Funless Sponsor @FunlessSponsor
The trials and tribulations of sourcing, structuring, fundraising, and closing deals in the middle market. CONUS Joined April 2024-
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how we manage sourcing at rallyday: 1. our MPs are former founder / CEOs; we build strategies around their area of expertise 2. VPs+ (6) are responsible for owning 2ish sectors; thesis > market landscape > content generation > outreach (companies and potential advisors) + know the right bankers (banker list here: docsend.com/view/u3cqd4gnb…) Some notes: - we monitor activity and opportunities on a weekly basis (dashboard shared with entire firm) - VP comp is partially based on demonstrating the competencies and process (we don't expect VPs to source deals; they sourced 2 of our 5 deals in Fund II) - MD comp is partially based on demonstrating competencies > sourcing deals > sourcing good deals (this feedback loop takes longer than 12 months and we manage the expectations as such) - on the proprietary side, this people / process / tools motion generates around half of our deal flow; generates the majority of our closed deals; big data / ai project underway to make this more efficient (this will result in pursuing more sectors vs laying people off) - we're a small, young firm and this way of working requires our people to be great across the process (sourcing / picking / winning / building / exiting) - ie. no one does "just one thing"; pros and cons to this approach - none of this works without a product that people want to buy (feel like most firms miss the boat on this) - what we're working on / thinking about: advisor network (will be layers to this); community activation; talent network; local service providers (ie. which ten cities do we want to be in and who do we need to know? not good at this) 👊
So we’re all super clear, I was joking. I don’t actually believe this garbage works. Feel like I have to clarify because there ARE people on X who sell this type of fantasy to their course-buyers. @pinpulleddrmf knows I’m BS’ing, just making sure we’re all on the same page here.
Every once in a while I’ll get: “I want to hire a GM for $75,000. Business is $7M in revenue, they’ll have full financial responsibility” Or “Need a COO with experience in X industry. $100,000 plus 10% bonus. Los Angeles.” (They don’t become clients)
@paulswaney3 @MatznerJon Better yet, hire a GM for $65,000 and go to the beach.
As he says, he does not get it.
I really don’t understand true greed. If I was worth $1 trillion, you’d have to physically stop me from solving as many of the world’s problems as possible. Everyone would have a home, food on the table, proper healthcare, happiness. I just don’t get it.
@PadraicMcC This world is too small to get away with that stuff. Thx. Will keep you posted.
Submitting an LOI on a proprietary deal early next week. Just got this email from the seller: "I wanted to let you know that I've brought on [[FIRM]] to act as my advisors."
@PadraicMcC Nice! We’ll be super commercial with these guys. Those truly proprietary deals are just tough to come by, as you know.
@PadraicMcC I talked to the banker this afternoon. Spent the entire call educating him on his new client. Running a narrow process. So no LOI next week. I have to wait for the banker to build a CIM, so I can submit the bid I already drafted. Brutal.
@JackieHirsch_ I bet this is @paulswaney3's fault for not putting the pod behind a paywall.
We've had two proprietary deals blow up because the seller engaged a broker right at LOI time. One was maybe not the banker/broker's fault. The other one clearly had a two-tiered engagement -- X if I close with these guys or 3X if you run a process for me. Guess who did everything they could to push us out and run a process?
Ha, awesome
Me: Mom can I have $20 to buy a Claude membership? Mom: We have Claude at home. The Claude at home:
@paulswaney3 Underrated state. Des Moines is a solid town.
@paulswaney3 @LinkedInLunat1c Whaaaaaaaaaat
Maybe transiently, though I think that will be felt more outside of consumer tech. More realistically the difficulty is upstream. People will soon start building exactly what they need for themselves. That’s the competition 5 years from now. So unless you’re building something that could have strong network effects, it’s going to be tough competing with the users themselves.
Anyone who has ever worked in or invested behind consumer tech knows that attracting and holding users is much harder than getting an app in the store. Claude didn’t cause that.
This is the tough lesson that a lot of people are learning the hard way AI might have made building apps a lot easier, but it also set the barrier to entry at zero Because anyone can do it, there is no moat left The only edge left in the future will be sales and marketing
Seriously? This is a dilemma?
Told my kids I’d pay them 5 cents for every branch they gathered They’ve gathered over 2,500 branches in about an hour ($250) Now I’m struggling to decide which lesson to teach them: A) A deal is a deal Or B) Life isn’t fair What do you think?
@paulswaney3 Is it even a plate carrier?
@Will_Schryver Initially thought that was a huge footprint for a LMM fund. $4.8b on the hard cap. Disregard.
@paulswaney3 Spread driven by data center water consumption.
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