Ep 2. Cocotaps

Marcus Lemonis is back to do what he does best - turn around struggling businesses. In the second episode of the seventh season of "The Profit," Lemonis visits Florida to check in on a coconut tapping business called Cocotaps. The company's founder Michael, a former Wall Street analyst, invented a unique tool to tap coconuts so that customers can enjoy fresh coconut water on the go.

However, despite Cocotaps' innovative product, the company is struggling to make sales and turn a profit. Michael is a man of many ideas, but lacks focus and direction. He has invested a lot of his own savings into the business and cannot afford to keep losing money.

When Lemonis arrives at Cocotaps, he is immediately taken aback by the disorganization and chaos in the workplace. The company is understaffed, employees lack clear job descriptions, and tasks are being completed haphazardly. Lemonis also notices that there are no systems in place to track inventory and sales, which is a major problem for any business.

As Lemonis dives deeper into the company's finances, he discovers that Cocotaps is in debt due to Michael's lack of expense management. He has been spending money on unnecessary purchases and marketing campaigns that don't yield results.

Lemonis sees potential in Cocotaps and decides to invest in the company, but only if Michael is willing to take a step back and let Lemonis take control. Michael is hesitant at first, but eventually agrees to Lemonis' terms.

Lemonis begins by revamping the company's branding and packaging. He also brings in a team of experts to help with the marketing strategy and redesigning the website. Lemonis also hires more staff and implements a system to track inventory and sales.

One of the biggest challenges Lemonis faces is convincing Michael to let go of some of his control over the business. Lemonis believes that Michael's tendency to micromanage is hindering the growth of the company. Through tough conversations and coaching sessions, Lemonis helps Michael understand that delegating tasks will ultimately benefit the company.

As the episode progresses, viewers get to see the transformation that Cocotaps undergoes with Lemonis' guidance. The company's revenue starts to increase, and the team becomes more efficient and productive. Lemonis even brings in a celebrity investor to help with marketing and brand awareness.

Overall, this episode of "The Profit" highlights the importance of having systems in place to track finances, sales, and inventory. It also showcases the benefits of delegating tasks and allowing others to take the lead in areas that are not one's expertise. Lemonis proves once again that with the right guidance and strategy, any struggling business can turn things around and become successful.