The reporting in the June 2018 Bloomberg Businessweek article, the October 2018 Playboy article, and the November 2020 BBC podcast is underpinned by the false notion that Nicole Daedone enriched herself and that she did so at the expense of others. BBC podcast host Nastaran Tavakoli-Far said, “Nicole, in particular, was tired of them always being broke, and things soon started to spiral into predatory sales tactics.”
However, contrary to this report, during Nicole’s tenure at OneTaste, she earned below what’s considered “Low Income” by the California State Department of Housing and Community Development, per their 2016 report for San Francisco, where she lived over the 14-year period. Her average income was $48,000/year. For reference, during this same time period, the average public school teacher in San Francisco made $65,240.
After these claims were made in the media, we hired a reputable Washington DC-based third-party finance and accounting expert firm to conduct a review covering all financial transactions made from 2004–2017 for OneTaste Inc. and its predecessor, Caravan Retreats Inc. (Caravan Retreats Inc. traded as One Taste, An Urban Retreat Center). They reviewed and analyzed all accounting systems, corporate tax returns, W-2 filings, loan agreements, and other files summarizing OneTaste's and Caravan Retreats’ financial performance.
Below is an extract of their 2022 report dealing with all payments to Nicole Daedone from Caravan Retreats and OneTaste Inc. from the founding of Caravan Retreats Inc. in 2004, until she sold OneTaste Inc. at a discount to its market value in 2017:
Over the 14 years, from 2004 to 2017, Nicole Daedone was paid an average of $48,000/year for her compensation as CEO of OneTaste and Caravan Retreats. If you add in the one-time distribution Nicole Daedone took while being sole owner of OneTaste in 2016, her 14-year annual income averages out to $56,000/year.
While OneTaste revenues grew to millions of dollars annually, and the company was achieving honors such as an Inc. Magazine Top 5000 Fastest Growing Private Companies in the World for four consecutive years, Nicole was not being enriched in the process.
During the 14-year period from 2004 through 2017, Caravan and OneTaste generated total revenues of just over $47 million, with the majority of these revenues being earned in 2014–2017. Of this amount:
$5.2 million (11 percent) was refunded to clients.
$41.7 million (88 percent) was spent on the companies’ operating costs.
$2.36 million (5 percent) was repaid to early lenders and in repurchasing equity in the company.
$790,000 (1.7 percent) was paid to Ms. Daedone as compensation or profit distributions. An average of $56,000 per year.
Source: Independent financial report on Caravan and OneTaste
Again, the narrative that Nicole got rich exploiting staff and students while running OneTaste is false. We have provided these details to reporters and offered to share credibly reviewed financial information with journalists, yet no correction has been made and this information has not been included in the telling of OneTaste or Nicole’s story. The fact that $5.2 million was refunded to customers between the years 2004–2017 has also been a distorted account in the media.
In March 2017, Nicole sold her 100% ownership of the business. She chose to sell it at a significant discount to ensure that we, the buyers and new owners, would be in a position to continue OneTaste’s core mission and commitment to women’s power based on safety, respect and consent. Nicole has not owned or taken on any vested interest in the profitability of OneTaste since the sale.
