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This is Why This Entrepreneur Gave Up Management of Her Profitable Chocolate Firm

The co-founder and former CEO of Lily’s Sweets determined the very best factor for the corporate was to take a step again.

11, 2019

three min learn

Sometimes, when traders take over management of a enterprise from its founder, it is a unhealthy signal. However for Cynthia Tice and her chocolate enterprise, Lily’s Sweets, it was an acknowledgement that typically an entrepreneur shouldn’t be the individual finest suited to guide an organization because it grows.

“Whereas I at all times believed Lily’s would achieve success, this increasing mainstream client consciousness and want for change created a groundswell for development for Lily’s Sweets past what I may have imagined,” mentioned Tice, who will stay on the firm as its “acutely aware.” “By 2017, I used to be conscious that Lily’s had outgrown our crew of 4 folks, two being my kids, and my expertise consulting different manufacturers afforded me an appreciation of simply how particular Lily’s was. I wished to offer the model the chance that it deserved, and determined bringing on an investor and management that would develop a crew would finest set Lily’s as much as meet its full potential.”

Picture credit score: Courtesy Lily’s Sweets

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Since I final featured Lily’s Sweets in The Digest, the corporate obtained an undisclosed funding with VMG Companions and moved from a digital workforce to an workplace in Boulder, Colo., the primary hub of pure meals within the U.S. The corporate mentioned its enterprise doubled in 2018, with its retail footprint increasing from three,000 U.S. shops in 2017 to 10,000. Lily’s has redesigned its packaging and plans to introduce new merchandise, together with chocolate coated peanuts and almonds and peanut butter cups, this 12 months. Its crew has expanded to 25, and is now led by Jane Miller, who has led quite a lot of meals firms and had served because the division president of Frito-Lay at PepsiCo from 1984 to 1997.

“Most of my profession in client packaged items has been targeted on fixing issues, and this chance supplied simply the other situation,” Miller mentioned. “With 84 p.c of shoppers seeking to cut back their sugar consumption, in response to Mintel, I noticed becoming a member of the Lily’s Sweets crew as a chance to proceed the expansion of one thing particular.”

Tice co-founded Lily’s Sweets with its stevia-sweetened chocolate in 2011. The pure sweetener had been deemed as secure by the FDA solely three years prior. Lily’s launched nationally with Entire Meals in 2012.

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