how to launch a (spirits) company
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How to Launch a (Spirits) Company Tales of the Cocktail 2014 PresentationTRANSCRIPT
How To Launch a (Spirits) Company
New Orleans, July 2014
OUR GOAL FOR TODAYFirst..
GOAL
A KICK IN THE ASS.
GOAL
CONFIDENCE.
GOAL
REASONS FOR FAILURE…1. Partnerships!2. Cash Flows3. Unclear Vision4. Unclear Customer
BEGIN!?So…
The Caveat
Advice is a form of nostaligia. Dispensing it is a way of fishing the past from the disposal, wiping it off,
painting over the ugly parts, and recycling it for more than it’s worth.
- Mary Schmich
So… Begin!?
“If you think you can do it, oryou think you can’t do it,
you are right.”
- Henry Ford
So… Begin!?
1. The Elevator Pitch (60 sec)
2. The Investor Pitch (25 min)
3. The Business Plan (30-60 pages)
So… Begin!?
Excuses, excuses..
THE IDEA.
The Idea
“Trust thyself: every heart vibrates to that iron string.”
“In every work of genius we recognize our own rejected thoughts: they come back to us with a certain alienated majesty. Great works of art have no more affecting lesson for us than this. They teach us to abide by our spontaneous impression with good-humored inflexibility then most when the whole cry of voices is on the other side. Else, tomorrow a stranger will say with masterly good sense precisely what we have thought and felt all the time, and we shall be forced to take with shame our own opinion from another.”
- Emerson
The Idea
TRUST.THY.
SELF!
The Idea
“Ideas have no value, if they did,there would be a market for them.”
- Unknown
The Idea
Beware of solutions in search of a problemVitamin or Pain Pill?Beware of all things to all peopleEntrepreneurial opportunity?A clear WHYEasy to understand?
The Idea
1. Distill it down to it’s essence – The Elevator Pitch. (Reasons for failure #3 and #4)
To <customers>, that <problem being
solved>, we offer <solution>. Unlike <reference set>, we provide
<unique advantage>.
The Idea
2. The Investor Pitch – Expanda. Executive Summaryb. Propositionc. Teamd. Window of Opportunitye. User Adoptionf. Marketg. Financesh. Risk
The Idea
3. The Business Plan.
The Idea
3. The Business Plan.
Does anyone ever read Business Plans?
PARTNERS
Partners
Reason #1 why start-ups fail!
Partners
Go it alone, or with partners?
How many partners?
Who to partner with?
Partners
How to avoid break-downs:1. What would love do?2. Clarity in absurdum3. Lawyer the fuck up4. Skin in the game5. Vesting schedules6. The Triangle Exercise
Partners
WHY?
PartnersLife Style
Growth Social
PartnersLife Style
Growth Social
Partners
What partners?• A clear leader• Complementary skills, knowledge• Clear role allocation• Get a numbers guy• Experience in entrepreneurship is a
big plus
MONEY
Money
Rule #1 – don’t need money
Money
Rule #2 – money will come when it needs to come
Money
Rule #3 – Never, EVER accept Personal Liability
Money
Sources – The Traditional View1. The 3 F’s2. Angels3. Venture Capital4. IPO
Money
Sources – Outside the box• The 3 F’s• Crowd Funding• Crowd Lending• Amex• Government Grants• Sponsorship• Factoring• Favors
Money
Profitable
≠
Cash Flow Positive
Money
Projections
LIVE THE DREAM (Q&A)Now Go Forth..
LIVE The Dream
You can’t dabble in entrepreneurship
LIVE The Dream
Constant Personal Improvement
LIVE The Dream
“Failure”
LIVE The Dream
“I have not failed. I have successfullyidentified 1,000 ways you can
not construct a light bulb”
- Edison
LIVE The Dream
Marathon not a sprint
LIVE The Dream
Company Culture
LIVE The Dream
Small Stakeholders
Thank You.
Backup Slides