<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[The Owner Mode Memo]]></title><description><![CDATA[Insights and strategies for high earners making the shift from earner to owner. Free, weekly.]]></description><link>https://read.gravywealth.com</link><image><url>https://substackcdn.com/image/fetch/$s_!IoZD!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F03df2a3c-2ed4-408e-a47c-fad461b491aa_1092x1092.png</url><title>The Owner Mode Memo</title><link>https://read.gravywealth.com</link></image><generator>Substack</generator><lastBuildDate>Fri, 11 Sep 2026 13:53:41 GMT</lastBuildDate><atom:link href="https://read.gravywealth.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Brandon William Jones]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[brandonwilliamjones@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[brandonwilliamjones@substack.com]]></itunes:email><itunes:name><![CDATA[Brandon William Jones]]></itunes:name></itunes:owner><itunes:author><![CDATA[Brandon William Jones]]></itunes:author><googleplay:owner><![CDATA[brandonwilliamjones@substack.com]]></googleplay:owner><googleplay:email><![CDATA[brandonwilliamjones@substack.com]]></googleplay:email><googleplay:author><![CDATA[Brandon William Jones]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[From Framework to Funding]]></title><description><![CDATA[A $600M fund manager and a former Google VP compare how a VC and an operator evaluate the same early-stage company.]]></description><link>https://read.gravywealth.com/p/marlon-bonita-panel-framework-to-funding</link><guid isPermaLink="false">https://read.gravywealth.com/p/marlon-bonita-panel-framework-to-funding</guid><pubDate>Mon, 07 Sep 2026 16:02:37 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!GdmU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!GdmU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!GdmU!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!GdmU!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!GdmU!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!GdmU!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!GdmU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:813948,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/214589623?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!GdmU!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!GdmU!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!GdmU!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!GdmU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd0c7094e-2ca4-4439-bdd1-58f2749aa612_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p><span>Most advice about angel investing skips the part that matters: the evaluation. Marlon Nichols and Bonita Stewart spend the whole conversation on it.<br><br>Marlon is Managing General Partner at MaC Venture Capital, one of North America's largest seed-stage firms, with over $600M in AUM, 238 portfolio companies, and five IPOs. His investing started as a study of human behavior and cultural shifts. Today he frames it as second-order effects: identify a large swing in technology, regulation, or behavior, then invest in what that swing breaks and rebuilds downstream. MaC does not buy AI itself. It buys what AI changes for energy, for the physical world, for specific industries.<br><br>Bonita is Co-founder and Managing Partner of BAG Ventures and a co-lead of the BAG Collective, a 400+ angel investor community. She was the first Black woman vice president at Google, and her operator career was spent moving large enterprises through shifts they could not yet see. She brings that lens to investing, sending venture partners to read startup code before BAG writes a check. She calls it vetting the tech. No technology moat, no deal.<br><br>On evaluating teams, Marlon lays out four nonnegotiables: someone who understands the technology, a founder who pulls talent toward them, a product person who can ship, and the ability to sell. He has tried to proceed with three of the four, and it does not work. Bonita adds strategic resilience, whether a founder can absorb a setback and pivot at the right moment in the cycle.<br><br>For high earners entering private markets, both land in the same place. Have an investment thesis before writing a check. Invest in things you understand. Stay away from hype cycles. The throughline is that the edge in private markets is discipline, not access.</span></p><h2>Three takeaways from the conversation</h2><h3><span>Buy what the wave breaks, not the wave</span></h3><p><span>Marlon describes his second-order effects thesis: he does not invest in the technological shift itself, he invests in what the shift breaks and rebuilds downstream. AI is the shift, so he asks what AI does to energy, to the physical world, to specific industries, and he develops a thesis for each one. The named move is to look past the obvious trade to the change it sets off everywhere else.</span></p><h3>Stop trading endorsement for cash. Start trading it for equity.</h3><p>For years the implicit deal was simple: lend your audience and your credibility to a product, collect a fee, and watch the early investors keep the compounding. Chris points to DJ Khaled helping build a multibillion-dollar business on Snapchat while sitting nowhere on the cap table. He built the Cultural Leadership Fund to move that participation upstream, into the seed and Series A rounds rather than the press release after the IPO.</p><h3><span>Read the team's four nonnegotiables, or pass</span></h3><p><span>Marlon's seed-stage filter is the team, and it requires four things, all of them: someone who understands the technology, a founder who attracts talent, a product person who can ship, and the ability to sell. He learned it the hard way, trying to move forward with three of the four and watching it fail. His read is that a team either has all four or it does not have a shot.</span></p><h3><span>Go under the hood before you write the check</span></h3><p><span>Bonita's read is that most investors evaluate from the outside, on the deck and the story, while she evaluates from the inside, on what is actually built. Before BAG invests she sends venture partners to read the code and confirm a real technology moat rather than a wrapper around someone else's model. It is a standard built from her operator years, and it is the discipline she tells new angels to borrow: pair it with a thesis you understand before any money moves.</span></p><h2>Watch the full conversation</h2><div id="youtube2-yvXso5zTIxI" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;yvXso5zTIxI&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/yvXso5zTIxI?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p><span>Marlon Nichols is Managing General Partner of MaC Venture Capital, with over $600M in AUM, 238 portfolio companies, and 5 IPOs, and he invests in the second-order effects of large shifts in technology, regulation, and behavior. Bonita Stewart is Co-founder and Managing Partner of BAG Ventures and a co-lead of the BAG Collective, a 400+ angel investor community, and was previously a VP at Google, the first Black woman to hold that title there.</span></p><h2>Resources</h2><p>How Gravy Wealth helps high earners shift into ownership: <a href="http://gravywealth.com/foundation">gravywealth.com/foundation</a></p><p>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a></p><p>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Building Your Board Portfolio]]></title><description><![CDATA[Stacy Brown-Philpot built a public-company board portfolio while running TaskRabbit as CEO, through a playbook she ran before any seat opened.]]></description><link>https://read.gravywealth.com/p/stacy-brown-philpot-building-your-board-portfolio</link><guid isPermaLink="false">https://read.gravywealth.com/p/stacy-brown-philpot-building-your-board-portfolio</guid><pubDate>Mon, 31 Aug 2026 15:25:02 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!9i_E!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!9i_E!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!9i_E!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!9i_E!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!9i_E!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!9i_E!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!9i_E!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:760992,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/213560322?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!9i_E!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!9i_E!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!9i_E!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!9i_E!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46499100-7ae2-40ae-b246-c8b07349916c_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p><span>Most people assume board seats are handed out inside a closed network, the reward for a finished career rather than a vehicle you can build on purpose. Stacy Brown-Philpot is the counterexample.<br><br>Her operating credibility is not in question. She joined Google when it had roughly a thousand employees and was there as it grew to fifty thousand, founding the Black Googler Network in 2005 and running Hyderabad operations along the way. She became COO and then CEO of TaskRabbit and led the company through its acquisition by IKEA. But the more useful story is what she did alongside that job.<br><br>Before any opportunity existed, she turned her resume into a board bio, a distinct document built around what a board needs rather than what she had done. She sent it to everyone she knew, including sitting directors and the recruiters who place them, with a simple ask: if something crosses your desk that you cannot take, think of me. A mentor told her to aim for the biggest public company first, because once you sit on one, the rest consider you. When a contact passed her name to Meg Whitman during the HP split into two companies, twelve board seats opening at once, she was already prepared. She had read the skills matrix HP publishes in its annual report and knew the precise box she could fill.<br><br>The same mentor gave her one more instruction before the final interview: stay in your lane. Understand the specific reason they want you and show your strength there. She built the entire conversation around HP's actual need. Mid-process, her youngest started crying during a phone interview and she stopped the call, sure she had lost the seat. The board member told her she was exactly who they wanted, precisely because she lived the life of the customer they were trying to reach.