WEBVTT - Flowers for Mom Could Be Costly This Year

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Tim Stenebek on Bloomberg Radio.

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<v Speaker 2>As we said, President Biden and Speaker Kevin McCarthy met

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<v Speaker 2>with congressional leaders today, and they both made clear that

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<v Speaker 2>they aren't interested in a short term debt limit extension,

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<v Speaker 2>so kind of business as usual.

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<v Speaker 3>Matt Well, I think the interesting thing is not that

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<v Speaker 3>they didn't come to any that they didn't break any ground,

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<v Speaker 3>but that Mitch McConnell says the US is never defaulted

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<v Speaker 3>and never will. So he seems, yeah, that's is it optimism?

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<v Speaker 3>Can we call it that? Anyway? McCarthy says that Biden

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<v Speaker 3>and the congressional leaders are gonna meet again on Friday.

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<v Speaker 3>When they do meet on Friday, I'm gonna go ahead

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<v Speaker 3>and recommend that they that they already on Friday order

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<v Speaker 3>up flowers for their moms. Because typically Matt was going

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<v Speaker 3>to go with this. I just think I think Friday

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<v Speaker 3>is like the last day to get it in because

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<v Speaker 3>I feel like Saturday, it's all the flower companies are

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<v Speaker 3>too hard pressed on Saturday.

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<v Speaker 2>There was someone who knows a lot about that and

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<v Speaker 2>can tell you, like, what's the drop dead date? For

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<v Speaker 2>ordering flowers for your mom. Is Christina Stembele. She is

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<v Speaker 2>founder and CEO of Seattle based farm Girl Flowers. She

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<v Speaker 2>is here in our interactive brokers. Dude, a little bit

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<v Speaker 2>of a whirlwind trip back to New York. How are you?

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<v Speaker 1>I'm great? Thanks for having me.

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<v Speaker 3>Wait, what mean back to New York? Are you grew

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<v Speaker 3>up on a farm in New York?

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<v Speaker 1>No, come by the mic. We want to make sure Indiana.

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<v Speaker 1>Indiana might come to New York frequently and I get

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<v Speaker 1>to talk to Carol. I love talking to you guys.

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<v Speaker 3>Okay, okay, and you brought flowers. We should say for

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<v Speaker 3>listeners who can't see, we've got a couple of gorgeous

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<v Speaker 3>bouquets up here and tho a.

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<v Speaker 2>YouTube and Bloomberg originals can see them.

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<v Speaker 3>Though, yes exactly, I was going to say that, let's

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<v Speaker 3>drive the traffic there.

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<v Speaker 1>Yea. What is the what is the drop dead date?

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<v Speaker 1>I would say right now? Actually, when you said Friday,

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<v Speaker 1>oh really, yeah, I mean it's the sooner the better,

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<v Speaker 1>you know. We do do some deliveries on Saturday, but

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<v Speaker 1>depends where you live in the United States and whether

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<v Speaker 1>you can get delivery on Saturdays Sundays we do not

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<v Speaker 1>have local delivery on Sunday, so really Friday is a

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<v Speaker 1>last you can order flowers if you live in a

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<v Speaker 1>place that is lucky enough to have delivery Otherwise earlier

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<v Speaker 1>the better. We all know, like delivery delays are everyone.

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<v Speaker 3>So what So all right, let's say I order flowers

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<v Speaker 3>for my mom and for my wife who is a mom,

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<v Speaker 3>and then do I like keep them in the basement

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<v Speaker 3>refrigerator and break them out on Sunday?

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<v Speaker 1>Or I mean I sent my mom her flowers, she

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<v Speaker 1>got them on Monday this week, and I say happy

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<v Speaker 1>Mother's Day week like you Yeah, nobody gets mad about

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<v Speaker 1>early flowers or gifts. They get mad about late ones.

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<v Speaker 1>So I say, it's a Mother's Day a week and

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<v Speaker 1>pam for her all week long.

