From Lawyer to $10M Popcorn Empire

Today on David to Goliath, we explore the riveting life of Fabio Zeppilli.

Looking back at mischievous childhood antics with his brother Joseph, and being labelled by their mother as "The Bad Monkeys," little did they realize that these adventures were shaping the resilient mindset that would chart their future.

And also, the name of their future business.

A fateful Monday at work, whilst employed as an attorney for an aerospace company, would change the course of Fabio’s life forever.

His tool to manifest his dreams? Bad Monkey Popcorn – a brand born from the quirkiest of endeavours.

And the meteoric rise to the top? A maze of ups and downs, echoing with both laughter and the looming threat of bankruptcy. And a juicy encounter on Dragons Den, which saw them 7x their market presence overnight.

Last year they sold over 5M bags of popcorn across North America, hit over $10M in annual sales and have now partnered with a private equity firm with their sights set on reaching $100M. 

If you enjoy audio, you might enjoy the behind the scenes podcast with Fabio that this newsletter was built from. Click on the image below to listen.

Now, let’s see how an 8 year overnight success story started with one coffee and a leap of faith into the unknown.

In Fabio’s own words: “If you wait to be motivated, it’s never gonna happen. Just act”.

A Rebellious Beginning

The seeds of the Bad Monkey (what a name I may add) legacy were unwittingly planted during childhood, which for Fabio and his brother Joseph, was filled with rebellion.

Always causing chaos.

"We were always causing trouble when we were kids," Fabio reminisces, as he leant back in his chair - a mischievous twinkle in his eyes.

Little did they know that the adventures of their past were sculpting the liberating mindset that would define their future.

It was the first whisper of a yearning for a life unbounded by conventional norms.

As the years unfolded, Fabio found himself entangled in the expectations of a blue-collar background.

The dream of becoming "something in the system" led him down the path of law, a trajectory that, though respectable, left him completely unfulfilled.

The legal world, with its rigid confines (sorry but it’s true), failed to nurture his innate desire to think outside the box.

"I would rather be broke and happy than have money and be miserable."

That’s when you know you’re talking to a pure entrepreneur.

Entrepreneurship, with its uncharted territories and unpredictable landscapes, beckoned to Fabio's rebellious spirit.

Where breaking the rules suddenly became a competitive advantage.

"My nature was to think outside the box," he affirms, recognizing that in the world of suits and legal jargon, such inclinations were met with skepticism.

The revelation dawned – happiness resided not in the pursuit of a pay check but in the relentless pursuit of passion. Finally, he’d found his match.

"I find that entrepreneurship caters more to my personality and to what makes me happy." 

And then, the name – Bad Monkey. Not a random choice, but a reflection of their rebellious spirit.

Bestowed upon them by their mother, it encapsulated the perfect essence for a dynamic duo set to disrupt a market filled with mundane brands.

It was a symbol of breaking free, embracing chaos, and challenging the status quo.

True happiness lies in daring to be different and dancing to the rhythm of your own untamed spirit.

And their product? Well, just wait…

One Coffee That Defined a Lifetime

I asked him about that pivotal moment when he decided to take that daring leap into the unknown and quit his job.

His eyes lit up. As even after hundreds of interviews and podcasts, for the first time, someone had asked him about that defining instant which was so important to him.

"I was the attorney for an aerospace company, in a little cubicle by a back door. The coffee machine in my corner was broken, so I went to the executive area to use theirs. They said no. That was the moment. I realized I would have to wait another 20 years to get a coffee there – it was a confirmation that I was not where I wanted to be in my life."

A mundane Monday sparked a revelation. Fabio decided he wouldn't wait two decades for his place in line - to get a god damn cup of coffee with the ‘big boys’. 

He instinctively knew there was more to life than this.

"That was Monday. I gave my two weeks' notice on Wednesday."

It was a bold move, a leap of faith into the uncharted, away from the safety of a stable job.

As fate would have it, the day before this Monday, Fabio and his brother had their first conversation about starting their own company.

It was as if the universe conspired to nudge him towards a new destiny.

Coincidence? I think not.

"People thought I was crazy. I didn't tell anyone – no one knew," he confessed.

The doubt lingered, the lack of confidence gnawed away at him.

Transitioning from a lawyer to the founder of a new company seemed absurd to most.

And not just any old company. A popcorn company.

At the time people thought he was mad.

Abandoning a six-figure salary with no assurance of success to sell… Popcorn?!

