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Flowers for Dreams gives away 25% of its profits. In the flower business, where margins are already brutal. Co-founder Steve Dyme sketched that number on a bar napkin 15 years ago, and he’s kept it through investor pushback and on-air skepticism from Megyn Kelly. The result is more than $1.8 million donated, and a spot on Entrepreneur’s America’s Favorite Mom and Pop Shops list. But there’s a twist. When he surveys customers, the giving doesn’t even rank in their top three reasons for buying.
This episode is brought to you by CLA. With you on every step of your financial journey. To learn more, visit CLAConnect.com.Timestamps:
0:00 Intro
0:48 Can a business give back and still make money?
2:48 Selling leftover flowers on street corners
5:58 The solopreneur trap
9:05 Scaling on customer revenue alone
10:27 Why customers don’t buy for the mission
13:10 The mistake of overgiving
14:48 Where the 25% came from
15:54 Megyn Kelly’s tough question
16:54 Why investors pushed back
19:23 Why start a nonprofit too
23:21 Are there tax benefits?
24:24 Giving back only works if it’s real
25:10 Where to find Flowers for Dreams
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