Justin's: How I Built A Peanut Butter Company And Sold It For $281 Million

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Justin Gold put his homemade nut butters in Whole Foods, but still couldn't turn a profit. A 2006 mountain-biking ride inspired a new product that put Justin's on the map. For more on how Denver and Boulder have rebuilt themselves as centers of business and industry, check out CNBC's primetime special, "Cities of Success: Denver & Boulder," premiering Thursday, April 11 at 10pm ET/PT.
Produced by: Zach Green
Senior Managing Producer: Eric M. Clark
Camera: Oscar Molina, Van Applegate
Audio: Drew Levinson
Animator: Elham Ataeiazar
Reporter: Andrea Day, Tom Huddleston
Additional Footage: Getty Images
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Justin's: How I Built A Peanut Butter Company And Sold It For $281 Million

Опубликовано:

10 апр 2024

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Комментарии : 325

@siyethembafaithdlamuka4512 Месяц назад

CNBC, PLEASE DON'T EVER STOP THESE EPISODES OF FOUNDER EFFECT ETC ALL THE OTHER SHOWS ON YOUR CHANNEL.... WE LOVE IT!!!

@MarketingFoodOnline Месяц назад

yes these are awesome inspirational stories, we have tons of food entrepreneurs succeed as well its an amazing environment.

@TheBoko7 Месяц назад

Agree.

@cheesehead4lyfe Месяц назад

Agreed

@keniarosemary Месяц назад

I would have loved to taste his earlier versions. The current version has palm oil, which they probably thought was necessary for scaling up the company. Its sad because it cheapens the integrity of the product. These days, a premium nut butter is made just with nuts, no added oils or filler.

@KOSMOinfinite Месяц назад

My guess, is that to scale you have to figure out a way to make an emulsifier. I do think that most people do not like the oil separation and palm oil would be an easy way to mitigated this from happening too much.

@shannons1886 Месяц назад

I make a shake every day with peanut butter. When I have to use the Justin's it is very bland.

@nazgul7914 Месяц назад

@@KOSMOinfinite the main reason is palm oil is super cheap. I'm from a country producing palm oil. Thanks for using palm oil. I get it we all don't want cheap oil in our diet, but your buying habit decides businesses' decisions. As long as people keep buying products with palm oil in it, businesses are gonna keep using it.

@cadriver2570 Месяц назад

This was some of the most disappointing peanut butter I have purchased, and also the most expensive. It tastes like smooth putty. Whole Foods has grinders which are 100x better.

@jlee860 Месяц назад

I've eaten early Justins peanut butter before. It was literally just peanuts. It was not very good. It was like eating ground peanuts in oil basically.. Also their branding was really weird like the back said something along the lines of his wife was named Justin, his kids were named Justin, his dogs were named Justin.. The peanut butter was like $8

@AndyNC Месяц назад

He was "lucky" to have the right idea at the right time. There was not so much competition at that time and it was easier to place a new product. The other main leg on his success was the initial credit of 75K for a roommate's parents. I guess banks were not interested and he had no funds himself to finance that. This is where most dreams shatter. Unfortunately. He seems to be a very nice humble down to earth guy.

@KOSMOinfinite Месяц назад

I agree, just as the non-meat wave was starting to peak. In regarding to loans: Bank I don't think would touch this stuff. They want slam dunk businesses for loans or business with lots of cap-ex/equipment that they can repo if things go south. What I notice that lots of these business need the "Bank of Family and Friends" to get that initial funding. It appears to be important to have a strong network and base. Not all come from families with lots of resources, so friends and other people in the network can bridge that gap if needed.

@nach000x Месяц назад

I agree, but I also know a TON of people with 75K to start something and they would never be as successful as this guy. He's clearly very smart and mastered the business in no time, so props to him

@AndyNC Месяц назад

@@nach000x Yes, that's for sure. He had his vision and followed through. I know a lot of people with a lot of money, but they're all afraid to risk something, because they might fail. He was not successful because of the 75k, but he could bring his business to another level. Without it he would probably still selling selfmade peanutbutter on farmers markets.

