Tag Archives: Investment

Venture Capital Myths — Not the Answer for Many Companies

Venture capital has been tremendously successful in the United States.  In some ways, it has almost been too successful in that many entrepreneurs think traditional venture capital is the only path to success.  That is not true.  This article in the Harvard Business Review by… Continue reading

Best Financing Source for a Business: Its Customers

Financing growth for your business with cash from customers, rather than more expensive debt or equity, makes your ownership even more powerful.  In most of the investments made into operating companies by Greybull Stewardship, my investment fund, our operating companies get paid by customers before… Continue reading

Accounting & Reporting Pays Off

Accounting should not drive anything about a company, but accounting also should not be forgotten at the side of the road. Many companies choose, correctly, not to focus much attention on proper accounting and reporting — until they first have a real, sustainable business.  Later,… Continue reading

Path of Equity Value Creation Not Easy to Plan or Pace (see Disney)

Equity value creation, in my experience, does not follow a smooth, straight path or a predictable timeline. It zigs and zags, stalls and spurts. Therefore, forcing a company into a certain path of possibilities or tight timetable is often counter-productive. I have found it to… Continue reading

Raising Capital: About Fit and Timing

I was in New York last week speaking with existing and prospective investors in my investment fund, Greybull Stewardship.  The match-making activity between capital seeking returns and opportunities seeking capital is truly amazing in the United States.  Nothing brings this home like New York City… Continue reading

Competitive Advantage Leads to Persistently Good Performance — Like Top Tier VC Firms

It is good to be the incumbent.  Usually.  They have often built competitive advantages over time.  Except maybe in the ever-changing world of technology, it is usually an advantage for a business to have been around a long time and to have established customers, suppliers,… Continue reading

Announcing Increased Investment in Appointment Plus — leading appointment scheduling software

Greybull Stewardship, my investment fund, is excited to announce that we have invested more capital into Appointment Plus, the leading business automation software specializing in appointment scheduling. By doing so, Greybull Stewardship has increased its ownership percentage in a growing company that plays an important… Continue reading

“VC Bargain”: Capital in Exchange for the ‘Duty to Sell Company’

A post this summer from Jason Mendelson of the Foundry Group really caught my eye.  It is about the explicit “VC Bargain” that an entrepreneur makes when taking an investment from a venture capital firm.  Basically, the VC fund will need the founders to commit… Continue reading

Joys of Ice Cream, Apple Pie, and Recurring Revenue

Charlie Munger, Vice Chairman of Berkshire Hathaway, once told a friend of mine that if Charlie were a young man, he would be “trying to find online recurring revenue businesses” — like many that are being built and growing today. The combination of recurring revenue… Continue reading

Great Tool for Business Decision Making in Uncertainty

In business decision making, we never have as much information or certainty as we would like.  The best business and investment minds know how to focus on the factors in a decision that are the most relevant and ignore extraneous factors.  It is a real… Continue reading