<br><br>She held two public boards while running a company and raising kids, and she is clear it was not easy, only worth it. Today she is Founder and Managing Partner of Cherryrock Capital, the first Black woman-founded, multi-hundred-million-dollar venture firm focused on Black and Latine founders. It is the venture chapter she had planned for twenty-five years.</span></p><h2>Three takeaways from the conversation</h2><h3><span>Turn your resume into a board bio, then seed it</span></h3><p><span>Stacy's first move was a document. She turned her resume into a board bio, a distinct one-pager built around what a board needs rather than what she had done, and seeded it with everyone she knew, sitting directors and recruiters included. Her ask was simple: if something crosses your desk that you cannot take, think of me. The bio came before any opportunity existed.</span></p><h3><span>Aim for the biggest public company first</span></h3><p><span>A mentor told Stacy to target the largest public company she could, because once you sit on one major board, the smaller ones consider you. That is why she was ready when a contact passed her name to Meg Whitman during the HP split. She had read the skills matrix HP publishes in its annual report and knew the precise box she could fill.</span></p><h3><span>Stay in your lane</span></h3><p><span>Before the final interview, the same mentor told Stacy to stay in your lane: understand the specific reason they want you and show your strength there. Rather than try to prove range across the whole conversation, she built it entirely around HP's actual need, a read on the next generation of buyers. Filling one box completely is what got her the seat.</span></p><h2>Watch the full conversation</h2><div id="youtube2-3Bn00wBXkFo" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;3Bn00wBXkFo&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/3Bn00wBXkFo?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p><span>Stacy Brown-Philpot is Founder and Managing Partner of Cherryrock Capital, the first Black woman-founded, multi-hundred-million-dollar venture firm focused on Black and Latine founders. She is the former CEO of TaskRabbit, where she led the company's global expansion and acquisition by IKEA. Before TaskRabbit she spent nearly a decade at Google leading global operations. She has served on the boards of HP, Nordstrom, StockX, Noom, and Stanford University. She holds a BS in Economics from Wharton and an MBA from Stanford.</span></p><h2>Resources</h2><p><span>How Gravy Wealth helps high earners shift into ownership: </span><a href="http://gravywealth.com/advise"><span>gravywealth.com/advise</span></a></p><p><span>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. </span><a href="http://go.gravywealth.com/DNA"><span>go.gravywealth.com/DNA</span></a></p><p>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Assets Over Hours]]></title><description><![CDATA[Arthur Johnson built a 50+ unit rental portfolio while in tech, then used it to leave corporate at 52.]]></description><link>https://read.gravywealth.com/p/arthur-johnson-assets-over-hours</link><guid isPermaLink="false">https://read.gravywealth.com/p/arthur-johnson-assets-over-hours</guid><pubDate>Mon, 24 Aug 2026 14:03:58 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!FEms!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!FEms!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FEms!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!FEms!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!FEms!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!FEms!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FEms!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:318532,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/212213236?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!FEms!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!FEms!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!FEms!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!FEms!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9383aac6-66b0-4347-912d-0595e0d44ab5_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p><span><br>Most people who leave corporate early either sell a company or get lucky on equity. Arthur Johnson did neither. He bought his way out one rental property at a time, over fifteen years, while holding a demanding job the entire way.<br><br>The setup is familiar to anyone in the high-earner trap: a strong resume, a strong salary, and a quiet sense that the trade is not working. For Arthur the moment came at a desk at HP at nine at night, far from his family, where he felt like a small cog in a big wheel. He decided that was not how he wanted to spend the rest of his career, and instead of a dramatic exit he started building a second engine on nights and weekends.<br><br>That engine was buy-and-hold residential real estate. He could not make the numbers work in Northern California, so he went out of state, scoring the top 300 metros on population growth, job growth, income growth, and affordability. He set a 15% cash-on-cash floor and refused to bend on it. One house, then another, then a portfolio across Texas, Indiana, and Wisconsin.<br><br>Two decisions made it survivable next to a career. The first was tax: with real estate professional status in his household and cost segregation on each property, his federal rate fell from 35% to as low as 10% in some years, though the designation usually requires a qualifying member of your household. The second was operational, and it is the one he keeps returning to.</span></p><h2>Three takeaways from the conversation</h2><h3><span>Manage the manager, not the properties</span></h3><p><span>Arthur explains that he never managed the properties themselves. He managed his property managers like direct reports, with weekly check-ins, clear performance goals, and a protocol for anything off-plan. It was the same operating system he used to run strategy inside a company, pointed at 50+ units across three states, and it is what kept the portfolio from becoming a second job.</span></p><h3><span>Hold a return floor and walk past everything under it</span></h3><p><span>Arthur set a 15% cash-on-cash floor and refused to bend on it, even when others told him it was too high. His reasoning was that he needed to be compensated for the risk and the time he was putting in. That one non-negotiable number, held market after market for fifteen years, is what kept the portfolio profitable enough to replace a tech executive salary.</span></p><h3><span>Build the retirement number before you trust it</span></h3><p><span>Arthur describes calculating the exit number in a long conversation with his wife: their actual historical spend, a 20 to 25% bump for the next chapter, and the kids' college handled. They stress-tested it against interest, dividends, and cash flow, found it cleared with a buffer, and he still worked two more years to be sure.</span></p><h2>Watch the full conversation</h2><div id="youtube2-98i7rUmZRWA" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;98i7rUmZRWA&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/98i7rUmZRWA?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p><span>Arthur Johnson is an investor, Co-Founder and Managing Partner of Amara Investments, and a Senior Advisor at Grant Thornton. He spent his corporate career at Goldman Sachs, Hewlett Packard, Intuit, Cisco, Andreessen Horowitz, Twilio, and Pure Storage, and built his 50+ unit portfolio across Texas, Indiana, and Wisconsin over fifteen years before retiring from corporate at 52.</span></p><h2>Resources</h2><p><span>How Gravy Wealth helps high earners shift into ownership: </span><a href="http://gravywealth.com/build"><span>gravywealth.com/build</span></a></p><p><span>Book Arthur 1-on-1: </span><a href="http://gravywealth.com/expert/arthurjohnson"><span>gravywealth.com/expert/arthurjohnson</span></a></p><p><span>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. </span><a href="http://go.gravywealth.com/DNA"><span>go.gravywealth.com/DNA</span></a></p><p><span>Subscribe to Owner Mode on YouTube: </span><a href="http://youtube.com/@gravywealth"><span>youtube.com/@gravywealth</span></a></p><p><span>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: </span><a href="http://gravywealth.com/podcast"><span>gravywealth.com/podcast</span></a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[The Overlooked Asset Class]]></title><description><![CDATA[Tarrus Richardson was near bankrupt in 2010, then closed his first acquisition with no cash down.]]></description><link>https://read.gravywealth.com/p/tarrus-richardson-overlooked-asset-class</link><guid isPermaLink="false">https://read.gravywealth.com/p/tarrus-richardson-overlooked-asset-class</guid><pubDate>Mon, 17 Aug 2026 14:00:40 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!eIbf!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!eIbf!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!eIbf!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!eIbf!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!eIbf!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!eIbf!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!eIbf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:796729,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/211205481?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!eIbf!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!eIbf!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!eIbf!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!eIbf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d07aae0-8524-425f-a5f9-eea48939fc27_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p><span>Most acquisition stories start with access to capital. Tarrus Richardson's started with the loss of it.<br><br>By 2010 he was near bankrupt, fired from the institutional private equity world where he had spent nearly a decade, and unable to get a single check written despite a Harvard MBA and a real track record. He grew up on the West Side of Chicago, where he watched his parents buy businesses when he was a kid. He went to Harvard Business School, worked M&amp;A at Salomon Brothers and JLL Partners, and co-founded ICV Partners, helping raise $440 million across two funds. Then it all came apart.<br><br>The comeback was a structural insight. In 2014 he found a small IT staffing business in Pennsylvania. The founders wanted a full exit, and every other buyer offered to buy 100%. Tarrus offered to buy 51% and keep the founders on as partners, something no one else had put on the table. When he ran short of capital before closing, he asked the sellers to finance his portion with a seller note and pledged his house. He closed with no cash down.