When David Simnick and Eric Vong co-founded SoapBox Soaps, they didn’t have the cash to pay new employees. That’s why they gave some of their initial hires equity in the young company. Your Business took a look at SoapBox’s changing equity breakdown, what effect the arrivals and departures of staff members had on the brand’s ownership, and why co-founder David eventually decided to split ownership evenly with current president Dan Doll. (Watch the video above for more.)
WHERE ARE THEY NOW
In 2015, SoapBox Soaps is adding major retail partners like CVS and Sam’s Club, and expanding existing relationships with Target and Whole Foods. SoapBox’s new line of hand and body lotions will be sold in over 1,600 CVS stores; three kinds of SoapBox lotions are already on sale there. By mid-March, SoapBox’s new selection of hair care products – including eight shampoos and conditioners – will be on shelves at every Target location. Sam’s Club is giving SoapBox a 16-week trial run in more than 600 locations around the country beginning the second week of April. They’ll be selling a three-pack of the company’s new liquid hand soaps. Whole Foods has also expanded SoapBox’s reach, as the grocer will now distribute Soapbox products in nine regions. And to top it all off, 1,500 additional grocery stores on the East Coast have started selling SoapBox products.
At SoapBox headquarters in Alexandria, Va., three staff members have joined the team: a director of communications, a director of operations, and a director of national accounts. Last year, the company set new records for their charitable giving. Thanks to the sales of bar soap, liquid hand soap, and body wash, SoapBox donated almost 180,000 bars of soap.