Parker Burr is the Co-Founder of FEAT. What started as him and his partner Taylor Offerstanding outside of their college cafeteria selling socks to students as they walked by evolved into something much bigger. In 2017, they were picked for Forbes 30 Under 30in the Retail & Ecommerce space.
Born & raised in Simsbury, CT, one of his early passions was Lacrosse. With the entrepreneurial mindset he had learned from watching his father run a successful landscaping company, he started buying and reselling hats he made at the mall. Fast forward he goes off to college at UMass Amherstand continues to build his companyPromo Lacrosse. By his Junior year, the company had done 1.2 Million dollars in sales.
During his Senior year he meets Taylor and they run with this idea of starting a sock company. That year they sell 20,000 pairs out of their backpacks to students on the campus. They graduate and get funded $250k from an angel investor and another $27k from Kickstarter. After they spend every dollar trying different marketing techniques, they get another round of funding from another angel investor. This time, 1 Million dollars.
They move to Los Angeles, CA in hopes to build relationships with influencers. They form a business relationship with David Falk (Michael Jordan’s Agent) which leads to collaborating with American Gymnast Aly Raisman.
They rent a house as their working / living space on the Venice Canals in LA that becomes the ultimate networking hub. 16 months later they have to move out when they’re not in a financially great spot and they learn that one of their employees had spent $10,000 on a business credit card for his own personal expenses.
Today they’re operating profitable as a two man team with most of the work outsourced and in the hands of a third party. Although they started as a sock company, they plan to expand into categories beyond this.
In this episode Parker discusses that even when your back is against the wall, there is always a move. The pot of gold is always on the horizon, you can never really catch it. Why surrounding yourself with great people actually helps us and continue to keep walking as long as it feels right.
check out the full podcast HERE
Podcast Outline (Time Markers For Audio Format Podcast)
Born/raised in Simsbury, CT with an older + younger brother (5:50)
Got work ethic from working for his father at 14 who owned a landscaping business (12:50)
His business Promo Lacrosse would eventually do 1.2 Million in sales while attending Umass Amherst (15:40)
Meeting Taylor Offer, the co-founder in Feat & selling 20,000+ pairs of socks out of their backpack (23:55)
Raising $250k in funding from an Angel Investor & $27k from Kickstarter (32:40)
Building a relationship with David Falk (Michael Jordan’s agent) + Raising $1 Million in funding (39:55)
Collaborating with American Olympian Gymnast, Aly Raisman (42:45)
Move from Boston to Los Angeles in hopes to collaborate with social media influencers for Feat (45:10)
Collaborating with Vlogger / Content Creator, Logan Paul (46:15)
Downsizing from 20 employees to 4, outsourcing fulfillment and getting out of their warehouse lease (49:30)
Learning the ins/outs of Ecommerce from Jake Kassan, Co-Founder of Mvmt (53:32)
Completely out of Inventory heading into the Holidays, a competitors offers to make socks for Feat (58:00)
Catching an Employee that spent $10,000 of the companies money on bars, food and Ubers (62:50)
Rock bottom, out of money, owe people money they cut all employees and move out of their office (68:50)
Outsource the workload and turning around the business to be profitable (79:15)
Expanding Feat categories behind just socks (84:45)
Keep walking as long as it feels right (89:20)
Wanting to build something bigger than him is Parker’s purpose (96:00)
Surround yourself with great people (102:12)
Where to find Parker on Social media
Being listed as Forbes 30 Under 30 for Retail & Ecommerce 2017 (105:00)
Advice for finding a passion/purpose (109:00)
Surround yourself with people you may want to be like
Don’t worry about the end result, focus on the first step