<br><br>That first deal returned 4x. The second returned 15x. The third returned 27x. The model has a name: ETA, entrepreneurship through acquisition. It sits between venture and traditional buyout, with stable cash flow businesses as the underlying asset, bought with seller and bank financing and improved over time. Tarrus now runs an investor base 149 deep, roughly half of them accredited and using 401(k) rollovers to participate.<br><br>His own framing for what he does is plain. Other people collect cars. He collects businesses, twenty or more of them, and counting.</span></p><h2>Three takeaways from the conversation</h2><h3><span>The structure mattered more than the capital</span></h3><p><span>Tarrus describes a deal he closed with no money down because he built it differently than everyone else. He offered to buy 51% instead of 100%, which gave the sellers a reason to stay on and win with him, then asked them to finance his portion with a seller note. The capital he did not have stopped being the obstacle once the structure gave the sellers a second bite at the apple.</span></p><h3><span>Pick the asset class before you pick the deal</span></h3><p><span>Tarrus's read is that most startups fail more than 80% of the time, and you only ever hear about the ones that win. His conclusion after Harvard, Wall Street, and a decade in institutional private equity is that you succeed in life by getting the asset class decision right. He chose proven, stable cash flow over the lottery ticket, and built his wealth on the businesses most high earners walk past.</span></p><h3><span>Serve the apprenticeship before the capital</span></h3><p><span>For all his pedigree, Tarrus treats the acquisition path as an apprenticeship you serve first. His words are to train and learn on someone else's watch: back a deal or two as a financing source or operating partner before you write your own check. He spent nine years learning the game before running his first deal, because he knew he could not see what he had not yet seen.</span><br></p><h2>Watch the full conversation</h2><div id="youtube2-yQ7V4EUWA5Q" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;yQ7V4EUWA5Q&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/yQ7V4EUWA5Q?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p><span>Tarrus Richardson is the Founder and CEO of IMB Partners, a private investment firm with $1.2 billion in revenues, making him the first Black independent sponsor to reach that milestone. IMB acquires middle market companies serving utilities and government agencies, and he also manages a $125 million SBIC fund backed by more than 100 investors. He previously co-founded ICV Partners and worked in M&amp;A at Salomon Brothers and JLL Partners, and he holds a BS in Accounting from Purdue and an MBA from Harvard Business School.</span></p><h2>Resources</h2><p><span>How Gravy Wealth helps high earners shift into ownership: </span><a href="http://gravywealth.com/acquire"><span>gravywealth.com/acquire</span></a></p><p><span>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. </span><a href="http://go.gravywealth.com/DNA"><span>go.gravywealth.com/DNA</span></a></p><p><span>Subscribe to Owner Mode on YouTube: </span><a href="http://youtube.com/@gravywealth"><span>youtube.com/@gravywealth</span></a></p><p><span>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: </span><a href="http://gravywealth.com/podcast"><span>gravywealth.com/podcast</span></a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Your Access Is an Asset]]></title><description><![CDATA[Kahlana Barfield Brown on turning a magazine job's access into a clothing line now sold at Target.]]></description><link>https://read.gravywealth.com/p/kahlana-barfield-brown-your-access-is-an-asset</link><guid isPermaLink="false">https://read.gravywealth.com/p/kahlana-barfield-brown-your-access-is-an-asset</guid><pubDate>Mon, 10 Aug 2026 16:03:49 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!S1VY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!S1VY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!S1VY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!S1VY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!S1VY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!S1VY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!S1VY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:893200,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/210622615?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!S1VY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!S1VY!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!S1VY!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!S1VY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc76763c3-5559-4aef-9c62-f7615bd351e8_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p><span>Most people who leave a great job leave the access behind with it. Kahlana Barfield Brown did the opposite.</span></p><p><span><br>She started as a six-dollar-an-hour intern, slept on her sister's couch, and spent roughly a decade at InStyle, rising to Beauty Director. The job came with access most people never get: front row at the shows, every product on the market sent for free, meetings with the designers. Most editors treated all of that as a perk. She treated it as inventory.<br><br>Her insight was that the access was content nobody else could make, and the magazine did not own it. So she built a personal brand while still on payroll. She treated her Instagram like her own magazine: a clear point of view, a consistent standard, only what she felt good about. The partnerships grew until she was out-earning her salary on work the magazine's name was not attached to.<br><br>The move from collaborator to owner came down to a single conversation. After four sold-out collections with Target as their first Future Collective design partner, a mentor told her to stop collaborating for everyone else and own her brand. She launched KBB by Kahlana. It now sells in Target stores across the country.<br><br>She is honest about the fear that almost held her in place: she worried the relationships would vanish with the title. They did not. The phones rang after she left, and the relationships were hers all along.</span></p><h2>Three takeaways from the conversation</h2><h3><span>The access your job gives you is an asset the job does not own</span></h3><p><span>Kahlana describes the front-row seats, the free products, and the designer meetings as inventory rather than perks. The magazine handed her the access, but it never owned what she built on it. Her move was to claim that access as content nobody else could make while she was still on payroll.</span></p><h3><span>Run the channel you control like your own magazine</span></h3><p><span>Kahlana was a magazine editor by trade, so she ran her Instagram like a publication she owned: same editorial standard, same point of view, pointed at herself instead of the masthead. The example is almost anticlimactic. It started with one good camera, and these days a phone does the job. The discipline is the asset, not the gear.</span></p><h3><span>Stop collaborating for everyone else and own your brand</span></h3><p><span>Target had approached Kahlana about a fifth collection and the easy money was right there. Her mentor cut in with one word: ownership. That conversation is the moment she stopped taking the safe collab and started KBB by Kahlana. The deals feel like the win. Ownership is the one that compounds.</span></p><h2>Watch the full conversation</h2><div id="youtube2-ZNNGyDpkj3o" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;ZNNGyDpkj3o&quot;,&quot;startTime&quot;:&quot;2s&quot;,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/ZNNGyDpkj3o?start=2s&amp;rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p><span>Kahlana Barfield Brown is the Founder of KBB by Kahlana, a clothing line sold in Target stores nationwide. A Howard University graduate, she started as a six-dollar-an-hour intern at Essence and spent roughly a decade at InStyle, rising to Beauty Director. She was Target's first design partner for Future Collective, with four sold-out collections, and collaborated with Nike on a custom Air Force 1.</span></p><h2>Resources</h2><p><span>How Gravy Wealth helps high earners shift into ownership: </span><a href="http://gravywealth.com/create"><span>gravywealth.com/create</span></a></p><p><span>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. </span><a href="http://go.gravywealth.com/DNA"><span>go.gravywealth.com/DNA</span></a></p><p><span>Subscribe to Owner Mode on YouTube: </span><a href="http://youtube.com/@gravywealth"><span>youtube.com/@gravywealth</span></a></p><p><span>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: </span><a href="http://gravywealth.com/podcast"><span>gravywealth.com/podcast</span></a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[First Check ]]></title><description><![CDATA[Charles Hudson has made 450+ pre-seed bets over nearly 30 years, and his read on who b]]></description><link>https://read.gravywealth.com/p/charles-hudson-first-check</link><guid isPermaLink="false">https://read.gravywealth.com/p/charles-hudson-first-check</guid><pubDate>Mon, 03 Aug 2026 16:59:49 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!ggWO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ggWO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ggWO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!ggWO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!ggWO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!ggWO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ggWO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png" width="1280" height="720" 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srcset="https://substackcdn.com/image/fetch/$s_!ggWO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!ggWO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!ggWO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!ggWO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac962c86-4396-4595-bbb3-3d7a644d3db9_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p style="text-align: justify;"><span>Most venture stories celebrate the pedigree: the repeat founder, the famous logo, the operator who scaled a rocketship. Charles Hudson reached the opposite conclusion.<br><br>He is the founder and Managing Partner of Precursor Ventures, a pre-seed firm he has run after nearly 30 years investing in the Bay Area. Precursor has raised four funds, manages $250M+ in assets, invested in more than 450 companies, and supported over 1,000 founders. His portfolio includes Bobbie Baby, Carrot, Incredible Health, Pair Eyewear, and The Athletic, which was acquired by The New York Times for $525M.