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<v Speaker 2>What's demand like right now?

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<v Speaker 1>It's high, It's really really high, back.

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<v Speaker 2>To pre pandemic levels or what is no?

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<v Speaker 1>But I well, I mean I would say that if

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<v Speaker 1>we did Sunday delivery jests probably because everybody's last minute.

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<v Speaker 1>But you know, the economy is definitely impacting every business,

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<v Speaker 1>including us. But right now we have the demands thanks

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<v Speaker 1>to the big flower companies that have spent you know,

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<v Speaker 1>a century, you know, building up flowers as gifts, which

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<v Speaker 1>I am really great, So we don't want to miss out

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<v Speaker 1>on the demand, right, But it's really hard to scale

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<v Speaker 1>a company, as you know, everyone knows. You can't really

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<v Speaker 1>scale a company from like, you know, twenty x what

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<v Speaker 1>it is normally without having to scale back down afterwards.

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<v Speaker 2>So do it because like a UPS will pull in

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<v Speaker 2>some of the executives to get out in trucks and

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<v Speaker 2>so on and stuff with and drive during like the

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<v Speaker 2>holiday season. Right, Like we see Amazon hires more people,

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<v Speaker 2>what do you do?

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<v Speaker 1>We do the same thing. Everybody is, like, you know,

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<v Speaker 1>we're all heading into Boston from here from New York.

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<v Speaker 1>We already have people in Boston working. We have people

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<v Speaker 1>at lots of our Fasca main distribution. No, it's just

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<v Speaker 1>one where we had more space. So that's why we

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<v Speaker 1>you know, we ramp up all the places that we

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<v Speaker 1>can get more space. We have places in California that

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<v Speaker 1>we have you know, people at, We have South America.

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<v Speaker 1>We have a facility in Ecuador and Qito that we

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<v Speaker 1>scale up to full capacity, multiple shifts. We just really

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<v Speaker 1>you know, we're not going.

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<v Speaker 3>There are other I mean, surely Mother's Day isn't the

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<v Speaker 3>most flowers, right, isn't Valentine's Day? No, it's not really.

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<v Speaker 1>I mean industry wide, Christmas the holidays is the biggest

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<v Speaker 1>reported holiday for flowers. For us, it's Mother's Day though,

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<v Speaker 1>because the holiday, you know, Christmas holiday is more like

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<v Speaker 1>you know, trees and wreaths, and it's.

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<v Speaker 3>The red, velvety flowers they call those, yes, point sets.

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<v Speaker 1>Yeah, plants, things like that, but cut flowers. Our industry

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<v Speaker 1>and our niche is Mother's Day. Mother's Day is like

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<v Speaker 1>it's not even just a super Bowl. I'm calling it

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<v Speaker 1>this year like we usually do. It's literally every holiday

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<v Speaker 1>wrapped up into one because we need it to be

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<v Speaker 1>so big because right after Mother's Day we go into

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<v Speaker 1>the summer slump, which means we're gonna have four months

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<v Speaker 1>of lighter sales than normal, and this year is gonna

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<v Speaker 1>be even worse, probably because of the economy, So.

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<v Speaker 3>So we don't try and offset that with other programs.

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<v Speaker 3>A buddy of mine once when my wife had our

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<v Speaker 3>first baby, gave us some kind of subscription where we

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<v Speaker 3>got a new box of flowers every month, and my

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<v Speaker 3>wife has said, for the last three years it's the

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<v Speaker 3>best gift anyone's ever given her.

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<v Speaker 1>That's a great testimonial. Everybody listens. Yeah, we do subscriptions

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<v Speaker 1>as well, which are great. We do some you know,

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<v Speaker 1>weddings and events and things like that that will will

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<v Speaker 1>pop up in the summer. We do faux flower arrangements.

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<v Speaker 1>You know, we're just constantly trying to come up with

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<v Speaker 1>new things that will keep.

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<v Speaker 3>You christ state.