Six months into the business, reality hit home.

"We were at a festival, selling popcorn in the dark, in the rain – I was trying to hand it out of plastic bin bags."

Some old colleagues stumbled upon him, unaware of his career shift.

Just picture it.

"They had no idea what I was up to – they were like: 'Fabio, what the hell are you doing?!' I was panicking. They probably thought I had a drug problem I was recovering from."

Actually they were right.

We call that drug entrepreneurship. And it’s the best damn drug on earth.

Interestingly though, over time those old colleagues, once skeptics, transformed into some of his staunchest supporters. They even hired one of the law firms to work for the company.

At the start people will call you crazy, until they don’t. That’s the price you have to pay to go after your dreams.

Was it worth it? For Fabio we’ll find out in just a second.

Chunking: How to Achieve Massive Goals

In the early days, Fabio found himself in a one-bedroom apartment, facing the uncertainty that often accompanies entrepreneurial pursuits. 

I couldn't help but wonder, what kept him believing? What sustained him through the inevitable challenges of starting something from scratch?

"From the get-go, we embraced a blissful ignorance of reality.”

It was about ignoring what is for what could be.

Amidst the chaos of tasks – developing a website, delivering popcorn in vans, navigating customer support – Fabio proposed a philosophy that would become their guiding light. 

"Let's focus on little small wins and always celebrate those".

The first bag of popcorn sold to a non-family member became a cause for celebration. Roll out the red carpet!

They understood that these small victories would weave a tapestry of success.

This is the part I have to own up to something: Chunking.

“Chunking?!” What on earth is that? Sounds like a sick act you play at drinking parties with your college friends.

At least that’s what I used to think…

Now looking back, I believe it's one of the most important philosophies you can have in business.

Chunking is breaking down colossal challenges into small, manageable goals. It’s a powerful antidote to the paralysis induced by overthinking.

But it's a concept that stifles countless potential risk-takers, people yearning for change but shackled by the uncertainty of where to begin.

"I know people who are dying to leave their jobs, but they just don't know where to start. It's paralysis by over-analysis".

The fear of the monumental task ahead often acts as an overwhelming barrier, preventing individuals from unfurling their sails and embarking on the tumultuous sea of change.

Just like when you’re about to step into cold water. You dip in your toe and the longer you wait, the worse it gets (I face this dilemma every morning with my cold showers).

In the words of Steve Jobs, "The ones who are crazy enough to think they can change the world are the ones that do." 

What Jobs left out though was that most brilliant ideas are scattered in graveyards across our lands, because people lacked the confidence to bet on themselves and take that chance.

At David to Goliath we’re making that chance a choice.

Reflecting on his own journey, Fabio recounted driving a rusty old white van, delivering popcorn to children's birthday parties.

"I felt we had the best popcorn in the world – the reality hadn't caught up in our minds."

Confidence in their product was the catalyst that propelled them forward, regardless of the external circumstances.

Persistently believe in your vision, no matter how distant it may seem.

As Churchill said: “One man (or woman I might add) with conviction will overwhelm a hundred who have only opinions”.

I feel I’m writing this quote every Newsletter and no, I do not apologize. It’s just too good to leave out.

But for Fabio, it was time to put that conviction to the test.

Community and Systems – the complexities that lurk beneath the surface of success

For those contemplating the solitary path of entrepreneurship, listen up.

Fabio revealed a chapter in their journey where the prospect of bankruptcy loomed large. This is the real sh*t. Far away from those Bugatti highlight reels you see on Instagram.

"Early on, Bad Monkey Popcorn almost went bankrupt like 5 times. Popcorn is cheap to make if you're making it to watch movies by yourself, but when there's packaging costs, you hire labour, it's expensive. We focused too much on selling and not enough on profits. Eight or nine months in, we were on the verge of bankruptcy. The first year was touch and go, many many times."

It's the duality of confidence and doubt, the constant tug-of-war between the internal voice of the victim and voice of the champion.

As Fabio candidly shared, “self-doubt is an uninvited guest that can creep into even the most resolute minds.”

"The world is not your friend – nor is the market. No one is gonna give you that self-confidence. It's like going to the gym – you have to keep working that muscle."

The days when the weight of challenges tempted thoughts of quitting, Fabio found solace in the support of his brother.

"The days I wanted to quit, my brother would pick me up. We're in this together. It helps having the other person to boost you – at some point you're gonna need that push in the back." 

Shared dreams, shared struggles, shared victories. That’s what it’s about.

