Billionaire sold two companies to Coca-Cola, but advises entrepreneurs
Mike Repole, an entrepreneurial billionaire who co-founded and sold Glaceau and Bodyarmor drink giants to Coca-Cola (Coca34) for a total of $ 9.7 billion, has an unexpected message for those who dream of starting a business: don’t do that.
In a recent interview with The School of Hard Knocks, a popular social networking channel known for interviewing rich entrepreneurs, Repole shared his opposite view of entrepreneurship, highlighting the harsh realities that most success stories usually hide.
“I spend more time trying to convince people not to be entrepreneurs,” said Repole. “The first five years for an entrepreneur I call years of survival. Every Santo day you can go bankrupt.”
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The Cautious Council of Repole has weight, considering its impressive business history. Born in Queens in New York, the 56-year-old businessman made his fortune by co-firing Glaceau with J. Darius Bikoff in 1999. The company, which produced Smartwater and Vitaminwater, grew from $ 1 million in sales in the first year to over $ 1 billion in 2007, when it was purchased by Coca-Cola for $ 4.1 billion.
After this success, Repole co-fired Bodyarmor, a brand of sports drinks in 2011. The company gained prominence in 2014, when the NBA legend Kobe Bryant invested $ 5 million to acquire 10% of the company, becoming creative director of the brand. In November 2021, Coca-Cola bought the remaining 85% of Bodyarmor for $ 5.6 billion, making this the largest brand acquisition of the beverage giant to date.
Currently, Forbes estimates the repole equity of about US $ 1.6 billion, resulting mainly from these two successful sales. Among these ventures, he was also president of the pirate’s booty snack company, helping to grow the brand by 300% before selling it to B&G Foods for $ 195 million in 2013.
Bet on yourself vs. insurance
Despite the historic billionaire, Repole emphasized in the interview that entrepreneurial success is far from guaranteed. “There were days when I didn’t think we could,” he said, adding that he “failed” several times along the journey.
The billionaire’s advice reflects a growing trend among successful entrepreneurs, which have been increasingly sincere about the challenges of building business. Unlike the typical success narratives that dominate social networks, Repole’s message recognizes the statistical reality that most startups-more than two-thirds-and that even successful entrepreneurs face constant uncertainties.
Faithful to the profile of the great entrepreneurs, Repole embraces what others can see as character defects. When asked if he is “a little crazy,” like other billionaires, he replied, “I started crazy,” adding that “crazy people change the world.”