<br><br>His logic is specific. The corporate high achiever has mastered managing up and working a bureaucracy. Those are real skills. But the formation stage of a company has no bureaucracy to work and no tooling to lean on. Put that same person in a room with a whiteboard and no plan, and the muscle they spent a decade building does not fire. Charles has watched the pattern enough times to name it as one of the big founder failure modes.<br><br>The counterweight is the founder he calls a naive optimist. Half of his best-performing companies came from people with no industry experience, who did not know the rules and therefore were not constrained by them. They built things insiders said could not be done, because nobody had told them it was impossible. For Charles the question is not where you went or who you worked for, but whether you have ever been at the formation stage of anything: a nonprofit, a side business, a project you had to figure out from nothing.<br><br>He is also watching the ground shift. One CEO in his portfolio lost his founding engineer and kept the product moving by committing bug fixes to the codebase himself with AI coding tools, work that would have stopped cold a few years ago. And the job market is pushing more high earners toward what he calls an independence plan: thinking about your skills and abilities as separate from the employer you currently rent them to.</span></p><h2>Three takeaways from the conversation</h2><h3><span>Corporate excellence does not transfer to formation</span></h3><p><span>Charles describes the high achiever who has mastered managing up and working a bureaucracy, then freezes the moment those structures disappear. Put that person at a whiteboard with no plan and no tooling, and the muscle they spent a decade building does not fire. In his telling, the skills that earned the promotions are often the exact skills that get in the way of building from nothing.</span></p><h3><span>Naive optimists build what insiders swear is impossible</span></h3><p><span>Charles notes that half of his best-performing companies came from founders with no industry experience at all. They did not know the rules, so they were never constrained by them, and they built things the experts had ruled out. His read is that missing pedigree is frequently the freedom that lets a first-timer try the thing nobody told them could not be done.</span></p><h3><span>The independence plan</span></h3><p><span>Charles frames the job market as a reason to separate your skills and abilities from the employer you currently rent them to. His closing question is whose hands you want to place your fate in: your own, which is scary but gives you control, or someone else's who probably will not consult you before making a change. The move he points to is getting one formation rep on the board before the choice stops being yours.</span></p><h2>Watch the full conversation</h2><div id="youtube2-T5N_1RWl9yU" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;T5N_1RWl9yU&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/T5N_1RWl9yU?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p><span>Charles Hudson is Managing Partner of Precursor Ventures, an early-stage venture capital firm focused on leading first institutional rounds for standout software and hardware startups. Under his leadership, Precursor has raised four funds and manages $250M+ in assets, investing in more than 450 companies and supporting over 1,000 founders. His portfolio includes Bobbie Baby, Carrot, Incredible Health, Pair Eyewear, and The Athletic, which was acquired by The New York Times for $525M.</span></p><h2>Resources</h2><p><span>How Gravy Wealth helps high earners shift into ownership: </span><a href="http://gravywealth.com/launch"><span data-color="#ddff9f" style="color: rgb(221, 255, 159);">gravywealth.com/launch</span></a></p><p>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a></p><p>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Investing Beyond the Day Job ]]></title><description><![CDATA[Andrew Lindsay runs cloud and AI partnerships at Microsoft, and built a private portfolio without conflicts.]]></description><link>https://read.gravywealth.com/p/andrew-lindsay-investing-beyond-day-job</link><guid isPermaLink="false">https://read.gravywealth.com/p/andrew-lindsay-investing-beyond-day-job</guid><pubDate>Mon, 27 Jul 2026 16:03:28 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!f9XQ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!f9XQ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!f9XQ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!f9XQ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!f9XQ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!f9XQ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!f9XQ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:474159,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/208629093?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!f9XQ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!f9XQ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!f9XQ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!f9XQ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dca6ebb-d4eb-44c8-a1af-7b1d5a59b87d_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p><span>Most people with an information advantage spend it. Andrew Lindsay built a rule to constrain his.<br><br>He is Corporate Vice President, Cloud and AI Platforms Business Development at Microsoft, where he leads the partnerships with OpenAI, Anthropic, and xAI. He sits on the board of Asana. He has lived in the San Francisco Bay Area for fifteen years, and the entire time he has been deploying personal capital into private markets alongside a corporate role that would be more than enough for most people.<br><br>What makes his approach worth studying is the discipline. He has a bright-line rule against investing in any company that intersects with his day job, even when founders request it directly. He started that rule running a corporate venture fund at HubSpot before Microsoft. It costs him deal flow. It also removes an entire category of conflict and lets him move faster on everything else.<br><br>The real estate began with one constraint. He and his wife wanted to buy in San Francisco without a twenty percent down payment. He researched his way to Bayview, a historically Black neighborhood the Community Reinvestment Act still covers, and put 3.5% down on the first home. Years later he bought a three-unit building nearby with 5% down at a 2.75% rate through private banking. The rent on that building covers its mortgage and offsets the first home. He found the programs by treating AI like a research partner rather than a search engine.<br><br>The framework he keeps returning to is the investor of first resort. Before any private check, he asks one question: why am I being offered this opportunity? If the answer is an inner-circle relationship, that is a genuine edge. If the answer is that someone needed capital and eventually found him, that is the wrong end of the deal.</span></p><h2>Three takeaways from the conversation</h2><h3><span>The bright-line rule: stay out where you know the most</span></h3><p><span>Andrew describes a discipline most people would never accept: he refuses to invest where his work intersects, even when founders ask him in directly. He is candid that the rule lowers his returns, since he could use his informational advantage to chase the best deals. What he buys instead is a clean conflict map and a faster decision on everything else.</span></p><h3><span>Investor of first resort, not last resort</span></h3><p>Andrew's deal-access test is a single question asked before any private check: why am I being offered this opportunity? If a founder brings you in because you are inside their circle, that is a real edge. If the capital found you after everyone else passed, that is the wrong end of the same deal.</p><h3><span>Treat AI as a research partner, not a search box</span></h3><p><span>Andrew recounts financing his first Bay Area home with a Community Reinvestment Act program he surfaced by treating research as a conversation rather than one or two prompts. The same method later turned up a three-unit building bought with 5% down. His read on the broader moment: engage the tools deeply enough that you control them instead of being replaced by them.<br></span></p><h2>Watch the full conversation</h2><div id="youtube2-yiyM1TPbTXQ" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;yiyM1TPbTXQ&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/yiyM1TPbTXQ?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p><span>Andrew Lindsay is Corporate Vice President, Cloud and AI Platforms Business Development at Microsoft, where he leads partnerships including OpenAI, Anthropic, and xAI. He serves on the board of Asana. Before Microsoft he was SVP at HubSpot, where he started a corporate venture fund, and earlier was a VP at Jawbone, a consultant at McKinsey, and an M&amp;A banker at Merrill Lynch. He holds a JD from Harvard Law School and an MBA from Harvard Business School, and he studied at Howard University.<br></span></p><h2>Resources</h2><p><span>How Gravy Wealth helps high earners shift into ownership: </span><a href="http://gravywealth.com/foundation"><span>gravywealth.com/foundation</span></a></p><p><span>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. </span><a href="http://go.gravywealth.com/DNA"><span>go.gravywealth.com/DNA</span></a></p><p><span>Subscribe to Owner Mode on YouTube: </span><a href="http://youtube.com/@gravywealth"><span>youtube.com/@gravywealth</span></a></p><p><span>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: </span><a href="http://gravywealth.com/podcast"><span>gravywealth.com/podcast</span></a><span><br></span></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Founder to Funder]]></title><description><![CDATA[Jewel Burks Solomon built her AI startup on Google's payroll, sold it to Amazon, and]]></description><link>https://read.gravywealth.com/p/jewel-burks-solomon-founder-to-funder</link><guid isPermaLink="false">https://read.gravywealth.com/p/jewel-burks-solomon-founder-to-funder</guid><pubDate>Mon, 20 Jul 2026 16:01:34 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!hQZY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!hQZY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!hQZY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!hQZY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!hQZY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!hQZY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!hQZY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png" width="1280" height="720" 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srcset="https://substackcdn.com/image/fetch/$s_!hQZY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!hQZY!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!hQZY!