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We did a podcast with @awilkinson yesterday. He said a few things that are still ringing in my head a day later...
first the background info. Andrew owns something called Tiny ( http://www.tinycapital.com"> http://www.tinycapital.com ). They own "wonderful internet businesses", including Metalab, Dribbble, Pixel Union etc..
all in - Tiny companies are worth ˜$100M+. They are digital, profitable, & bought with minimal debt
all in - Tiny companies are worth ˜$100M+. They are digital, profitable, & bought with minimal debt
Now the notable quotables:
"We want to buy New Zealand companies."
New Zealand?
- middle of effing nowhere, nobody paying attention to it
- but quietly growing
- self sufficient (food & energy independent, not dependent on others)
- not at risk of nuclear war
"We want to buy New Zealand companies."
New Zealand?
- middle of effing nowhere, nobody paying attention to it
- but quietly growing
- self sufficient (food & energy independent, not dependent on others)
- not at risk of nuclear war
example of one of his New Zealand business: @dribbble
- a top 1000 site on the internet
- huge community of designers
- profitable
- big companies not trying to kill it / compete
- not dependent on facebook or google for traffic, people type dribbble into the address bar
- a top 1000 site on the internet
- huge community of designers
- profitable
- big companies not trying to kill it / compete
- not dependent on facebook or google for traffic, people type dribbble into the address bar
"I like walking around, sticking my fork into electrical sockets. Learning lessons the hard way"
- today they buy great businesses, and it usually works
- he got there by buying some terrible businesses (eg. nightclub, cat furtniture dropshipping biz with shitty margins)
- today they buy great businesses, and it usually works
- he got there by buying some terrible businesses (eg. nightclub, cat furtniture dropshipping biz with shitty margins)
Observation - he goes headfirst & early into niches:
Previously:
- design (metalab, designernews, dribbble)
- remote work
- shopify platform ecosystem (themes, saas plugins)
Now:
- podcasting (castro, supercast, etc.)
- no code (agency, tools)
Previously:
- design (metalab, designernews, dribbble)
- remote work
- shopify platform ecosystem (themes, saas plugins)
Now:
- podcasting (castro, supercast, etc.)
- no code (agency, tools)
They buy a biz & hire CEOs. This lets them scale to own 10+ companies:
- 1x per month, send us a financial ONLY report (P&L, balance sheet)
- 1x per quarter, send us a SWOT analysis
- If emergency, call me
that& #39;s it
- 1x per month, send us a financial ONLY report (P&L, balance sheet)
- 1x per quarter, send us a SWOT analysis
- If emergency, call me
that& #39;s it
Once he hit $150k/yr (living in canada, in 2010). He had everything he wanted. Nice house. Nice car. Nice clothes.
Shifted gears. More $$$ wouldn& #39;t make him more happy. But less pain== more happy.
for him travel = pain. Hired a salesperson to fly & do sales meetings for him.
Shifted gears. More $$$ wouldn& #39;t make him more happy. But less pain== more happy.
for him travel = pain. Hired a salesperson to fly & do sales meetings for him.
So many people "create their own hell". They are succeeding...but hate the day to day(meetings, travel, etc.) doing things they don& #39;t enjoy.
Instead, create your own heaven. If you& #39;re tired, find other people who love to run, and let them run that part of the marathon.
Instead, create your own heaven. If you& #39;re tired, find other people who love to run, and let them run that part of the marathon.
Knows himself well: "I& #39;m great at starting projects. move quick, see things... but I suck at the follow through (operations)"
"I need operators. I need follow through people."
(don& #39;t we all
https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Face with tears of joy" aria-label="Emoji: Face with tears of joy">)
"I need operators. I need follow through people."
(don& #39;t we all
What& #39;s the biggest idea in his head right now?
@supercast (paid subscriptions for podcasts)
Podcasts today are shitty businesses (small scale, $ via ads)
He thinks podcasts are like great saas businesses.
- low churn
- growing 20-30%
- small # of very obsessed users
@supercast (paid subscriptions for podcasts)
Podcasts today are shitty businesses (small scale, $ via ads)
He thinks podcasts are like great saas businesses.
- low churn
- growing 20-30%
- small # of very obsessed users
link to the episode - https://podcasts.apple.com/us/podcast/63-andrew-wilkinson-buying-cash-flowing-internet-companies/id1469759170?i=1000470848779
thanks">https://podcasts.apple.com/us/podcas... @theSamParr & @awilkinson - lets do it again next month
thanks">https://podcasts.apple.com/us/podcas... @theSamParr & @awilkinson - lets do it again next month
