This is a guest post by Bentley Hall, CEO of Good Eggs.
This morning, I awoke to a flurry of push notifications, emails and text messages: Whole Foods had been bought by Amazon. Woah. This was big. And our team and our community had questions. A lot of them. My response to the team is posted below, in its entirety. With one exception…References to some confidential, key strategic projects have been removed.
Today, Amazon decided to buy Whole Foods for $13.4 billion (a 27 percent premium to its share price). You can read more in the NY Times article here. A fascinating development and not what I expected to wake up to on this sunny Friday morning. I imagine some of you are wondering what it means for us and for the grocery industry. I wanted to share my transparent thoughts and invite you to join me in an open dialogue.
We want to reinvent your food system, for good. At Good Eggs, this mission is why many of us jump out of bed everyday. Now, health(ier) food will be as convenient as conventional junk food. Nationally. For the first time ever.
This is also why many of us have been working to grow organic food companies for the decades. Does this mean our job is done? Nope. We have a long way to go. Imagine a world where local, absurdly fresh produce, bakery and seafood is the new normal. It may seem crazy, but the idea that organic would be mainstream seemed crazy 25 years ago. We are bringing in the next wave of change…
Amazon is a customer-focused, logistically-minded, data and e-commerce expert. Whole Foods is a respected food brand and pioneer in natural. That is a fierce competitive combo. The game is on and I am honestly excited and honored to compete against such a worthy new opponent.
Whole Foods and Amazon will spend the next couple years integrating their radically different models and teams. During this period, we will remain undistracted.
All of the hard work from the last 6 years has prepared us for this very moment. Today, we maintain our vision, and we double down on everything we are already doing. We hold our course.
Note: References to some confidential projects have been removed from this section.
People love the underdog. They rally around it. And guess what? We are the real deal. We don’t have to fabricate a word. We have so many stories worth telling. Let’s stand tall, with a strong voice and share our point of view.
We have a front row seat as the grocery and food world transforms before our eyes. Let’s recognize how fortunate we are to have an opportunity like this. Let’s take advantage of this once in a lifetime moment, roll up our sleeves and continue working to fulfill our mission, for good.
This post also appears on Good Egg’s blog.
Bentley Hall is a driven entrepreneur who helps emerging, mission-driven food brands scale. After spending time with Johnson & Johnson and Clif Bar, he joined the very early executive team at Plum Organics. In less than 7 years, Plum grew to become the largest organic baby & kids food company in the US. In 2012, it was acquired for $250M by the Campbell Soup Co. Currently, he is the CEO of Good Eggs and an investor and board member of two, high-growth, early stage consumer companies.