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!hQZY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea7f9f62-48e6-4623-8556-bf718794205b_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p>Most founder stories open with a clean break: quit the job, raise the round, bet everything. Jewel Burks Solomon&#8217;s opens with a paycheck she never gave up.<br><br>She built Partpic, a computer vision AI startup for industrial parts search, while still on Google&#8217;s payroll. The arrangement was the whole strategy. She sat down with her mentor inside Google and negotiated a role that had no precedent, something she calls entrepreneur in residence. The job did not exist. They made it up.<br><br>For three of the four years she spent building the company, she ran the startup during business hours and did her Google work at night and on weekends, from Atlanta. She funded the prototype with her own savings and won pitch competitions to get in front of the investors she wanted. Amazon acquired Partpic in 2016.<br><br>The acquisition was engineered, not stumbled into. When investors kept misreading the company as a sales startup rather than the deep tech it was, she stepped out of the spotlight and pushed her technical co-lead, Dr. Nashlie, onto the stage, cold-pitching a conference on its lack of female speakers to get her there. Amazon Corporate Development was in that room at a deep learning conference in Boston. Five months later the deal closed.<br><br>The second act is what makes this an Owner Mode story. Jewel pitched more than 200 investors during her own raise and mostly heard no. That experience became the founding thesis of Collab Capital, the $125M venture fund she co-founded and now leads to become the investor she never had.</p><h2>Three takeaways from the conversation</h2><h3>Ask for the arrangement, do not assume you have to exit</h3><p>Jewel describes negotiating an entrepreneur-in-residence role that existed on no org chart, inventing it with her mentor so she could build during business hours while Google paid her. The leap was never all or nothing. The move that let her start was the ask, not the resignation letter.</p><h3>Count the floor before the leap</h3><p>At 23, Jewel did not frame her risk as fearless. She mapped her actual downside first: no mortgage, no kids, a mom with a spare bedroom if it all burned down. The worst case was survivable, so she could go all in. Her read is that courage is doing the math on your floor and finding you can live with it.</p><h3>Engineer the room when you have no network</h3><p>With no investor network and a company the market kept misreading, Jewel built her own access. She realized pitch competitions were judged by the exact funds she wanted, so she entered the ones they judged and won her way in front of them. When the deck got read wrong, she handed her technical co-lead the stage and let the engineering speak. The move that wins is sometimes the one that takes you out of the frame.</p><h2>Watch the full conversation</h2><div id="youtube2-R9ks0cp79Uo" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;R9ks0cp79Uo&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/R9ks0cp79Uo?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p>Jewel Burks Solomon is Managing Partner of Collab Capital, a $125M venture fund investing in the future of work, healthcare, and commerce. She previously led Google for Startups in the U.S., where she deployed more than $45 million to Black and Latino-led businesses. Earlier, she was the founder and CEO of Partpic, a computer vision startup acquired by Amazon in 2016, and she is a marketing graduate of Howard University.</p><h2>Resources</h2><p>How Gravy Wealth helps high earners shift into ownership: <a href="http://gravywealth.com/launch">gravywealth.com/launch</a>

Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a>

Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a>

The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: gravywealth.com/podcast</p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Profit from the Podium: A Side Income on Stage ]]></title><description><![CDATA[Lexi B. on building a public speaking business worth up to 70% of her salary without qu]]></description><link>https://read.gravywealth.com/p/lexi-b-profit-from-podium</link><guid isPermaLink="false">https://read.gravywealth.com/p/lexi-b-profit-from-podium</guid><pubDate>Mon, 13 Jul 2026 16:02:12 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!PU2w!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!PU2w!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!PU2w!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!PU2w!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!PU2w!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!PU2w!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!PU2w!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:761598,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/206512328?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!PU2w!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!PU2w!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!PU2w!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!PU2w!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87018083-eebb-4769-a5b2-7671664a28fc_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p>Most parallel-income stories end with a resignation letter. Lexi B. never wrote one.</p><p>She is a big tech executive, and alongside that job she has built a public speaking business that brings in up to 70% of what her corporate salary pays. It started almost by accident: a $600 check to speak to a group of HBCU students visiting Silicon Valley, and a reaction of &#8220;for what?&#8221; That question was the light bulb.</p><p>So she professionalized. Every early dollar went back into the business: a lawyer, a contract, a website, headshots, a speaker kit. She priced her worth on the full body of work behind a keynote rather than the ninety minutes on stage, after a mentor reframed it: the keynote is everything you did to be able to give the keynote, not the time slot.</p><p>The Warsaw story is the proof. She paid about $300 out of pocket to speak at a conference that could not cover her fee, because the real offer was a room full of the executives who book speakers. That trip came back at roughly fifteen times her rate. When live events collapsed in 2020, her contracts carried real cancellation terms, so the cancellations became income, and the year became her biggest as a speaker.</p><p>What makes this an Owner Mode story is that the leverage flowed back into the day job. Inbound interview requests from people who saw her on a stage. Managers who knew she had options and said so. She built an asset that made her harder to replace, without ever leaving.</p><p>His close on ownership is structural. Own your taste. Own your network. Own your point of view. Own your time. The cap table follows the conviction.</p><h2>Three takeaways from the conversation</h2><h3>Protect the money before you chase the brand</h3><p>Lexi breaks down the rule a mentor gave her: never get on stage until the fee has cleared. She built contracts that make it enforceable, fifty percent up front and the rest before she goes on. She has stood backstage, checked her banking app, seen nothing, and walked. The craft gets you booked. The business side is what lets you keep the income.</p><h3>Price the preparation, not the ninety minutes</h3><p>Lexi describes pricing the time slot until a mentor reframed it: the keynote is not the ninety minutes, it is every year of work that made those ninety minutes worth listening to. The moment she started pricing the whole body of work instead of the clock, her rate changed and so did how she valued herself. Most people undercharge because they only count the hours someone can see.</p><h3>The most powerful place at any conference is backstage</h3><p>Lexi&#8217;s read is that even if you never get paid to speak, being physically backstage is the move. The people back there assume you belong, so you walk in with standing before anyone knows your name, and the bookers and organizers are the ones next to you. The fee was never the real return. The room behind the stage was.</p><h2>Watch the full conversation</h2><div id="youtube2-m-ugSwOeiE0" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;m-ugSwOeiE0&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/m-ugSwOeiE0?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p>Lexi B. is a Technology Executive and Public Speaker. She runs a six-figure speaking business charging up to $30,000 per keynote, hosts her own podcast, and is a top creator in the LinkedIn Accelerator Program. She is the founder of SisterCircle, a network of more than 10,000 Black women in tech, and has held leadership roles at Twitter and Facebook. She trained as a stage performer from age 5 to 17.</p><h2>Resources</h2><p>How Gravy Wealth helps high earners shift into ownership: <a href="https://www.gravywealth.com/create">gravywealth.com/create</a></p><p><br>Book Lexi 1-on-1: <a href="http://gravywealth.com/expert/lexibutler">gravywealth.com/expert/lexibutler</a><br><br>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="https://gravywealth.typeform.com/DNAassesment?org=nonorg">go.gravywealth.com/DNA</a><br><br>Subscribe to Owner Mode on YouTube: <a href="https://www.youtube.com/@gravywealth">youtube.com/@gravywealth</a><br><br>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: gravywealth.com/podcast</p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[The Other Side: 3 Deals. 3 CEOs. No Filter.]]></title><description><![CDATA[Three executives, Mitch Harris, Mario Antwine, and Rock Irvin, on the unfiltered reality of buying and running the companies they now own.]]></description><link>https://read.gravywealth.com/p/the-other-side-3-deals-3-ceos-no</link><guid isPermaLink="false">https://read.gravywealth.com/p/the-other-side-3-deals-3-ceos-no</guid><pubDate>Mon, 06 Jul 2026 15:01:09 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!HMhW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!HMhW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!HMhW!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!HMhW!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!HMhW!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!HMhW!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!HMhW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/bc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:998651,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/204287099?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!HMhW!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!HMhW!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!HMhW!