PrintErik Stuebe
Founder
Blue Marlin
Erik Stuebe had been running his business, Blue Marlin, for three years when he hit a brick wall. His company's sales were strong — even celebrities such as Bruce Willis and Cindy Crawford had been spotted wearing the company's vintage baseball caps. Problem was, there was no excitement in selling the same product over and over.
"About two years ago, it got to the point where it felt like handcuffs. I had been doing the same thing for a long time," recalls Stuebe. He tried to re-ignite the flurry of activity that he had enjoyed when starting his business by branching out into new products such as dark denim jeans. The denim sold, but never really caught on. Instead, the new products diluted Blue Marlin's focus and capital.
"Our customers kept asking for vintage. That's what we're known for. Every time we tried something different, it wasn't as successful," says Stuebe. His depressing conclusion: "To be a successful brand, it almost has to bore you. You have to be so focused that you are innovating within the box."
To help him do that, Stuebe formed a board of directors. "I should have formed one much earlier," says Stuebe. "Their advice is invaluable."
Stuebe's first lesson — some turnover is good. "I had been very proud that in three years, I hadn't lost a single employee," says Stuebe. But as one board member told him, GE weeds out 10 percent of its workforce each year. It keeps things fresh — some employees get stagnant and you need new blood to bring in new ideas. Stuebe's board also showed him how managing a 31-person, $4.5 million organization involves just as much creativity as creating a product or setting a marketing direction. He also learned that running an established company does have its advantages — finally, after five years, Blue Marlin is large enough to start sourcing its products abroad, a savings of 15 percent to 20 percent. "Once you hit a certain level, all kinds of doors start to open," smiles Stuebe.
Some of those doors lead to a place where the fun of being an entrepreneur starts all over again. Stuebe even got a visit from Mickey Drexler, legendary CEO of The Gap. Seems Drexler's wife and kid kept showing up in Blue Marlin clothes and Drexler wanted to find out what the company was all about. "Seeing his perspective on retail was fascinating," Stuebe says.
It was also invigorating enough that Stuebe decided that he's got at least a few more years of running Blue Marlin in him. Turns out that his life inside the box is pretty cool.
— Susan Smith Hendrickson
