💡 From Living in an RV to a $100M+ Cold Plunge Business in 4 Years - The Michael Garrett & Ryan Duey Plunge Story

After a life-changing Ayahuasca trip in a Cambodian jungle, Michael Garrett found his true calling, which turned into a $100m business.

But let's back track a little…

Meet Michael Garrett

Michael’s the type of guy who’s been hacking stuff together since he could walk.

He dived into engineering in college but quickly realised the standard nine-to-five gig wasn’t going to cut it. Craving something more, he ditched the traditional path and jumped into a hedge fund internship, getting a taste for high stakes and the business world.

But even Wall Street couldn't tame him. After a life-changing Ayahuasca trip in the jungle in 2011, Michael found his true call—float therapy.

Back home, he built his first float tank in his sister’s garage. It was tough, but it sparked something. He wanted more, but he wasn't quite ready to dive in.

Fast forward through a stint of soul-searching across Southeast Asia, and a psychedelics-fueled epiphany hits him: It’s time to "sack up" and launch a float spa in San Francisco. Imagine a chill spot where people could float in sensory-deprivation tanks, finding peace and mental clarity amidst the chaos of city life.

The dream had to wait, though. He continued traveling, even tried to rig up a tank in Cambodia—talk about a challenge with limited supplies!

Finally, a call with his dad unveiled an unexpected opportunity—three used float tanks up for grabs near home. Sure, borrowing cash from his folks wasn’t “the plan”, but destiny was calling.

Back in the States, fueled by his hedge fund hustle, Michael drafted a comprehensive business plan. His parents were sold—they became his first investors.

And just like that, Michael went from tinkerer to entrepreneur, all in on making float therapy the next big thing.

Startup #1: Reboot

Michael calculated he only needed four or five customers floating each day to cover the rent— anything more than that and he was in the green.

He was ready to get his hands dirty. He snagged a lease on an old windowless Thai massage spot, and after a nerve-wracking seven months of build-outs and a close call with a breakdown, Reboot Float & Cryo Spa finally opened its doors.

Even Steph Curry dropped by for some post-game recovery sessions. The spot was on fire!

But then 2020 hit like a ton of bricks—the pandemic shut down everything. Lockdowns, social distancing—you name it, it was a gut punch to the business.

But Michael was determined to find a way out. He pivoted to his passion for the chill—cold plunge therapy.

Spotting a gaping hole in the market where cold plunges were priced sky-high, often over $15,000, he saw his shot.

He decided to engineer an affordable at-home cold plunge solution, with the goal of making luxe cold water treatment accessible to everyone.

The Pivot: Cold Plunge v1

Michael’s first prototypes were rough around the edges but functional.

With his dad in the garage, they were MacGyvering with whatever they could grab from local hardware stores.

The initial game plan was super simple: a big ol' tub for cold water and ice. But Michael had bigger dreams. He wasn't just making another tub; he was engineering a revolution in cold therapy.

What made the first Plunge stand out?

1. Smart Materials and Slick Design: Michael wasn’t messing around. He picked up PVC, insulation foam, and waterproof liners—not just because they were handy, but because they were game changers for keeping things frosty without constant ice runs.

2. Chill Without the Chillers: Constant ice? Nah. Michael rigged up a chiller unit right into the tub. This bad boy kept the temps low on autopilot, making the cold plunge less of a hassle and more of a haven.

3. DIY Assembly Line: Michael was in his garage, screwdriver in hand, testing these puppies rigorously. Tweaking everything from insulation to water flow based on real human feedback. Friends and fam lined up to be guinea pigs, and their two cents were gold.

4. Sleek Meets Practical: He wasn't just building a tub; he was designing a piece of art that worked hard. We're talking slip-proof surfaces, comfy seats, and a control panel so easy, a caveman could do it. All that without breaking the bank.

While perfecting his prototypes, Michael hit a wall. Running Reboot solo was like a one-man band—lonely and downright exhausting.

He knew he needed a wingman, someone who got the vision, had the skills, and could ride the wave with him.

Enter Ryan Duey

Like Michael, Ryan was no stranger to the wellness game. He'd been running Capitol Floats in Sacramento, diving deep into float therapy. The dude knew his stuff too.

Both also had eerily similar paths. They had just back from backpacking through Thailand and sipping ayahuasca in South America, these two were cut from the same cloth.

They vibed over shared values and quickly became close friends.

When Michael pitched the idea of joining forces on his cold plunge venture, Ryan was skeptical. The beta units were too rough around the edges.

Michael wasn’t deterred. He was determined to prove this business had legs.

Michael tapped into his loyal customer base from his wellness center. He shot out an email blast, hyping up the benefits of cold plunging and slinging his prototype tubs.

Early Win 1: Bam! Two units sold just like that. ✅

Meanwhile, Ryan, living out of an RV with a buddy, was playing hard to get. It wasn't until he saw Michael's revamped prototype a month later that he thought, "Alright, this thing's got juice."

They struck a deal to test the waters with a limited run, their own grassroots Kickstarter. They leveraged their float center lists for the initial push.

The ball was rolling.

Early Win 2: Boom! First 20 units sold and Ryan joined as co-founder. ✅

Startup #2: Establishing The Brand

Back in the wild west of 2020, "cold plunge" and "ice bath" were up for grabs.