@psk305 Месяц назад

you make your own "luck"

@AndyNC Месяц назад

@@psk305 i know that it was a lot of hard work, but my point was would he be able to go on with his business without the 75k loan? Sometimes you just need money to step up and if you don't have that... it's the end for the most businesses.

@jakegolding8388 Месяц назад

I went to school in Boulder in the 2000s and everyone ate Justin’s peanut butter and almond butter. They were also super supportive of the community and donated products to lots of different events and organizations. I remember seeing their chocolate peanut butter and almond butter cups for the first time and was super impressed by their creativity and willingness to try new things. Super happy for their success.

@ZooQyoutube Месяц назад

Wow that’s nuts

@bubbasernie5762 Месяц назад

He seems like a down to earth dude, even admitted that he got lucky. Salute.

@nofurtherwest3474 Месяц назад

Similar to Steve Jobs. He was raised in Silicon Valley. What if he had been raised in Akron, Ohio or Tampa, Florida? In the Bay Area he could easily reach out to heavy hitters in gaming and computers like Atari and HP. The stars aligned.

@JonMendez129 Месяц назад

I would buy Justin’s peanut butter, but I don’t like the palm oil in it.

@Danny-fs1hk Месяц назад

Justin’s modesty is great. He might’ve had some luck, but if he wasn’t prepared then the opportunities wouldn’t have been available for him. Excellent story!

@StanHowse Месяц назад

"Plant Based Experience" He's not Humble or Modest, just ask him why he doesn't eat Meat, and I'm sure you'll see the problem. Way to Jerk someone off, you call a "Nutbar" a "Plant Based Experience". That tells me all I need to know about the type of Person you are.

@Danny-fs1hk Месяц назад

@@StanHowse my comment had absolutely nothing to do with his diet. I was referring to his journey as a business owner. Your written comment tells me that you need an English refresher course on punctuation, reading comprehension and you might as well throw in a listening course too. And it sounds like you definitely need some therapy and a lot of hugs. You have a lot of aggression. But that’s fine because a lot of us do.

Месяц назад

As an owner of a similar nut butter brand, distrupting another area of the category, I have to say that I love his passion and how he was able to sum it up in a nutshell (pun intended). We are probably where Justin was in 2012-13 talking to WF, Wegmans, Target, testing out products in farmers markets across SoCal and getting traction nationwide but if I had to stress one thing from this, it’s that you gotta be in the right place at the right time. Hard work is expected but it means nothing without luck. And you increase your luck by being out there and staying relevant and consistent. So if you’re reading this and trying something on the side, keep doing it. It only takes one good person to look into your direction sometimes and it just snowballs after that. Good luck!!

@cembarut7012 Месяц назад

markanin adi nedir reis merak ettim. basarilar dilerim

@nm3547 Месяц назад

Thanks for adding the comment. Was good timing for me to read it.

@bananaman17 Месяц назад

wise words indeed… just out of interest, what’s your PB company called? and where can we buy some?

@FreeWifi1984 Месяц назад

I suggest you watch the latest video of “Diary of CEO” Something about $100 million dollar company They have some good tips and ideas that could probably shift your mindset.

@thegingershotman Месяц назад

Couldn’t agree more, best of luck and continued success #TakeYourShot 🫚🫚

@user-sd8bz2zr5j Месяц назад

4:29. This is where most peoples journey ends and the dream dies. Borrow $75,000 requires self belief and willingness to take risk when the time is right. Most people are too afraid to fail and never do anything.

@LexxMachinima Месяц назад

Well, if you think about it you can mitigate the risk pretty much. If you flop, you're not gonna lose the whole 75000. You buy a second-hand machine for 75000 in order to check the viability of the product. If it sucks and you never get any sales, you re-sell the machine for around the same price, or a little less. But it's definitely worth it to attempt, even if it will cost you like 5000 dollars of savings when you resell it a little lower. Have to take that risk. It's just that most people see a big sum of money and are too scared. Investing 75000 without any backup plan would be stupid.

