Mimi (00:01):

Welcome to the Badass CEO podcast. This is Mimi McLean. I'm a mom of five, entrepreneur, Columbia business school grad, CPA, and angel investor. And I'm here to share with you my passion for entrepreneurship. Throughout my career. I've met many incredible people who have started businesses, disrupted industries, persevered and turned opportunity into success. Each episode, we will discuss what it takes to become and continue to be a Badass CEO directly from the entrepreneurs who have made it happen. If you're new in your career, dreaming about starting your own business or already an entrepreneur, the Badass CEO podcast is for you. I want to give you the drive and tools needed to succeed in following your dreams. Welcome to the Badass CEO podcast. This is Mimi, and today we have Stacy Verbiest. She is the founder and CEO of W!nk, the nation's first therapeutic cannabis line created for women by women. She's a mom of four and a serial entrepreneur, always looking for ways to make life better by following trends and exploring her creative side. Stacy, thank you so much for coming on today.

Stacy (01:49):

Thank you for having it's my pleasure.

Mimi (01:51):

Great. Okay, so let's get started first. I would love for you to tell me about your current venture W!nk And why you started it. And where did the name come from?

Stacy (02:01):

Well, I started W!nk in 2015 after my best friend was diagnosed with cancer and she was using a lot of marijuana to help cure her, but she was also pretty high throughout the day. So I went on a venture to find out what therapeutic brands there were anything to help her out. I went into my first dispensary and realized that everything was very potent. The bud tenders were not so educated. All the branding looked very masculine and their goal really was more recreational than medicinal. And it was to get people high, not take care of their pain. I started doing a lot of research on THC and CBD, and I realized that there was a void in the market, especially for women who didn't want that high and CBD was the answer. The name came from winking is a discreet gesture that people do between one another. And I think with women and cannabis, women were very discreet about their use of it. So it seemed like wink, wink, wink would be a good name for a discreet brand. So women could use it anywhere without feeling ashamed of using cannabis. Since it's become more legal, that has changed, but we still love the name.

Mimi (03:13):

Oh, that's great. No, I love that name and how long ago did you start your company? I started it in 2015. Okay. So almost like the beginning of this whole wave?

Stacy (03:22):

Definitely the beginning. We're definitely the first brand created for women by women and especially specializing in CBD.

Mimi (03:31):

Right. What makes you different at this point from other brands that are out there?

Stacy (03:35):

With wink, I think our main difference is in our extraction process, our CBD and different cannabinoids come from the hemp plant. And I kind of compare it to like an aloe Vera plant. When you snap off a branch of Alovera, it's all oozing and you would use all that ooze for any kind of sunburn or bruising or any kind of pain that you have. The hemp plant is the same. We use the entire hemp plant with all the cannabinoids. And in that we're embodying all the vitamins and the minerals and the fatty acids and the flavenoids of the plant. A lot of people don't do that. They have their hemp plant and they just extract the CBD out of it. But I think they're leaving out all the healing elements. The other big thing about our company is everything is made in house in the USA. And most importantly, we post all of our lab tests online. There's so many different CBD brands out there now, and because it's not regulated by the FDA, people are just throwing products out there to make money. And I think it's really important for the consumer to look at lab tests and they also need to make sure that the lab tests there's no heavy metals or pesticides. That's the main thing that customers need to look for. So we're a full disclosure company.

Mimi (04:50):

That's great. That's great. Okay. So how, I know one of the hardest parts about starting a company is customer acquisition. So I would love to talk to you a little bit about that. Was it hard for you to do that and what were your marketing tactics?

Stacy (05:04):

Because the FDA does not approve cannabis for advertising. It's really hard for companies to really grow their sales at a rapid pace. For us, everything has been on education. We really pride ourselves in every post that we do by educating the customer on what they're getting and what might help with any kind of ailments they have. We are big on social media and just posting products and how they relate to the customers. We do a lot of digital marketing. We work with a lot of influencers and, um, we just started upping our SEO to build our eCommerce business. Because of Corona, a lot of our retailers have shut down. So right now we're just going direct to consumers. I think it's just all education. We've got a 36% repeat customer rate online, which is fabulous. And I think a lot of our business is word of mouth people loving the product and referring it to a friend.

Mimi (06:01):

That's great! I have found that going online sales is expensive, you know, doing like Facebook or Instagram. Have you found that, has it been worth your while doing that?

Stacy (06:11):

It is expensive, any kind of social media that you're investing is expensive, but there's no better way to get the education out about products. So that's something that we've worked into our budget.

