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2:36English captionsThe Trailer
A famous name, a relaunch and a promise of massive financial backing. Eighteen months later, the man who built the company was being forced out.
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From the recordJuly, 2003. Nutrition For Life is declared Chapter 7.
David Bertrand“Nutrition For Life is doomed to failure.”
NarratorThe man who built it saw it coming.
Houston, 1984. David Bertrand and his partners build a company on people.
100,000 distributors. A NASDAQ listing. Nearly $100 million a year.
From the recordYou pick the car. We make the payments.
NarratorIn 2000, the parent company puts Nutrition For Life up for sale.
The buyer comes with a famous name. Green Bay Packers legend, Jerry Kramer.
From the recordWith initials like that, NFL, how could I miss them?
NarratorThe new owners promise a relaunch, and massive financial backing.
David Bertrand“I am convinced Nutrition For Life will be in a better position than ever”
NarratorDavid believed it.
The price: $5 million in cash, if the company's working capital stayed put.
It didn't. David says the seller drained the cash before closing.
From the recordReceived at closing: $3.2 million.
NarratorThe company starts life $2 million short.
The new executives cost $675,000 a year.
David Bertrand“I asked him if we had to have a committee decision to buy paperclips.”
NarratorNovember. David goes to the investors for cash.
From the recordMassive financial backing.
David Bertrand“We were met with silence.”
From the recordApril, 2002.
Within five months, he would be gone.
NarratorJuly. A consultant named John Neubauer walks in the door.
From the recordThe only changes will be the addition of key management.
NarratorThree days later, he's the new CEO.
David Bertrand“He said that Art and Jack would no longer support the company unless we did this.”
“I don’t know what you’re complaining about… you’re getting paid aren’t you?”
“Jerry asked if I could live with the fact that all the kids were going to be fired.”
“I was being forced out.”
NarratorSeptember, 2002. After eighteen years, David Bertrand resigns.
Before the takeover, sales ran $3.2 million dollars a month. After, by David's estimate, barely $500,000.
From the recordHis last paycheck. His vacation pay. His retirement deductions. 800,000 airline miles.
July, 2003. Chapter 7.
David Bertrand“It has no heart.”
NarratorAbandon Ship.
The untold story of the Nutrition For Life takeover.