@byoken Месяц назад

1:50 "using his food processor Justin began grinding his own nuts..."

@Tf_u_mean Месяц назад

😂

@christopherarmstrong2710 Месяц назад

😂😂 You win RU-vid comment of the week 🏆

@alexp7274 Месяц назад

Somebody had to

@alexp7274 Месяц назад

My ex-wife did that to me for 10 years

@rosanilebron1566 24 дня назад

That part made me laugh so hard!!!

@seerpou Месяц назад

what a humble guy, self-awarely attributing his success to luck

@SaltLake180 4 дня назад

Good to see how humble he is.

@MuskViral Месяц назад

classic boulder, just need a roommate with a parent to give u 75k llol

@schaumboy11 Месяц назад

from my experience people with money are more than willing to loan someone or even gift if they have a clear and concise plan to make it back with the determination to make it happen.

@victorortiz193 Месяц назад

Right money in wrong hands and you've got either a junkie or tragedy...

@disputecharges Месяц назад

Love this series, always inspired by these entrepreneurs! thanks cnbc

@Francis-yc9nc Месяц назад

A very nice personality and a honest view of his success. To build a company is not easy sometime there is luck.

@darkroverit5532 Месяц назад

AMAZING VIDEO, AMAZING QUALITY, AMAZING EDITING, AMAZING IMAGES

@Horse-tradeEu 17 дней назад

He is a special and humble individual.

@cdrad7770 Месяц назад

The honey peanut butter is the only one that I use. I literally cannot get enough of this peanut butter. I'm so glad he made this company!

@Andrico77 10 дней назад

Humble genuine dude. Good on him.

@allandresner Месяц назад

Love this story! Thank you for sharing 🎉

@alexanderastore4135 Месяц назад

What an inspirational idea, venture, person...

@mpaso111 5 дней назад

Thank you CNBC you guys are building the Future I am sure.

@hananeessaberidv2494 Месяц назад

Wow so inspiring story, he made a known product even extraordinary.

@Mryetti26 Месяц назад

More of these stories and less of tech guys who create an app and are now billionaires.

@Mr.LivingLife Месяц назад

I’m sick of seeing tech guys as well. No hate on them but I wanna see more of this

@BLCKSMTHApparel Месяц назад

Exactly

@backupdancer3720 Месяц назад

@Mryetti26 That's because people overlook the 'tech' failures... From what this video shares, this was Justin's first business and it was a very successful exit... That is extremely rare. I sold my first business, then thought it was easy and had two massive Ls...

@BizBob2 Месяц назад

Love founder effect! This is a great episode.

@pigreatlor Месяц назад

what a cool guy. very inspiring

@starrrysky Месяц назад

This guy touched my heart Wow is he awesome

@scottantonucci 11 дней назад

The honestly and humility of his "lucky" comment was really gratifying to hear. Success within a system like capitalism requires luck, and yet it's so rarely acknowledged. Focus, consistent effort, a willingness to adapt, and, yes, luck. Thanks, CNBC, for leaving that last point in.

@stevenshanelogue6984 Месяц назад

He started the business for peanuts and ended up securing the whole nut bag. How ironic a vegetarian sold out to Hormel.

@MrGruberG Месяц назад

Justine's definitely a "level 5" ceo

@mrvfino Месяц назад

What a great yet humble guy :)

@CarstenNRW Месяц назад

finally someone who got super rich with a great idea/product who admits that's still also a lot of luck to achieve it. Most billionaires or multimillionaires are like "everyone can achieve that" but most of them had the luck to be born in a rich family to get the capital, meet the right person at the right moment or whatever else. In his case without the 75k from his mates parents he may have never achieved it because another company could have learned about it before he had the chance to sell it to the bigger stores. It's still 100% his achievement but there are millions who have awesome ideas but only 1% of them will really have the luck you need not to get stomped before you can realize your idea.