Mimi (06:22):

Right. And are you doing it yourself or did you hire an outside company?

Stacy (06:26):

We have an all female team. Our social media consists of a couple of women, digital marketing the same, SEO the same, and employees are female based, attorneys are female based. The labs that we use are female based. So we've tried to really embody, you know, female entrepreneurs and female business owners.

Mimi (06:44):

That's great. And you know, I was looking online at your website. You have amazing publicity. And that just seems like that was miraculous. How much publicity you have received, including, you know, Oprah's magazine highlighted you, what would you attribute that to?

Stacy (06:59):

I hired a firm, just a really small firm in New York. It was a gal who kind of branched off by herself. And I flew out to New York every month for a year. And we did, what's called a deck side. And that's where you travel to the different magazines and you bring your whole collection with you and you present it to them. And then we'd always give them, you know, a sample gift pack of different items that they could try out and they could write about. So I think most of our publicity came from that and you know, it's like I said, it's just education. So our big goal was going out there and educating these writers and PR people on how to relay the message to the customer and why CBD can be so effective.

Mimi (07:39):

That's great. That's very smart. And I heard you have a SheW!nks Program that is coming out. Can you tell us a little bit about that?

Stacy (07:46):

Yeah. Our SheW!nks Program should be launching soon. We had a launch date in April, but because things have changed, we kind of postponed it until September and it's not a multilevel marketing. Um, the SheW!nks Program is really about the consumer educating the consumer. We currently sell like to Bloomingdale's and Urban Outfitters and hundreds of spas and whole foods stores nationwide. But if I don't educate every single sales person on why the customer should buy the product, it's going to sit on the shelves. And that outreach we have found has been very difficult. We've got brand ambassadors out there. We've got salespeople, but I think, you know, there's so many different elements that women have starting with my daughters, you know, 16 years old with menstrual cramps up until my 85 year old mother, you know, who has sleeping issues. We wanted to have products that covered, you know, women across the board. And I truly believe that education is key. So if we get women with a great compensation program who want to work from home and who might have children, or, you know, they want to get back into the business world, they can buy into different size kits and host parties. We just did one in San Francisco. And I think in three hours we did $1,500 and it was all just speaking to the women. And, you know, it's not just about the women. It could be about their husbands, their children, their parents, their friends. So I think the shew!nks Program will be great from an entrepreneurial standpoint for women and for healing, different therapeutic needs that women don't have the right means and not the education with the CBD and what it can do for them.

Mimi (09:21):

Right. That's great. I mean, I T I'm a true believer in the direct retail market. I mean, I've been involved with beauty counter for the past eight years, seven years, and it does, it just empowers women to be able to make their own income from home, especially now during this time where we all are at home and have to have the flexibility. So that's great that you're doing that. I think you'll be very successful in that.

Stacy (09:43):

Trying to figure out a way now to do sales online, where we can host parties, you know, like on zoom calls or, you know, just figure out the best way through the end of the year.

Mimi (09:53):

Actually, that has been what we, my team for beauty counter has completely exploded because of that, because sometimes we found it harder to get people to come to people's house, to do these popups, and to do like home shows? Whereas now it's easy to just invite someone onto like a zoom call. You know, people are more willing to jump on and do that and get in front of the camera better. So I do think that will be, you'll find it much easier probably than the typical model that has been there. So I heard that you also have lots of other entrepreneurial ventures that you've done in the past. Could you touch on those a little bit and like, if any lessons you learned along the way?

Stacy (10:28):

Sure. I started off out of college working for a marketing firm, and then I went into fashion. And from there I went into home goods and entertainment supplies to the cannabis world. So I think the biggest thing that I teach women is that opportunity leads to opportunity. You have to start somewhere. For me, to go along that road, I never thought I'd be where I am today. I mean, I just learned how to do all the graphic programs five years ago. And you know, I now I specialized in graphics. So I think just always keep your door open and be open to evolve and grow. Being an entrepreneur, you know, I was the first person to market in three different businesses I had. And after a while I became a commodity. So when that happened, I just kind of ventured into the next thing. So I just think people just need to never give up and take a job, take whatever it is, because you don't know who you're going to meet and where that's going to take you.

Mimi (11:23):

Great. So when you graduated from college, did you know you're going to be an entrepreneur? Was that your goal or you kind of just happened?

