Tuesday, July 11, 2017

The Profit - Bodhi Leaf Coffee Traders (Red Beard Coffee Traders) Update

Tonight on The Profit, Marcus Lemonis is in Orange, California with hopes of making a deal with Bodhi Leaf Coffee Traders.  Bodhi Leaf Coffee Traders has multiple coffee shops and also sells coffee beans sourced directly from farmers.  The business saw early success, but is now suffering while trying to expand due to lack of organization and leadership as well as staff problems.

Let's take a look at some information related to Bodhi Leaf Coffee Traders as well as what kind of deal was made on the show.

News and Links Related to the Company:

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

  • The Deal - $1.75 million for 40% of the business.  Marcus initially wanted 50%, with Steve at 26% and other investors 24%. The final deal had Marcus at 40%, Steve at 40%, and other investors 20%. They will build the business as a national brand and do wholesale as well as retail.  Marcus later gave up 10% of his equity to the staff of Bodhi Leaf. 
  • Bodhi Leaf Coffee Traders received their first full container of Guatemalan with the new red beard logo about a month ago (June 6th) - Link
  • Here is the Red Beard Coffee Traders website and Facebook Page.
  • Marcus Lemonis also invested in a Chicago coffee chain called Bow Truss, but there is a lot of drama and lawsuits in that deal.  It is unknown if there will be an upcoming episode of The Profit with Bow Truss, but all Bow Truss locations are currently closed.  In fact, Marcus Lemonis made a deal with a landlord of an unopened Bow Truss location to have Red Beard Coffee Traders in that location. This will be the first location and was supposed to open in Spring 2017. (Link)
  • Marcus Lemonis said he plans to open seven to eight Red Beard Coffee Traders in Chicago within the next 12 months. (Link)
  • In an interview about the upcoming episode Steve Sims said he is "able to buy inventory, scale my business, even made it where we’re able to look at acquiring other roasters, which we’re currently doing. It’s a whole different mindset of my business now, than say six months ago."
    • Steve also said the first Red Beard location is a bit late due to regulations affecting the landmark status of the building.  His estimation of opening is about three months from now, so October 2017.  Multiple other Red Beard locations are also in active development.
  • Jeff is now engaged to who he was dating from the show. (Link)
  • UPDATE 11/2017 - The first Red Beard Coffee Traders location opened in Chicago on November 13, 2017. (Link)  Here are some photos of the interior. 
  • UPDATE 8/2018 - The Red Beard Coffee Trader location in Chicago closed at the end of July.  Corey's NYC Bagel Deli (which will appear on The Profit) will be opening in the same location mid-August. (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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