@grinded77 Месяц назад

Central Market by HEB All Natural Nut Butters have 1 ingredient, the nut and no added sugar, oil, or other ingredients.

@BauldyBoys Месяц назад

This guys my spirit animal. I swear my third ideal to him.

@electrikoptik Месяц назад

Fun fact: Korn's song titled "Justin" is named after this guy. Jonathan Davis a big fan of peanut butter.

@yusracabdulahi948 Месяц назад

Humble

@user-qf8gd9or4d 6 дней назад

except for this video i have never heard of the product and never will see it again

@BSPoK Месяц назад

Beautiful 🎉

@Ben-SIG 21 день назад

Great content

@luisp.valenzuela8580 Месяц назад

Min 4:05…pretty sure the writer is proud of that line

@baandoptager Месяц назад

Nut butter squeeze pack just sounds wrong! LOL

@ThatOneChannelinAZ Месяц назад

What they forgot to mention was a huge part of there company was when they did a collaboration with Starbucks to be in every store across the nation. I am surpised they didn't mention that. Food trays, PB Cups at all the registers as well as at one point selling the packets there. I would say the eyes from starbucks made them huge. Millions and millions stood in line daily looking at there products directly in front of them not at a store missing the product on the shelf.

@taylorembach8559 Месяц назад

If the product was cheaper, I'd buy it

@hassansyed6087 Месяц назад

Using his own food processor, Justin began grinding his own nuts. How subtle.

@neanam 23 дня назад

😂😂😂

@BASE5NYC Месяц назад

I can't tell if Justin's is actually better than the others but it's awesome and they get me to pay like $15 for a jar at my local store in NYC every time.

@KOSMOinfinite Месяц назад

Honestly the fact that he was hustling working retail and as a serving may have been a blessing as it likely gave him blocks of time during the day where he could do things such as product demos at the stores during standard working hours.

@DynamicLearning4u Месяц назад

I am hungry just by watching this video. Well done!

@sh09un1 Месяц назад

necessity is the mother of re-inventions

@rinopw4262 Месяц назад

This is everything good about America

@meraligaho9455 Месяц назад

Is this where Reeze‘s come from? The cups in the end remind me of it

@SLAUSONGIRL Месяц назад

I used to eat this while a student in college

@926gaming5 Месяц назад

Real life Owen Wilson (Hansel) vibe from this guy

@RM-jb2bv Месяц назад

That Justin’s so hot right now.

Месяц назад

Got it. Now I just need a roommate who’s parents are rich enough to give me 75k.

@juicedk00laid44 25 дней назад

Does no one remember the yogurt style squeeze peanut butter packets? 😂

@samchs222 Месяц назад

Are all these stories that good? or they gave learnt to spice the stories to sound good which is still selling

@leadgenjay Месяц назад

The story of Justin is super inspiring, showing the power of pivoting and innovation. Sometimes, the key to profitability lies in streamlining operations and focusing on the product's unique selling proposition to differentiate it from competitors. Also, never underestimate the value of packaging and branding in creating a premium perception.

@RajDeelish Месяц назад

I've tried it. I don't plan to buy it again.

@warrpedd Месяц назад

$281 million? That's nuts. Peanuts😮

@mexiparkourman Месяц назад

Horneo owns skippy. They most likely want as much of the market as possible when it comes to peanut butter. Keep competition low with just JIF.

@ImportantComment Месяц назад

Love his humility

@TheRealCcE 27 дней назад

The almond butter is now $14.99. Sheesh

@ZodaPoppin Месяц назад

this series can be dog water sometimes but this was a great story. Humble guy

@jolseywales 4 дня назад

I prefer Petter Pan. Crunchy. Thanks

@jamesdeng5395 Месяц назад

What a genuine person. Love it

@thewebstylist Месяц назад

Then sold out to dirty Palm Oil, that’s all I needed to know about the corporation that runs it now. Hats off sir

@poisxe Месяц назад

I miss when Justin's used to be in a glass jar.