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<v Speaker 2>And how much of your revenues is booked on this holiday.

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<v Speaker 1>Over twenty percent of our annual revenue will come in

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<v Speaker 1>one week this week, so it's a big deal.

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<v Speaker 2>Yeah, So you know, I was asking for you got

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<v Speaker 2>in because Matt and I talked with a guest earlier

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<v Speaker 2>about where produce and fruit are all coming from. Where

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<v Speaker 2>do all your flowers come from?

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<v Speaker 1>They come from all over the world, but mostly from

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<v Speaker 1>South America and Europe and some United States. So right now,

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<v Speaker 1>for the whole year, we'll probably be seventy percent South America,

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<v Speaker 1>seventy percent important, thirty percent domestic. Certain holidays it'll go

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<v Speaker 1>more to like forty sixty or fifty to fifty. But

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<v Speaker 1>for the year, you know, we're trying to get it

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<v Speaker 1>more to a fifty to fifty. But it's you know,

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<v Speaker 1>flower farming is is there's a lot. We could talk

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<v Speaker 1>here for an hour about flower farming in this country. Why.

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<v Speaker 1>I mean it's expensive. You know, it's get your competing

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<v Speaker 1>with other countries where they don't have the same you know,

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<v Speaker 1>taxes and labor issues, and I mean think of how

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<v Speaker 1>much you have to pay per hour right now, plus

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<v Speaker 1>all of the you know, insurances and workers comp and

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<v Speaker 1>lawsuits and legal and things like that. It's really expensive.

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<v Speaker 3>So what is the flower to get for Mother's Day?

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<v Speaker 3>I mean, I know on Valentine's Day, at the roses

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<v Speaker 3>at Christmas, I get the point sets. You know, is

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<v Speaker 3>there one for Mother's Day? What is it? Yes?

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<v Speaker 1>But I would also say don't do roses on Valentine's Day,

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<v Speaker 1>but that's another story.

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<v Speaker 3>Okay, I'm just so with you.

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<v Speaker 1>I am so with you. Yes, women don't actually want roses,

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<v Speaker 1>but paeonies. We pulled ninety two percent of our customers

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<v Speaker 1>and peonies were their favorite. And thankfully it's peenie season.

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<v Speaker 1>We are beholding to mother nature though, so we've been

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<v Speaker 1>on pins and needles because you know, you place these

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<v Speaker 1>orders and put them on for sale on your website

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<v Speaker 1>long before you actually have the flowers in hand. And

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<v Speaker 1>if it's too cold or too hot. It messes everything.

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<v Speaker 2>Does that happen?

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<v Speaker 1>It happens all the time.

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<v Speaker 2>You know.

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<v Speaker 1>Last year we had you know, thirty percent of our

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<v Speaker 1>peonies on order didn't come in time. They came the

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<v Speaker 1>week after Mother's Day and so last minute we had

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<v Speaker 1>to fly them in. It was really expensive. You know,

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<v Speaker 1>it runs our cot you know, our un economics for

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<v Speaker 1>our bouquets like great, we just like extold all those

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<v Speaker 1>at a loss, you know, for some of them. So

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<v Speaker 1>this year it's looking really good. So fingerscrass me. Still

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<v Speaker 1>have one more shipment coming in this week, but so far,

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<v Speaker 1>so good. Yeah.

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<v Speaker 2>I mean your supply chain, how complicated is it?

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<v Speaker 1>It's nuts?

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<v Speaker 2>And how expensive and like you know, we talk about

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<v Speaker 2>sustainability like moving stuff in, I mean, how do you

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<v Speaker 2>work on that?

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<v Speaker 1>It's I often say, like anything we do after perishable,

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<v Speaker 1>like really perishable product that we have is going to

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<v Speaker 1>seem like a cakewalk because you can't make a mistake.

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<v Speaker 1>You're beholden some mother nature, and we found that she

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<v Speaker 1>always wins. You cannot fight mother nature. Literally, she will

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<v Speaker 1>win every time. So you know you're just beholden too.

