15. Scaling with Purpose with Neil Cuggy, Co-founder and President of Goodfood Market Corp.

On today’s podcast, Dwayne interviews, Neil Cuggy, the co-founder, and president of Goodfood Market Corp. Neil shares lessons learned and hindsight moments, emphasizing the importance of cash flow and valuation when considering outside investment. He reflects on his background in investment banking and the search for businesses before starting GoodFood. He discusses the challenges faced in the early stages and explains how they raised money and grew revenue to a million dollars in just nine months. He emphasizes the importance of staying focused on the core goal and not getting distracted while building a successful partnership and balancing priorities in business and personal life.

Neil is a serial entrepreneur and investor that has scaled and advised companies from his apartment up to 5,000+ employees across food, e-commerce, hospitality and other disruptive industries. He is currently the President & COO of Goodfood Market Corp., Canada’s leading e-commerce food subscription company that delivers delicious meals to millions of Canadians annually.

Hailing from Montreal, a city known for its vibrant entrepreneurial culture, Neil continues a family legacy of entrepreneurship, bringing a blend of tradition and innovation to his ventures. His contributions to the Quebec business community were recognized when he was named EY Young Entrepreneur of the Year in 2018. An alumnus of McGill University, he graduated with first-class honors with distinction, earning a Bachelor of Commerce degree in Investment Management. Neil lives in Montreal with Kathy, his elementary school sweetheart wife, and his 2 sons Logan and Owen.

Time Stamps:

[00:00] Introduction and Welcome

[01:03] Meet the Guest: Neil Cuggy

[02:55] Neil's Journey and Current Business Status

[03:23] The Impact of COVID-19 on Business

[04:29] The Shift to Focus on Free Cashflow

[06:34] Reflections on Business Expansion and Decision Making

[07:51] The Role of Advisors and Mentors in Business

[10:34] The Impact of Market Cycles on Business Decisions

[12:35] The Importance of Surrounding Yourself with the Right People

[15:32] The Challenges of Raising Capital and Making Strategic Decisions

[16:46] The Importance of Understanding Business Ownership and Control

[17:56] The Value of Hard Work and Experience in Business

[32:22] The Journey of Starting and Growing a Business

[42:20] The Humble Beginnings: Delivering Products in a Fiat

[42:41] The Importance of Customer Experience in Early Days

[43:04] The Struggle of Scaling: From Personal Savings to Investor Funding

[44:09] The Journey to a Million Dollar Revenue

[44:37] The Power of Focused Growth and the Role of Investors

[45:20] The Challenges of Starting Out and Advice for Young Entrepreneurs

[48:16] The Transition from Small Scale to Going Public

[51:50] The Origin Story: Choosing the Business

[53:00] The Difference Between Small Scale and Large Scale Businesses

[54:13] The Importance of Vision and Focus in Business Growth

[56:41] The Next Phase: Hiring, Marketing, and Industry Growth

[58:49] The Unexpected Opportunity: Going Public

[01:12:32] The Power of Partnerships in Business

[01:17:06] The Balance Between Business and Personal Life

[01:20:18] Closing Thoughts and Future Aspirations Connect with Dwayne Kerrigan

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Disclaimer The views, information, or opinions expressed by guests during The Business of Doing Business are solely those of the individuals involved and do not necessarily represent those of Dwayne Kerrigan and his affiliates. Dwayne Kerrigan or The Business of Doing Business is not responsible for and does not verify the accuracy of any of the information contained in the podcast series. The primary purpose of this podcast is to educate and inform. Listeners are advised to consult with a qualified professional or specialist before making any decisions based on the content of this podcast.