Scaling Poppi: Farmers Market to $2B Pepsi Exit | Stephen Ellsworth | Ep. 386

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A $2 billion exit sounds like the finish line. For Stephen Ellsworth, co-founder of Poppi, it was the start of one of the hardest seasons of his life. Stephen sits down with Justin Forman to unpack the full arc of Poppi's story — from a Dallas farmers market and a Wyoming kitchen, to Shark Tank, to becoming one of the largest exits in beverage history when PepsiCo acquired the company. Stephen gets specific about the decisions that mattered most: rewriting Poppi's formula a week before pitching on Shark Tank, the internal fight over whether to market Poppi as a health tonic or a soda, and the moment his team turned down a $1 billion offer because the deal — and later a $1.65 billion offer — didn't feel right. He's just as candid about what came after the money hit the bank account: an unexpected identity crisis, isolation, and a season of learning to sit still. The conversation closes on what's next — a season Stephen calls “preferment,” not retirement — and how a faith that had gone dormant since his teenage years was reawakened through the entrepreneurial journey itself, from a providential tax refund to the conviction to walk away from money that didn't align with what felt right. [CHAPTERS] 00:00 Cold open: reflecting on a $2 billion exit 00:35 Show intro 01:07 From farmers market to a $2 billion Pepsi exit 02:21 When “better for you” also has to taste good 03:43 Apple cider vinegar, marriage, and the taste breakthrough 05:30 Rewriting the formula one week before Shark Tank 06:17 From taste to nutrition: the customer journey 06:43 White cans vs. colored cans: the branding pivot 08:09 Scaling through Shark Tank and beyond 08:27 Explosive growth: $3 million to $500 million 10:15 Pepsi's first offer — and why they walked away 12:02 The hard truth about the day after the exit 12:34 Two distinct days: signing vs. the money hitting 16:29 FDE Foundation Groups 17:27 A new season: “not retirement, it's preferment” 20:31 The awkward gap between wealth and generosity 22:10 Setting up a Donor Advised Fund and vetting