in the bank. I rank tasks every morning. I don’t focus on something that isn’t on that list. That can annoy some folks, but it keeps me sane. Work came before everything else in my first marriage, and I was unhappy.

Now, my family comes first. If my daughter wants to sit on my lap during an important business call, she’s in the meeting. I don’t apologize. I’m focused on enjoying life.

Bandholz: Where can people support you and reach out?

Armbrust: Armbrust.com. You can find me on X and LinkedIn.