Unchartered - My Entrepreneurial Journey

At the end of June, I left the company I co-founded with Derek Saito in 2017 which included Brew Your Bucha and The Cocktail Box Co.  We signed an agreement with venture-backed private equity firm, Moonshot Brands, to acquire our company in June 2021.  We were retained as Brand Managers to continue operating the company for an additional two years (until June 2023).  This was a huge milestone for us, because we accomplished a feat that many entrepreneurs dream of, an exit through acquisition.  However, the acquisition brought on a mix of emotions which included sadness, relief, elation and fear. 

I was saddened that I was leaving the great team and company I helped build, relieved that I had the opportunity to refocus on my mental and physical wellbeing, and elated that I had earned a sense of financial and time freedom.  I had also developed a sense of fear that I was once again stepping into an unknown abyss.  

I can't provide specific details of the acquisition, due to a confidentiality agreement, but I will be reflecting on the peaks and valleys of my journey through a series of articles.  My goal is to provide an honest reflection of the pros and cons of entrepreneurship and help budding entrepreneurs along their own journeys. 

Lesson: A note to all entrepreneurs - No matter where you are on your journey, remember to document the process through photos, videos and/or journals.  We were so caught up in building our business that we didn't take many opportunities to capture both small and big moments along the way.  Not only will you likely have profound insights that you can reflect back to but also be able to observe the evolution of you and your business.  

Lessons:

1. Wherever you are on your journey in life, take the opportunity to document the process. The journey of entrepreneurship is never linear, and retaining photos, videos, and/or journal entries will you give the opportunity in the future to reflect on the evolution of you and your business.  

2. Don't have an ego.  Being an entrepreneur will require you to do boring, monotonous, dirty, and unappealing work.  There should never be a task that is beneath you, so roll up your sleeves and get sh** done.  Be willing to fill in for any role and be at least proficient at executing those tasks from time to time as you grow your business. 

3. Figure out your "why". Take the time to understand your true goals and desires.

4. Don't simply chase financial rewards at the expense of your happiness, fulfillment, and sanity. 

5. Listen to your gut. Intuition is developed by learning to attune to your internal feelings.

6. Live below your means. You can buy yourself the time to take calculated risks that you may otherwise be dissuaded from pursuing.  This can temporarily remove the financial hand-cuffs of a 9-5 job.

7. Don't simply stick to the status quo because of fear.

The Cocktail Box Co. and Brew Your Bucha Team 2023

My grandparents arrived to the US directly from China and opened their first restaurant in 1952.  They had little to their names and my grandmother couldn't even speak English.  However, over the many years in the business, they were able to make their restaurant one of the most popular in Northern California.  My first tasks which were to peel and cut countless fifty-pound bags of potatoes, carrots, and onions seemed monotonous and menial, but to this day, I don't think anyone can challenge my ability to slice and dice veggies.  For the next four years, I worked after school and on the weekends through the various roles of janitor, dishwasher, waiter, and short-order cook. Over the years, I had the opportunity to observe my grandparents and how they operated their business, and I learned a number of lessons that I would only come to fully appreciate many years later. 

Lesson: When you are a business owner, you have to be willing to wear any and all hats.  By working through each of the different roles, I learned that becoming proficient at filling the gaps if someone was absent or late is a requirement for any business.  

Lesson:  You can't have an ego.  There will be days when you have to be the one mopping the floors and cleaning the toilets, it's part of the job description.  

Lesson: Figure out your '"why".  Have a clearly defined purpose for starting your business.  Whatever your "why" is, make sure it is what you truly desire.  There will be many turbulent times and challenges along your journey; without a strong enough why, you may give up on that desire before you can reap the rewards of your hard work.  

My grandparent's entrepreneurial journey ended in 2004 when they retired and closed their restaurant, but little did I know that my journey was only just beginning.  With the spark that they lit in me, I decided to study accounting at the University of British Columbia (UBC) in Canada.  I had no idea what type of business I wanted to start but I figured an accounting degree would provide me with a solid foundation in financial literacy. 

Photos of my role models, my grandparents, at The Far East Cafe

Directionally Challenged 

When I began university, I was shocked by how intelligent, worldly, and determined my classmates were.  They appeared to be so astute and driven towards their respective goals that I felt at a loss as to what I specifically wanted out of my career.  My family did not come from money, and I desired financial freedom, so I focused my career search on positions that could lead to the highest financial reward.

