Mike Zani

https://lnkd.in/epW-S5CY Well worth a read. A very thoughtful market based piece by Alison Grantham on a concerning trend.

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I’m excited to publicly share something that has been in the works for a few months at the 9point8 Collective. We’ve launched our Virtual Studio! This is a program for early-stage companies that provides the coaching, development and venture-building tools they need to find traction and scale. The program is modeled off of the venture-building processes found inside #VentureStudios, which have delivered 2X IRR and exit 45% faster than traditional #VC-backed #startups over the last 10 years. Some of the secret sauce to this is that studios have found a way to validate strategies early on, de-risk execution, preserve and extend limited runway, and create efficient business models very fast. We at 9point8 are seasoned studio builders and are on a mission to bring this value to founding teams as they navigate their startup journeys. What we’ve done with the Virtual Studio is distill these key processes and techniques, add in our own expertise and best practices, and package them into a program which meets start-ups where they are. We are now opening up our Summer 2024 Cohort, slated to begin in July. Space is limited, so I’m sharing the opportunity with my network before we fill the cohort. Here are the details: -It’s a 3-month program which takes the founder through the key phases of venture-building and de-risking (refining target market, product-market fit, economics and financials, planning, and fundraising). -Founders can expect to achieve greater focus, improved operations and increased marketability to customers and investors. -The end results include collaboratively-drafted operational plans, commercial / investment pitch decks, and elevated management practices within the founding team. These draft off frameworks from 9point8's proprietary venture-building process: Targets Over Everything. -It’s built for founders facing (or approaching) a critical inflection point, where fresh perspectives and strategic management levers are critical. These might include fundraising preparation, new product launch, market expansion, and post-MVP scaling efforts. Why did we build this program? Because building a new company is really hard. 90(!) percent of startups fail, and even moderate risk reduction can create a huge lift to survival rate and eventual returns. The studio model is proven to drive greater venture success; our virtual program is extending that success to more and more teams. The program is highly collaborative and hands-on, so we only take on a few companies at a time. This is a great opportunity for founders who are looking to level-up their abilities when it comes to unlocking traction, growth, and an express lane to superior returns. If interested, please reach out immediately as we expect the program to be fully enrolled very soon! Blair Merlino Evan Allen Neal Ghosh

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One of my favorite tools for coaching, I learned in the Master of Science in Learning & Organizational Change at Northwestern University ELOCC Executive Coaching Certification program. It's call the Gibb's Reflective Cycle. 💫 It's a tool I use after each client session to make meaning of our session. 〰 What happened? 〰 What were they feeling and thinking? 〰 What was I feeling and thinking? 〰 What was good or bad about it? 〰 What sense could I make of it all? **** this is the magic step 〰 What else could I have done? 〰 What would I do if this happened again? The process of writing, actually helps me make more meaning of the full interaction. Sometimes, it surprises me what I realize upon summarizing. And the best part? - It's a great place to start to prepare for our next session. Thank you MSLOC ELOCC. 💜 🖤 It also has just happens to be the nickname I call my oldest son, Gibson

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🚨 Key Framework for Successful Exec Searches 🚨 When it comes to hiring execs, most founders don’t spend enough time on one crucial step: setting up the search right from the start. I recently joined Daniel Huerta and Stephen Huerta for the The Modern People Leader podcast to talk through this and Index's latest book Scaling Through Chaos. Things to bear in mind with exec searches: 1️⃣  Define Priorities Early: Before jumping into the search, figure out the must-haves and nice-to-haves. And get your team involved early. 2️⃣  Choose the Right Partner: A great search partner should not only be able to tell your story in the market but also be willing to give you tough feedback when needed. True partnership = accountability. 3️⃣  Think Creatively: Don’t focus solely on hiring the person who checks all the boxes today. Look for the candidates who can grow into the role and lead you into the future. 4️⃣  The Hiring Doesn’t Stop When They Sign: onboarding is just the beginning. It takes a year or more for a new exec to fully hit their stride, so it’s crucial to keep supporting them beyond day one. Check out the podcast link in the comments to the full episode! #ExecutiveSearch #Founders #Leadership #HRLeadership #Hiring #Scaling #PeopleOps

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"If you need to be told what to do, don't buy a company-" This is just one of many unfiltered insights from my chat with M&A expert Chelsea Wood. Join us for this profound & unapologetic discussion on The Expertise Economy. Thinking about acquiring a business? Before you do, ask yourself this: When faced with a challenge, do you wait for instructions or take action? According to Chelsea, your answer could make or break your success as a business owner. "If you're somebody that's always just figured stuff out and you'll be fine, then you'll be fine as a business owner too." But if you're not? "Don't buy a company," she warns. Whether you're actively looking to buy or just curious about this wealth-building strategy, this episode is a must-listen. Tune in now. It might just change your entrepreneurial trajectory. #TheExpertiseEconomy #MandA #Entrepreneurship #WealthBuilding