@heatherjolly8389 Месяц назад

My favorite chocolate brand!!

@Rosie_The_Border_Collie 27 дней назад

1:52

@tonicmad6509 Месяц назад

1:52 grinding what??

@ShihTzuNinja Месяц назад

helps to have rich friends and family

@gujuriddler9513 12 дней назад

wow

@fivestargypsy. Месяц назад

Love this it’s a very inspirational story but they use crap ingredients.

@CarpeDiem-cw2hq Месяц назад

It's incredible how globally connected we are right now. Me , from Medellin, Colombia, witnessing such business idea(healthy, profitable and just delicious) while being a peanut butter addict since my vegan years experiences. Now this idea is into another whole level, feeling inspired by it to bring it into this country and chance our feeding habits for good.

@MrGetItDone7 Месяц назад

100%!

@Ex_877 Месяц назад

And they contain Palm Oil lol hahahahaha

@joeyparra3937 Месяц назад

Love this series 😁

@KnightMD Месяц назад

Step number 1: Be rich enough to have friends with parents who have $75K disposable income to fund an idea you got during your leisurely mountain biking. Great video though. Love organic PB.

@ackeejag Месяц назад

"nut butter"😂

@jjn6914 Месяц назад

Skippy Creamy Peanut Butter actually uses better ingredients. I stopped consuming Justin's shortly after trying it and reading the ingredient list--it uses palm oil. No, thanks.

@Yefro72 Месяц назад

Palmoil is bad? How ?

@andrewgalvan5852 Месяц назад

@@Yefro72processed oil. bad for your body to process.

@austin_ma Месяц назад

Skippy’s uses palm oil too lol

@Yefro72 Месяц назад

@@andrewgalvan5852 palmoil is just fine. Dont let the soya industry lie to you.

@greengorilla-vq4so Месяц назад

Its not oil, it the hydrogenation of the oil that is hard for your digestive system to breakdown

@charlespolanco7427 Месяц назад

What a nutty story.

@Dave.... Месяц назад

It's a good tasting nut butter and I've always enjoyed their butter cups as well. But I do wish it was a cleaner product, that didn't include palm oil. It's not like it's not possible either. Because there's plenty of almond butters like from Whole Foods 365 brand and Costco's Kirkland brand. That's made with nothing but nuts and salt.

@christopherarmstrong2710 Месяц назад

HEB has their own nut butters here in Texas that I swear by, under the ‘Central Market’ name. Also just peanuts and sea salt-or I usually get the unsalted variety, which is just dry roasted peanuts blended in their own natural oil. However, consumers buy into the flavor, taste, branding and marketing-and in that way Justin’s has always stood out on the shelves. It’s sort of like the “luxury” peanut butter for the Tesla driving crowd. Women also love that name because of Timberlake and Bieber.

@mrraccoon6264 Месяц назад

The Dude is Nuts 😏

@btimec5290 Месяц назад

It is not organic peanut butter, per what was stated at the start of the video.

@ndbass09 Месяц назад

Hate the sound played every time a dollar figure is shown on a card, but very interesting video otherwise!

@Panacea9 Месяц назад

"it is a trick andre, dont you see?!" "We do it so people feel like it is an open economy and make something. Come up with new ideas." Do you hire them? "Sometimes. Sometimes they don't really match and we take their idea, make it better.""Sometimes we want them to be here so they can come up with more ideas later on.""Sometimes we just come up with all the good ideas inside and I really don't know what the outside is for." "No! We need them. For money, transfers, who r es.

@kenfolkgg Месяц назад

Plenty of hard work. The real luck was having someone that could give him 75 grand. Without that, who knows how long it would take to save that much. Or if the company lasts without that loan.