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Michael McDevitt Conquered both the Corporate and Entrepreneurial Worlds of Business
News provided byEIN Presswire
Feb 10, 2023, 1:00 PM ET
Every night, have dinner together as a family.”BALTIMORE, MARYLAND, UNITED STATES, February 10, 2023 /EINPresswire.com/ -- Michael McDevitt has been a pacesetter in both the business and corporate world alike. Mike started his career in the private equity sector as a senior analyst with the Blackstone Group. Despite his success with Blackstone Group, Mike had the innate desire to run his own business.
— Michael McDevitt
He resigned from Blackstone and took the helm of Medifast. Michael took with him his result-driven personality to Medifast, a health and wellness brand where he worked for almost two decades. Still in his early twenties then, Mike spent eight incredible years as CFO and CEO, leading the company to 46 consecutive quarters of profitability. When the company went public, it 'was named the #1 Fastest Growing Small Business by Forbes in 2010 and named Stock of the Decade after a 16,000% return.
With that innate desire to run his own business still bubbling, Mike decided to invest in Terra’s Kitchen. This ready-meal company enabled busy families to have healthy dinners around the table. He wanted to provide working families with the same great dinner-time experiences that he enjoyed as a child.
Speaking about Terra's Kitchen, Mike said: "After Medifast, I wanted to become an advisor and launched a law and consulting firm for startups. While working as general counsel, my wife and I learned that we would become parents. I asked my mom for advice. Her words of wisdom? “Every night, have dinner together as a family.” To do that, I tried several meal kits but found them lacking nutrition, convenience, and sustainability. I launched Terra’s Kitchen in 2016 to solve those three problems, and we’ve since grown to a leading fresh food delivery service.''
Ever the visionary, Mike took a feasibility study on meal kit services and discovered it was a vital service with potential. At that time, available statistics estimated the meal kit industry to be worth $1.5 billion in an April 2016 report. Experts expected it to grow to "a multi-billion dollar market" in the next five years. Michael had been in health and wellness; hence the expertise was there. He also had a wealth of desirable knowledge in the administrative part of the business. By every metric, he was ready for this new challenge.
Micheal finally launched Terra's Kitchen, and the company experienced stratospheric growth within two years. Mike employed the business principles, insight, and innovation that have brought him success. The company is a customer-centric brand that listens to feedback from consumers. ''We add two new recipes weekly with approximately 70 meals offered online at any given time,'' says McDevitt.
Keeping abreast of food trends, Terra’s Kitchen launched a line for those who want a ketogenic diet. Ketogenic diets are diet-high in fat, and low in carbohydrates (sugars) that cause the body to break down fat into molecules called ketones.
Terra's Kitchen conspicuously differentiates itself from its competitors by sourcing from grocery store suppliers, who package the ingredients and deliver directly to customers, rather than keeping its own inventory. "What we decided to do was just kind of go up the food chain," McDevitt said. "Rather than us try to guess what our sales are going to be and purchase this stuff, we just said, 'Hey, we'll just pick from your inventory that's there every day.' Instead of putting it on an 18-wheeler, we'll put it in our vessel and ship it to the consumer."
Michael McDevitt has seen it all in entrepreneurship and the corporate world. He has spread his entrepreneurial tentacles and currently owns eight bars and restaurants in Maryland and Virginia. He has over 300 employees and spends his free time mentoring the younger generation and actively participating in selfless community projects.
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