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On an extra-special episode of the Beyond Capital Podcast, Ed Stevens and I are joined by friend of the show, Keren Eldad of With Enthusiasm Coaching. 🌟 Coach Keren — as she’s widely known — is an accomplished executive coach, but so much more. She is able to break beyond rote career advice and tap into what brings professionals deep fulfillment on their path to success. Tune in to this stop-you-in-your-tracks episode if you're looking for motivation, inspiration, and, yes, a few laugh-out-loud moments. Because who couldn't use that? #consciousleaders #newpodcastalert #executivecoaching #careeradvice #professionalsuccess #mentalhealth

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We've got a lot of younger founders here coming from our Triangle universities - so we chatted with two younger founders about experiencing ageism while building their companies - Lauren McCullough of Tromml and Tai Huynh of Acta Solutions. Listen (and subscribe!) here: https://lnkd.in/eNQmgg9v #startups #founderstories #trianglenc #ageism #techstartups

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Christian & Timbers recently completed an analysis of C-suite compensation trends ➡️ https://bit.ly/3NN8Dwo - at private-equity backed tech companies. ▪️ We examined data from over 100 companies and 400 leaders, covering compensation for CEOs, COOs, CFOs, and more for 2023-2024. ▪️ The data shows a 2.1% increase In total cash compensation over Q3 2023 with a 2.4% increase in equity compensation and a 1.8% increase in cash compensation. ▪️ The study provides additional insights into variations based on company size and investment stages, ranging from $10 million to $1 billion in revenue ▪️ Women occupy significantly fewer leadership roles, making up only 21.6% of C-suite positions, including 4.2% in CEO roles. Check out our latest newsletter ➡️ https://bit.ly/48uwkTJ - featuring industry trends, recent successes, and current open searches. If you or your portfolio companies have any executive searches or leadership needs coming up, I’d love to catch up and see how we can help. Let me know if you’d be open to a call! #leadership #executivesearch #csuite #compensation #pe #pebacked

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One of the things we see quite often at Grit Capital Partners, is a newly minted CEO. We see a big difference in the transition to CEO based upon the historical lane the CEO is coming from. There are different new muscles if you are coming from Product, Engineering, Finance, etc. In this article, we go deep on the CRO to CEO transition, which includes some thoughts from Rosie O'Meara, a particularly fine example of someone who has made the transition quite well. What were your biggest transition moments? https://lnkd.in/eEB-K2ZU

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Why We Decided to Share the CEO Role at CoFound Yesterday, Lina Indarto and I spent time refining our accountability chart and organizational structure. We found ourselves debating the traditional C-suite titles like CEO and COO, and how they fit into the CoFound culture. Given that Lina and I both thrive in the visionary role, which is typically linked to the CEO position, we thought: why not embrace our complementary strengths in true CoFound fashion? So, we decided to take a unique approach – we are now Co-CEOs! Because what’s more CoFound than leading together, combining our visions, and breaking the mold? #Entrepreneurship #CoFound #VisionaryLeadership

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I just wrapped up a panel with the Marketing Leadership affinity group within the How Women Invest community with my hero Auntie Nancy Hayes, aka the Yoda of board membership, angel investing, and general badassery. We talked about different ways to serve on boards, a role in which experienced Marketers seem to be often underrepresented. Why? If I had to guess, I'd say: 1 - Most heads of marketing are women 2 - marketing is undervalued, especially under sales/revenue experience 3—Compound the first two with the messages you tell yourself about your own worthiness, and suddenly, you're a great marketer for everyone else but yourself. ___________ For those who are interested in getting closer or into the board room, there are so many ways to start/get experience: 1—Board Observer (one of my current board roles)—you represent the investor but have no votes. It is unpaid, but/and hugely essential to act as a bridge of visibility and communication between the fund you've invested with and the company in which the fund has invested. My role brings value to both sides with much less bias than the other VC board seats. 2—Corporate board director—There is much governance but not much influence on the product, as the company usually has big enough teams for that. There is a lot of hiring/firing CEOs (read: drama), which can still be fun, especially for those fresh-popcorn-in-my-bag swag kinda folks (both grossly generalizing and way understating this role's fiduciary importance, but you get the idea). 3—Independent board director—this is another of my favorite places to sit. It is much like the Board observer role but with voting rights and equity (although not always, as these terms are negotiated and influenced by the shareholding board seats). You are NOT representing a VC fund (typically), but you might have subject matter expertise in the product or are a generalist boss gal like myself and bring a sense of neutrality and balance to the board. 4—Advisor. Advisors are similar to IBD in terms of influence and type of advice but are not part of the board or its meetings. This role is usually paid in some combination of equity and cash. It's another of my faves. (Are you seeing the trend here?) We have not even touched non-profit boards (where I got my start and am currently sitting on my sixth), but we will save it for next time as it's a whole 'nother Oprah. If you want to learn more, How Women Lead is hosting its 5th annual #getonboard week, starting October 21. Hybrid virtual and in-person. Check it out: https://lnkd.in/diizwv8j #womeninleadership #boardofdirectors #howwomenlead #governance #boarddiversity #corporategovernance #boardservice #businessleadership #leadership Julie Candelon Susan Greenwood Schroeder Mikayla Ludwig

