Mike Lazerow

We actually spent a lot of time thinking about that because we did the first 75 deals off our own balance sheet, and then we started a firm, which just meant accepting some outside capital as well, and how you make decisions about investments. is how you make money. I mean, that's the make or break.

We actually spent a lot of time thinking about that because we did the first 75 deals off our own balance sheet, and then we started a firm, which just meant accepting some outside capital as well, and how you make decisions about investments. is how you make money. I mean, that's the make or break.

We actually spent a lot of time thinking about that because we did the first 75 deals off our own balance sheet, and then we started a firm, which just meant accepting some outside capital as well, and how you make decisions about investments. is how you make money. I mean, that's the make or break.

And what we realize is how we make decisions as investors is how every entrepreneur should look at their business. And so we put together what we call the Go Gauge, but it's a very simple six questions, idiot proof. The six things are very simple and it's what's a product? Why is it different?

And what we realize is how we make decisions as investors is how every entrepreneur should look at their business. And so we put together what we call the Go Gauge, but it's a very simple six questions, idiot proof. The six things are very simple and it's what's a product? Why is it different?

And what we realize is how we make decisions as investors is how every entrepreneur should look at their business. And so we put together what we call the Go Gauge, but it's a very simple six questions, idiot proof. The six things are very simple and it's what's a product? Why is it different?

And what's interesting for you, and I know a lot of your marketing background is not that different than how you come up with kind of great marketing ideas. right? What's a product? Why is it different? Who's going to buy it? Not what the market size is, but who specifically is going to buy it and how many of those people, right? We're in the golf business.

And what's interesting for you, and I know a lot of your marketing background is not that different than how you come up with kind of great marketing ideas. right? What's a product? Why is it different? Who's going to buy it? Not what the market size is, but who specifically is going to buy it and how many of those people, right? We're in the golf business.

And what's interesting for you, and I know a lot of your marketing background is not that different than how you come up with kind of great marketing ideas. right? What's a product? Why is it different? Who's going to buy it? Not what the market size is, but who specifically is going to buy it and how many of those people, right? We're in the golf business.

We didn't own a golf course, so we're not getting tee time revenue. So really hone into like, who's going to buy it. And then it comes down to where we think we've outperformed, which is sales and marketing. How do you get people to find out about the product? distribution and operations. How are you going to get the product to people?

We didn't own a golf course, so we're not getting tee time revenue. So really hone into like, who's going to buy it. And then it comes down to where we think we've outperformed, which is sales and marketing. How do you get people to find out about the product? distribution and operations. How are you going to get the product to people?

We didn't own a golf course, so we're not getting tee time revenue. So really hone into like, who's going to buy it. And then it comes down to where we think we've outperformed, which is sales and marketing. How do you get people to find out about the product? distribution and operations. How are you going to get the product to people?

Which, you know, for this company, Liquid Death, we had no idea how hard that was going to be. We're putting the water in the can in Austria, shipping it by boat to the U.S. just to get it to distributors, to wholesalers, to get it to distributors, to get it to retail, to hopefully get it to a customer. H2O, no! So have we done another deal? No. Have we done another liquid deal? No. No.

Which, you know, for this company, Liquid Death, we had no idea how hard that was going to be. We're putting the water in the can in Austria, shipping it by boat to the U.S. just to get it to distributors, to wholesalers, to get it to distributors, to get it to retail, to hopefully get it to a customer. H2O, no! So have we done another deal? No. Have we done another liquid deal? No. No.

Which, you know, for this company, Liquid Death, we had no idea how hard that was going to be. We're putting the water in the can in Austria, shipping it by boat to the U.S. just to get it to distributors, to wholesalers, to get it to distributors, to get it to retail, to hopefully get it to a customer. H2O, no! So have we done another deal? No. Have we done another liquid deal? No. No.

Because they're very hard. And the last one is just, does the financial model make sense? Not from a Goldman Sachs analyst perspective, but from brass tacks, unit economics. You're selling it for why? Can you make it for less than why? What is the net profit that you're going to make off of the product, the margin? And then what do you need to support the company?

Because they're very hard. And the last one is just, does the financial model make sense? Not from a Goldman Sachs analyst perspective, but from brass tacks, unit economics. You're selling it for why? Can you make it for less than why? What is the net profit that you're going to make off of the product, the margin? And then what do you need to support the company?

Because they're very hard. And the last one is just, does the financial model make sense? Not from a Goldman Sachs analyst perspective, but from brass tacks, unit economics. You're selling it for why? Can you make it for less than why? What is the net profit that you're going to make off of the product, the margin? And then what do you need to support the company?

And especially early on, things pivot so much. You talk to customers, they punch you in the face, and you've got to change. So we just want to make sure we start with something that makes sense on the spreadsheet and then pivot from there.

And especially early on, things pivot so much. You talk to customers, they punch you in the face, and you've got to change. So we just want to make sure we start with something that makes sense on the spreadsheet and then pivot from there.