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Dec 10, 2024

Luke had a chance to sit down with Cynthia Nelson and discuss his journey when he started NewAir in his garage, he never imagined it would grow into one of America’s top private internet retailers, generating over $600 million in sales and hitting $80 million in a single year.

The journey taught him what it takes to scale a business, overcome setbacks, and build something that lasts.

Now, as Executive Chairman and through Apex CEO, he is using those lessons to help other entrepreneurs achieve successful exits.

Whether it’s navigating growth or preparing for the next step, he's been there and can guide the way.

If you’re looking to scale or plan your exit, schedule a free call now!

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Episode Notes: Let's Talk About - Featuring Luke Peters

Host: Cynthia Nelson
Guest: Luke Peters, Founder of Apex CEO, Creator of "Strategy by Luke," and Former Founder of NewAir

Episode Highlights:

  1. Guest Introduction:

    • Luke Peters shares his entrepreneurial journey, scaling NewAir from a garage startup to a successful exit in 2021.

  2. The NewAir Story:

    • Started during the early 2000s in the dot-com bust.
    • Focused on a niche (portable air conditioners) and grew from a garage to a company operating in multiple warehouses.
    • Exited to private equity after two decades of growth.

  3. Key Lessons Learned:

    • The importance of quick decision-making in entrepreneurship.
    • Challenges of financial management in the early stages.
    • Hiring top talent and recognizing the value of experience over energy.
    • Shifting from being overly optimistic to a balanced, data-driven approach.

  4. Building and Leading Teams:

    • Emphasized accountability as a founder—everything starts and ends with leadership.
    • Tips for fostering a strong company culture:
      • Encouraging friendships among employees.
      • Openly sharing business goals and financial insights to align teams.
      • Creating an environment where team members feel empowered to take risks without fear of failure.
    • Strategies for managing and engaging with Gen Z and younger employees.

  5. Exit Planning and Long-Term Vision:

    • Insights on planning for an exit early in the business lifecycle.
    • De-risking the business for potential buyers by building strong management teams and focusing on EBITDA margins.

  6. Advice for Entrepreneurs:

    • Avoid blaming external factors; take responsibility and adapt.
    • Focus on long-term planning and big-picture questions.
    • Build businesses with a purpose beyond just achieving a financial exit.

Key Takeaways:

  • Entrepreneurship is a marathon, not a sprint: Growth takes time, patience, and resilience.
  • Culture is key: Building a workplace where employees feel connected, valued, and empowered is crucial for retention and success.
  • Plan for the future: Think about your exit strategy early, but stay passionate about the journey.

Connect with Luke Peters:

Quote of the Episode:
"Entrepreneurship is about solving problems quickly, learning from mistakes, and staying accountable. Your mindset as a leader determines the success of your team." – Luke Peters

Luke Peters

Luke Peters

Luke Peters is an accomplished entrepreneur and the former CEO of NewAir, a company he founded in 2001 and grew from a garage startup to a thriving business with over $600 million in cumulative...