Lessons - From Startup Success to Multiple Exits | Courtney Reum, Founder of M13
Success Story with Scott D. Clary
Success Story Media
4.6 • 326 Ratings
🗓️ 23 November 2023
⏱️ 9 minutes
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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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