Luke Peters scaled NewAir from a small operation in his garage to a business generating over $600 million in sales, with a peak year hitting $80 million. Starting in 2001 with no funding, he and his wife focused on direct-to-consumer sales before pivoting to partnerships with major retailers like Home Depot and Amazon. One of his key strategies was expanding product lines into fun, niche appliances like beer coolers and cigar humidors while leveraging influencer marketing to boost brand awareness.
Luke believes scaling requires more than just sales growth—it’s about hiring top talent and building a structured organization that can handle complexity as the business evolves. His leadership philosophy emphasizes vision, execution, and adaptability.
Today, Luke is an investor and startup advisor. Previously, he served as Executive Chairman, Founder, and CEO of NewAir and as a board member for the International Housewares Association. His focus remains on helping businesses scale effectively while preparing for successful exits.
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Episode Notes: Awakening Titans Podcast with Lily Patrascu
Episode: Growing a Business to Nine Figures with Luke Peters
In this episode of Awakened Titans, host Lily Patrascu interviews Luke Peters, visionary founder of NewAir and executive chairman at Apex CEO. Luke shares his inspiring journey from launching NewAir in his garage to scaling it into a $600 million business, achieving $80 million in sales in a single year. He now guides entrepreneurs in scaling and exiting their businesses successfully.
Key Takeaways:
Luke’s Entrepreneurial Journey:
- Starting NewAir: Initially driven by the desire for independence and flexibility, Luke and his wife began NewAir from their garage, fulfilling orders while managing day jobs.
- Growth to $600M: Through SEO, innovative product development, and strategic pivots, NewAir grew into a leading private internet retailer.
Milestones in Scaling:
- First 1,000 Customers: Leveraged organic SEO and content marketing to attract early adopters.
- From 10,000 to 100,000 Clients: Focused on product diversification, entering new categories like wine coolers and cigar humidors to appeal to a broader audience.
- Multi-Channel Expansion: Transitioned from direct-to-consumer to partnerships with retailers like Home Depot, Lowe’s, and Amazon, creating operational and financial challenges that required innovative solutions.
Strategies for Scaling:
- Building a Leadership Team: Invested in top talent with proven expertise and retained them through structured incentives like bonuses and phantom equity.
- Cash Flow Management: Utilized asset-based lines of credit and negotiated favorable terms with retail partners to maintain financial stability.
- Brand Differentiation: Used influencer marketing to create buzz around fun, unique appliances, making NewAir stand out in a competitive market.
Insights on Leadership and Mindset:
- Hiring and Empowering Leaders: Initially hired for potential but shifted to bringing in experienced leaders who could implement transformational change.
- Mindset and Resilience: Emphasized maintaining a positive, open mindset and the importance of a burning desire to achieve goals.
- Balancing Personal Brand: Focused on building a business that could operate independently, ensuring scalability and positioning it for a successful exit.
Advice for Entrepreneurs:
- Prepare for an Exit: Align business practices with investor expectations to maximize valuation and pull future revenues forward in a tax-advantaged sale.
- Understand Cash Flow: Use sophisticated financial tools like fractional CFOs to track profitability and optimize operations.
- Diversification: Reduce risk by diversifying product offerings and customer channels.
About Apex CEO:
Luke Peters now leverages his extensive experience to coach entrepreneurs on scaling their businesses and preparing for successful exits through Apex CEO. He offers personalized strategies to align business goals with investor interests.
Connect with Luke Peters:
- LinkedIn: Luke Peters
- YouTube Channel: Luke Peters
If you’re looking to scale or plan your exit, schedule a free call now!
