Mike Moniz joins Ian to discuss the seafood distribution business, with a focus on Wulf's Fish. Mike shares his journey into the industry and the evolution of Wulf's Fish from a small retail store to a thriving seafood distribution company. They discuss the challenges and opportunities in the seafood distribution business, the importance of logistics and infrastructure, and the role of data and technology in driving decisions. Mike also provides insights on preparing for a sale and valuing a company, as well as the future of selling in distribution. Throughout the conversation, they emphasize the importance of building and maintaining a strong brand. Mike talk about the importance of preserving the legacy of Wulf's Fish and building for the future. He emphasizes the role of stewardship and the desire to create a lasting brand. The conversation also touches on the challenges of seafood distribution and the impact of M&A. Mike concludes by emphasizing the importance of focusing on the customer and gathering data to drive success. Takeaways The people and the quality of service are key differentiators in the seafood distribution business. Investing in logistics, infrastructure, and technology is crucial for success in the industry. Preparing for a sale involves driving EBITDA, establishing a management team, and reducing concentration risk. Data and technology play a significant role in making informed decisions and providing value to customers. Building and maintaining a strong brand is essential for long-term success in the seafood distribution business.
00:16 Introduction and Connection
03:39 Mike's Journey into the Seafood Business
07:29 The Evolution of Wulf's Fish
11:42 Strategic Acquisitions and Growth
13:30 The Importance of Logistics and Infrastructure
17:33 Challenges and Opportunities in the Seafood Distribution Business
18:18 The Influence of Non-Food Service Background in Running the Business
20:46 The Role of Data and Technology in the Seafood Distribution Business
29:10 Preparing for a Sale and Valuing the Company
35:24 The Future of Selling in Distribution
48:45 Building and Maintaining the Wolf's Fish Brand
53:12 Preserving the Legacy of Wolf's Fish
54:48 Building for the Future
56:35 Focus on the Customer