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By TIFFANY MONTGOMERY
Skullcandy CEO Rick Alden and President Jeremy Andrus shared stories, advice and insights Tuesday about the wild growth ride the company has been on for the past seven years.
A crowd of 120 people attended the Q1 Shop-eat-surf Executive Roundtable at the Shorebreak Hotel in Huntington Beach.
Here are some of the highlights from the Q+A.
Rick shared how the company struggled to have enough money to support its business in the beginning, including putting two mortgages on his once paid off house and having the sheriff’s come to the front door twice to say the home was being foreclosed on.
Rick’s philosophy was the mortgage company was pretty flexible, taking six to eight months before initiating foreclosure proceedings, while the factories that made Skullcandy product were not as flexible, so he paid the factories first.
All that scrimping for money led the company’s culture of frugality, where they slept on floors of friends and stayed in youth hostels in Hong Kong in the early days to save money.
Skullcandy has poached some high profile employees from other brands the past few years, and Rick shared his philosophy on recruiting.