In our latest episode of Executive Exchange, Ruth Umoh sits down with founder and CEO of Edible Arrangements Tariq Farid as well as President and eldest daughter Somia Farid Silber to discuss the current state of the company.

Now known as Edible, we dive into what it took for the brand to become a household name and how they're trying to ditch the "Grandma brand" moniker to appeal to millennials and the Gen-Z crowd.

During this robust conversation, we discuss the decision for elevating Somia to her position as President within the company and what the strategy for Edible is going forward. And even when the time comes for Tariq to step out of his CEO role, he will still somehow be apart of the business so long as it stays in the family.

Tariq then dives into his background of coming to the U.S. at 12 years old from Pakistan and why working at Burger King and McDonald's were the best jobs he's ever had in his life. He also details the first time he made his first million dollars and why that was such a monumental moment for him in his career and for the company.

Somia also shares Edible is set to make $500 million in sales in 2023 and is hoping that each store's target yearly revenue is between $800,000 to $1 million heading into 2024.

00:00 - Mashup Intro
00:27 - This Is Edible
01:16 - Naming Somia President
01:58 - Passing The Reigns
02:58 - Family Collaboration
03:57 - Targeting Gen Z
04:37 - Supporting One Another At Edible
06:42 - Somia's Impact
09:08 - Growing Up In The Business
10:16 - Investing In Retail Space
14:19 - Getting Young People To Buy The Products
15:26 - Approaching Criticism
17:56 - Marketing Strategies
19:16 - Changing The Name To Edible
20:39 - Outlook Into Cannabis
21:39 - Tariq's Life Journey
23:19 - Getting A $6,000 Loan To Open A Flower Shop
24:22 - From Flowers To Fruit
26:22 - Bootstrapping Edible Arrangements
26:59 - Breaking Through Financially
28:58 - Making The First Million
31:07 - Franchising The Business
32:38 - Expansion
34:55 - Sales Numbers
37:35 - Reaching For Unicorn Status
39:17 - Potential Buyers Of The Brand
40:14 - Inappropriate Times To Send An Arrangement?
41:32 - Hate Sending Edible Arrangements
42:44 - Favorite Fruits
42:53 - Super Fans Of Edible
43:19 - Best Business Advice
43:58 - Worst Business Advice
44:16 - Good Management Skills
45:11 - Signing Off
45:25 - Outro

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