WWBIC fills early stage capital gap for Pumpkin Teeth
For Keith Ksobiech, creator of Pumpkin Teeth, LLC, designing and selling a family-friendly Halloween product has been a fun business venture, one grounded by a strong business development network.
?Am I having fun? Are you kidding me?? Ksobiech said. ?It?s been rewarding to create a fun product for families. This is something that makes carving and decorating pumpkins super easy. And the kids feel like they decorated an amazing creation.?
Pumpkin Teeth are reusable plastic teeth that pumpkin carvers embed into their jack-o-lanterns, no longer requiring them to cut out teeth. This involves kids more in the carving process. Pumpkin Teeth come in three sizes, including glow-in-the-dark teeth, with new versions to be introduced later in 2013.
Ksobiech runs Pumpkin Teeth out of his family?s home in Windsor, Wis., just north of Madison. The concept for Pumpkin Teeth arose five years ago from an employee at Windsor Breads, which Ksobiech and his wife Cheryl Ksobiech operated at the time. With experience starting and running a business, Ksobiech worked with the employee on product development and business vision.
?I always wanted to bring a product to market?especially a simple and fun one. Something different and preferably something small and affordable,? Ksobiech said.
Ksobiech said he?s had several important partners and mentors in this business venture, mainly his wife, who had the inspiration to start the bakery in 2004 and supported selling it in 2012 to dedicate full attention to Pumpkin Teeth.
Working with a family member who had expertise in toy design and contacts in toy manufacturing, Ksobiech patented the Pumpkin Teeth product. He then called upon friend Brad Kolp to attend trade shows to secure some initial sales and be a business confidant.
?I still needed a partner?someone to hold me up when I was down, and he did that. Since then, he has become the vice president of sales [the only employee] and a part owner in the company,? Ksobiech said.
He credits Rogette Koby at US Bank in Sun Prairie, Wis., for directing him to the Wisconsin Women?s Business Initiative Corporation to provide the startup capital Pumpkin Teeth needed.
?I just know that every year that goes by you learn a lot of lessons, meet a lot of fantastic people, and learn about more resources, WWBIC being one of them,? Ksobiech said.
WWBIC initially provided Ksobiech a loan for startup. He said WWBIC ?got it? when he showed the business plan with purchase orders in hand. Ksobiech has paid off that loan and has secured a line of credit from WWBIC for additional capital.
?They?ve been amazing. They?ve stepped in when private investors could not anymore, when friends and family were tapped out. I cannot speak highly enough of them,? Ksobiech said.
Ksobiech also connected with other Halloween product developers including Dennis Zsable of Funkins (foam pumpkins that Ksobiech uses to demo his Pumpkin Teeth) and Jonah White, developer of Billy Bob Teeth. White saw Pumpkin Teeth at a trade show and told Ksobiech he had the idea for the same thing but never acted on it. White now sells a different style of pumpkin teeth, paying Ksobiech a royalty for the use of his patented product.
Spencer?s Gifts was Pumpkin Teeth?s first large customer, but Ksobiech said to make Pumpkin Teeth a success, he needs to get his product sold through more big retailers. He quickly learned that distribution at that scale was not something he could do on his own.
?Large companies do not want to deal with one-product companies. Distributors take on so much, in warehousing, shipping and taking care of clients,? Ksobiech said. ?I can make our product and get it to distributors to add to their product streams to retailers.?
Ksobiech found two distributors that will place his product with Wal-Mart and CVS. He said 2013 will be a significant test year, mainly to measure the success and feedback he receives from the product?s distributors and retailers.
He estimates that 70 percent of his business will come through this channel, more than 20 percent through mid-level channels like private grocery and hardware stores, and the rest from sales to agro-tourism businesses and Halloween haunted houses.
For more information, contact Keith Ksobiech at pumpkinteethllc@gmail.com
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Source: http://inwisconsin.com/blog/2013/03/05/pumpkinteeth/
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