Label Free Podcast

On this episode of the Label Free Podcast, Luke Peters joins host Deanna Radulescu to share his journey of building NewAir from a garage startup to a company generating $600 million in sales over 20 years. Luke reflects on the challenges and lessons he learned along the way, including how he carved out a niche in the market by focusing on unique appliances like portable air conditioners and wine coolers—products not dominated by the major brands.

Luke explains how scaling a business requires hiring the right talent, emphasizing that experienced professionals can play a critical role in accelerating growth. He also discusses his current ventures, which include product development and CEO coaching through Apex CEO, where he works with founders to innovate, scale, and prepare their businesses for future success.

He stresses the importance of preparing a business for sale—even if a sale isn’t the immediate goal—as it strengthens operations and provides valuable insights. Luke’s perspective is rooted in years of hands-on experience, making his advice a must-hear for entrepreneurs looking to grow and optimize their businesses.

Click To Play

Episode Notes: Building and Selling a Multi-Million Dollar Business with Luke Peters

Host:
Deanna Ralescu | Label Free Podcast

This episode of the Label Free Podcast is packed with actionable insights for entrepreneurs and CEOs looking to scale their businesses and achieve long-term success.

Summary:
In this episode of the Label Free Podcast, host Deanna Ralescu talks with Luke Peters, entrepreneur, coach, and former CEO of NewAir. Luke shares his journey of scaling NewAir from a garage startup to a $600 million company with $80 million in annual revenue, and how he successfully exited the business with a mid-eight-figure deal. He also provides invaluable advice for entrepreneurs on scaling, hiring top talent, leveraging creativity, and preparing a business for sale—even if selling isn’t on the horizon.

Key Highlights:

• NewAir’s Origin Story: Luke started NewAir in 2001 from his garage with no prior business experience. He began by selling niche HVAC products like portable air conditioners, wine coolers, and evaporative coolers.
• Scaling Success: Grew NewAir to $80 million in annual revenue by targeting underserved product niches, forming partnerships with major retailers, and maintaining a lean business model.
• Challenges in Growth: Luke emphasized how scaling a business often reveals leadership gaps and operational weaknesses, which must be addressed with experienced talent and robust processes.
• Talent and Experience: Hiring experienced leaders who have “already done what you need them to do” is critical for long-term business growth and minimizing risks during scaling.
• Product Innovation: Founders should think beyond simple product line extensions and focus on groundbreaking innovations to differentiate their businesses.

  ---

Key Takeaways:

1. Focus on Talent Early: Invest in hiring experienced and specialized talent sooner rather than later. Talent accelerates growth and helps solve problems more effectively.
2. Identify and Dominate Niches: Seek out underserved markets where large competitors are less active. These niches often hold untapped opportunities.
3. Prepare to Sell Your Business: Even if you don’t intend to sell, building a business that’s sale-ready (e.g., strong margins, solid leadership team, streamlined processes) makes it more resilient and valuable.
4. Leverage External Expertise: Use coaches, advisors, and specialized consultants to gain new perspectives and uncover hidden opportunities in your business.
5. Create a Strong Team Culture: Foster a supportive, fun, and collaborative work environment where employees feel valued and motivated to contribute.

   ---

Final Thoughts from Luke Peters:
“Prepare your business for a sale, even if you don’t plan to sell. It forces you to strengthen your company, create systems that don’t depend on you, and build a resilient business. Whether you sell or not, you’ll be in a much stronger position to succeed on your terms.”

About Luke Peters:
Luke Peters is an accomplished entrepreneur and the founder of Apex CEO. After growing NewAir to $80M in annual revenue and selling the company, he now focuses on helping other entrepreneurs scale their businesses, develop innovative products, and prepare for successful exits.

Where to Connect with Luke Peters:

• LinkedIn: Luke Peters
• YouTube Channel: Strategy by Luke

If you’re a founder or CEO looking to scale your business or make it sale-ready, reach out to Luke Peters for strategic advice. Don’t forget to subscribe, follow, and share this episode with fellow entrepreneurs!