In today’s episode, Jonathan Goldhill talks to Ryan Margolin, CEO of Professional Hair Labs. Building on the company founded by his father, Ryan and his brothers have since grown the company to be included in the Inc. 5000 fastest growing private companies in America. Ryan talks about how their father set out to change the hair replacement industry after their mother, a master hair technician, developed health problems due to the subpar products produced by the unregulated hair cosmetics industry of the time. Ryan also gives us an overview on how they grew their family business into an international company and how they are dealing with counterfeit products to protect their brand as well as their customers.
HIGHLIGHTS
QUOTES
Ryan: "Your business is always going to feel broken if it's growing, because there's always going to be things that you have to change. And once you become comfortable with that, and you accept that, it makes the journey a lot easier because it's just a part of growing personally and professionally."
Jonathan: "And if you're doubling your business in three years or in five years, you know, you're going to outgrow your people. You're going to outgrow your systems. You're going to outgrow your space. You're going to outgrow your capital and you're maybe going to outgrow your leadership capabilities or skills. So those are all five things that you need to be thinking about and working towards."
Ryan: "The best way for us as three brothers that are running the company, communication is key. It doesn't work out all the time, but I think when you have the right understanding and the ability to stop for a minute and reflect on your own actions or your own thoughts and how you can apply them to a situation to make sure — I wouldn't say that everyone is happy with everything, but that they understand that the goal, the end game is in alignment with each other."
Ryan: "Everyone has an ego. Everyone does, that's part of human nature. But the ability to put it to the side and look at things holistically is very important. I suppose with our personalities and our dispositions, we have the ability to stop and do that. I think that's where a lot of the results have come from, is that fact that we have not really let any challenges or any ego-based decisions get in the way of the benefit of the company."
Ryan: "This is a product that's being used on people's skin. We've had quite a lot of complaints over the last year coming from people who've had chemical burns from the product and come to find out it's counterfeit, hundred percent of the time. And the reality of it is, these people who are counterfeiting it, they don't care what they put into products to make a quick dollar. And it's completely going against everything inside of our being of why this company was created in the first place."
Ryan: "It's difficult to create a brand in this day and age because there's so many other competitive products and other products like that out there. So just remember, the work has to come before the belief. Don't expect any pats in the back, you have to be patting yourself on the back for the first while. Just keep going."
To connect with Ryan, check out the links below:
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