Waxxpot founder and CEO Daniel Sadd, in the foreground, is pictured with COO and President Mike Abramson, back right, along with team members.
Sometimes, it’s all about first impressions. For Waxxpot founder Daniel Sadd, it was an nontraditional outfit that initially impressed the man who would become the company’s chief operating officer.
Sadd picked up Michael Abramson, now his COO, from the airport for a business consultation wearing “homemade jorts and a button-down shirt that was probably a size too small with racing gloves,” Abramson said.
Abramson, a former Xponential Fitness executive, said Sadd is quite different from former Xponential CEO Anthony Geisler, from the car he drives to the clothes he wears.
Abramson stayed in touch with the Waxxpot team for a few years before taking on the COO and president role in January. He’s now working to speed up the 25-unit company’s franchise push following a string of key hires and partnerships.
Founded in 2014, Waxxpot steadily added corporate and franchised units over the last 10 years. Going for a “Drybar feel” and catering to all genders, Waxxpot is competing in a packed category using its proprietary soft wax and quick services. Twelve of the units are franchised.
“For us, it truly is look good, feel good,” said Abramson. “Anyone who’d be interested in buying boutique fitness is probably a good candidate for a salon like ours.”
Among the new hires are Adam Pennington as chief revenue officer, Jenna Materre as director of training and guest operations, and Erik Bjorland as chief marketing officer. Like Abramson, all three have franchise experience.
The additions were necessary, said Abramson, because the brand’s leadership wasn’t previously equipped for high levels of franchise support. “They also didn’t necessarily grasp the way it differs from running a corporate program,” he said.
Abramson led initiatives at Waxxpot to partner with a marketing firm and Franchise FastLane to boost growth.
The initial investment ranges from $233,150 to $449,000 for a single unit or $314,650 to $534,000 for a three-unit deal. Waxxpot reported gross revenue ranged from $193,204 to $1.16 million in 2023.
The brand’s competition includes the 1,000-unit European Wax Center, which did $955 million in sales in 2023. There’s also Waxing the City and Radiant Waxing, which brought in $76 million and $32 million in 2023, respectively.
Waxxpot brought on several new leaders to support its franchise development push.