Tim Ray

Yeah, so, you know, I was finishing up my MBA at Queens University and literally, you know, I did my MBA so I could get, you know, a cool idea to start my first company.

And, you know, that came across with learning with the whole, you know, Groupon concept with, you know, Groupon that popularized it.

And I thought of this idea for a company called Food Scrooge, which is a really unique way to take excess bulk frozen protein, like meat, that you'd normally sell to a restaurant, like a food service channel, and take that excess inventory and sell it directly to the end consumers.

And really, that business was taking the group buying concept and creating a really innovative supply chain to distribute that product.

So we launched it.

So we actually signed our letter of intent to sell eight weeks after we launched.

And within the four months that we were operating, we did about 150,000 in revenue towards our media, which is the acquiring company, you know, bought it for the unique business model, not necessarily the revenue stream that we had created at that point.

And what'd they buy it for?

Um, so we bought it for a, um, as you can imagine, a backend, um, loaded earn out.

So it was basically a hundred thousand upfront with a $2.1 million purchase price, which we were able to, uh, max out based on the, uh, earn it agreement.

Yeah.

And, you know, part of that is we were dealing with a very, you know, old, well-established media company that has done a lot of growth through acquisition.

And so, you know, it's a small industry and, you know, they really rely on, you know, having good feedback to be able to continue to acquire other, you know, good ideas in the future.

So actually, just to correct, Brokei actually acquired in 2015.

I didn't actually start that company.

I was the acquiring company.

I'm currently the CEO of Roke because I bought it off of a couple of entrepreneurs that started it in 2013.

Okay.

What'd you buy it for and what does it do?

So when I bought it, it was just doing around 200,000 in gross revenue.