Dear BTF Community,
In this interview, Cheryl Zealand, Founder and CEO of Cranked Energy, discusses:
- How the business came to be;
- How it’s growing; and
- Ways to make it attractive for a future sale.
Enjoy,
Mark
Cheryl Zealand, Founder and CEO of Cranked Energy, based in Winnipeg, started her business as a personal thing.
“I wanted wholesome, quality energy for myself and my family. The truth is that I couldn’t find exactly what I was looking for. I wanted something that’s freshly made from quality ingredients and is full of energy and protein. I was also not willing to sacrifice taste—and neither were my kids!
“From this personal need, I created Cranked Energy. These freshly made bars are high in protein, made from good ingredients, and come in a bunch of flavours. These flavours are my personal favourites because they motivate me and remind me why I’m doing this. These delicious bars are a reward for my hard work and effort.”
The company was established in 2014. Zealand opened her first storefront in 2016, a 1,200-square-foot kitchen and store, and then it moved to a 4,000-square-foot facility in 2019.
Today, the energy bars are sold in over 200 retailers in Manitoba and Saskatchewan with plans for national expansion.
Zealand said the company will be leveraging a new piece of equipment which will allow it to scale from producing 3,000 bars a day to 1,400 bars an hour.
“So we’re able to actually grow,” she said.
Zealand will be participating at the Business Transitions Forum in Winnipeg on October 16. She is on a panel discussion, You Gotta Let Me Know: Should I Sell Or Should I Grow, which will look at factors business owners should consider for the best long-term value for their business.
Zealand spoke at the Forum a few years ago. With the national expansion and growth of Cranked Energy, the end result is to sell at some point.
“I don’t like to use my age as a factor but I’m not getting any younger. I’ve been in it now for over 10 years. The whole goal was always to grow a company, get national distribution, really solidify our place in the market and then have interest from a larger player and hopefully at some point my retirement plan would be to get out or sell and continue to work with some type of transitional plan,” she said.
“That’s where the interest comes in because what do I have to do to grow it to sell it that’s always what people ask me. Why don’t you look at selling it now? Well we could never. We’re in one province really with a great following but the expansion across Canada will definitely help and we’re trademarked in the U.S. too. We do have a plan to grow to the U.S. as well.
“To grow it, to be lucrative where someone would purchase it with everything already set up. All our capital equipment is purchased, production, staffing, supply chain, recipes, customer base, social media following. All that stuff that takes time is already in place. Now it’s just a matter of honing in on costs . . . and just continue to be profitable.”
Zealand is on the Dragon’s Den television show for Season 19 which will air some point in the Fall.
Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian. He also made the RETHINK’s global list as a Top Retail Expert 2024.