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<v Speaker 1>Is it too hot? Is it too cold? Is there

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<v Speaker 1>shipping issues? Like after they leave our warehouses, then we

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<v Speaker 1>have to rely on you know, third parties to deliver

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<v Speaker 1>them on time. And you know, people are upset when

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<v Speaker 1>they're not, of course, and then they're dead and so

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<v Speaker 1>have to reshift. And if you overorder, it's gonna end

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<v Speaker 1>up in a landfill. You know, it's gonna end up compost.

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<v Speaker 1>You know, you can't just sell a sweater like a

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<v Speaker 1>sweater later in you know, in June.

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<v Speaker 3>What do you do when you have leftover flowers? Do

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<v Speaker 3>you bring them to like, I don't know, churches or

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<v Speaker 3>shelter or the.

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<v Speaker 1>Few times that we do, Yeah, I do a flash

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<v Speaker 1>sa are we flash? If you see us do flash,

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<v Speaker 1>I'm like, oh, that's a little bit of an in

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<v Speaker 1>here that we over ordered. So we do flashtail to

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<v Speaker 1>sell them really quickly. But we're really really good at

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<v Speaker 1>our supply chain.

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<v Speaker 2>I need to ask you because I feel like with

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<v Speaker 2>the banking and the regional banking crisis and so and

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<v Speaker 2>so forth. You know, we've talked with you in the

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<v Speaker 2>past about funding evaluations and so on and so forth, are

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<v Speaker 2>you able to access all the funding.

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<v Speaker 1>That you need. We are still bootstrapped companies, so we

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<v Speaker 1>are still we've never taken any outside capital. We got

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<v Speaker 1>one hundred and four no's now we've probably could raise capital.

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<v Speaker 3>May know now you don't need it.

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<v Speaker 1>Now we don't need it. We're doing okay without it.

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<v Speaker 1>We just kind of kick at old school and spend

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<v Speaker 1>less than we may bank like banking or anything like,

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<v Speaker 1>you don't need any of that. Yeah, we're okay right now.

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<v Speaker 1>Banking we had some issues, but our bank with Silicon

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<v Speaker 1>Valley Bank and First One, so we had it. We

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<v Speaker 1>had some glitches in the last couple of months, and

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<v Speaker 1>the First Republic was our our secondary bank. So we

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<v Speaker 1>are now with Chase. So the yeah, you know, so

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<v Speaker 1>we're not you know, you'd more confident, you know about that.

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<v Speaker 1>So we'll see if there's funding options there, but if not,

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<v Speaker 1>we're just reinvesting our profits and trying to grow kind

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<v Speaker 1>of old school.

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<v Speaker 2>At twenty seconds, What is the next big growth project

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<v Speaker 2>for you guys?

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<v Speaker 1>Next big on? I mean we now are looking towards fall,

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<v Speaker 1>already putting orders in for Thanksgiving and Christmas and looking

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<v Speaker 1>forward to that. An exit plan or anything. I mean, yes,

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<v Speaker 1>I'm definitely looking for an exit as well. Sometime or

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<v Speaker 1>I'm just going to be one hundred years old.

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<v Speaker 2>Work one hundred hours a week, always amazing, always fun.

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<v Speaker 2>I love talking with you because I've said this to

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<v Speaker 2>you before. I love small business and try and get

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<v Speaker 2>an idea, and you're not so small. I mean, I

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<v Speaker 2>don't know what your market cap. It's tens and millions.

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<v Speaker 3>Of dollars at this point.

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<v Speaker 1>But yeah, and we're doing okay.

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<v Speaker 2>Good luck with the holiday, Christina Stumble, Matt, order your flowers.

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<v Speaker 3>I'll order them now. While Christina is in the studio

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<v Speaker 2>She's found her and seat of farm Girl Flowers, joining

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<v Speaker 2>us here in our studio