A Person Who Sold Over A Billion Dollars Worth Of Stuff Tells How He Did It. – PART 1

Ron Popeil Story

http://www.ronco.com

Seven years ago, entrepreneur Ron Popeil, the silver-tongued inventor of such iconic products as the Pocket Fisherman and the Food Dehydrator, introduced the Showtime Rotisserie BBQ.

Marketed in the seductive TV infomercial format he pioneered, Popeil demonstrated the durability, versatility, and appeal of the oven -- a contraption equally adept at producing a "scrumptious, flavorful rib roast" as it was a "mouthwatering pork-loin roast" -- before a rapt studio audience (and at-home insomniacs).

After prepping a chicken and placing it in the oven, Popeil delivered his next legendary tagline. Like most of his pitches, it blended pithy salesmanship and utter simplicity. And almost immediately, the catchphrase -- "Just set it and forget it" -- entered the pop-culture vernacular.

Indeed, the compact countertop oven (purchased for four easy payments of $39.95, plus tax and shipping) turned into the biggest hit in Popeil's hugely successful home-gadget empire. Since the launch, Popeil says he's sold about 7 million Showtime ovens, generating nearly $1 billion in revenue. "People just love it to such a degree that strangers walk up to me and tell me, 'I love my rotisserie,'" he says.

If ever there were an entrepreneur who defined unbridled passion, Popeil is it. Fueled by a salesman's gift of gab and the innate ability to create broadly appealing products that reinvent or improve upon household products, Popeil has transformed his raw zeal for inventing into one of the most successful entrepreneurial ventures in recent memory.

For more than 40 years, Popeil has sliced, diced, and sold a collection of quirky, unforgettable items (among them, the Buttoneer, Smokeless Ashtray, Mr. Microphone, and the Ronco compilation albums such as Disco Daze and Disco Nites), all of which he estimates has pushed his net worth to "more than $100 million."

In August, the 70-year-old Popeil announced that he had sold Ronco, the Chatworth (Calif.) company that made him a household name, to Fi-Tek VII, a Denver-based holding company, for $55 million. As a result of the acquisition, Ronco became a publicly traded company listed on Nasdaq Over-the-Counter (OTC) Bulletin Board. The newly formulated Ronco retains first right of refusal over any new Popeil inventions.

"We liked the strength of the brand that Ron had built in 40-plus years," says Emerson Martin, managing director at Sanders Morris Harris, the Houston financial services holding company that brokered the deal. It has a grand old name, but one that is not fully exploited in the retail market place." Martin, who also sits on Ronco's new board of directors, says that one of the new management team's main goals is to increase its retail sales.

According to Popeil, the deal frees him up to spend more time with his two youngest daughters (ages 4 and 6) and, he says, "It allows me to work on what I really enjoy, the inventing of new consumer products."

He is already at work on what he expects will be his next blockbuster -- a turkey fryer that he plans to launch early next year. Ever the salesman, he explains: "Nobody has created a fryer that is safe to use. I'm in the process of exhaustive testing. We're talking a turkey fryer that can be used for chicken and fish, and it fries up tempura. It will compete with anything that fries food in the marketplace."

"Ron is one of a kind," says Len Green, CEO of the Green Group, and a professor of entrepreneurship at Babson College in Wellesley, Mass. "He is different from the rest because he not only invents, but he sells. Most entrepreneurs come up with a concept and then give it to others to manufacture or sell. He's his own best salesman." …

Read Part 2: A Person Who Sold Over A Billion Dollars Worth Of Stuff Tells How He Did It. – PART 2