In moments of peril, the brothers delved deeper into the unsexy aspects of business – finance, profit margins, and unit economics.

This was a huge breakthrough.

A lot of people see the success stories – the marketing when you're getting those big wins. In reality, it's the unsexy work that brings you the sexy outcomes – finance is one of those things (trust me, I was raised by 2 accountants that met in KPMG).

Understanding profit margins, unit economics – these are what make you win big in business.

From a high level, part of the game is just trying to solve a complex math problem.

In the pursuit of their dreams, Fabio and Joseph leaned on the shoulders of their friends who possessed the financial acumen required for building Consumer Packaged Goods (CPG) companies. 

Fuelled by humility, they extended their hands to their network, understanding that the road to success isn't a solo expedition.

It was a realization that expertise in one domain did not equate to mastery in all facets of building a CPG company.

"Some folk are so into their grind they don't realize they need to ask for help. It takes a village”

This is so true. 

Self-made billionaire? Complete nonsense. It’s just plain arrogant to think you’re going to get there alone. 

I would never do this by myself. Success is a collaborative endeavour (and it’s so much more fun).

This is why I fundamentally disagree with this whole ‘solo-preneurship’ movement. I mean credit to the freelancers getting after it – but I've spoken to a lot of them following this path, and guess what?

They're lonely. 

Instead of creating freedom, they basically build a one-person prison.

Why are you even reading this Newsletter today? It’s because our ancestors banded together as tribes to get us through sheer adversity.

Humans are tribal by nature - it’s deeply hardwired into our biology. 

Fabio reflects on those early days with nostalgia, where the camaraderie and joy surpassed the mere act of selling popcorn.

"These are some of the best experiences I've ever had in my life – we were having a great time even when we were selling like 10 bags. We had a blast."

Reminiscing on the early days, Fabio’s voice tinged with the resonance of triumph as he painted a vivid picture of a turning point. A moment that redefined the trajectory of the company.

"In the early stages, we were doing birthday parties – we were able to get some large events to have us provide popcorn. Montreal's Just for Laughs Festival, the Grand Prix – these were monumental moments. We went from servicing 5 or 6 people to servicing 5 or 6 thousand – it was unbelievable."

Then they had the crazy idea to build a physical mascot.

Fabio would dress up as the monkey and go to sporting events dancing around handing popcorn out – he learnt very early on that ego has no place in entrepreneurship.

The spotlight, once a timid glow, now illuminated their path to greatness.

Find your tribe – people who align with your values.

No one truly walks alone.

But what is it actually like working alongside a family member?

Brothers in the Arena

I wanted to delve into the heart of a question that often remains unspoken. 

What's it really like behind the scenes working with his brother, especially when the winds of challenge are blowing hard against them?

Fabio's response revealed the intricate dance of two alphas, two wolves in a cage.

"We’ve celebrated as much as we’ve fought," he confessed.

The dynamic between them, an unpredictable tango of collaboration and clash, mirrors the reality of any partnership, be it familial or professional.

Conflict is an inevitable part of human nature.

"Whether it’s your brother or anyone – you’re gonna have fights.”

The acknowledgment that stress and disagreements are woven into the fabric of collaboration is a stark yet liberating reality check.

But here's the golden nugget of wisdom: those clashes, those moments when the back is against the wall, are not signs of failure. 

They are indicators of a shared passion and commitment to the common goal.

"When we argue, it’s because we both care about the business and want it to succeed."

If you’re never fighting and there’s no pain - I’d question how much this actually means to you.

Crucially, he highlighted the importance of perspective in navigating these turbulent waters. 

"We’re brothers and love each other, but we need to keep each other accountable and responsible." 

“From the tension comes great things."

The key is leaving the ego at the door.

"I don’t care about being right – I care about winning. We don’t know what we don’t know."

This humility in the face of uncertainty becomes the cornerstone of progress, a relentless pursuit of excellence that is much more important than individual pride. 

In the arena of entrepreneurship, where battles are fought and victories are won, it's the courage to confront challenges head-on, the commitment to the shared vision, and the humility to learn and grow that define the true champions.

Yes, always fight for what you believe in but leave your ego at the door.

We’re here to win. Not to be right.

Depth over Breadth

I then sought the secret behind Bad Monkey Popcorn's ability to cultivate a devoted tribe, bound by more than just a bag of popcorn (as tasty as it is).

