Tuesday, June 20, 2017

The Profit - Ashtae Products Update

Tonight on The Profit, Marcus Lemonis is in Greensboro, North Carolina with hopes of making a deal with Ashtae Products. Ashtae Products is a family owned hair care business owned by Michael and Ramona Woods.  The business is profitable, but the owner Michael is using the profits to fund unsuccessful side projects.  Marcus needs to get Michael to focus more on Ashtae Products and improve their logo and their processes to turn this business around.

Let's take a look at some information related to Ashtae Products as well as what kind of deal was made on the show.

News and Links Related To The Company:

  • Here is the Ashtae Products newly designed website and their Facebook Page.
  • The company is a multi-cultural hair care company and is named after the owners two daughters, Ashley and Taylore.
  • The episode started filming in December 2016.  The relaunch party for Ashtae Products was in March 2017 and here are photos of the event.  The event was free and it included cocktails and hor d'oeuvres. (Link)
  • Owners Michael and Ramona Woods wrote a book in 2013 called Living in the Wealthy Place.  They also have authored a few other books
  • Michael and Ramona Woods also own a television network  called Black Network Television which launched in 2011.  They sued the city of Greensboro for $50 million in 2014 over a loan the city withdrew.  A judge dismissed the suit in 2015, but last month (May 2017) an appeals court reversed that decision and said the case could move on. Here are the court documents if you want to read through them.

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal - Initial offer - $200,000 for 25% of the business.  The Deal - $300,000 for 25% of the business.
  • Ramona said she is no longer being tied down by everyday transactions as they have hired an in-house bookkeeper. (Link)
  • Ashtae Products are now available directly to the consumer on their website.
  • In a CNBC update, Ashtae "has been inundated with new supply orders, distributors and opportunities to expand its reach. This explosive growth means the Woods and Marcus have to build the Ashtae team beyond its close-knit circle with new hires."  They also want to build up their inventory of beauty how-to videos.
  • UPDATE - In January 2020, Michael and Ramona made their 27-year-old daughter Taylore Woods the company CEO. (Link)

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page, and also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

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