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I bootstrapped a $10 million company and need serious help

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Re: I bootstrapped a $10 million company and need serious help

#11

Post by beachstartup »

benjaminlotan wrote: post #9
beachstartup wrote: post #8

i'm running a $2 million and growing company, and i can say that if you're doing $10 million dollars in 2 years (TWO YEARS) and think you have a "lack of technical and managerial skills" you are being intellectually dishonest with yourself, and possibly being disingenuous to your audience here. from what we've seen and what we've heard, basically starting at $1 million/year in revenues, you will hit a serious new set…

yeah, i mean, i know what i;m doing by following instinct... but really at this scale... all decisions seem wrong. we truly have no one in the company who has been here before, and that is a problem.

one of your challenges is that at this point, anyone who is interested in helping you, is also the kind of person who wants to get rich off of your hard work (aka ownership in your company). not to say that they won't work hard themselves, but incentives are incentives.

just be careful when you talk to private equity, investment banking and growth capital folks and do not give up ownership of your business easily, if at all.

if they haven't hit you up yet, they certainly will after your posting this. like moths to a flame, they will appear. or maybe wolves to a kill. or vultures.

be especially suspicious of companies that wish to incorporate your firm before you're ready.

also beware of competitors or "consulting firms" calling you up to find out more about your firm for the purposes of a "purchase or partnership" who really just want to squeeze out as much info about you as they can before never calling back.

either way make sure you have good legal representation.

Re: I bootstrapped a $10 million company and need serious help

#12

Post by cpursley »

paulsutter wrote: post #7

Be careful not to throw out the baby with the bathwater. You're probably doing a better job than you realize. Try working with an executive coach - I work with Bryan Franklin. It's easier for you to develop leadership and management skills than it is for an outsider to really grok your business and share your vision. Regarding the marketing role, be sure to get the right kind of marketer: https://medium.com/on-startu…

"An empty seat is better than the wrong person."

This is great advice that can apply to much in life.

Re: I bootstrapped a $10 million company and need serious help

#13

Post by benjaminlotan »

beachstartup wrote: post #11
benjaminlotan wrote: post #9

Earlier quoted context omitted.

yeah, i mean, i know what i;m doing by following instinct... but really at this scale... all decisions seem wrong. we truly have no one in the company who has been here before, and that is a problem.

one of your challenges is that at this point, anyone who is interested in helping you, is also the kind of person who wants to get rich off of your hard work (aka ownership in your company). not to say that they won't work hard themselves, but incentives are incentives. just be careful when you talk to private equity, investment banking and growth capital folks and do not give up ownership of your business easily, if…

wow, you totally called it! already got on the phone with someone wanting to take things over and do crazy things. shady people ;-) Thanks, i'll be careful. appreciate the advice. I've kept close control thus far and have not wanted to raise money. Hope the right person might come into the picture. Already happy to get a couple genuine emails. cheers!

Re: I bootstrapped a $10 million company and need serious help

#15

Post by whiddershins »

If you are doing 6 figure monthly revenues, one thing worth considering might be to read some mr money mustache and really contemplate what you want for your life ... You aren't required to grow 10 or 100x ... You also have the option of pocketing profits, living frugally, and retiring young. That's one of the big advantages of bootstrapping.

Re: I bootstrapped a $10 million company and need serious help

#16

Post by nazgulnarsil »

whiddershins wrote: post #15

If you are doing 6 figure monthly revenues, one thing worth considering might be to read some mr money mustache and really contemplate what you want for your life ... You aren't required to grow 10 or 100x ... You also have the option of pocketing profits, living frugally, and retiring young. That's one of the big advantages of bootstrapping.

6 figure revenue means nothing without knowing margin.

Re: I bootstrapped a $10 million company and need serious help

#19

Post by jpdoctor »

benjaminlotan wrote: post #9
beachstartup wrote: post #8

i'm running a $2 million and growing company, and i can say that if you're doing $10 million dollars in 2 years (TWO YEARS) and think you have a "lack of technical and managerial skills" you are being intellectually dishonest with yourself, and possibly being disingenuous to your audience here. from what we've seen and what we've heard, basically starting at $1 million/year in revenues, you will hit a serious new set…

yeah, i mean, i know what i;m doing by following instinct... but really at this scale... all decisions seem wrong. we truly have no one in the company who has been here before, and that is a problem.

> we truly have no one in the company who has been here before, and that is a problem.

I have bad news: Nobody has been there before.

Perhaps they have managed $10M rev companies before, but they haven't managed your $10M company. No matter what, the prescription is going to be the same:

1. Make serious, solid decisions,

2. Get some of the right

3. Get some of them wrong

4. Course-correct the wrong ones.

I'm taking a wild guess here, but is there any chance the real problem is that you are a bunch of friends? ie, that there is no one with final authority? If so, that will not be solved with a hire.

Anyway, good luck. We should all have such high-quality problems. (btw, currently bootstrapped to 1/10th your number. Prior company founded was an $80M VC-funded company.)

Re: I bootstrapped a $10 million company and need serious help

#20

Post by faramarz »

Are you saying you guys are making $10m a year printing Instagram pictures? That is incredible. This company must not have existed a few years ago..

pat yourself on the back and get yourself some local angels on board. they get to wet their beacon and you reap the rewards of a business coach.

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