Nick Crocker
speaker
748 appearances
1 recordings
1 series
first heard Jan 2023
last heard Jan 2023
Nick Crocker’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah.
Um, and so I just, that's, you know, to, to the extent that I try and understand public companies, the thing I struggle with is just how can you judge a public company unless you know intimately what that founder is like?
And I'm talking obviously here about, um, um, founder CEO led businesses, which is what we invest in.
But to the extent that I do any personal public markets investing, it's always in founder CEOs, the Tobys from Shopify, the Mike and Scott from Atlassian because I just don't know any other way to understand how business can work if I don't have some fundamental belief in the people behind it.
No, we haven't.
But often, practically speaking, you can't sell an early seed stage business with a founder transition.
That's kind of, in a sense, an unsellable business.
I did go through on the public market side a couple of years ago.
I sold every company I held that had a Glassdoor score below 4.0.
Which was, in retrospect, I don't know if it was a great idea.
There's some good companies in that list.
But yeah, we've never sold a company because of a change of founder.
Have we been impacted?
Have we seen companies impacted by changes of founder early on?
Definitely and profoundly.
Yes.
There are some dark situations that you get into where your hands are tied.
You have to make the decision.
But for the most part,
I would say founder CEO transitions in the first two to three years of a business are predictive of failure, not success.
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