Lesson: Chasing financial rewards can be a strong motivator, but spend the time to truly understand your desires.  Simply making more at the expense of your happiness, fulfillment, and sanity may not actually be worth the tradeoff.  

At the time, the Big 4 Accounting Firms (Deloitte, PwC, KPMG, and Ernst & Young) had a strong presence at the various business schools across Canada, and they highlighted the lucrative and prestigious careers that Chartered Professional Accountants (CPAs - previously known as 'Chartered Accountants' or 'CAs') could obtain.  Similar to many of my peers, I was drawn to the shiny "CA" title and pursued an summer internship at PwC.  When I was accepted into the program, I felt I had won the lottery.  With a starting salary of $38,500 and an Associate role in their Audit & Assurance Practice after I graduated, I thought I was on track to riches!  However, when I accepted the role, I felt a sense of uneasiness and restlessness.  

Lesson: Learn to listen to your gut. When a decision doesn't feel right - investigate and contemplate.  Sometimes, the body and mind have a way of indicating whether you are making the right choices and learning to attune to these feelings is an important skill.  Overtime, this will develop your intuition.

I was so adamant about accelerating my career to the potentially lucrative positions as Controller, Finance Manager, and CFO, that I did anything possible to expedite the process.  I entrenched myself into dedicating all of my time and energy to my role as an auditor and 'fast-tracking' through the CA program.  I worked and studied upwards of ninety hours a week during the year long stretch, and I became burned out.  Although I learned a lot from a professional perspective and had achieved my goal of obtaining my designation, I felt unfulfilled, exhausted, and jaded.  I decided to leave PwC and move to various positions in the mining industry which were more lucrative, in hopes that the additional financial rewards would address these feelings.  After remaining disillusioned for an additional three years, I wanted to see if a complete career change would be the solution. 

Role Models

My entrepreneurial journey was not straight forward.  It all started when I began working at my grandparent's family-run Chinese-American restaurant - The Far East Cafe.  My parents thought it would be a good idea to teach me the definition of work ethic and discipline, so they sent me to work with grandparents at the age of ten (yes, this was child-labor, but back then no one batted an eye).  At first, I despised the fact that I had to work while my friends were going to the movies or to the mall (Netflix and online shopping didn't exist back then).  However, upon reflecting, I had the opportunity to witness the true "American Dream".   

One of my university friends recommended that I consider commercial banking as a career option.  I thought this would be a good opportunity to learn about various business operations, meet entrepreneurs, and learn about structuring debt facilities.  After one and a half years of managing a portfolio of businesses that were struggling, I asked whether I could see myself doing this for the rest of my career -  the answer simply 'Hell No!' Since I worked from a young age, I knew the value of the money I earned, so I lived frugally and saved as much as I could.  Having a small war-chest of funds that I could tap into allowed me to feel comfortable leaving the career path I was once so eager to sacrifice my happiness for.  

Lesson: Live below your means.  With the extra financial savings, you can buy yourself the time to take certain calculated risks. 

Before I made the decision to leave my job, I was scared of the judgement I'd receive from my peers/colleagues, worried about what my parents' thoughts of my financial future, and saddened by the state I was leaving my relationship. Despite these feelings, I knew that the decisions I'd made up to this point hadn't led me any closer to feeling the sense of fulfillment and happiness I had hoped.  I felt I needed to make a drastic shift in my life.  

Being the risk-averse accountant that I am, I took a leave of absence (my position would be waiting for me, if I decided to come back) for three months, rather than outright quit.  I decided to travel the world in hopes of finding my 'true north'.

I embarked on a journey into the unknown - a frightening, heart wrenching and exciting experience.  I was leaving the comfort of a secure job and stable salary, walking away from my five and a half year relationship, and stepping onto an uncharted path. 

Lesson:  Walking onto an unchartered path can seem like a step backwards; however, any move away from a path that makes you feel stagnant and unenergized is a step in the right direction.  Don't simply stick to the status quo because of fear. 

Thank you for reading thus far.  I know I haven't gotten into the part when I started the business, but I had to lay the foundation of why I decided to make a drastic shift in my life. Stay tuned for the next article where I'll be sharing how I met Derek and the start of our venture.  

P.S. If you enjoyed reading, please feel free to Subscribe to my e-mail list to stay updated on my latest posts.  Thanks!

Photos from my 3 month round the world trip that took me to Tanzania, Egypt, Jordan, Dubai, Abu-Dhabi, and throughout India