When Michael Woods, a former salesman for a major beauty company, decided to quit his job and start his own competing business, he did so on an expletive-laden dare from his wife, Ramona. The result? Ashtae, a successful multicultural hair care company founded in 1994 and based out of Greensboro, NC.
For a time, the Woods could do no wrong with their company -- its wholesale business was thriving in the small slice of territory that CEO Michael had carved out. But a string of distracting and debt-inducing side projects, like a failed TV station, quickly took Ashtae from small business boom to near bust. That lack of focus, combined with a refusal to innovate products and set a defined management structure, threatened to topple the business for good. That is, until The Profit's Marcus Lemonis stepped in to (literally) clean house and expand Ashtae beyond its CEO's constraints.