Mens Health Australia May 2017

MAY 2017 75

MH

BOSS

2012

Travels to Thailand and spends 8months setting up production line.

Launches brand internationallyinto 70 countries. Relocates and

sets up home base in the US

2014

Haydenshapes becomes No.1selling surfboard worldwide

(winner of Surfboard of the Year in Australia)

2015

Remains no.1 selling surfboardworldwide (retains Surfboard of

the Year title Australia). Cox opens first retail store in Sydney

2016

No.1 selling surfboardworldwide for the third year

(Surfboard of the

Year in US).

Publishes first book

New Wave

Vision

(Simon & Schuster)

2013

Opens Haydenshapescustom factory and

offices in Los Angeles

“I wanted to create something that could go into
every surfboard shaper’s board.”
At that stage, Cox had no idea what that
wouldbe.Buthewroteadesignbrieftocreate
atechnologythatwascustomisable,
lightweight and easily incorporated into other
manufacturers’ designs.
WhatCoxeventuallydevisedwasFutureFlex.
Thisnewsurfingtechnologyconsistedofa
parabolic carbon-fibre frame construction
shaped out of high-density EPS foam and built
from custom-designed materials. The design
provedtobeagame-changerinthesurf
industry – the carbon-fibre frame delivered
more power by essentially storing and releasing
energy as the surfer transitioned through a turn.
“You’ve got to be prepared to take risks,” Cox
says. “Go against the grain and follow a path
that hasn’ t b een ex plored in your indus tr y.”

BOUNCEBACKSTRONGER

FutureFlexwasmeanttobetheHolyGrailfor

Cox’sbrand.Infact,italmostsenthim

bankrupt. The business model of making

FutureFlex boards for other shapers simply

didn’twork.In2008,Coxfoundhimselfonthe

brink of bankruptcy and owing the tax office

$400,000. “That was one of my lowest

moments,” he says. “I didn’t have anyone

else to fall back on and I had some big

decisions to make.”

Thankfully, Cox managed to turn things

around. He negotiated a payment scheme

with the ATO and restructured FutureFlex so

thatitwasaroyalty-basedoperationwithits

main licenseeHaydenshapes. The big

learningforCoxwasthatabusinessmust

evolve to survive and thrive.

“You’renot always goingtobe right,”he

THREE QUESTIONS

ALL SUCCESSFUL

ENTREPRENEURS

MUST ASK

QUESTION 1

Are you and your team

doing things daily that:

(1) bring money into the

business today; and (2)

set the table for money in

the future? No cash coming

into a business isn’t

desirable.

QUESTION 2

Are there team members

delivering work that is

consistently subpar? If

so,sitandtalkwiththem

to understand any issues.

Don’tlikewhatyouhear?

Your gut instinct leaves

you sceptical of their

commitment? Ditch them

asap - a small business

only grows if all team

membersarepushingto

achieve the impossible.

QUESTION 3

What are the top three

holesinthebusiness

model of competitors? Find

them and hit rivals where

they don’t have a product

orservicethatisnot

easily replicated.

GOING

SOLO

WHEN INTIMIDATED

BY A CHALLENGE,

PROCEED AS

IF SUCCESS IS

INEVITABLE