Podcasts > Money Rehab with Nicole Lapin > Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

By Money News Network

In this episode of Money Rehab with Nicole Lapin, entrepreneur Emma Hernan discusses her path from teenage stock investor to multi-business owner. She shares how she built her diverse business portfolio, which includes a food manufacturing company that partners with Beyond Meat, a real estate practice, and various investment ventures. The episode explores how she navigates running a nationwide family business while managing relationships with family members who work alongside her.

Hernan also addresses how her appearance on the TV show 'Selling Sunset' has affected her business partnerships and public image, including both the opportunities and challenges that came with increased visibility. She discusses her approach to dating as a self-made millionaire, emphasizing the importance of finding partners who support her ambitions and aren't intimidated by her success.

Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

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Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

1-Page Summary

Emma Hernan's Entrepreneurial Journey and Multi-Pronged Business Ventures

Emma Hernan shares insights into her diverse business empire, which spans from food manufacturing to real estate and angel investing. Her entrepreneurial journey began at age 16 when she started investing in stocks, inspired by a Wall Street professional she met while nannying and encouraged by her math teacher's lessons on investing.

Strategic Business Development

Hernan demonstrates remarkable business foresight through her company, Coast to Coast. Before launching her vegan food brand, Emma Leigh & Co, she purchased a manufacturing facility, which proved crucial when partnering with Beyond Meat to fulfill major orders from Costco. Beyond food manufacturing, she has built a successful real estate portfolio and provides investment advice to friends, encouraging them to invest in rental properties as a stepping stone to homeownership.

Running a family business presents unique challenges for Hernan, who often mediates disputes between family members, including her brother, aunt, and parents. Despite occasional tensions, the family's collective effort has transformed their modest operation into a nationwide business. Hernan emphasizes how the family-owned nature of their business creates a more considerate approach to working with other companies, distinguishing them from competitors.

Reality TV's Impact on Business

Hernan's appearance on 'Selling Sunset' has brought both opportunities and challenges. While the show helped secure valuable retail partnerships, including Costco, it also exposed her to false rumors and negative portrayals. These experiences led her to become more guarded about sharing personal information on the show, carefully balancing public exposure with protecting her reputation.

Dating as a Successful Woman

As a self-made millionaire, Hernan approaches dating with clear priorities. She values financial independence and seeks partners who share her ambition while celebrating her success. Rather than searching for a wealthy partner, she emphasizes the importance of finding someone who isn't intimidated by her achievements and can be genuinely supportive of her continued growth.

1-Page Summary

Additional Materials

Actionables

  • You can start small with stock investments by using a beginner-friendly app to familiarize yourself with the market. Begin by setting aside a small amount of money each month to invest in a diversified portfolio of stocks or index funds, using resources like investment apps that offer educational content and easy-to-understand analytics to help you make informed decisions.
  • Consider a side job that offers learning opportunities in fields you're interested in, similar to how nannying exposed Hernan to a Wall Street professional. Look for part-time positions or volunteer work that align with your career goals, where you can network with professionals and gain insights into industries you're curious about, which could lead to mentorship or investment opportunities.
  • Embrace mediation skills to navigate family or team conflicts by taking an online course in conflict resolution. Learning how to effectively mediate disputes can improve your personal and professional relationships, and these skills can be practiced by volunteering to help resolve small disagreements among friends or colleagues before applying them to more significant business or family matters.

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Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

Emma Hernan's Entrepreneurial Journey and Multi-Pronged Business Ventures

In a detailed discussion about her diverse business empire, which spans food, real estate, and angel investing, Emma Hernan delves into her background, her business strategies, and her vision for the future.

Emma Hernan's Diverse Empire: Food, Real Estate, Angel Investing

Emma Hernan shares insights into the strategic moves that have shaped her business ventures, making her a multidimensional entrepreneur.

Emma's Teenage Investments in Stocks and Family Business

Emma began her foray into the world of business and investing at the tender age of 16. Her initial interest in investments was ignited while she was nannying for a family and learned about stock investments from the family's acquaintance, a Harvard graduate who worked on Wall Street. Around the same time, her math teacher's discourse on the power of investing further reinforced her determination to invest. Although it wasn’t part of the curriculum, the concept made a lasting impression.

Her business acumen became even more evident when her grandfather passed the family business to her mother and aunts. Recognizing the need for capital for equipment and payroll, Emma stepped in with a loan, showcasing her commitment to her family's business.

