By Liz Brody
Fresh Prints is a thriving business that began with a very bad decision. “We bought the company pretty blind,” says Jacob Goodman. This was 10 years ago, when Goodman and his fraternity brother Josh Arbit were students at Washington University in St. Louis. At the time, Fresh Prints was a failing clothing company that sold fraternity, sorority, and college-branded merch, started by a few other students. The two friends bought it for $16,000, paying with Arbit’s bar mitzvah money. They figured it would be an education. They were right.
“We didn’t know what due diligence was. And we were like, ‘Oh, are we going to have to shut this thing down right away?’” Goodman says. That’s because, within a month, they were scammed by a customer for $8,000 and owed $25,000 for licensing royalties that hadn’t been reported by the founders. But once they solved that, they started innovating—and today, Fresh Prints has 290 full-time employees and annual revenue of $40 million. Here’s how they did it….
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