Take Five #002: Entrepreneurship is hard, but this even harder
Codely v2.0 public release is here
Lorem ipsum dolor sit amet, consectetur adipiscing elit lobortis arcu enim urna adipiscing praesent velit viverra sit semper lorem eu cursus vel hendrerit elementum morbi curabitur etiam nibh justo, lorem aliquet donec sed sit mi dignissim at ante massa mattis.
- Neque sodales ut etiam sit amet nisl purus non tellus orci ac auctor
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potent i
- Mauris commodo quis imperdiet massa tincidunt nunc pulvinar
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
What has changed in our latest release?
Vitae congue eu consequat ac felis placerat vestibulum lectus mauris ultrices cursus sit amet dictum sit amet justo donec enim diam porttitor lacus luctus accumsan tortor posuere praesent tristique magna sit amet purus gravida quis blandit turpis.
All new features available for all public channel users
At risus viverra adipiscing at in tellus integer feugiat nisl pretium fusce id velit ut tortor sagittis orci a scelerisque purus semper eget at lectus urna duis convallis. porta nibh venenatis cras sed felis eget neque laoreet suspendisse interdum consectetur libero id faucibus nisl donec pretium vulputate sapien nec sagittis aliquam nunc lobortis mattis aliquam faucibus purus in.
- Neque sodales ut etiam sit amet nisl purus non tellus orci ac auctor
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
- Mauris commodo quis imperdiet massa tincidunt nunc pulvinar
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
Coding collaboration with over 200 users at once
Nisi quis eleifend quam adipiscing vitae aliquet bibendum enim facilisis gravida neque. Velit euismod in pellentesque massa placerat volutpat lacus laoreet non curabitur gravida odio aenean sed adipiscing diam donec adipiscing tristique risus. amet est placerat in egestas erat imperdiet sed euismod nisi.
“Nisi quis eleifend quam adipiscing vitae aliquet bibendum enim facilisis gravida neque velit euismod in pellentesque massa placerat”
Real-time code save every 0.1 seconds
Eget lorem dolor sed viverra ipsum nunc aliquet bibendum felis donec et odio pellentesque diam volutpat commodo sed egestas aliquam sem fringilla ut morbi tincidunt augue interdum velit euismod eu tincidunt tortor aliquam nulla facilisi aenean sed adipiscing diam donec adipiscing ut lectus arcu bibendum at varius vel pharetra nibh venenatis cras sed felis eget dolor cosnectur drolo.
Subscribe to Take Five to get our top 5 quick weekly reads on the world of SMB, M&A, and EtA from the team at Kumo. Kumo aggregates thousands of deals into one easy-to-use platform so that you can spend less time sourcing, and more time closing deals.
Take Five #002: Entrepreneurship is hard, but this even harder
1. New to search? Start here:
2. How one man’s net worth went from 11M to 25M this past year:
A fuller picture at a year in a HoldCo operator’s life, with both big wins:
"Acquisition #5 - Flooring company in southern US. Post close on this deal has been a wild ride. Cash did indeed crash (as expected) through November-> February from 2m to 200k, but now is cruising back up towards 2m.
The team there is SO aggressive and motivated to show that they can run the business even better now that the old owner is gone. They are lighting that market on fire. I would not be surprised to see them book a 45-50m year with 4m ebitda. As always, the first 90-120 days is an adventure to see what you REALLY have with a business...this one is a gold mine. As always...its a reflection of a really strong leadership team. We had no idea how strong this team was."
And big losses:
"Business #3 - House painting company in midwest US - Dead. Possibly with more effort over a few years we could have turned it around, but with limited upside, and the rest of our companies being over 10m in revenue, we decided to cut bait. Sold to the GM for $1.
Important lessons learned:
• Never buy a franchise. They crush your ability to make a profit, and restrict your ability to make changes.
• Small businesses are squishy. Buy bigger when you can...they are much more durable.
• Failure is part of the game. And a reminder that we are not geniuses."
From Reddit /r/FATFire: An Entrepreneurial FATFire Update, Part Two | Part One
3. A deal that fell through, through the seller’s lens:
Great learnings from the team at ScrapingBee on what it’s like to be on the seller’s side of a deal that ultimately didn’t work out:
But since it was not the first time they sent us a message like that, there was hope.
Kevin takes the call as he was their primary point of touch.
1 hour later my phone rings, it's Kevin.
"The deal is off."
4. The best advice for a first time CEO:
#7:
There Are Only a Handful Of Great Co-Founders and VPs. Go All-In on Them. You will interview 100s and then 1000s of folks over your career, and hire many very good, pretty good, OK and less-than-great folks. But just a handful will truly be able to move the needle for you. Go all-in.
Let their weaknesses go, and backfill them. Support them when they make mistakes. Let them grow and hire and scale as far as humanly possible. Only a few will truly make a huge difference. Hire them immediately, over-compensate them with equity, appreciate them … and most importantly, get out of their way. Let them run.
Jason Lemkin’s “List of the best golden advice I was given as a first-time — and second-time — CEO”
5. A quick reassessment: what kind of work is “hard”?
Loved what you read? Subscribe to Take Five to get our top quick reads every week from the team at Kumo. Kumo aggregates thousands of sources into one easy-to-use platform so that you can spend less time sourcing, and more time closing deals.
