It’s our 20th episode of Earned! In this special episode, Conor chats with the man behind some of the recent years’ biggest beauty deals: Shaun Westfall, Managing Director of the Consumer & Retail Group at Jefferies. We start the episode by discussing how COVID-19 has changed the market and affected how investors evaluate majority-offline versus DTC brands, before taking a step back and learning why Shaun, who graduated with a degree in engineering, pivoted to the finance world. We then dive back into business, and Shaun pulls back the curtain on the brand-selling process. He also gives advice to founders who may just be starting their businesses or are looking to sell, and reveals the major brand KPIs that investors and acquirers pay attention to. We discuss the importance of being a clean brand, as well as the rise of the professional “derm” brand and of estheticians as influencers. Conor and Shaun close out the episode by discussing the viability of the digitally native consolidator (like FORMA Brands) as a competitor to traditional strategics. According to Shaun, “the ability to disintermediate legacy shelf space has never been more apparent than today.”