Fabio unveiled a story that defied conventional wisdom, weaving a narrative of connection, community, and the extraordinary power of gestures he deemed ‘non-scalable’. 

"For nine years, we've been doing something that has only just become trendy – engaging in non-scalable acts in a market that demands scalability,".

In a world obsessed with metrics and scale, they chose a different route.

Depth over breadth.

Despite selling millions of bags annually, they acknowledge that sometimes the customer experience falls short.

When this happens, Fabio and Joseph personally reach out, penning heartfelt messages and sending massive boxes of popcorn to compensate, irrespective of the purchase amount.

The metrics don't make sense on paper, but for Bad Monkey Popcorn, it's about directly connecting with the consumer.

Also, whether it's sponsoring major sports teams or supporting a school fundraiser for 50 kids, they're deeply involved in the community.

These non-scalable acts, though challenging to measure in the short term, lead to higher engagement rates and a genuine connection with their customer base. 

Despite now being available in over 25,000 locations across North America and hitting over 10M in annual revenue, they remain remarkably approachable. 

You can't measure the depth of connection on impressions.

One might argue that it's not scalable in the short term, but as the cost of advertising increases, the power of word-of-mouth marketing becomes the best counter strategy.

It might not be the express lane to a million in revenue annually, but it's a method that resonates with the human psyche.

Long-term, it might just be the most scalable approach to building something massive. Personally, I think it is.

When you keep working in the dark, you bring greatness into the light. The question is, how long and how hard are you willing to dig?"

Forge connections that withstand the test of time.

Dig with purpose.

Outlast your competitors.

Dragons Den

I dug behind the scenes into one of the pivotal moments in the Bad Monkey Popcorn saga – their appearance on Dragons' Den. And boy they didn’t disappoint.

In their Bad Monkey nature, they did it their way.

"It was interesting – we were doing OK at the time, but this is a great opportunity to get known on a much larger scale."

The backstage was a whirlwind of nerves and anticipation, a room filled with hungry entrepreneurs waiting for their shot.

So what do you to quench their hunger?

That’s right - sell ‘em popcorn!

"We thought You know what? Go to the van – and come back with tons of popcorn – We basically just started selling the popcorn in the stands to the folks waiting to do their presentation."

A spontaneous popcorn stand turned into a live party, complete with music and a queue of customers.

Imagine the scene.

A producer approached them, asking, "Who let you do this?" Fabio's response was nothing short of bold.

"I’m sorry, who are you?”

“I’m one of the producers”

"I’m sweating, nervous – we thought it would be a good opportunity. We will stop; we just have a few to serve…”

The bold move paid off though as they were catapulted straight through to the show.

In the spirit of ‘ask for forgiveness and not for permission’, Fabio and Sean took a chance. 

"Maybe it goes back to our rule-breaking backgrounds," Fabio mused.

Now, what happened after their appearance on Dragons' Den is the stuff of legends.

"Over 90% of the companies that go on it don’t close a deal. For us, we weren’t interested in closing a deal – I’ll be honest, we just wanted the publicity. We got 3 offers but rejected them all. Now we’re great friends with the dragons but didn’t close a deal. The effect of that though was insane."

Their decision not to accept the offers, fuelled by the desire for visibility rather than immediate gains, paid off in ways they couldn't have imagined.

"We 5 to 7 x’d our presence in the market almost overnight. It put a fire under our butt to figure stuff out quickly. We went from a 350 square foot location to a 1000 square foot location in weeks. It forced us to the next level." 

It's a reminder that sometimes, audacity is the catalyst for transformation, and the road to the next level often begins with breaking a few rules.

Be bold. Dare and endure.

End Mission

As we stand at the threshold of Bad Monkey's pursuit of greatness, it's time to peer into the future, to unravel the layers of ambition that propel this popcorn revolution forward. Because trust me, they’re not done yet.

Far from it.

Imagine this – over 5 million bags of popcorn sold just last year. But what drives this relentless pursuit of success? What is the end mission that beckons the trailblazers at Bad Monkey?

Two years ago, when the world faced the daunting challenges of the pandemic, Bad Monkey orchestrated a strategic masterpiece.

They forged an alliance with a private equity firm, a cadre of visionaries with a proven track record of elevating businesses into the illustrious realm of $100 million.

A testament to their commitment to continuous growth and the recognition that even the most successful entrepreneurs need guidance to reach new summits.

Venturing into the vast expanse of the United States, Fabio sees unparalleled potential.

