14-Year-Old CEO Rosenthal Has Rejected $30 Million Buyout
You don’t see stuff like this at the bottom… CEO Taylor Rosenthal may be just 14 years of age but he is full of confidence that his business will be a big hit. Rosenthal is CEO of RecMed, a company that makes vending machines for medical supplies at theme parks and sports stadiums. He came […]
You don't see stuff like this at the bottom... CEO Taylor Rosenthal may be just 14 years of age but he is full of confidence that his business will be a big hit.
Rosenthal is CEO of RecMed, a company that makes vending machines for medical supplies at theme parks and sports stadiums. He came up with the idea after noticing that parents struggled to access basic first aid equipment when their children hurt themselves, he said during an interview with CNN.
Rosenthal invents first aid vending machines
RecMed "allows parents and adults to get quick and easy access to first aid supplies when and where they need them," said Rosenthal.
However he isn't only concerned about parents, but ensuring that children don't have their day out ruined by a minor fall. "Imagine you are at an amusement park and your child slips and scrapes their knee," he said. "Instead of having to wait in that long AMT line for an hour wasting possible fun time, you could walk up to a machine and get quick and easy access."
Rosenthal was inspired by his own experiences playing baseball as a child. "I played baseball for 9 years and I noticed that every time a kid got hurt a parent wouldnt be able to find just a band aid, and I tried to come up with something in an 8th grade class known as the Young Entrepreneurs Academy," he said.
Business continues to evolve
The young entrepreneur himself started selling first aid kits at baseball matches, but he soon realized that he could cut costs by using machines instead of human salespeople. The business has gone from strength to strength, and Rosenthal has already rejected a $30 million buyout offer.
"We actually have a purchase order from a national amusement park group for 100 units and we've talked to several other big companies about buying the vending machines," he said.
Life is good for the young entrepreneur, although it is not without its challenges. "It's hard to balance it with school and other things, and also some adults dont take me as serious as they would another adult," he said.
However it sounds as though Rosenthal has got a taste for business. "I have a second idea but we can't talk about it yet," he told the interviewer.
We hope it ends well for Rosenthal but one has the feeling one day the young entrepreneur might regret this decision.