Founded on Friendship

An idea borne over beers and coffees, Foxy’s Frozen Yogurt—led by pals and now complementary business partners—has revolutionized the frozen treats market

Editor’s Note: Navigating a friendship in a professional setting can be challenging. We spoke with Mikey Taylor and Angus Murray, friends and Co-Founders of Foxy’s Frozen Yogurt. Taylor and Murray elaborated on the ins and outs of their business, and what it has been like working together as friends and Co-Chief Executive Officers (CEOs). 

Forefront magazine: Where did the Idea for Foxy’s Frozen Yogurt come from?

Mikey Taylor: We simply loved to grab some spoons and dig into a tub of ice cream with our wives and with mates. The requisite calories, however, were not so much loved. So, Angus and I began thinking of alternatives.

We were slightly flabbergasted to find a gaping niche in the market. At the time, all the packaged frozen yogurts were all very much commodity players. They served large-volume, low-value packages that were high in sugar and low in brand equity. So, we set off to create a guilt-free alternative to ice cream and the rest of the market.

I had visions of creating a unique brand that consumers would want to lock lips with, along with a product so light, creamy and delicious that consumers would not believe it’s not bad for them. As luck would have it, Angus had the knowledge and skill to turn Foxy’s into a viable business and drive to achieve its goal—being recognized as the world’s leading frozen yogurt brand. So, without further ado we set to it.

Angus Murray: Two very symbiotic reasons. We were both in Australia, and I wanted to get out of the mobile media space and work with something tangible and wonderful. Michael wanted to generate an incredible brand that we could both live, breath and eat.

We had a few beers, then some coffees and sketched some of the critical aspects of what that could be. Among them were what are now Foxy’s buzzwords: playful, healthy and sophisticated. Michael’s wife, Rachel, generated a bunch of very cool names to describe her feelings when buying treats for herself or the kids on a flight from London to Sydney. At the time, frozen yogurt didn’t really exist as it does now, so off we went!

Forefront: What qualities in your friendship translated well into working as business partners?

Taylor: When we first set out to create Foxy’s, I didn’t particularly intellectualize why Angus would be the ideal business partner. He just happened to be a good mate with a great history of business success and a general fondness of being dashing and awesome. We had so much in common!

However, since we have been working together, I have come to really appreciate our differences and how these translate to the working environment. Angus is blessed with great determination and tenacity, which is inspiring to work alongside. He also has a penchant for a details and an eye for numbers, whereas I have been know to become giddy at the sight of a spreadsheet and if you include a pivot table I am guaranteed to faint.

Murray: What an excellent question. Mutual respect and patience spring to mind. We know that even when we’re having a spirited discussion about some aspect of the business (argument!), I know we’re both staring at the same horizon and on the same team. What used to be a fairly typical bloke/mate relationship, with loads of ribbing and banter, has transformed into us challenging each other to perform better and better.

Forefront: What challenges have you had as business partners, and how have you overcome them?

Taylor: Translating Australian humour (and spelling!) has been a challenge for me. In many ways, I believe the cultures are very similar—the same movies and songs top the charts in Australia. To a large degree, mum (sorry, mom) has the same goals and desires when shopping for her family, whether in LA, New York or Sydney. However, there are some pronounced differences that make double-checking creative work rather important.

The time zone remains a challenge. Michael and our creative resources are in Sydney, and I am in southern California. As a relatively new business in the USA, we need to react and adapt with stunning alacrity. Having only a few hours of the day to chat, and then waiting overnight to get things done can be difficult for me. We overcome this by catching up on the phone or FaceTime at least three times a week, and having very simple shared task lists and our special ‘7 Divisions’ planning.

Forefront:What would you say is the key to achieving success as friends and business partners? What makes it work?

Taylor: For me, it’s about being atrociously honest, but never atrocious. As male friends, there is always bravado, banter and plenty of bull. You tease each other constantly, rarely offer praise without sarcasm and generally enjoy each other’s company for it.

Success as friends in business relies upon the same. I try to ensure we maintain a healthy level of humor, but importantly we cut to the chase rather than dance around issues in a minefield of political correctness.

Murray: Don’t sweat the small stuff. I think we’re both fairly alpha in our mentality, but both are lucky enough to have very supportive wives and families who provide balance at the end of the day. Ensuring that we have a common goal and communicating with respect is important to generate results. We have absolutely delineated the responsibilities within the business, so we can keep each other accountable.

Forefront:How do you handle giving feedback to one another? To employees?

Taylor: I find that the easiest way to give feedback is to first provide an environment where all the team actively encourages feedback, Directors included. Opportunities for staff and director feedback are essential for a healthy organization.

The whole company sets monthly ‘battle plans,’ and at the end of each month we review what was achieved in the last month, plan for what will be achieved in the month ahead and openly discuss how the individual and company can improve to help achieve these goals. All pretty simple stuff, but a one-hour session with each staff member ensures we have a tidy feedback loop and can consistently be improving our company.

Murray: I tend to pass on some of my more sensitive comments as someone else having said them and I am just the messenger. Joke. This word is coming up again: respect. We’re professional. With tons of experience and with the delineation of roles, it’s really like chatting to the Chief Executive Officer of another company.

Our employees are our gold. We perform peer and management reviews frequently and formally, but are lucky to have an incredible amount of one-on-one interaction, so I tend to gently steer things in a certain direction day to day.

Forefront: What advice would you give to someone looking to go into business with a friend?

Taylor: Ensure you set out knowing what value each of you will add and for how long. Get your contracts and articles in place to determine the time that you’ll put in, the money each party will put in and the monetary value of the time. Real clarity at the start will help avoid any confusion down the line. Don’t skip this step: It’s essential in making sure you stay on track and stay mates.

Murray: Unless you get lucky like we did, I would deeply question why you would. In order to avoid resentment and fights, carefully consider exactly what each of you will bring to the table—and no, money doesn’t count. Does this value spread fairly? If you do go into business together, don’t skimp over the articles of organization when you set up, especially with respect to cold feet, slacking off, investment, future investor buy-in, exit, etc.

Forefront: What goals do you have for your company in the future?

Taylor: Our long-term goal is to be recognized as the world’s leading frozen yogurt brand. In the somewhat shorter term, I’m hoping we can build a truly healthy organization where employees love coming to work and truly embrace the values of the company. Put simply, I’m keen to do some good and have some fun.

Murray: Simple, own the CPG [consumer packaged goods] frozen yogurt space globally. We know consumers are ready for something that’s specifically frozen yogurt, as they don’t trust a line extension. We have some ideas around Asia and Europe. Our U.S. product is so good we may end up exporting back where it all began in Australia.

---

 

Mikey Taylor and Angus Murray are Co-Founders and Co-CEOs of Foxy’s Frozen Yogurt. Foxy’s Pash—100% guilt-free premium frozen yogurt made with Real California Milk and live cultures—is launching their new all-natural line of frozen yogurt.  Foxy’s new line of frozen yogurt contain high quality ingredients with organic components, carefully selected and tested to create the perfect blend of taste and texture