The US market, with its limitlessness and diversity, presents an opportunity to disrupt and innovate.

Bad Monkey aims for the ambitious target of $100 million, envisioning a journey reminiscent of giants like Kellogg's, expanding from a single product to an empire under the Bad Monkey umbrella.

Fabio's perspective on "shiny object syndrome" reveals a profound dedication to mastery.

He acknowledges the pressure from private equity for quick returns but asserts that he won't venture into uncharted territories until he becomes the undisputed king of popcorn (I burst out into laughter as I re-read this line the night before publishing - too good!).

It's a philosophy rooted in excellence, a commitment to dominate one realm before conquering others. 

As the competition intensifies, Fabio reflects on the evolving stages of entrepreneurship.

The early start-up years held the thrill of a wild adventure – a journey from sleeping on a mattress on the floor to orchestrating deals that once seemed unimaginable.

The corporate structure now may be different, with close to 100 employees, but the spirit of innovation and audacity remains.

There won’t be any special coffee lines in Fabio’s company.

Yes, the days of being two brothers in a rusty van selling popcorn at children's parties are over.

But the adventure is still just beginning.

Biggest Win

I wanted to end this conversation by asking Fabio what his biggest win was over the years.

His answer resonated perfectly with the mission at David to Goliath.  

"I spent years unhappy, going through life in a robotic way not specific to what I wanted. Now I’m doing exactly what I want, 'cause I took that chance."

Fabio's biggest win was a transformation from a life of monotony to one of purpose and fulfilment. Because he rolled the dice - on himself.

The essence of his victory lies in the audacious decision to break free from the shackles of mediocrity and embrace a life aligned with his desires.

And then came the question of purpose. What propels Fabio forward?

"Proving to myself that I can do something that seems impossible. Real progress."

In a world that often confuses movement with progress, Fabio shares a profound truth:

"You don’t feel like doing something – screw that. If you wait to be motivated, it’s never gonna happen. Just act." 

These words are a rallying cry for those standing at the crossroads of hesitation.

The moment you contemplate not taking action, you're already on the wrong path. 

The victim mentality is the game over sign.

You don’t think your way into acting. You act your way into thinking.

Develop case studies for yourself. Examine your journey, document your victories, and learn from your challenges.

It's a blueprint for self-evolution, a roadmap to navigate the twists and turns of your personal and professional development.

Whether it’s selling unwanted popcorn out of plastic bin bags in dark fields or creating your own party in the Dragons Den back office, the future belongs to those who are crazy enough to believe.

Round of applause to Fabio and his brother Joseph.

Now, it’s over to you my friend.

My Top 5 Takeaways:

1) Background: Whether it’s being a rebellious child or having a background in law, the business world values unique skillsets stacked on top of one another. Yes, learn high value skills such as sales, leadership, negotiation and marketing but never think your background was a waste of time. Lean into it, use it and be original.

2) Unsexy Work: Contrary to what Instagram leads you to believe it’s the unsexy work: the finances, the operations and the paperwork that serves as a foundation for the big sexy breakthroughs. If you don’t understand business infrastructure then ask for help and partner someone who does.

3) Initiative: In life there will be moments where you can muster up an opportunity from nothing. Just like Fabio and his brother got a shot at presenting to the Dragons by selling their popcorn backstage, opportunities are given to those who dare and take risks others would call crazy. Crazy until genius.

4) Unscalable Strategies: If you want to build something small this might not be for you. But if you’re looking to build something massive with monumental impact you will need word of mouth marketing on your side. At the start the best way to win your customers hearts is by doing ‘unscalable’ strategies such as gifting free products, knowing that long-term when they tell all their friends it will pay off tenfold. People don’t care how much you know until they know how much you care.

5) Act Now: You don’t think your way into acting. You act your way into thinking. As Fabio said: “If you wait to be motivated, it’s never gonna happen. Just act”. Take the first step, you’ll figure out the rest along the way and one things for sure: You’ll wish you’d got started years before! But the next best time is now.

Embrace the Fabio Zeppilli mindset.

Take a bet on yourself, and dive into the unknown, for it is in the crucible of uncertainty that the seeds for profound personal growth are sown.

This is your call to dream like a giant.

But fight and believe in those dreams like a god damn underdog baby.

Yours truly,

-Nigel Thomas

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P.S. If you want to know behind the scenes how we build the David to Goliath Newsletters Click here to get a front row seat to the chaos by listening to our conversations on the David to Goliath podcast.