Buying Back the Brand – The Story of Beast Gear with Ben Leonard
Welcome to Seller Sessions with Danny McMillan. Today, Ben Leonard, founder of Beast Gear, shares his journey of selling, watching the decline, and buying back his brand. He offers insights into brand management, resilience, and reclaiming a damaged asset.
The Birth of Beast Gear and Its Early Success
- Origins of Beast Gear: Ben launched Beast Gear as a strength and conditioning brand while working in oil and gas. By 2019, it reached $6M in annual revenue, becoming the largest in the UK and Europe.
- Sale of the Brand: In 2019, Ben sold Beast Gear to an aggregator in the first European acquisition of its kind. The offer was life-changing, supporting Ben’s growing family and personal goals.
The Decline of Beast Gear
- Aggregator Mismanagement: Ben observed how the aggregators, driven by financial motives rather than e-commerce expertise, failed to maintain Beast Gear’s quality and brand identity. This resulted in the erosion of the “soul” of the brand.
- The Fallout: By late 2023, the aggregator faced Chapter 11 bankruptcy, struggling with its portfolio of over 200 brands, which it eventually downsized to fewer than 50.
Buying Back the Brand
- Romantic Yet Strategic Move: Ben combined emotion with pragmatism, starting with contacting former aggregator contacts and leading to complex negotiations.
- The Deal: Ben and a former aggregator founder acquired Beast Gear among distressed brands, with minimal upfront costs, consignment inventory, and an earn-out model.
Challenges and Risks of Rebuilding
- Market Evolution: The e-commerce landscape is now more competitive, but Ben sees opportunities to leverage his experience and the brand’s history.
- Addressing Competition: Competitors often fail to build authentic customer relationships. Ben aims to revitalize Beast Gear’s identity and reconnect with its loyal audience.
- The US Market: Not entering the US market was a major regret. Ben sees it as a significant opportunity for future expansion, despite brand recognition challenges.
Advice for Entrepreneurs Considering a Buyback
- Mitigate Risks: Minimize upfront investment and use consignment for inventory.
- Leverage Relationships: Use your brand knowledge to position yourself as the best buyer.
- Stay Rational: Ensure the deal is financially sound, not emotionally driven.
- Be Prepared for Challenges: A buyback often means rebuilding a damaged asset from scratch.
Ben’s Future Plans and Brand Rescue Mission
Ben will transparently document Beast Gear’s turnaround through his Brand Rescue Mission, sharing experiences and strategies to inspire and educate others in similar ventures.
Connect with Ben Leonard:
- Website: BrandRescueMission.com
- Email: Ben@BenLeonard.Pro
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Join us on 10th May 2025