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!HMhW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc38862b-a668-47fb-9e27-8be1f335bc99_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p>Most acquisition content sells the outcome and skips the middle. This panel does the opposite.<br><br>Mitch Harris, Mario Antwine, and Rock Irvin left high-paying corporate careers, ran multi-year searches, and now run the companies they bought. They spend most of the conversation on the parts that usually get left out. The trigger for Mario was a Fortune 500 CFO telling him his exact career track to his face. He already knew it. Hearing it said out loud was different. He came out of Wall Street finance and M&amp;A and self-funded Pearl Interactive Network, a contact center with a top line north of $50 million.<br><br>Mitch led advertising sales teams at Meta before his CMO seat. He searched 20 months before closing on Vertex Communication Group, a digital marketing firm specializing in scaled email programs. Roughly a hundred days in, he describes the work as grimy: about seventy-five percent of his time goes to administrative work like QuickBooks, a benefits dispute, and state tax websites. He says he wanted the challenge, and the challenge is what he got.<br><br>Rock came off the operations side at Vista Equity Partners and acquired Alumitec, a Chicago building services contractor, solo, as 100% owner. His search produced roughly seven thousand no&#8217;s. His system for surviving it was to batch the rejection to one day so the rest of the week stayed clear. At least five times he asked himself what he was doing and considered going back to corporate. He kept going.<br><br>The common thread across all three deals is that the financing solves once you find the deal. Finding the deal is the hard part. And for all three of them, staying put stopped feeling like the safe option. The panel walks through deal size and the danger of buying a job, partner and spouse alignment before the search starts, search discipline, financing a larger deal, the first hundred days, and the resilience the path actually requires.</p><h2>Three takeaways from the conversation</h2><h3>The money problem solves once you find the deal</h3><p>All three operators landed in the same place from three different deals: the financing follows the deal, and finding the deal is the real work. Mitch searched 20 months, Rock collected roughly seven thousand no&#8217;s, and Mario took on a business with a top line north of $50 million. The search, not the capital, is what separates the people who own from the people who only talk about it.</p><h3>Stop screening for the perfect deal. Start screening for mitigation.</h3><p>Mitch describes the shift that finally got him to a close: he stopped looking for the perfect deal once he realized it does not exist. Every real company has some hair on it. He bought one with customer concentration, the exact thing the textbook says to avoid, then structured the terms to mitigate almost all of it. The edge is not finding a clean company. It is what you can de-risk.</p><h3>The freedom is real, and so is the load</h3><p>Mario&#8217;s read on surviving year one is that the hours were not the hardest part. The mental load was: holding the thesis, the team, and the clients in his head with nobody above him to escalate to. He is not sure he took a single day off that first year. The seat is real, and at the start it is grimier than the highlight reel, which is exactly the part worth hearing before you romanticize the title.</p><h2>Watch the full conversation</h2><div id="youtube2-2dDK_9raXtc" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;2dDK_9raXtc&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/2dDK_9raXtc?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p>Mitch Harris is CEO and Owner of Vertex Communication Group, a digital marketing firm specializing in scaled email programs, and founder of Claymont Capital Partners. Mario Antwine is CEO and Owner of Pearl Interactive Network, a BPO contact center with a deep focus on hiring people with barriers to work, and Managing Partner at Ascentium Holdings. Rahman &#8220;Rock&#8221; Irvin is CEO and Owner of Alumitec, a Chicago building services contractor, and President of The January 23rd Company.</p><h2>Resources</h2><p>Book Mitch 1-on-1: <a href="http://gravywealth.com/expert/mitchharris">gravywealth.com/expert/mitchharris</a><br><br>Book Mario 1-on-1: <a href="http://gravywealth.com/expert/marioantwine">gravywealth.com/expert/marioantwine</a><br><br>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a><br><br>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a><br></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[The Long Game: How Squire Went from Side Project to $750M]]></title><description><![CDATA[Dave Salvant and Songe LaRon left law and finance, never learned to code, and built Squire to a $750M valuation.]]></description><link>https://read.gravywealth.com/p/squire-panel-long-game</link><guid isPermaLink="false">https://read.gravywealth.com/p/squire-panel-long-game</guid><pubDate>Mon, 29 Jun 2026 14:04:39 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!wLkd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wLkd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wLkd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!wLkd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!wLkd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!wLkd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wLkd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:860209,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/203149535?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wLkd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!wLkd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!wLkd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!wLkd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe82ccd57-4005-43dc-a252-e3fd48c5cf0d_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p style="text-align: justify;">Most tech-founder stories start with a technical co-founder and a clean idea. Squire started with two people who could not code, sneaking into empty Columbia classrooms on weekends to whiteboard their way toward something with real scale.</p><p style="text-align: justify;">Dave Salvant was in finance at JPMorgan Chase and a year into business school. Songe LaRon was a corporate M&amp;A associate at Skadden Arps with a Yale Law degree and a partner track ahead of him. They met socially in Harlem in the early 2010s and started spending weekends working through ideas until they landed on the barbershop, an industry they used every week and one technology had largely ignored.</p><p style="text-align: justify;">What makes this an Owner Mode story is the two different ways they reasoned themselves out of stable, high-status careers. Songe described the decision as an asymmetry of risk reward. </p><p style="text-align: justify;">The downside was a setback, not existential, since a Yale-trained lawyer can always find another firm seat. The upside, in his words, was essentially limitless. Dave&#8217;s lens was the golden handcuffs: the spiral where the paycheck grows, the lifestyle expands, and the cost of leaving climbs until it is impossible. He wanted out before that spiral closed.</p><p style="text-align: justify;">The path from whiteboard to scale was anything but clean. Squire applied to Y Combinator three times before getting in. During the Series A, the company almost ran out of money, going to sixty meetings and walking away with a single term sheet. Dave&#8217;s framing on that stretch was simple: you only need one yes no matter how many no&#8217;s you get. The filter that kept them alive through more than a decade was putting the customer first.</p><p style="text-align: justify;">By the end of 2019, Squire had closed a Series B with a secondary component. Three and a half years after launch, both co-founders were liquid millionaires, and the company reached a $750M valuation. Songe is CEO. Dave is President. They have been building together since 2015.</p><h2>Three takeaways from the conversation</h2><h3>Songe priced the downside before he feared it</h3><p style="text-align: justify;">Songe&#8217;s read on leaving Skadden Arps was an asymmetry of risk reward. He capped the worst case, confirmed it was survivable since a Yale-trained lawyer can always find another firm seat, then weighed it against an upside that was essentially limitless. Once he ran the numbers honestly, the leap that looked reckless from the outside became the easy call.</p><h3>Dave left before the golden handcuffs locked</h3><p style="text-align: justify;">Dave&#8217;s lens was the cost of staying. The longer you stay, he argues, the bigger the paycheck and the heavier the golden handcuffs, until leaving costs too much to ever do. He went all in before that spiral closed, on the logic that you cannot be halfway in it. Plan A, back against the wall, this has to work.</p><h3>You only need one yes</h3><p style="text-align: justify;">Squire applied to Y Combinator three times and pulled one term sheet out of sixty Series A meetings while nearly running out of money. Dave&#8217;s framing is that the number of no&#8217;s is not the signal. You only need one yes, and the filter that told them whether to keep going was always whether customers kept coming back.</p><h2>Watch the full conversation</h2><div id="youtube2-3HtFtFIOodI" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;3HtFtFIOodI&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/3HtFtFIOodI?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p style="text-align: justify;">Dave Salvant is President and Co-Founder of Squire Technologies, the barbershop technology platform that reached a $750 million valuation. Before Squire he worked at JPMorgan Chase. He holds an MBA from the University of Wisconsin-Madison and a BS from SUNY Albany. Songe LaRon is CEO and Co-Founder of Squire, which he co-founded with Dave in 2015. He holds a UCLA undergraduate degree and a Yale Law degree, and practiced corporate law at Skadden Arps. Squire has raised over $200 million from investors including Tiger Global, ICONIQ Capital, Y Combinator, Stephen Curry, and Trevor Noah.</p><h2>Resources</h2><p>How Gravy Wealth helps high earners shift into ownership: <a href="http://gravywealth.com/foundation">gravywealth.com/foundation</a></p><p>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a></p><p>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[The Billion-Dollar Business Model]]></title><description><![CDATA[Samir Goel ran a $500M unit at LinkedIn while building Esusu on nights and weekends, turning rent into credit for 12 million renters.]]