The-Founders'-Pod
Monte Keleher is the CEO of Fitted Retail, a fintech company that operates a universal connectivity platform for retailers and manufacturers. Keleher's software platform offers unique financial risk management to retailers and brands, using its database of real-time inventory and sales data to provide consultations on inventory and cash flow management. The company has a focus on local businesses and works to partner with the right brands so that in times of financial stress, retailers can pay the bills of vital brands to survive. Fitted Retail's ultimate goal is to expand into every retail space, with a focus on apparel and athletic specialty and outdoor products.
In this section, the founders introduce Monte Kelleher, who runs a "fintech" business called Fitted Retail. Fitted Retail is a universal connectivity platform for brands and retailers. Monte explains that his business is based on the idea that there should be a single platform where all brands and retailers can instantly do business together. His system allows brands and retailers to connect with each other easily for tasks like invoicing, payment and ordering.
In this section, Monte Keleher from Fitted Retail discusses how the company manages everything from inventory visibility to payment processing on behalf of small retailers who are part of its platform. Fitted essentially brings visibility on inventory and payment options to retailers enabling smarter buying while allowing them to control their cash flow, thus benefiting retailers. Fitted is a distributor without inventory, and retailers still have to get approved through the Brands to sell products without minimums.
In this section, Monte Keleher, the CEO of Fitted Retail, explains how their software platform offers unique financial risk management to retailers and brands. Fitted Retail uses its database of real-time inventory and sales to provide consultations to retailers which helps them manage inventory and cash flow in a more efficient manner. The software is also capable of catching overextended orders which can be a burden on retailer's finances. Monte further explains the importance of partnerships with the right brands so that in times of financial stress, the retailer can pay the bills of vital brands to survive.
In this section, Monte Keleher discusses how Fitted Retail finds new clients. The company focuses on creating a "flywheel effect" by approaching larger retailers and demonstrating the benefits of their services. As retailers see the value in what Fitted Retail has to offer, they then encourage their brands to join as well. Keleher emphasizes that they are the only company providing an end-to-end service and notes that they believe in the importance of local businesses, both brick-and-mortar and e-commerce. Fitted Retail's ultimate goal is to expand into every retail space, with a focus on apparel and athletic specialty and outdoor products. The company has already partnered with a large western boot company and is looking to move into golf as well.
In this section, Monte Keleher discusses his love for shoes and how he possesses probably 400 to 500 pairs of shoes and boots combined. He mentions that he has never purchased a pair of red shoes as they are given to him by brands. Monte also shares that his father was a hardcore runner and a consultant who spent a ton of time with his family when they were growing up. Monte also played all sports and eventually focused on track and soccer in high school.
In this section of the video, Monte Keleher talks about his relationship with his father and how they bonded over track running. Despite being a straight-A student, Keleher realized during his senior year of high school that he didn't see a purpose in it and dropped out of school after getting into the University of Maryland. He rebelled against his family's expectations and desired to start a business, which he always knew he wanted to do since he was in first grade. He worked at a running store and learned about the industry before starting his own retail business.
In this section, Monte Keleher talks about his senior year in high school and how he wanted to do things his way and not just go with the flow. He worked at a running store and decided that he could do it better himself, which led to him starting his own running store at the age of 22. Monte loves what he does and even though he left Maryland to start his own retail store, he always came back and did not regret leaving Maryland.
In this section, Monte Keleher shares with the interviewer his experience of having a moment of clarity during his college years when he had to re-evaluate his life path. He talked about how he concluded that he didn't want to do things a certain way anymore, which led him to take a break from school to go to Africa and work at an orphanage. Despite his privileged upbringing, Monte made a lot of bad decisions, including dropping out of college twice. However, he highlighted how working at a run shop helped him realize that starting his store could be easy, which eventually led to the successful opening of Fitted Retail.
In this section, Monte Keleher discusses how his parents helped finance the opening of his running store since he couldn't afford it. They held a note and co-signed, and their names were on the lease initially. Monte and his dad, who are both runners, named the store "A Runner's Mind" as a homage to their love for running. They believe that running is an essential part of physical and mental health. Monte moved back home to open the store and prove that he was stable enough to run it. However, running a store in the Bay Area in 2008 was difficult due to the economy and the rise of Amazon.
In this section, Monte Keleher, the founder of Fitted Retail, talks about the early years of the business. He describes it as a blast, working seven days a week without missing a day, and constantly stressed, which he loves. While he admits that half the time it's not fun, he sees it as worth it, appreciating the trials and challenges that come with it. For Keleher, challenges are the point of living, and he wants it all the time.
In this section, Monte Keleher discusses his experience managing employees and learning from his mistakes. He explains that he had a hard time dealing with employees who did not share his level of passion and would get frustrated easily. Instead of having open conversations, he would take matters into his own hands and micromanage employees or even send them home. Monte admits to having made mistakes throughout his career but has learned to speak up faster and not hold things inside. He also explains that he has had two different business lives with his past retail experience and current tech company, emphasizing how important it is to recognize the human element in running a business.
In this section, the speaker talks about some mistakes and learning experiences he had when he tried to expand his running store. He attempted to add three or four stores in a similar geographical area in just two years, which resulted in failure. However, he learned from this experience and realized that there was a need for something bigger that could affect the entire world, without having a physical footprint. This idea led to the development of Fitted, a SASS (software as a service) that provides solutions for runners. The speaker teamed up with two tech guys to develop Fitted and launched the product in late 2019.
In this section, Monte Keleher, the founder of the running store chain A Runner's Mind, talks about his decision to move to Boise, Idaho and how his wife has been supportive of his hardworking nature. The conversation then transitions into how running stores can sometimes have an intimidating atmosphere for customers, particularly those who are not part of the hardcore runner community. Keleher stresses the importance of treating all customers with kindness and respect, and how retail stores have the opportunity to positively impact someone's day or even change their life with a good interaction.
In this section, Monte Keleher discusses the challenges of running a running store, including the variety of inventory required to cater to different types of runners and the competition with large online retailers. He talks about how manufacturers like Nike don't have a physical presence in many parts of the country, making it hard for consumers to test and fit shoes before purchasing. However, by creating a network that connects retailers with each other and with consumers, Monte and his team at Fitted Retail are making it possible for smaller, independent stores to compete with larger retailers and online marketplaces like Amazon. Their goal is to streamline the buying process, from automation to fast deliveries, while providing consumers with options from a variety of brands.
In this section, Monte Keleher discusses the innovative concept that he and his team have created with Fleet Feet Boise, where their network can fulfill orders for customers instantly, even if the brand does not have the product. Keleher believes in the potential of Fitted Retail and would like to see the company grow beyond what he can currently envision. Although he is confident they can go public one day, he would not last in the CEO position of a publicly traded company. He believes that the current value system, which puts money above everything else, is flawed and envisions a society where investing in great leaders is just as valuable as investing in profitable companies. When asked what advice he has for someone looking to start their own company, Keleher emphasizes the importance of being dedicated and passionate about what you are doing.
In this section, Monte Keleher emphasizes the importance of being passionate and sure of yourself if you want to pursue a risky venture, as it will put everything in your life at risk. He believes that if someone finds joy in working at a local coffee shop, they can be just as successful as someone who sold their company for millions of dollars. Monte encourages people to live life with excitement and be terrified of the opportunities in front of them. To learn more about his company, Fitted Retail, Monte suggests supporting local businesses and keeping your dollars in your community.
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