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Great points !! The dynamics of selling a SaaS business, especially to Private Equity (PE), can be complex and emotionally challenging. When considering this path, founders need to evaluate their role, ownership, and influence in the company post-sale. Here’s my take: 1️⃣ If you’re the **majority holder** and believe in the business’s future, continue as CEO to maintain influence and control over the direction. Retain enough "skin in the game" to drive results and keep a hand on the wheel. 2️⃣ If you’re a **minority holder**, with a new PE-appointed CEO, it may be wiser to take a substantial payout and invest in a new venture. In this situation, you often lose decision-making power, risking becoming a spectator in a company you helped build. 🔑 **What’s crucial?** If you still have meaningful equity, you should have a say in the direction. When you’re not in the driver’s seat, it’s often better to start fresh, investing your energy and passion into something new where you’re not just "cheering from the sidelines." Selling is a monumental decision; make sure it aligns with your values and vision for your future. #SaaSFounders #ExitStrategy #PrivateEquity #BusinessOwnership #EntrepreneurJourney #Leadership

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Here’s a question investors are often asked: When evaluating early stage companies, how much time do you spend on due diligence around future exits? It’s not surprising we hear this question a lot. Also not surprising: it’s got a wide range of answers depending on the firm. Some don’t spend much time here at all. Others make it a point to put meaningful time in as part of their process. Our current thinking: take the time to do the work on public market comps. At Alpaca VC, we spend significant time understanding how public market investors will  realistically value a business based on margin profile, product, business model & TAM. In short, we want to know: how will this company be valued at scale when we get taken out? Yes, we can acknowledge that the journey toward exit is a windy road and that there may be pivots along the way, but there are still public market companies that have a business model similar to the early stage company you're evaluating. And you can always look at gross profit multiples if you think the margin profile will change over time. So we still do the work on the comps. Quantitative metrics we look at when making the comparison to public market comps include EBITDA multiple, revenue multiple, Gross Profit multiple or all of the above. As part of this process, it’s also important to factor in the public market company’s year-over-year revenue growth as this will also significantly impact the multiple it trades at. Simple example: if you have two public market companies with similar business models and similar margin profiles, but one's growing 100% year over year, and one's growing 50% year over year, then obviously the DCF (discounted cash flow) analysis is going to spit out a very different valuation for the one that's growing faster. Why this matters: When you take all of that information into account as you evaluate an early stage business, you can begin to create a realistic picture of how this company will be valued in the public markets at exit - or how an acquirer will value the company for an acquisition. Strategic acquirers may, of course, pay a premium, but we won’t underwrite for that. This allows us, for example, to form conviction around valuation based on revenue and gross profit predictions. If we think they can do $100M of revenue five years from now, we use this diligence process to form a thesis about whether the characteristics above (product, margin, business model, etc.) will cause the company to be valued at $200M vs. $500M vs. $1B at exit. Curious how other early stage investors think about underwriting an exit and how much time they’re spending on public market comps even though these companies are in their infancy.

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Interviewing hundreds of PE CEOs/execs over the last 15 yrs has taught me a lot about effective executive communication. The most effective communicators I've seen: 🔹Use short sentences and small words 🔹Adapt the message to fit the audience 🔹Lead w/ headline & support w/ details 🔹Answer closed-ended Q'swith a Y / N / # 🔹Use story strategically but don't overuse 🔹Recognize the power of metaphor (but don't overuse) 🔹Are comfortable being repetitive to drive home key ideas 🔹Check in with the receiver to see if the message is landing 🔹Understand how you say something is as important as what you say. 🔹Read the room, and know when they're selling past the close I'm working on making better use of a few of these learnings right now.

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https://lnkd.in/gDPEDrN5 Great quick article for any #CMO of a startup or #privateequity backed tech company. "Which is why business leaders talking to data-driven board members stick with what can be measured – marketing’s contribution to the near-term pipeline. However, that only tells half the story, and honestly, it does marketing (and the value of your board) a disservice." What if you could tell the other half of the story in financial terms that board members do understand? Revup Marketing, Inc. #MarketingROI

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