Monique Rodriguez founded Myel from her kitchen table, overcoming personal tragedy and financial struggles to build a billion-dollar hair care brand. She shares insights on entrepreneurship, raising capital, scaling a business, and successfully negotiating an acquisition by Procter & Gamble while maintaining her role as CEO. Her story is a masterclass in resilience, vision, and leadership.
Monique Rodriguez's story is a remarkable testament to resilience, vision, and entrepreneurial spirit. Starting from her kitchen table, Monique built Myel, a textured hair care brand, into a billion-dollar business that was eventually acquired by Procter & Gamble (P&G). Her journey, marked by personal tragedy, financial risk, and strategic growth, offers invaluable lessons for founders and entrepreneurs everywhere.
Monique's entrepreneurial journey began after the tragic loss of her son Milan in 2013, when she was eight months pregnant. This devastating event became a pivotal moment that reshaped her outlook on life and business. Determined to live life on her own terms, Monique left her stable nursing career to pursue a dream that was deeply personal: creating hair care products that catered to the needs of textured hair, a market she felt was underserved.
Initially, Monique experimented with homemade concoctions inspired by traditional remedies, such as egg and mayo mixtures, to restore her own curls damaged by heat styling. Recognizing her limitations in formulation expertise, she sought out a chemist to help develop effective products. After extensive research and calls to various manufacturers, she partnered with a small local chemist in Chicago who shared her vision and was willing to work with low minimum order quantities.
Monique and her husband, who later became the COO of Myel, funded the business by investing their life savings and using their paychecks. They faced the immense pressure of financial uncertainty, including accruing credit card debt and tapping into their 401(k)s. The couple even put their home up as collateral to secure a line of credit, a risky move that underscored their commitment but also brought them to the brink of losing their house.
Despite these challenges, the brand's initial launch in May 2014 was a success, selling out of all inventory quickly. This early validation fueled their determination to grow.
About a year and a half after launching, Myel caught the attention of Sally Beauty, marking its entry into retail. The brand's products sold out rapidly in stores, and customer demand grew exponentially. However, scaling brought new challenges, particularly in financial management. The accounting firm they initially hired lacked expertise in retail trade spend and marketing expenses, leading to overspending and financial strain.
Monique emphasizes the importance of understanding cash flow and having the right financial experts on board. The misuse of the line of credit and lack of proper financial oversight nearly derailed the company.
Facing a $2.3 million debt, Monique and her husband sought investors. They encountered offers that undervalued their company, including a proposal for $2 million in exchange for 40% equity, which they wisely declined despite their desperation. This decision was guided by Monique's intuition and a long-term vision for the brand.
Eventually, they connected with New Voices Fund, led by Richard Ludlow Dennis, founder of Sundial Brands. New Voices invested $5 million for 10% equity, providing not only capital but also industry expertise and mentorship. This partnership was instrumental in scaling Myel further.
In 2020, just before the COVID-19 pandemic, Myel closed a $5 million raise, which helped the company achieve 4x growth. Later, they secured a nine-figure investment from Berkshire Partners, a landmark achievement that made Monique the first African-American woman in the textured hair care space to raise such capital while maintaining majority ownership.
Monique approached the acquisition process with strategic intent, hiring investment bankers to prepare the company for sale and ensuring that Myel was built with acquisition in mind. P&G had been observing Myel for some time and recognized the brand's authenticity, innovation, and strong community connection.
Key negotiation points for Monique included:
This acquisition was not just a financial milestone but also a strategic partnership aligned with Monique's values and vision.
Post-acquisition, Monique faced criticism from some community members who felt she was turning her back on them. There were also unfounded rumors about formula changes causing hair issues, which Monique addressed transparently, affirming that no changes were made and that P&G had enhanced product quality controls.
She highlights the importance of staying true to one's vision and being authentic, even when misunderstood. Monique chose to focus her energy on meaningful work rather than engaging with detractors.
Today, Myel employs around 300 people and continues to expand beyond hair care into skincare, body care, and wellness, embracing a holistic approach to beauty. Monique's leadership style emphasizes clarity, consistency, and empowering her team to thrive.
She acknowledges the inevitability of change and the need to manage emotions while making sound decisions. Monique also embraces the reality that some team members may leave, and she focuses on building a strong foundation for the company's future.
Monique and her husband have navigated the complexities of working together and raising a family. They prioritize communication, respect for each other's roles, and keeping their relationship strong as the foundation of their business partnership.
They also instill values of humility and hard work in their children, encouraging them to appreciate the lifestyle they've built and to pursue their own paths with dedication.
Monique's journey offers several key takeaways:
Monique aspires to continue disrupting industries, including fitness with a new brand called Win Athletics. She remains passionate about innovation and marketing, driving Myel's growth and evolution.
Her story is a powerful example of turning adversity into opportunity, building a brand with purpose, and leading with integrity.
Monique Rodriguez's journey from a basement startup to a billion-dollar brand is a masterclass in entrepreneurship. Her story underscores the importance of resilience, vision, strategic growth, and staying true to one's values. For aspiring founders, her experience offers both inspiration and practical insights into the realities of building and scaling a successful business.
