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Julie Wainwright

👤 Person
567 total appearances

Appearances Over Time

Podcast Appearances

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

There's a couple of different things that happened. In my world, the board of directors I grew up with were the venture capitalists. When I say grew up with the company, the venture capitalists and all early investors except one actually left. And I had to rebuild the board and make recommendations to rebuild the board.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

There's a couple of different things that happened. In my world, the board of directors I grew up with were the venture capitalists. When I say grew up with the company, the venture capitalists and all early investors except one actually left. And I had to rebuild the board and make recommendations to rebuild the board.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

There's a couple of different things that happened. In my world, the board of directors I grew up with were the venture capitalists. When I say grew up with the company, the venture capitalists and all early investors except one actually left. And I had to rebuild the board and make recommendations to rebuild the board.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

Except for one. And that one never sold.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

Except for one. And that one never sold.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

Except for one. And that one never sold.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And the price had gone down. But I would say a couple of different things. And this is really good advice for anyone choosing a board. When you get money from people, and let's say you only have one term sheet or two, the investors sit on the board. So you don't choose your board to choose your money source. Later on, you can make recommendations.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And the price had gone down. But I would say a couple of different things. And this is really good advice for anyone choosing a board. When you get money from people, and let's say you only have one term sheet or two, the investors sit on the board. So you don't choose your board to choose your money source. Later on, you can make recommendations.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And the price had gone down. But I would say a couple of different things. And this is really good advice for anyone choosing a board. When you get money from people, and let's say you only have one term sheet or two, the investors sit on the board. So you don't choose your board to choose your money source. Later on, you can make recommendations.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And I always thought it would be great to have key areas of subject matter expertise on the board. It turns out that that's one criteria, but the overriding criteria should have been shared values. And it also should have been more entrepreneurial-focused because The RealReal was still an entrepreneurial-led company and was still a very baby company.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And I always thought it would be great to have key areas of subject matter expertise on the board. It turns out that that's one criteria, but the overriding criteria should have been shared values. And it also should have been more entrepreneurial-focused because The RealReal was still an entrepreneurial-led company and was still a very baby company.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And I always thought it would be great to have key areas of subject matter expertise on the board. It turns out that that's one criteria, but the overriding criteria should have been shared values. And it also should have been more entrepreneurial-focused because The RealReal was still an entrepreneurial-led company and was still a very baby company.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

Yeah, for a board member. And I didn't go that way. And I would say that I had one disgruntled board member who didn't sell his stock... who, in my opinion, believed he knew more than anybody else about how to run a company. I also had new members on the board, and there was a huge disconnect, and I was busy running the company, and I would say lack of shared values.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

Yeah, for a board member. And I didn't go that way. And I would say that I had one disgruntled board member who didn't sell his stock... who, in my opinion, believed he knew more than anybody else about how to run a company. I also had new members on the board, and there was a huge disconnect, and I was busy running the company, and I would say lack of shared values.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

Yeah, for a board member. And I didn't go that way. And I would say that I had one disgruntled board member who didn't sell his stock... who, in my opinion, believed he knew more than anybody else about how to run a company. I also had new members on the board, and there was a huge disconnect, and I was busy running the company, and I would say lack of shared values.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And yeah, they came after me and they fired me. And the rationale was I didn't hit my numbers during COVID. It could have been also because I told one key board member who I believe was out to get me, who had a plan for the company to basically in the board meeting to F off and he wasn't going to ruin the company. And then one of the female board members who they were almost all females and

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And yeah, they came after me and they fired me. And the rationale was I didn't hit my numbers during COVID. It could have been also because I told one key board member who I believe was out to get me, who had a plan for the company to basically in the board meeting to F off and he wasn't going to ruin the company. And then one of the female board members who they were almost all females and

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

And yeah, they came after me and they fired me. And the rationale was I didn't hit my numbers during COVID. It could have been also because I told one key board member who I believe was out to get me, who had a plan for the company to basically in the board meeting to F off and he wasn't going to ruin the company. And then one of the female board members who they were almost all females and

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

stood up and said, you're not a good leader. You can't talk to a board member that way. And I said, I can't when that board member's lying. And it went downhill from that. So that's what happened. Now, I have to say it was sad. It was very sad. I think the key lesson is values matter.

Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public

stood up and said, you're not a good leader. You can't talk to a board member that way. And I said, I can't when that board member's lying. And it went downhill from that. So that's what happened. Now, I have to say it was sad. It was very sad. I think the key lesson is values matter.