Summary
Overview
Guy Raz hosts The Advice Line with Tariq Fareed, founder of Edible Arrangements, who helps entrepreneurs solve business challenges. The episode features three callers: Jake DeLeon from Fila Manila seeking advice on educating consumers about Filipino cuisine products, Heather Thorkelson from Minimal Impact Cruises asking about branding for sustainable Arctic expeditions, and Ryan Burkhardt from Kong Screen Printing looking to scale from $3M to $5M without losing company culture. Tariq shares insights from his 25-year journey building Edible Arrangements and his daughter's recent takeover as CEO.
Introduction and Tariq Fareed's Update
Tariq Fareed rejoins the show after his 2017 appearance to provide advice to entrepreneurs. He shares major updates about Edible Arrangements, including relocating the entire business from Connecticut to Atlanta and his daughter Somia taking over as CEO after 25 years. The company has transformed into a 100% e-commerce business during the pandemic and is exploring new ventures including CBD/THC products under their owned 'edibles' trademark, while also acquiring Roti, a modern Mediterranean concept from Chicago.
- Edible Arrangements moved from Connecticut to Atlanta about six months before the pandemic
- Tariq's daughter Somia took over as CEO last year at age 32, around the same age Tariq was when he started Edible
- The company became 100% e-commerce during the pandemic and is now figuring out the balance between stores and online
- Edible owns the trademark for 'edibles' and edibles.com, exploring health and wellness CBD/THC products
- They acquired Roti, a modern Mediterranean concept from Chicago
" opportunity is what you go after, risk is what you mitigate. So a lot of people that will be getting advice, they're so hung up on risk that they've totally missed the opportunity. "
Addressing the 'Granny Brand' Perception
Guy asks Tariq about how Edible Arrangements has been perceived by some as outdated or a 'granny brand' among tastemakers and culture critics. Tariq responds that the next generation needs to make the brand relevant for their peers, which is exactly what his daughter Somia is doing at age 32. He emphasizes that brands naturally evolve just like people do in their personal lives, and the younger generation brings fresh perspectives and unique ideas to keep the brand current.
- The next generation won't reject the product but needs to make it relevant, which Somia is doing as the new CEO
- Somia started as CEO at 32, the same age Tariq was when he founded Edible Arrangements
- Other younger family members are looking forward to joining with unique ideas
- Brand evolution is a natural progression, similar to personal life changes
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