Stacy (11:29):

Kind of both. I think entrepreneurs are born entrepreneurs. I don't know what it is, but I have a long line of entrepreneurs in my family. Maybe it's just being exposed to it as a child, but I was always coming up with ideas, very innovative, but I didn't know how to put them into effect because I was so young and I think landing my first marketing job. And then my first fashion job led into me owning my own clothing line, which I did for 15 years. And I had the sales experience and the marketing experience to make that a success. So I really think experience helps. And just to keep evolving, if something's not working out, find something that does, I always have followed my passions and passions lead to passions, or you might not have the passion and you might discover it while you're doing something.

Mimi (12:13):

This is some great advice. I love it. What qualities would you say a person needs to be an entrepreneur?

Stacy (12:19):

I think a lot of entrepreneurs feel like they're entrepreneurs and they want to graduate college and start their own business. That's something that might work for some, but I think it's very rare. I think you really need experience. My dad always told me whatever job you have first, memorize the playbook, whatever it is. So when I was in marketing, I really learned everything about marketing. And then when I worked for a high end designer out of New York in my first fashion job, I memorized the playbook. I knew all the buyers. You know, I knew where all the stores, where I traveled, I learned all about merchandising. And I think experience is key. I think it's very hard to start your own business without having some kind of experience. I think you really need strong leadership goals. You have to be willing to take a risk. You have to have the ability to relieve stress because starting your own business is very stressful. The hours can be stressful, not having enough money is stressful, making the right business decisions. So you have to have a way to relieve stress. And we have to be productive. You've got to stay on it. Like entrepreneurs work, you know, 20 hours a day, 10 hours a day. It's not like you just start a business and you own your own company and you can work a few hours a day. So you have to be productive and you have to be motivated. Being able to raise money is key having those kinds of contacts or making those contacts. And I think the second biggest thing aside from experience would be the willingness to reach out to other business owners and really talk about how they made it. And you've really got to interview a lot of people and, you know, see what success for them look like, and then apply it to your own life. And if you fail, which a lot of entrepreneurs fail, start again, pick up and start over. There's no reason why you can't be successful. Sometimes it takes three or four times for an entrepreneur. You'll hear stories and stories and stories, and you have to see what doesn't work and what works. And if it doesn't work, start over.

Mimi (14:16):

No, that's great. No, it's great advice. And being a mom of four, you're obviously super busy. What advice do you have for other moms out there that are trying to be entrepreneurs or start their own company? And do you have structure to your days? And do you have any kind of apps or any other tools that you use to stay organized and productive?

Stacy (14:35):

For me, I think the biggest thing of raising children was my children came first and my husband, I think it was really working a lot of off hours or when the kids were napping or when the kids were at school. I think it requires a lot of organization. Like you've just really have to be organized. You have to be disciplined very much so with the time you do have to work. Like I was a concentrated worker. I could get more done in three hours than someone could in eight hours and work around the schedule. You know, if the kids are going to be in school from eight to three, I've got to fit in my workout. I've got to fit into my phone calls. I've got to fit into my paperwork and mailers and everything else that I have to do and then be there and be able to let go when they come home and be like, you know, open the door when they get in and be so happy and then, you know, get them through dinner and to bed. And then maybe start working again for a few hours. You just have to do what works for you.

Mimi (15:30):

How do you stay organized? Is there like an app? Are you a pre paper person? Are you digital?

Stacy (15:35):

I am definitely a paper person, which is crazy probably because of my age, but I create to do lists. And if I don't write down, even in the middle of the night, if I wake up and I think of something and I'll have a piece of paper there and I just always have lists and by me having lists, I can cross things off. I get things done. If I am not organized like that, then I'm overwhelmed. And then that's when the stress kicks in. So you just have to be very organized and I don't really use any apps just to do lists. That's what keeps me going.

Mimi (16:06):

It's true. I like paper too. I was just talking about this yesterday with her friend about, she said, Oh, you know, do you play golf? And I was like, well, yes, yes and no. I said, yeah, I used to play, but I had to make a choice, a sacrifice, like to be working. It's like, you have to make, give up things that you love and prioritize. And so is there anything that you would say, okay, I had to go by the wayside to be an entrepreneur.

Mimi (16:29):

Yes. Tons of sacraments. Definitely. I missed opportunities. I missed opportunities to go on business trips and to meet with buyers there's but like I said, I always put my family first. You know, I can't golf. Maybe I got into a couple of hours, a tennis a week. I mean, golf for me would be on a Saturday nine holes and lunch. Like I don't have time for that, but I strongly believe for entrepreneurs that meditation and prayer and you know, different ways that you can really relax your mind. Cause I think, like I said, the biggest thing to being an entrepreneur is being able to alleviate stress and self care. If you do not take care of yourself, your family and your business are not going to get anywhere. Even if it's just 15 minutes a day. Even if it's going on a walk, whatever you do, you've got to put yourself first. And that way your kids is there only going to be as happy as you and your business, you're going to be as successful as you are with yourself. So I would say self care.

