Written by J.A. Giresi
22 June 2020

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Growth Factor #1!

Hi-Tech’s Winning Formula for Success

 

By J.A. Giresi

 

There is one man who truly defines the term “mover and shaker” in the supplement industry: Jared Wheat, the CEO, founder and president of Hi-Tech Pharmaceuticals. Hi-Tech’s success and growth into a multimillion-dollar empire is rooted in their best-selling formulas manufactured in-house, but above all, the company is led by Jared’s passion, ingenuity, innovation and love for the industry. Hi-Tech Pharmaceuticals’ headquarters is in Norcross, Georgia and the company also has manufacturing plants, warehouses and distribution centers in Pennsylvania and California.

         

Jared Wheat started his business right out of high school in 1990 in Birmingham, Alabama and operated out his parents’ basement – when he turned their old playroom into his warehouse and office and launched one of the largest supplement companies in the world. Jared has forged an empire that has made Hi-Tech the parent company of a family of 12 brands: APS Nutrition, Blackstone Labs, iForce Nutrition, ALR Industries, Formutech Nutrition, Innovative Labs, LG Sciences, Prime Nutrition, Sports One, Top Secret Nutrition, Gen One Laboratories and Nature’s Essentials. Privately owned and operated for 30 years, Jared maintains singular control over Hi-Tech, keeping his finger on the pulse of the business and knowing when to expand.

         

Speaking with a smooth, southern twang in his voice, you can hear the confidence of an accomplished CEO – who although at times has faced adversity, manages to win at every turn.

         

“I’m going to stay exactly how I am. Our focus is going to be finding the new ingredients and making the strongest products we can for our customer and what the consuming public wants.”

         

From 2000 to 2012, Jared states, “I built this all myself without a bank loan! I’ve done the tortoise mindset and funded it out of growth!” In this day in age when most growth takes place through bank loans, investors, private equity firms and public offerings, Jared’s philosophy of utilizing his own company’s finances allowed him to expand further. “But keep in mind,” he says with a warning tone, “what worked in the ‘90s didn’t work in the 2000s, and what worked in 2010, doesn’t work in 2020.”

         

Hi-Tech’s expansion can be attributed to acquisitions and multi-channel distribution to retail (health foods; food, drug, mass) and direct. Although some of Hi-Tech’s companies are in The Vitamin Shoppe, GNC and on amazon.com, Hi-Tech likes to go direct to the small retailer like the “Mom and pop specialty health food stores,” Jared explains. “Mom and pop stores are most of our sales.”

         

With its phenomenal growth, some might think that Hi-Tech is a publicly traded company, or at least owned in part by a private equity firm. Not so. Hi-Tech is a privately owned company, and its sole CEO is also the CFO and COO. “One of the things that I’ve done differently is I don’t live a really flamboyant lifestyle, and therefore I’ve been able to save money and when an opportunity arises I can go back to the coffers, if you will, and have the money to fund tomorrow if a deal shows itself, whereas most people don’t have that luxury.”

         

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