Episode Title: Ep 519: Bootstrapping Revel Bikes: From Carbon Suspension Innovation to Acquisition
Release Date: June 23, 2025
Host: Eric Dick, DTC Newsletter and Podcast
Guest: Adam Miller, Founder of Rebel Bikes
Introduction
In Episode 519 of the DTC Podcast, host Eric Dick welcomes Adam Miller, the visionary founder of Rebel Bikes. Adam shares his entrepreneurial journey from a passionate cyclist in Alaska to leading one of the fastest-growing carbon mountain bike brands, culminating in the company’s successful acquisition.
Early Beginnings and Passion for Cycling ([00:00 – 04:17])
Adam Miller's love for cycling ignited early in his life. Growing up in Alaska, he found solace and excitement in biking, eventually turning his passion into business endeavors.
- Adam Miller: “I’ve been a total bike nerd my whole life. Biking was the first sport I got into that I felt like I was decent enough at it.”
At 12, Adam started a bike-selling business on eBay, which laid the foundation for his entrepreneurial spirit. His first major venture was a high-end carbon fat bike company launched during his undergraduate years in Colorado Springs, which he successfully sold in 2013.
- Adam Miller: “I sold my first company in 2013... It was the best I ever did from a business standpoint.”
Bootstrapping Rebel Bikes ([04:17 – 06:42])
Rebel Bikes was born out of Adam’s desire to create the types of bikes he personally enjoyed riding. Launched in 2019, the company was entirely bootstrapped, presenting significant challenges, especially in managing cash flow and inventory for bikes composed of over 40 components.
- Adam Miller [04:31]: “We totally bootstrapped it... the cash cycle was day in and day out. We were a cash flow company more than a bike company at times.”
To keep costs low, Adam utilized home equity lines of credit and even had employees live as roommates to save on expenses. Marketing was minimal, with only $96 spent on Facebook ads initially. Instead, Adam focused on innovative, cost-effective marketing strategies like attending bike festivals to launch the brand.
- Adam Miller [06:42]: “We launched that in 2019 with very limited advertising spend and focused on creative D2C marketing.”
Growth and Product Differentiation ([06:42 – 15:11])
Rebel Bikes experienced rapid growth, expanding from a small team of seven to 40 employees within a few years. Establishing an office in Taichung, Taiwan, allowed better management of manufacturing and supply chains, facilitating distribution to 17 countries and retail presence across every state in the U.S.
- Adam Miller: “We were told we were like the fastest growing carbon mountain bike brand ever. I don't know if that's exactly true, but we grew quickly.”
A key differentiator for Rebel Bikes was their unique suspension platform, licensed from Chris Canfield, which enhanced the bikes' performance over rough terrains.
- Adam Miller [15:11]: “The biggest differentiating factor was the suspension platform... we nailed the main thing and backed it up with all the other details.”
Marketing and Customer Engagement ([15:11 – 25:47])
Adam eschewed traditional marketing in favor of building trust through public relations and authentic storytelling. Early product reviews in prominent magazines like Pink Bike and Enduro Mag significantly boosted the brand’s credibility.
- Adam Miller [13:59]: “The articles were amazing reviews... our story resonated.”
Rebel Bikes relied heavily on evergreen content and product reviews rather than direct advertising. By fostering strong relationships with the biking community and participating in trade shows and demo events, the company cultivated a loyal customer base.
- Adam Miller [21:06]: “The best thing we did from a true sort of marketing perspective was getting really good PR.”
Acquisition Process ([25:47 – 38:19])
In late 2021, amid soaring growth, Adam decided to sell Rebel Bikes to Next Spark F, a family office based in Cleveland. The decision was driven by the need for additional capital and expertise to scale the business further.
- Adam Miller [25:47]: “We need more expertise... to make sure that could happen.”
The acquisition process was smooth, thanks to Rebel Bikes' organized and passion-driven culture. Adam appreciated that Next Spark F shared the company's long-term vision without imposing stringent short-term financial expectations.
- Adam Miller [31:22]: “Next Spark F was a good fit because they wanted to hold the company for the long-term and support its growth.”
Post-acquisition, Adam remained as CEO for about a year to ensure a seamless transition, ultimately hiring Ben as his successor.
- Adam Miller [36:28]: “Ben is fantastic... he was just fantastic at this job.”
Post-Acquisition and Future Plans ([38:19 – 42:33])
Since stepping down, Adam has found a balance between personal hobbies and exploring new entrepreneurial ventures. He reflects positively on the acquisition, highlighting the continued growth and enhanced operational capabilities it brought to Rebel Bikes.
- Adam Miller [40:00]: “I’ve gone out skiing and biking more days than I have in the last several years combined... I’m ready for whatever’s next.”
Adam remains active on professional platforms, inviting followers to connect with him via LinkedIn and Instagram.
Notable Quotes
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Adam Miller [00:00]: “We don't have a marketing department. We have a communications department. We don't have a sales department. We have a customer service department.”
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Adam Miller [04:31]: “We totally bootstrapped it.”
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Adam Miller [13:59]: “If the articles were good, our company was... golden.”
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Adam Miller [15:11]: “The biggest differentiating factor was the suspension platform... we nailed the main thing and backed it up with all the other details.”
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Adam Miller [21:06]: “The best thing we did from a true sort of marketing perspective was getting really good PR.”
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Adam Miller [25:47]: “We need more expertise... to make sure that could happen.”
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Adam Miller [31:22]: “Next Spark F was a good fit because they wanted to hold the company for the long-term and support its growth.”
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Adam Miller [36:28]: “Ben is fantastic... he was just fantastic at this job.”
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Adam Miller [40:00]: “I’ve gone out skiing and biking more days than I have in the last several years combined... I’m ready for whatever’s next.”
Conclusion
Adam Miller’s story is a testament to the power of passion-driven entrepreneurship. From bootstrapping Rebel Bikes with minimal marketing spend to creating a standout product and achieving exponential growth, Adam exemplifies the disruptive spirit of direct-to-consumer brands. His successful acquisition underscores the viability of building authentic, customer-centric businesses that resonate deeply with their target audiences.
For more insights and to follow Adam’s journey, connect with him on LinkedIn or Instagram.
This summary encapsulates the key discussions and insights from Episode 519 of the DTC Podcast, providing a comprehensive overview for listeners and enthusiasts interested in direct-to-consumer strategies, entrepreneurship, and the cycling industry.