Mimi (17:26):

Right. And that's where your product comes in, right. To, to relieve stress.

Stacy (17:30):

Yeah. We've got a lot of products that help with stress and anxiety and gosh, who doesn't have stress and anxiety these days, you know, but I think self care in terms of exercising your mind and taking care of your, your body and soul can open up the doors for any kind of success in life with your family or business.

Mimi (17:48):

Right. Okay, great. So you also, I noticed having non-for-profit that supports breast cancer. And can you tell us a little bit about that and how we could support you?

Stacy (17:56):

Yes, that's so sweet. I do have a nonprofit it's tied to the company. It's MB Beach Buds and MB stands for Manhattan Beach and then beach buds was kind of fun. Cause it's either like friends or beach buds could be your breasts, your breast buds. I founded the nonprofit because of my girlfriend who had breast cancer and several others too. I've often found that women that are diagnosed with cancer are not going in for their mammograms. And a mammogram is really for early detection. It's not a preventative thing. It's for detection. And so many women put off like my girlfriend perfectly capable mother of four to go in every single year and have her mammogram. And she just put it on the wayside, which is a lack of self care. And by the time she was diagnosed, it was pretty good into stage three. She's fine now. And she's all covered, but it made me realize so many women aren't having their mammograms. And then the more research I did, I realized so many women were either uninsured or under insured and weren't taking that time. So every October we'll either come out with a product or we'll do some kind of promotion that raises money. And then that money will go to a center to help fund those women who are uninsured or underinsured. And we also bring a lot of awareness in that annual checkup, you know, get your checkup, put that on your, to do list, get that marked off.

Mimi (19:19):

Right, right. That's great. Was that hard to start? A non-for-profit?

Stacy (19:23):

There's a lot of paperwork involved. I don't think anything in life is hard to start. As long as you don't let yourself get overwhelmed, you just have to go through the steps. And once you do that, I mean really to set up a business. When I spoke to USC, I was telling this kids how easy it is to start a business. We come up with the name, you file a fictitious business statement. You publish it in the paper, you go to the bank with that seal and you open up your account and you're in business. You get a resale number and an EIN and you're ready to go. It's just making it happen. And then going from there.

Mimi (19:57):

That's great. That's great. So what is next for wait, do you have any other products kind of coming out?

Stacy (20:02):

We do. I think my specialty within the company is product development. I was always big on that when I was young, starting other businesses and we just launched our gummies and an aloe Vera gel, the gummies kind of go along with our gel caps. But a lot of people who don't like taking pills now love the gummies. I'm going to be first to market. I don't know if you guys have seen any kind of shampoo and conditioner bars. They look like a soap bar and we're going to be the first one next month, launching a CBD shampoo and conditioner bar. And the reason why we're going this route is because of the way things are going right now with COVID. There are so many plastics that are being in use and we've tested these bars and they lathered, they work great. And we're trying to alleviate all the plastic waste. So that's next on our list. The funny thing about shampoo that I don't know if people really know is that shampoo is made up of Wells. It's all a boiled Castro oil, coconut oils CBD is an oil. We're going to add that to it. So it'll be really therapeutic for hair, all different kinds of hair types, some are extreme.

Mimi (21:13):

That's amazing. Well, thank you. This has been very insightful and I really appreciate your time and talking to us today.

Stacy (21:20):

Thank you so much.

Mimi (21:21):

Is there any last minute tips or advice or shout outs that you want to give to our listeners?

Stacy (21:27):

I just would appreciate any support. Our website is winked-wink.com and you can find us on Instagram @loveatfirstwink. We are starting our SheW!nks Program, so if you're interested in getting involved and making more money and educating other women, we would welcome that opportunity for you. They can reach me at Stacy@wink-wink.com. If you have any questions, I'm very big on customer service and pleasing my customers. And we're always here for you.

Mimi (22:00):

Thank you so much and best wishes to you and your launches this summer.

Stacy (22:03):

Thank you so much. It was a pleasure meeting you.

Mimi (22:05):

Same to you.

Mimi (22:07):

Thank you for joining me on the badass CEO podcast. If you enjoyed today's episode, please leave a review and see you next time. Thank you.