What’s one piece of life advice you believe that would have people doing this?

I’ve been living in New York City for over four years now. Yes, it’s expensive, taxes are high, and there are some interesting characters walking around. Those are some of the costs. Here’s what we get: Access to the best restaurants in America, no matter what type of food you’re in the mood for. Everything our family needs is just a short walk away. You constantly get to see friends in person, as they’re always passing through. Some of the best public and private schools in America. The network you build here, just by going about your day-to-day life, is incredible. You run into some of the most interesting people doing the most amazing things at the highest level. Access to the best doctors in the world. The career opportunities here are immense, no matter what you do. Central Park – my go-to spot – never gets old. If you’re a shopper, there’s nowhere better in America. If you’re an entrepreneur, this city forces you to think bigger on a daily basis. Broadway, sports, concerts, comedy – the highest level of entertainment, right in your backyard. The subway. Yes, the subway – and yes, millions of normal people take it every day – gets you around this place like a time machine. It’s a wonderful place to raise kids. Every kids' activity you can think of is just blocks away. Our son loves the Natural History Museum, and endless playdates are available either in our building or within a three-minute walk. Maybe all those folks who can afford to live anywhere in the world but choose to raise their families here aren’t so crazy after all. It’s had and always will have its ups and downs - long NYC 🙏

Agency vs Brand…which is better? The average established DTC focused agency is a company that has grown to $5M in revenue and $1M in ebitda. This agency is worth 4-7x multiple of ebitda based on growth rate, contract length, client churn and a few other factors. This business likely has 30-60 clients and the team is likely 30 full time domestic employees and 10 offshore contractors. The owners of this business can easily take out 60% of the profit annually (assuming business pays taxes) as long as the business has a strong bank balance to afford 1-3 months opex (90% of which is salaries). Most of the agencies that get to this size are around 5 years old. This is a good lifestyle business as long as you’re ok with constant people problems (team members being poached) and dealing with constant client fires (the more clients the more daily fires). The average established DTC brand is a company that has grown to $25M in revenue and $3M in profit. This business is worth anywhere from 3x profit all the way to 4x revenue (very rare) depending on the category and growth rate. Most of the brands that get to this size are also around 5 years old. The interesting part of this business is owners will likely only be able to take home around 20-30% of the annual profit (assuming the business pays for taxes) because you need to buy more inventory (usually 20-30% of revenue) to prevent paying insane debt financing costs. The outcome can be very outsized compared to selling an agency, BUT this business can be a lot more volatile (Meta algo changes, tariffs increasing, etc). The other downside to running a brand is the owner isn’t likely taking cash or a healthy salary for the first few years of building the business, where an agency you can pay yourself month 1 if you wanted to. Getting to this stage either way is a huge accomplishment. Before you choose which route, you have to decide do you want/need more cash up front or do you want to take a bet on a larger outcome. Final thought, if you have what it takes to build a 5/1 agency you can build a 25/3 brand (or vice versa).