Emma Purchased a Facility for Her Company, Coast to Coast, to Control the Supply Chain Before Launch

Emma possessed a strategic understanding of the demand in the food industry early on. She knew the value of owning a manufacturing facility due to her long-standing family presence in the sector. With meticulous planning and significant investment, she transformed a facility into a state-of-the-art and fully automated plant. This decision was rooted in the knowledge that owning the plant would aid not only her startup but other budding enterprises as well, and would be an additional income stream while also benefiting her family's company.

Even before launching her vegan company, Emma Leigh & Co, Emma was eyeing real estate for her production, eventually buying a facility before she even had her first purchase order. This decision paid off when she faced a potential roadblock with Impossible Meat and had to partner with Beyond Meat, which allowed her to fulfill significant orders from Costco, cir ...

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Emma Hernan's Entrepreneurial Journey and Multi-Pronged Business Ventures

Additional Materials

Counterarguments

  • While Emma Hernan's early start in investing is commendable, it's important to note that not everyone has access to the same resources or mentorship opportunities that she had, such as a Harvard graduate acquaintance or a math teacher who teaches about investing.
  • Providing a loan to her family's business is a generous act, but it also suggests that she had significant savings or income at a young age, which may not be typical for many teenagers.
  • Purchasing a manufacturing facility before having a first purchase order is a bold move that carries significant risk; it worked out for Emma, but it might not be a universally advisable strategy for all entrepreneurs.
  • Emma's real estate investment strategy might not be feasible for everyone, as it requires a substantial amount of initial capital and financial stability to invest in properties and wait for them to become financially viable.
  • The success in real estate and angel investing mentioned may not solely be due to skill; market timing and external economic factors c ...

Actionables

  • You can start small by setting aside a portion of your allowance or salary to invest in a beginner-friendly stock or index fund. Begin by researching low-cost index funds, which are often recommended for new investors due to their diversified holdings and lower risk compared to individual stocks. Set up a monthly automatic transfer to invest in your chosen fund, treating it like a recurring expense to build your investment habit.
  • Consider offering a microloan to a family member or friend's small business venture, with clear terms and a modest interest rate. Draft a simple loan agreement that outlines the loan amount, repayment schedule, and interest rate, ensuring both parties are clear on the terms. This can be a way to support someone's entrepreneurial efforts while learning about the lending process and potentially earning some return on your i ...

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Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

Navigating Family Dynamics and Running a Family Business

Emma Hernan offers a candid look into the unique challenges and advantages she faces while running a family business in the food manufacturing industry.

Family Business Challenges and Advantages in Food Manufacturing

Family Business Disputes Emma Navigates

Emma reveals that the dynamics within her family’s business can be intense, involving her brother, aunt, and father, and are sometimes marked by disagreements. In fact, just before the interview, she had to mediate between her mother and brother who were in the midst of an argument. These disputes demonstrate the stress and financial risks involved in their family enterprise, such as the moment when her parents made the significant decision to max out a home equity line of credit to back the company. Thankfully, this move was seen as crucial for the company's success and was a collective family effort.

Emma's Family Ownership Fuels Company Growth

Despite occasional disputes, the family-owned nature of the business injects a level of care and consideration for the success of other companies—a stark contrast to some of their competitors. Emma's family business, which began as a modest operation scooping crab cakes from their kitchen, has now expanded to stores nationwide. Emma indicates her brother's involvement in the business, praising her team’s strength—family members included—as a key contribution to the company’s growth.

Emma Balances Leadership in the Family Business With Strong Family Relationships, an Ongoing Act

Emma strikes a balance between business leadership and family relationships, an ongoing act that is intertwined with their success. She positions herself as the peacemaker within her family, acting as an advisor during business disputes. Her father is mention ...

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Navigating Family Dynamics and Running a Family Business

Additional Materials

Counterarguments

  • Family involvement in business can sometimes lead to nepotism, which might not always result in the best decisions for the company's growth.
  • Relying on a home equity line of credit to fund a business can be risky and may not always be the best financial decision due to the potential loss of personal assets.
  • While family-owned businesses can offer a level of care and consideration, this does not inherently mean they will be more successful than their competitors.
  • Balancing leadership and family relationships can sometimes lead to conflicts of interest or compromise professional decision-making.
  • Being a peacemaker and advisor could potentially put Emma in a difficult position if she has to choose between business interests and family loyalties.
  • A laid-back attitude in business, as attributed to Emma's father, might sometimes result in missed opportunities or a lack of urgency in critical situations.
  • A protective nature in a business setting, like th ...

