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Let’s TalkCulture, Cash, and Cannabis: Lessons from a Serial Entrepreneur
About the Episode
This special podcast crosses F&B Talk and M&A Talk in a discussion with Marc Beginin about his experience starting and growing two cannabis technology companies. He discusses how he began Precision Extraction Solutions in 2014 and grew it to $40 million in revenue by 2019, then selling it for $50 million cash and stock. Marc highlights the value of adaptability and continuous learning in entrepreneurship, the importance of company culture in scaling a business rapidly, the critical role of quality control and supply chain management, and the challenges and opportunities in emerging industries like cannabis.
“People make it happen. You build a great team, build a great culture – any business needs that.”
Marc Beginin
What You’ll Learn
- M&A Evolution: Learn about the M&A transactions that resulted in the formation, growth, sale, and reformation of two multi-million dollar companies.
- ASME Certification: Insights into the challenges involved in working with international suppliers and the importance of confirming valid certification.
- Cannabis Industry: An overview of the layers of the cannabis industry and its evolution, from manufacturing through to consumer sales.
- Corporate Culture: How the culture of a company can be organically grown and fostered through the hiring process to bring passion to the workplace.
Topics Covered
| What is the technology involved in the cannabis extraction process? [2:25] | |
| What is the difference between Precision Extraction Solutions and Prodigy? How did the companies evolve through M&A growth? [6:55] | |
| What are some of the issues and concerns around ASME certifications? [15:01] | |
| How did outsourced manufacturing impact the growth of Precision? [23:50] | |
| Who was involved in the development and growth of Precision? [30:58] | |
| What was the most challenging aspect of scaling Precision Extraction Solutions? [38:30] | |
| How can the culture of Precision be described? What is the key to finding the right people? [43:59] | |
Want More? Related Resources:
- Crossroads: Deciding to Sell Your Business vs. Doubling Down
- Why do Companies Acquire Other Businesses?
- Business Valuation: A List of Factors to Consider
Meet Our Guest
Marc Beginin is the Founder and CEO of Prodigy Processing Solutions. He founded Precision Extraction Solutions with a $45,000 investment in 2014, growing it to $40 million in revenue by 2019, making it the largest player in the extraction equipment space. Following the strategic sale of Precision to Agrify Corporation for over $50 million, Marc launched Prodigy Processing Solutions, swiftly establishing it as an industry leader through innovative strategies and a focus on advanced technology.
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