In 2002, at the age of 14, (Fraser) Doherty started making jams from his grandmother’s recipes in his parents’ kitchen in Edinburgh, Scotland. Neighbors and church friends loved them. As word spread, Doherty started receiving orders faster than he could produce them at home, so he rented time at a 200-person food-processing factory several days a month.
Go With The Flow
By age 16, Doherty left school (with his parents’ blessing) to work on his jams full time. In early 2007, Waitrose, a high-end supermarket in the U.K., approached Doherty, hoping to sell his Superjam products in their stores. Within months there were Superjam jars on the shelves of 184 Waitrose stores, hoisting Doherty and his business to new heights.
Doherty borrowed 5,000 pounds (about $9,000) from a bank to cover general expenses and more factory time to produce three flavors: Blueberry & Blackcurrant, Rhubarb & Ginger and Cranberry & Raspberry. Tesco (other-otc: TSCDY - news - people ) followed, adding Doherty’s products to 300 stores across the U.K. In March, Superjam will launch at Tesco in Ireland.
Last year Superjam hit $750,000 in sales and is on track to double that in 2008 (about 50,000 jars a month). Based on a reasonable valuation multiple of one times revenue–jelly-maker J.M. Smucker trades at 1.2 times sales–Doherty’s 100% stake is worth in the neighborhood of $1 million to $2 million.
Not bad for a 19-year-old. Doherty’s recommendation to other young entrepreneurs: “Have an attitude of adventure, and enjoy the journey.”
Story credits: Melanie Lindner - Forbes
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