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Success Story with Scott D. Clary

Lessons - From Startup Success to Multiple Exits | Courtney Reum, Founder of M13

Success Story with Scott D. Clary

Success Story Media

Business, Education, How To, Self-improvement

4.6326 Ratings

🗓️ 23 November 2023

⏱️ 9 minutes

🧾️ Download transcript

Summary

➡️ Like The Podcast? Leave A Rating: https://ratethispodcast.com/successstoryIn this episode of "Success Story: Lessons," we explore the entrepreneurial odyssey of Courtney Reum, from his early days at Goldman Sachs to co-founding M13, a Los Angeles-based investment firm. Courtney delves into his experience of building and exiting his first company, highlighting the critical moments and strategies that led to its success.Insights on Market Fit and Growth: Courtney shares his perspective on identifying product-market fit, scaling a business, and the metrics that signal success.Journey to a Successful Exit: Gain insights into the strategic moves, from leveraging relationships to creating market momentum, that led to the successful exit of his alcohol company.M13's Vision and Strategy: Understand the inception of M13, co-founded with his brother Carter Reum in 2016, focusing on investing in start-up consumer product companies with a millennial appeal.Advice for Aspiring Entrepreneurs: Courtney imparts valuable advice for new entrepreneurs, drawing from his rich experience in venture capital and brand development. ➡️ Show Linkshttps://successstorypodcast.comYouTube: https://youtu.be/VruJb0oEPFEApple: https://podcasts.apple.com/us/podcast/success-story-with-scott-d-clary/id1484783544Spotify: https://open.spotify.com/episode/6rN8g4LSsLcVkDFAyp16C8https://www.instagram.com/courtneyreum ➡️ Watch the Podcast On Youtubehttps://www.youtube.com/c/scottdclary

Transcript

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0:00.0

Welcome to Lessons episodes of Success Story, part of the HubSpot Podcast Network.

0:14.6

These lessons episodes will be shorter conversations with past guests, valued members of

0:20.2

the Success Story community, and myself. They'll be focused on teaching you

0:24.7

actionable insightful takeaways that you can use to upskill your personal and

0:29.5

professional life. The first time entrepreneur building a a company, the first company to exit is not common for most people.

0:38.5

So the process of building that up, when did you understand how you'd like to carry that company?

0:44.4

You know, what was the milestone or the revenue number where you're like,

0:47.7

hey, this works, we have product market fit, let's continue to grow.

0:50.6

We don't need the playbook for the entire cycle of growth, but what's that

0:54.4

product market fit point when idea is validated and then also after that, walk me

1:00.9

through the exit, the acquisition, and then the pivot into M13.

1:05.0

Sure, I mean I think the one thing that really attracted us to spirits on paper was that

1:11.0

because innovation was so hard.

1:12.8

I won't go into all the reasons it's really hard,

1:14.7

but it's really hard for new incumbents.

1:17.2

It's really hard to get distribution.

1:19.2

There's no pivoting to some other product.

1:21.0

You've got something sitting in a bottle you know I mean and

1:24.2

you're really at the behest large I mean we did spirits which is a little

1:28.5

different in wine a little different than beer so what I'm saying is

1:31.0

pertains mostly a spirit but you can't really sell direct to consumer so I don't really I don't really it's harder to get accurate data especially then of who my consumer was what their purchase occasion was I mean all kinds of things you have to really I would

1:43.4

say in many ways do by hand and so one of the things that attracts us the spirits

...

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