Actionables

  • Create a family business charter to outline roles and conflict resolution methods, ensuring everyone's responsibilities and the process for handling disputes are clear. This can be a simple document that all family members involved in the business sign, which details how decisions are made, who is responsible for what, and how conflicts will be resolved. For example, it might include a clause that any major financial decisions, like taking out a line of credit, require a unanimous vote.
  • Develop a "family equity" program where each family member earns points for non-financial contributions to the business, such as mediating disputes or supporting other family members. These points could be redeemed for certain privileges or rewards within the company, like additional time off or decision-making power in specific areas. This incentivizes and acknowledges the emotional and relational work that often goes unrecognized in family businesses.
  • Schedule regular "family-business retreats" where th ...

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Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

Challenges Of Being a Reality Tv Cast Member

"Appearing On 'Selling Sunset' Brings Emma Business Opportunities but Also Challenges"

Emma Hernan reflects on the mixed effects of appearing on the reality TV show 'Selling Sunset,' where the exposure has led to significant business opportunities but also personal and professional challenges.

Show Boosts Retail Partnerships and Brand Visibility For Emma's Business

Emma Hernan expresses gratitude for the doors that 'Selling Sunset' has opened for her, such as getting her product into Costco, a dream retailer for her. She acknowledges that these opportunities wouldn't have been possible without the show.

Emma Faced Rumors and Negative Portrayals, Making Her More Guarded In Participation

However, the show has also exposed Hernan to the downside of fame. Being on 'Selling Sunset' led to her being blindsided by a false rumor involving a married man, which went completely against her character. The spread of this rumor was particularly hurtful and made her reconsider her participation in the show. Hernan also became emotionally drained from having to manage the negative feedback from the internet. Her family was upset by her portrayal, which led to Hernan waking up with a pit in her stomach, dreading the reality of the situation airing on TV. She even reached out to a fellow cast member to ask for a retraction and apology, but it did not happen, adding to the emotional toll.

Emma Carefully Balances Sharing Her Personal Life On the Show to Avoid Damaging Edits

After the incident where she felt the show had done her "dirty," Hernan became more guarded with what she shared about her personal experiences like dates. Although she opened up about her personal life previously to connect with the audience, the negative experiences influenced her to be cautious. Emma ...

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Challenges Of Being a Reality Tv Cast Member

Additional Materials

Actionables

  • You can leverage your participation in community events or local groups to increase your visibility and create new opportunities. Start by volunteering for roles that put you in the spotlight, such as speaking at a community meeting or leading a project. This can help you get noticed by people who might offer you business or collaboration opportunities, similar to how a TV appearance can boost visibility.
  • Manage your online presence by setting clear boundaries about what you share. Before posting on social media or engaging in public forums, decide what aspects of your personal life are off-limits. This can help you maintain a professional image and protect yourself from potential negative portrayals, much like being cautious about what to share on a reality show.
  • Develop a personal branding strategy that includes a mix of professional achieve ...

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Beyond Selling Sunset: Emma Hernan on Setting the Record Straight, Bootstrapping and Running a Family Business

Emma's Dating Approach as a Successful Woman

Emma Hernan, a self-made millionaire, has a clear vision of her ideal partnership dynamic. She values financial independence, ambition, and mutual support in her relationships.

Self-Made Millionaire Emma Navigates Partners Threatened by Her Success

Emma Hernan's financial independence is a cornerstone of her identity, shaping her approach to dating. Despite others' assumptions that her achievements may be tied to a wealthy partner, she has proven herself by working hard to attain her success.

Emma Prefers to Be Her Own "Rich Boyfriend": Financial Independence and Self-Reliance

Emma has expressed a preference for being her own pillar of financial support. She jokes about being her own rich boyfriend, underscoring her commitment to self-reliance. Hernan was motivated to succeed on her own terms, especially after being offended by a friend's suggestion that her wealth came from having a rich boyfriend.

Emma Seeks Partners Who Share Her Ambition and Pride in Her Achievements, Not Those Threatened by Them

Emma is not fixated on finding a wealthy partner; instead, she prioritizes a shared sense of ambition and drive. Her goal is to find someone who not only shares her entrepreneurial spirit but also celebrates her accomplishments openly. She aspir ...

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Emma's Dating Approach as a Successful Woman

Additional Materials

Actionables

  • You can create a personal vision board that includes images and quotes related to financial independence and ambition to visually reinforce your goals. Place it somewhere you'll see it daily to remind yourself of the importance of self-reliance and to seek out relationships that support your aspirations.
  • Start a monthly "Ambition Club" with friends or colleagues where everyone shares their achievements and supports each other's goals. This fosters an environment of mutual celebration and encouragement, mirroring the supportive dynamic you aim to have in a relationship.
  • Develop a "Success Celebration Ritual" for yourself whenever you reach a milestone, whether i ...

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