Goats of Josh Kilmer-Purcell, Brent Ridge And Their 88 Million-Dollar Company.
When Josh Kilmer-Purcell, 52, and Brent Ridge, 48, received 88 goats from a struggling farmer in Sharon Springs, they had no idea what to do about it? Kilmer-Purcell, an advertising professional, and Ridge, a physician, googled the ways to utilise goat milk. This led them to create goat-milk soap for friends and family. The feedback was so good that they launched Beekman 1802, which is named after their farm’s address, in 2009 as a bootstrapped project. Last year, Beekman sold a majority stake to investors for $92 million.
The couple says it was their desperation that fuelled their business. In 2006, a time when they were successful in their careers, they bought a historic farm in Sharon Springs with borrowed money. During the 2008 recession, they lost their jobs, leaving them penniless. This desperate situation finally led them to the business idea of Beekman 1802.
Ridge used his medical background to understand the benefits of goat milk. While he researched product development and supply, Kilmer-Purcell found a new advertising job to support their venture. Every day for eight weeks, Ridge would take soaps to a department store in New York City for a trial run. Eventually, it caught the attention of a buyer from Anthropologie. A beauty editor from Vanity Fair, the buyer wrote about them. Since then, there was no looking back for them.
Later, the founders starred in a reality TV show The Fabulous Beekman Boys which ran for two seasons. In 2012, they competed in The Amazing Race and claimed the $1 million prize. Although buyers began to approach them in 2015, they did not sell the business. It was in 2021 that they found worthy investors. Private equity company Eurazeo invested $62 million to acquire a majority stake in Beekman. Cohesive Capital Partners and the Cherng Family Trust invested additional funds for a total investment of $92 million. In 2020, Beekman 1802 started partnering with Ulta Beauty to sell products in 400 retail stores across the country.
They say remaining bootstrapped in the initial years was a wise decision they made. They took baby steps, one at a time. And, that is their advice to upcoming entrepreneurs. Take one step at a time!