The term "ice bath" was the old school favorite, familiar to athletes dunking in ice-filled trash cans for recovery. But it screamed back-alley gym more than sleek, at-home luxury.

Enter "cold plunge"—a term dripping with the promise of a refined, premium wellness vibe. Smelling opportunity, Michael and Ryan played their hand.

They snapped up every "cold plunge" domain that was available.

Their primary domain? thecoldplunge .com for a mere $10 on GoDaddy. They catapulted to the first page of Google, dominating a niche that was ripe for the taking.

Early Win 3: Locking down "cold plunge" ✅

By betting big on "cold plunge," they didn’t just find a niche—they aimed to own the fast emerging category.

Once the business took off, they shelled out $250k to a New Orleans jazz band for plunge .com - their main domain.

Talk about going all-in. Today, "All-in" isn't just a strategy; it's a core value at Plunge.

Growth Part I: Influencer Marketing Masterclass

Michael was browsing Instagram and saw Aubrey Marcus, a well-known health influencer, using a makeshift ice chest freezer for cold plunging.

Seizing the opportunity, Michael commented and offered to upgrade Marcus' setup.

Marcus agreed, and the team built and set up a Plunge tub for him at home. This collaboration was a game-changer.

Once Marcus’ plunge was set up, they asked him to gift one to another influencer.

This strategy snowballed, leading to high-profile placements with personalities like Andrew Huberman and Tony Hawk. 

They even conducted "Plunge Tours" where they rented a U-Haul to personally deliver the tubs to influencers in Los Angeles.

They documented every step on Instagram, turning a simple delivery into a viral marketing campaign.

This made Plunge appear much larger and more established than it actually was at the time, with just four employees in a 3,000-square-foot space.

They have given away over 1000 plunges to influencers to date.

Let’s do some quick math. That’s over ~$5,000,000 worth of product right there.

Early win 4: Make waves with influencer marketing. ✅

Growth Part II: 10x ROAS

Michael and Ryan nailed it by committing to a direct-to-consumer (DTC) first approach.

It meant cash in hand, upfront from customers, giving them an 8-12 week cushion to craft their orders.

Sticking strictly to DTC wasn't just good for cash flow; it allowed them to turbocharge their ad spend.

Pouring funds into Google and Meta ads added fuel to the fire. Cranking an impressive 10x return on ad spend almost out of the gate. Fast forward to 2023, and they were still killing it with over a 7x ROAS on paid media and a whopping 9x overall.

Very Tasty.

Landing in Hot Water

It hasn’t been all smooth sailing for Plunge, with a few setbacks and moments of stress along the way.

The Shark Tank Fail

After their appearance on Shark Tank in 2022 they reached a verbal agreement with Robert Herjavec for $2.4 million in exchange for 12% of the company. 

At the time they needed the cash and expertise to scale operations. They moved forward counting on this investment in the backs of their minds.

But their books were a self-confessed mess. The deal made slow progress and they couldn’t provide the finances and due diligence required for the deal.

Plunge was still growing rapidly but it was all under control. They let the deal fizzle, losing Robert Herjavec.

It wasn’t all bad.

Sales were boosted - Shark Tank helped put the Plunge name out there, with Herjavec talking about Plunge on a show with Kelly Clarkson and recommending them to celebs like Nick Jonas.

But all the demand caught up with them…

Production Headaches

Initially, the duo struggled with the logistics of manufacturing and fulfilling orders. They underestimated the complexity and costs involved in producing high-quality cold plunge baths at scale.

The materials needed to create the tubs were harder to source in large quantities, and delays were common.

This led to backorders, frustrated customers and long lead times. However, Michael and Ryan were committed to learning from these mistakes and improving their processes.

How did they do it?

1. Invested in better manufacturing processes. They moved from a manual, labor-intensive production model to a more streamlined and automated system. This involved purchasing new equipment and setting up more efficient production lines, significantly increasing their output capacity.

2. Focused on building a robust supply chain. They established relationships with reliable suppliers and negotiated better terms to ensure a steady flow of materials. This helped them mitigate delays and manage inventory more effectively.

3. Expanded the team. They hired more employees and trained them thoroughly, ensuring everyone was aligned with the company’s high standards for quality and customer service. This not only improved their production speed but also enhanced the overall customer experience.

4. Implemented a sophisticated order management system. This system helped them track orders in real time, manage inventory levels, and streamline the shipping process. By integrating technology into their operations, they were able to reduce errors and improve efficiency, leading to faster fulfillment and happier customers.

Thanks to their iteration process and problem-solving abilities, the Plunge Team has now developed many different versions of plunges and prides itself on adapting and bringing out new features, whilst maintaining a sleek design.

Here’s where they started, and how they’re going:

$100M+ Revenue Per Year

They’ve now rolled out over 10 different designs and accessories including a Sauna and outdoor shower.

This expansion is a clear route to increasing customer LTV and making the business have both longevity and resilience.

What began as a garage project is now a company generating over $100M per year.

Just check out this mouthwatering growth chart.

Enjoyed this? Reply and let us know what you thought of Ryan and Michael’s story.

Check your inboxes next week for our next instalment of The Entrepreneur Chronicles.