Now that Dragons’ Den is over, here’s a sneak peak at what’s to come for CCP!
Last week we shared with you the details of our experience on Dragons’ Den and exactly what happened behind the scenes. In case you missed it, here’s the Dragons’ Den post.
Now that our episode has aired, we thought you might like to know what’s been going on in the months since we filmed the episode and what it’s been like to work with Dragons, Jim Treliving and Joe Mimran.
Upon our handshake deal in the Den, we knew that was only the beginning of what we anticipated to be a great partnership that would inevitably mean some significant changes here at Country Chic Paint. Immediately upon returning to B.C., we began to work with a member of Jim’s team who was assigned to work with us through the due diligence process. As soon as due diligence started, we had to provide a lot of paperwork in a very short amount of time. We had to keep in mind that, throughout the process, either party could back out of the deal at any time. However, it was a great learning experience and in the end, all of the preparation and paperwork was worth the effort and well received by Jim’s team.
While we were going through this process behind the scenes, we also added several new products to the Country Chic Paint line. We launched a second line of paint, as well as several additional products and hired quite a few new staff members. We acquired some new machinery to help streamline the production process and doubled the size of our warehouse to accommodate our larger inventory.
Early on in discussions with Jim’s team, it became clear that there may be a conflict of interest for Jim with us and one of his other investments. It’s been six months since we embarked on the due diligence process, and in recent months we found ourselves moving away from the deal. We feel some of our greatest assets are our knowledgeable retailer base, our helpful staff, the relationships with our suppliers, and our top-notch products and we owe the majority of our success to these valuable resources and we don’t need Jim and Joe’s financial investment to continue to succeed.
After carefully thinking it through and weighing all of our options, we decided it would be better for us to maintain complete ownership of our company that we built to a success within such a short period of time. From the beginning, our goal on entering the Dragons’ Den, had always been about pursuing a partnership with the Dragons in hopes of benefiting from some of their vast business experience; our focus had never been on their financial contribution. Through working with Jim and his team, we do feel we got the benefit of his entrepreneurial wisdom. In the end, we decided that withdrawing ourselves from the due diligence process would be in the best interest of the business.
From here forward, we will continue to focus on our relationships with independent retailers who have a proven passion for painted furniture. Unlike some of our competition, we will not be pursuing big box retailers such as large craft chains or home improvement chains, as we want to continue to provide excellent customer service with our top quality products.
In the end, the Dragons’ Den was a hugely beneficial learning experience for us and we are very excited for what the future holds for Country Chic Paint. We feel so fortunate to have had such an overwhelmingly positive response from our retailers and customers all over North America after our appearance on Dragons’ Den. Even though we decided not to take the deal in the end, we will still remain more motivated than ever to focus on customer service & product quality and to become the most well-known boutique brand of furniture paint in North America and beyond!
P.S. If you’d like to see our other posts about the audition and filming process, click here and here to see them! You can also find our feature article in the financial post with a clip of our pitch to the Dragons right here.
P.P.S. If you’d like to order some of our products at a special discount, come see our starter packages now! They’ll set you up with everything you need for your first Country Chic Paint project.