Why I fight for small businesses

Did you get this email from a friend? Click here to get your own.

You know I’d walk a thousand miles

This summer will mark the 10-year anniversary of starting my entrepreneurial journey. I’ve been reflecting on how it started, how it’s going, and what I’ve learned along the way. 

One of my formative moments came during my first year in investment banking. I took the job because it was the most interesting work that would teach me the most. And it sure did teach me a lot, just not what I expected. 

The thing I use to this day is unit economics. What do you earn by selling one unit of something, and how much does it cost to make or deliver? Unit economics are one of the first assessments we do with every client, and often, we find that they’re struggling financially because their most popular product isn’t profitable. 

Units are great for evaluating how things can scale. But the downside to abstracting businesses into their economic components is that some of those units are humans. Every plan had a page on FTEs, or full-time equivalents. In regular language, we call these people employees. But in financial models, we use FTEs because it sanitizes economic choices. FTEs let us skip the part about considering how our choices impact a community that’s relied on a plant for a generation or Josephine the bookkeeper who’s been with the company for 25 years but isn’t quite ready to retire.

Just four years removed from my small town, I felt this acutely. When I was asked to find $2 million more in savings, I thought of my hometown, which, at the time, had a budget of just over $2 million annually. That amount, to me, was my mom’s part-time job at the library and my dad’s extra income from refereeing high school sports, and Pat the librarian, Pam in the city office, and Mike the chief of police. Not FTEs. 

I couldn’t get over so many lives coming down to what we considered a rounding error. So I left.

I thought start-ups would be better, because we were solving challenging new problems. While more chaotic, start-ups at the time had a certain reverence for the power of bringing people together to create things from mere ideas. But I also saw viable businesses being pushed to grow quickly, beyond what their market was ready for, which, a couple of times, left me without a job. Add in a couple of exits that looked good on paper but ended up in litigation where the acquiring company decided not to pay our earnouts, and I spent a lot of time working on fun things at a discounted wage. I was the disposable FTE in somebody’s portfolio.

As I started my own business, I recognized more and more when I was working with someone who wanted to extract everything they could from me for the lowest price, no matter the impact on my personal or business health.

That’s why I decided in 2020 to work only with self-funded founders, and specialize in getting new companies to a point of profitable growth. I can’t abstract what we do from who’s doing the work and how.  

That’s at the heart of what I’ve been thinking about during this National Small Business Week, which falls into an uncertain time for the 99.9% of US companies that fall into that category. We create two out of every three new jobs. We employ half of Americans. Because of those demographic realities, we used to have a lot of advocates. The SBA was established in the 1950s to sustain a healthy small business economy. (It’s since been gutted because it worked too well in advancing broad prosperity.) 

While it may not feel like we’re prioritized right now, we have strength in numbers and in impact. We can lift up our communities through our work. Our values come through in what we offer, how we listen to our customers, and how we solve very real problems. 

You get to decide what kind of business you’re building. Is it one that you want to work for?

Save the Date!

I am so excited to share with you that I contributed to a new book, coming June 24! Our book, The Wisdom Collection: Stories That Transform How We Live, Connect, and Lead, brings together an extraordinary array of insights from diverse thought leaders who've overcome challenges, built successful businesses, and discovered transformative truths along the way. Each author was tasked with sharing one concise chapter on a valuable lesson we’ve learned over years. Whether you're seeking guidance for your career, relationships, personal growth, or simply craving inspiration from those who've navigated life's complexities, this anthology offers the perfect blend of practical advice and profound perspective. The goal is to share that wisdom with you in the span of a few minutes and motivate you to take action.

My chapter summarizes my foundational business belief that your company needs to stand for something. I share lessons and examples from my work showing how intentional growth around your centering principles impacts the company you build, the customers you attract, and the personal wealth you earn.

On launch day, the book will be offered at a special price of $1.99. Since June 24 is not a scheduled newsletter date, look for a dedicated email that morning with the sale link (or on my LinkedIn, Instagram, Threads, and BlueSky social media channels). If you’d like to add the date to your calendar, click here.

Media Kit

Is social media over? Mixed messages much? While Meta founder Mark Zuckerberg definitely wants you to keep using Meta’s platforms, he also said Facebook as we once knew it is dead. The company confirmed that up to 90% of what you see on Facebook and Instagram is courtesy of Uncle Algo and not people you know IRL. It’s now competing with YouTube and traditional entertainment. If you’re trying to be discovered by new people, that can be really useful. If you’re trying to communicate consistently with an established audience, that’s bad. While social media can be great for reach and discovery, get those folks to a point of contact you control, like email opt-ins. (We use Beehiiv for this newsletter.)   

Your daily dose of unicorn: Canva is the world’s most valuable woman-owned unicorn, now worth $26 billion. Canva CEO Melanie Perkins shared more about her leadership philosophy, which combines technology, well-being, and sustainability. If you love to clear your head with a walk but forget everything as soon as you sit down, these are the tips you’re looking for.

You’re primed to flourish: New global studies on happiness and quality of life show that money and happiness as life goals put limits on us, but the goal of flourishing builds fulfillment. And that’s great news, because founders are skilled at the most important part: community. Whether you’re building one in your business or through meet-ups with other small business owners, you’re supporting your own mental health and life satisfaction. Reach out to an entrepreneur friend today—it will boost your spirits.

Please send feedback to [email protected]. If you love this newsletter, remember to share your unique referral link with your friends so you get rewarded👇👇👇! Thank you for reading.