></description><link>https://read.gravywealth.com/p/samir-goel-billion-dollar-business-model</link><guid isPermaLink="false">https://read.gravywealth.com/p/samir-goel-billion-dollar-business-model</guid><pubDate>Mon, 22 Jun 2026 20:51:05 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!ZQ2h!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ZQ2h!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:462613,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/203149535?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!ZQ2h!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc18f5f2-2edd-4944-9d52-cc65250ad6eb_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p style="text-align: justify;">Most billion-dollar company stories start with a clean origin and a big check. Samir Goel&#8217;s started with a wall.<br><br>It was the wall his family hit when they immigrated from India and found that working hard and paying on time meant nothing without a credit history. His co-founder Wemimo Abbey had a parallel story, immigrating from Nigeria with his mother, who took out a 400% payday loan when they arrived. Esusu, the company they built together, was built to take that wall down.<br><br>The insight is mechanical and almost obvious in hindsight: rent is the largest, most consistent monthly payment in tens of millions of households, and it had never been used to build credit. Forty-five million Americans are credit invisible. Esusu routes their rent payments to the three major credit bureaus, the same way a mortgage builds credit for a homeowner. Today the company is valued at $1.2 billion, reaches 12 million renters across 5 million units, and has helped unlock $30 billion in mortgages.<br><br>The model took three pivots to find. Selling rent reporting directly to renters meant asking strangers for their Social Security number and bank account, and it failed. The unlock was selling to the landlord instead, the party that already held the trust and the budget, and letting the credit benefit flow downstream. Blackstone, Related Companies, Fannie Mae, and Freddie Mac became clients.<br><br>What makes this an Owner Mode story is how Samir got there without burning the boats. He ran sales and strategy operations for LinkedIn&#8217;s $500M EMEA business unit and built Esusu on nights and weekends for two and a half years, then bootstrapped for 18 months on $100K in credit card debt, with NYU loans in collections and a closet in Harlem rented half-out on Airbnb to cover the bills.</p><h2>Three takeaways from the conversation</h2><h3>Piggyback on existing trust</h3><p style="text-align: justify;">Samir breaks down why the first version of Esusu stalled: selling rent reporting to renters meant asking strangers to hand over their bank account and Social Security number. The unlock was routing through the landlord, the party that already held the relationship and the budget, and letting the credit benefit flow downstream. His phrase for it is to piggyback on existing trust, and that single B2B2C move turned a stalled product into a $1.2 billion company.</p><h3>Venture capital is a mortgage</h3><p style="text-align: justify;">Samir&#8217;s read on the money most founders chase is that it is an obligation, not a reward. Venture capital, he says, is a mortgage, with a rate of return you have to pay off. He bootstrapped for 18 months on $100K in credit card debt before he raised a dollar, so he named that obligation before he signed for it, a discipline most founders only acquire after the fact.</p><h3>Build the plan around no safety net</h3><p style="text-align: justify;">Samir describes a 2.5-year side hustle while running a $500M unit at LinkedIn, making the jump only when the company had real traction and investors signaled they would not fund part-time founders. He and his co-founder did not come from money and had no cushion to fall back on. His move was to engineer every inch of runway he could rather than wait for a safety net that was never coming.</p><h2>Watch the full conversation</h2><div id="youtube2-qyCvx3aOi_Y" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;qyCvx3aOi_Y&quot;,&quot;startTime&quot;:&quot;151s&quot;,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/qyCvx3aOi_Y?start=151s&amp;rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p style="text-align: justify;">Samir Goel is Co-Founder and Co-CEO of Esusu, the leading fintech platform using rent data to build credit and expand financial access. Esusu is valued at $1.2 billion, reaches 12 million renters across 5 million units, and has helped unlock $30 billion in mortgages for people who were previously credit invisible. Prior to Esusu, Samir led Sales Strategy and Operations at LinkedIn for a $500 million business unit across EMEA. He also co-founded Transfernation, a nonprofit that rescued over 5 million pounds of food and impacted 2.5 million lives. He studied at NYU Stern.</p><h2>Resources</h2><p>How Gravy Wealth helps high earners shift into ownership: <a href="http://gravywealth.com/launch">gravywealth.com/launch</a></p><p>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a></p><p>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Turn What You Know Into What You Own]]></title><description><![CDATA[Arlan Hamilton was homeless until 2015. The asset she built first was her own brand.]]></description><link>https://read.gravywealth.com/p/arlan-hamilton-turn-what-you-know-into-what-you-own</link><guid isPermaLink="false">https://read.gravywealth.com/p/arlan-hamilton-turn-what-you-know-into-what-you-own</guid><pubDate>Thu, 18 Jun 2026 18:25:09 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!nAfg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!nAfg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!nAfg!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!nAfg!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!nAfg!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!nAfg!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!nAfg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:628440,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/202614391?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!nAfg!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!nAfg!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!nAfg!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!nAfg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff92f05e-93a3-40d7-98dc-194e73db7e67_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p>Most ownership stories start with capital. Arlan Hamilton&#8217;s started with a Twitter account and a point of view, because until September 2015 that was close to all she had.<br><br>She was homeless when she began building Backstage Capital. No money, no connections, no name recognition in a Silicon Valley that runs on all three. What she had was a clear idea of who she wanted to serve, the founders that traditional venture kept overlooking, and a plan to become the first call any one of them made when they started a company. So she told the story in public, in real time, tweeting the journey of raising a fund before she had raised anything at all.<br><br>The conventional advice was to stop. People who cared about her warned that a venture capitalist could not be that loud, that public, that willing to take the risk. She kept going. A decade later, the largest funds in the world have adopted the same build-in-public model she was criticized for.<br><br>The proof points are hard to argue with. Mark Cuban invested $6 million, and when she asked why, he told her she was in rooms he would never be in. Sam Altman, whom she first met in 2014 while she was still homeless, opened the door to a direct Backstage investment in OpenAI. At 45 she stepped back from day-to-day management of the fund she built, and stayed its largest stakeholder.<br><br>The second act is where it becomes an Owner Mode story. Arlan turned the brand itself into a product engine: a single AI-built sales page has earned more than $100,000 since October, ten thousand people are inside her free challenge, and she built the product, the dashboard, and the page herself.<br></p><h2>Three takeaways from the conversation</h2><h3>Make yourself known to a certain group of people</h3><p>Arlan reframes access as a visibility problem you can solve yourself rather than a money or network problem. Her rule before any of it worked: she was not famous, but she could make herself known to a specific group. The brand she built around that idea, in public, became the asset that opened the rooms, the deals, and Mark Cuban&#8217;s $6 million.</p><h3>A willingness to fail in public is the moat</h3><p>Arlan describes her willingness to take losses in public as infinite, and credits it for an audience that has stayed with her for over a decade. The loyalty does not come from looking flawless. It comes from people watching her keep going through the rough drafts, which is the audience that actually compounds.</p><h3>This AI moment is the meritocracy that was promised</h3><p>Arlan frames the current AI wave as the level playing field Silicon Valley talked about for years and never delivered. The same tools and the same information are open to anyone willing to learn them, which means the advantage is no longer who you know. It is who decides to get into the arena first.</p><h2>Watch the full conversation</h2><div id="youtube2-WA_MWxmeILQ" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;WA_MWxmeILQ&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/WA_MWxmeILQ?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p>Arlan Hamilton is a Cultural Catalyst and the founder of Backstage Capital, which she built from homelessness into a fund that has raised $30M and backed more than 200 startups. Backstage became a direct investor in OpenAI, and Mark Cuban invested $6M into Arlan and the firm. She is the co-founder of 3XBA, the first professional women&#8217;s FIBA 3x3 basketball league in the U.S., and the author of It&#8217;s About Damn Time and Your First Million.</p><h2>Resources</h2><p>How Gravy Wealth helps high earners shift into ownership: <a href="https://gravywealth.com/create">gravywealth.com/create</a></p><p>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a></p><p>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at gravywealth.com.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[From the Room to the Cap Table]]></title><description><![CDATA[Chris Lyons of a16z has spent fifteen years inside Andreessen Horowitz watching who gets access and who does not.]]