.
@RomanEcom gave one of my favorite keynotes in 10 years of running ECF Live. A few of my favorite nuggets:
Don't bet it all on the exit.
Take dividends as soon as you can. Aim for $2M liquid. You'll de-risk and make way better decisions when your personal life isn't strapped to your business.
Read "WHO: The A Method for Hiring." It took his hiring failure rate from 70% to 10%.
Distribution > Product.
First-time founders are obsessed with product. Second-time founders are obsessed with distribution.
Aim for $1M revenue per FTE as an efficiency metric.
(Sidebar: way easier remote. Avg rev/FTE for remote teams is $1.25M. In-office cuts that in half per the
@ecomfuelco Trends Report)
Never let junior team members run free. Maintain guardrails with:
1) Multiple daily check-ins
2) Black-and-white KPIs
3) Standardized, automated KPI reporting
If you're not following
@romanecom, fix that.
And if you're thinking about selling, let him know. He regularly buys and invests in DTC businesses and is one of the good guys in our space.