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Founder of Alexx, Inc. and Finders Key Purse®
Sandy Stein knew her idea for a unique key chain that makes it easier to find keys in a purse would be a success because her dad told her so…in a dream. A flight attendant for 35 years, after September 11 Sandy worried about her career, as well as supporting her recently laid-off husband and ten year-old son. Concerned, she prayed to her deceased father one night, who appeared to her with a suggestion – bend up a piece of metal with a design on it, add a clasp for keys and a new business would be born. Sandy realized it was a profitable idea that would solve the annoying digging-for-keys-in-the-purse problem most women faced. She founded Alexx, Inc., named the idea Finders Key Purse® (a word play of “finders keepers”) and launched in December 2004. In its first four months Finders Key Purse® made one million dollars. Eight months later, over one million units had been sold. Alexx, Inc. is projected to earn $6.5 million in 2010.
Sandy, who attended college for one year before accepting a stewardess opportunity with Western Airlines, had no business training whatsoever. She gleaned information from speaking with passengers, getting her education through life experiences. In order to supplement her airline income, Sandy was always selling something “crazy,” like LED earrings, roll-up sunglasses and magic face cream. She was a talented saleswoman, having honed her skills as a young Girl Scout selling candy.
Even though Sandy wholeheartedly believed in her Finders Key Purse® idea, many in the gift industry did not. The mompreneur was told that she wouldn’t be able to be successful selling Finders Key Purse® because it was a small item with a low price point. She was even offered $50,000 by an acquaintance in the business to take the concept off her hands. Wisely, Sandy declined.
Despite the initially unenthusiastic reaction to Finders Key Purse®, Sandy was determined to make it a success, so she turned to a familiar network for help – her flight attendant friends. She offered a commission to those who sold her product and promoted it through word-of-mouth. Finders Key Purse® took off and in January 2006, after about a year in business, Sandy retired her flight attendant wings to focus all of her time on Alexx, Inc. Proudly, she used her life savings to launch Alexx, Inc., self-financing 100% of the initial production of Finders Key Purse®.
Sandy was 53 years old when she launched Alexx, Inc., a Woodland Hills, California company. Alexx, Inc. has two Xs because Sandy named the business after her father and son, who share the name. Now fifteen years old, her son works part-time at the company, and when possible, 
accompanies Sandy when she travels.
Along the way Sandy learned some hard lessons, like when her ex-husband tried to financially sabotage the business and the time she learned a huge lesson about trust. Sandy met a delightful man in New York who distributed greeting cards in the U.K. He wasn’t sure about Finders Key Purse®, so Sandy gave him samples. Eventually, he told Sandy he wanted to meet, so she flew to England, even staying with him and his wife in their house. The man advised Sandy that Finders Key Purse® was “perfect for a Christmas launch” but all his “cash was tied up,” so could he have 90 days to pay? Sandy agreed.
Unfortunately, $150,000 in product later, the charming Brit had Sandy’s merchandise and she had no money. Sandy admits that she should have known better, but wanted to trust him. She never recovered her money or goods, but now has a policy that distributers from other countries need to pay for her products up front via credit card.
Sandy attributes much of her success to the amazing Alexx, Inc. team. She is emphatically proud of them, sharing, “Looking back, I don’t know how I did it. Without my team this couldn’t have happened.” Sandy considers her twenty employees a big family who make the business a successful team effort.
In addition to the original Finders Key Purse®, Sandy also offers Hang ‘Em (“Keep your bag free from bagteria.”), Finders for Fones, Not Just a Luggage Tag and Chic Sac (“Go green with style.”). Alexx, Inc. and Finders Key Purse® have been featured by Entrepreneur, Daily News, NAWBO.org, Country Business, BizyMoms.com, and MomInventors.org.
What we learned from Sandy: “Be careful when it comes to your idea. Share it with people close to you, but don’t give it away. When you have a good idea, protect it with a patent. But even when you do, there’ll be patent infringement. I currently have two patents in the US and three in China. I’ve spend hundreds of thousands of dollars on lawyers telling others to stop knocking me off. ”
True Believer
“You must believe in your idea and yourself 200%. Go forward and never give up. Your attitude has to be, ‘No matter what, I’m doing it’ even if others say you can’t. Find a way”
Give Generously
“It’s important not to be greedy. I share with my employees, charities and other business owners. I give my employees quarterly bonuses, monthly massages and a nice work environment with good pay. They are special and I treat them that way, and in turn are proud to work with Alexx, Inc. Additionally, my company also donates goods, services and cash to charitable organizations. I also help other female business owners with ideas and we sometimes partner to co-brand.”
Trust but Investigate
“In the beginning, I trusted everybody. Unfortunately, you can’t just trust, you must investigate. The girlie part of me wants to trust everyone, but I’ve lost a lot of money doing that.”
This Featured Lady was profiled by Megan L. Reese, WORDrobe™ Stylist for Her Write Image in West Grove, PA.
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