></description><link>https://read.gravywealth.com/p/chris-lyons-room-to-cap-table</link><guid isPermaLink="false">https://read.gravywealth.com/p/chris-lyons-room-to-cap-table</guid><dc:creator><![CDATA[Brandon William Jones]]></dc:creator><pubDate>Sun, 14 Jun 2026 16:06:33 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!ZRqb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ZRqb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ZRqb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!ZRqb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!ZRqb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!ZRqb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ZRqb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png" width="1280" height="720" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:720,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:741166,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/201997258?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ZRqb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 424w, https://substackcdn.com/image/fetch/$s_!ZRqb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 848w, https://substackcdn.com/image/fetch/$s_!ZRqb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 1272w, https://substackcdn.com/image/fetch/$s_!ZRqb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98bda03d-05ff-42d0-94ee-f92eb3127130_1280x720.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p>Most ownership stories start with capital. Chris Lyons argues the more important variable is information.</p><p>He is a partner at Andreessen Horowitz, where he founded the Cultural Leadership Fund, the firm&#8217;s first dedicated effort to bring cultural leaders into early-stage private market deals. Through it he connected figures like Nas, Kevin Durant, and Jada Pinkett Smith to early equity in companies like Coinbase, Airbnb, and Instagram before they went public. He also launched a16z&#8217;s first $400M Seed Fund. He came to venture from the Atlanta music business, which is part of why he sees access the way he does.</p><p>The access question, in his telling, splits in two. Private equity is private by design. The $5M+ investment minimums are structured specifically to keep smaller checks out, and Chris does not pretend otherwise. Crypto operated differently. Anyone could have bought Bitcoin at a dollar, at a hundred, at a thousand. There was no accreditation gate. In his words, &#8220;the barrier is information.&#8221; If you knew what it was, you knew how to get it.</p><p>The endorsement-to-equity gap is the part most consumers feel without naming. He uses DJ Khaled going viral on Snapchat and helping build a multibillion-dollar business while sitting nowhere on the cap table. The Cultural Leadership Fund was built to close that specific gap at the $5M+ investment tier, getting cultural leaders into the seed and Series A rounds rather than the press release after the IPO.</p><p>The next layer is already moving. Chris&#8217;s read is that AI just removed the technical co-founder wall that ended most non-engineering ideas for fifteen years. Anyone who learns the tools, he says, is &#8220;literally fifteen people in one.&#8221; Crypto continues rebuilding the rails of ownership underneath the consumer layer.</p><p>His close on ownership is structural. Own your taste. Own your network. Own your point of view. Own your time. The cap table follows the conviction.</p><h2>Three takeaways from the conversation</h2><h3>The barrier is information, not net worth</h3><p>Chris splits access into two kinds of gate. Private equity is closed on purpose, with $5M minimums built specifically to keep smaller checks out. Crypto had no such gate: anyone could have bought Bitcoin at a dollar. What separated the people who did from the people who did not was knowing what it was and how to reach it. In his telling, the barrier is information, and information is the one gate you can close on your own.</p><h3>Stop trading endorsement for cash. Start trading it for equity.</h3><p>For years the implicit deal was simple: lend your audience and your credibility to a product, collect a fee, and watch the early investors keep the compounding. Chris points to DJ Khaled helping build a multibillion-dollar business on Snapchat while sitting nowhere on the cap table. He built the Cultural Leadership Fund to move that participation upstream, into the seed and Series A rounds rather than the press release after the IPO.</p><h3>AI just dropped the builder wall</h3><p>For fifteen years the most expensive question in the room was who your technical co-founder was, and plenty of good ideas died at a decent MVP because the right engineer was a relationship most people did not have. Chris&#8217;s read is that AI removed that wall. Anyone who learns the tools, he says, becomes fifteen people in one, and the people who move first will be the ones who started while everyone else waited for permission.</p><h2>Watch the full conversation</h2><div id="youtube2-Xsj6wgm0z3Y" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;Xsj6wgm0z3Y&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/Xsj6wgm0z3Y?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h2>About this guest</h2><p>Chris Lyons is a Partner at Andreessen Horowitz. He founded a16z&#8217;s Cultural Leadership Fund and launched the firm&#8217;s first $400M Seed Fund. He has helped bring cultural leaders into early deals at companies including Coinbase, Airbnb, and Instagram. He grew up in Atlanta in the music business before joining venture capital.</p><h2>Resources</h2><p>How Gravy Wealth helps high earners shift into ownership: <a href="http://gravywealth.com/foundation">gravywealth.com/foundation</a></p><p>Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. <a href="http://go.gravywealth.com/DNA">go.gravywealth.com/DNA</a></p><p>Subscribe to Owner Mode on YouTube: <a href="http://youtube.com/@gravywealth">youtube.com/@gravywealth</a></p><p>The Owner Mode podcast on Apple, Spotify, and everywhere podcasts live: <a href="http://gravywealth.com/podcast">gravywealth.com/podcast</a></p><div><hr></div><p>Owner Mode publishes a new session every Monday. New here? Subscribe to follow along.<br><br>The Owner Mode Memo breaks down the sessions. Gravy Wealth brings the pathways, the tools, the operators, and infrastructure to shift from earner to owner. Explore it at <a href="http://gravywealth.com">gravywealth.com</a>.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Owner Mode Memo is here]]></title><description><![CDATA[Every week, the playbook for shifting from earner to owner. From the people who actually made the move.]]></description><link>https://read.gravywealth.com/p/owner-mode-memo-is-here</link><guid isPermaLink="false">https://read.gravywealth.com/p/owner-mode-memo-is-here</guid><dc:creator><![CDATA[Brandon William Jones]]></dc:creator><pubDate>Tue, 02 Jun 2026 22:09:38 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!nl4r!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!nl4r!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!nl4r!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 424w, https://substackcdn.com/image/fetch/$s_!nl4r!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 848w, https://substackcdn.com/image/fetch/$s_!nl4r!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 1272w, https://substackcdn.com/image/fetch/$s_!nl4r!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!nl4r!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png" width="558" height="357.007556675063" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:508,&quot;width&quot;:794,&quot;resizeWidth&quot;:558,&quot;bytes&quot;:76202,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://read.gravywealth.com/i/200366540?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3f58632a-b243-4df6-806b-7a5a81959336_942x808.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!nl4r!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 424w, https://substackcdn.com/image/fetch/$s_!nl4r!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 848w, https://substackcdn.com/image/fetch/$s_!nl4r!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 1272w, https://substackcdn.com/image/fetch/$s_!nl4r!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff751d048-8da9-4ed4-bfd1-e0a9b1267f75_794x508.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://read.gravywealth.com/subscribe?"><span>Subscribe now</span></a></p><p>A few years ago I walked away from a career that looked right from the outside and felt off from the inside, Silicon Valley, Wall Street, Harvard Business School, to build Gravy Wealth. Ownership infrastructure for high-earning professionals who want to shift from being good at their jobs to being good at owning real things.</p><p>It came from a pattern I kept seeing, in other folks and in myself. Strong careers, strong salaries, strong everything on paper, and a nagging feeling that we might be climbing the wrong mountain.</p><p>The hard part was never wanting out. It was figuring out the actual move. Acquire a business? Build a real estate portfolio? Create a knowledge business? Launch a venture? Advise as a board director or fractional executive? The pathways are real. The playbooks are scattered, and they sit with the few folks who already walked them.</p><p>Some of the folks you&#8217;ll meet here made a clean break. Plenty more are building ownership quietly, on the side, without ever leaving the career that funds it. The point was never to walk away. It was to stop renting your time and start owning something.</p><p>So we started bringing those folks together, through the Owner Mode Summit Series, where people who actually pulled it off come back and we take apart what worked, the deal, the capital, the move that turned earning into owning.</p><p>Owner Mode Memo is how I bring those conversations to you.</p><p>Each session is one full conversation with someone who made the shift. Real estate operators, business acquirers, fund managers, brand builders, board directors, venture investors. The conversations that usually happen behind closed doors, broken all the way down.</p><p>Every session comes with:</p><ul><li><p>The full video on YouTube</p></li><li><p>The audio on Spotify, Apple Podcasts, and everywhere podcasts live</p></li><li><p>The Substack version with the playbook, the embeds, and the breakdown</p></li><li><p>My framing of what actually mattered</p></li></ul><p>If you&#8217;re working at 9pm wondering whether the trade is still worth it, this is for you.</p><p>Subscribe to follow along.</p><p>Ownership changes everything.</p><p>Brandon William Jones<br>Founder and CEO, <a href="http://gravywealth.com/">Gravy Wealth</a></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://read.gravywealth.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading The Owner Mode Memo.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item></channel></rss>