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← When selling a business, one should never agree to an earn out and should always get it in cash.
17 connected korrents · 13 moments from 20 Feb 2024 to 18 Oct 2026.
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management Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: When selling a business, one should never agree to an earn out and should always get it in cash. When selling a business, one should never agree to an earn out and should always get it in cash. Last stated yesterday
18 Oct 2026
PL
Pieter Levels — holds since 2026-10-18 — tap for who they are
Same subject: Selling an automated business at the usual three-to-five-times multiple makes no financial sense: wait three years, earn the same money, and still own the company. — tap to centre the map on it Selling an automated business at the usual three-to-five-times multiple makes no financial sense: wait three years, earn the same money, and still own the company. Last stated 2 years ago
20 Aug 2024
PL
Pieter Levels — holds since 2024-08-20 — tap for who they are
Same subject: Over the long term a stock is hard put to earn a much better return than the business underneath it earns — tap to centre the map on it Over the long term a stock is hard put to earn a much better return than the business underneath it earns
CM
Charlie Munger — holds since c. 1994 — tap for who they are
Same subject: Every founder on standard documents has already signed a charter obliging them to sell their company to the buyer they would least want to have it. — tap to centre the map on it Every founder on standard documents has already signed a charter obliging them to sell their company to the buyer they would least want to have it. Last stated 5 months ago
10 May 2026
ER
Eric Ries — holds since 2026-05-10 — tap for who they are
Same subject: Pursuing more profitability is not always the right business decision. — tap to centre the map on it Pursuing more profitability is not always the right business decision. Last stated 4 weeks ago
21 Sept 2026
HD
Horace Dediu — holds since 2026-09-21 — tap for who they are
Same subject: An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell. — tap to centre the map on it An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: A pay package that pays nothing unless the stock rises enormously is a good deal for shareholders, and most chief executives would refuse it. — tap to centre the map on it A pay package that pays nothing unless the stock rises enormously is a good deal for shareholders, and most chief executives would refuse it. Last stated 4 months ago
9 Jun 2026
BG
Bill Gurley — holds since 2026-06-09 — tap for who they are
Same subject: The point of money is what it can earn, not what it can buy. — tap to centre the map on it The point of money is what it can earn, not what it can buy. Last stated 8 months ago
3 Mar 2026
JC
JL Collins — holds since 2026-03-03 — tap for who they are
Same subject: The rule for a company's culture is to only ever make deposits and never deliberately make a withdrawal. — tap to centre the map on it The rule for a company's culture is to only ever make deposits and never deliberately make a withdrawal. Last stated 5 months ago
10 May 2026
ER
Eric Ries — holds since 2026-05-10 — tap for who they are
Same subject: “Why now?” is the wrong question to make a founder answer — the honest answer can simply be that you started now. — tap to centre the map on it “Why now?” is the wrong question to make a founder answer — the honest answer can simply be that you started now. Last stated 3 months ago
28 Jul 2026
BS
Blake Scholl — holds since 2026-07-28 — tap for who they are
Same subject: A belief nobody else shares is a warning, and a belief everybody shares is also a warning; the right number of people who agree with you is small but not zero. — tap to centre the map on it A belief nobody else shares is a warning, and a belief everybody shares is also a warning; the right number of people who agree with you is small but not zero. Last stated 3 months ago
28 Jul 2026
SA
Sam Altman — holds since 2026-07-28 — tap for who they are
Same subject: A business can have market fit, real advantages, and sustained effort behind a hard product and still fail if it doesn't give customers a strong enough reason to switch from what they already use. — tap to centre the map on it A business can have market fit, real advantages, and sustained effort behind a hard product and still fail if it doesn't give customers a strong enough reason to switch from what they already use. Last stated 5 months ago
2 Jun 2026
JJ
Justin Jackson — holds since 2026-06-02 — tap for who they are
Same subject: A first-time founder has an advantage over a repeat winner, because past success makes it too easy to raise money and hire against a big vision before there is product-market fit. — tap to centre the map on it A first-time founder has an advantage over a repeat winner, because past success makes it too easy to raise money and hire against a big vision before there is product-market fit. Last stated 4 months ago
14 Jun 2026
MP
Mark Pincus — holds since 2026-06-14 — tap for who they are
Same subject: A founder should take half the valuation if it buys all of the control, because the right to be wrong in your own way is what founding was for. — tap to centre the map on it A founder should take half the valuation if it buys all of the control, because the right to be wrong in your own way is what founding was for. Last stated 5 months ago
2 Jun 2026
MP
Mark Pincus — holds since 2026-06-02 — tap for who they are
Same subject: About 5% is the most common final ownership stake for the founder of a VC-funded startup that works out. — tap to centre the map on it About 5% is the most common final ownership stake for the founder of a VC-funded startup that works out. Last stated 3 months ago
18 Jul 2026
PL
Pieter Levels — holds since 2026-07-18 — tap for who they are
Same subject: A "good business" now means one that can display quarter-on-quarter stock growth, not one that makes good products at a fair price. — tap to centre the map on it A "good business" now means one that can display quarter-on-quarter stock growth, not one that makes good products at a fair price. Last stated a year ago
21 May 2025
EZ
Ed Zitron — holds since 2025-05-21 — tap for who they are
Same subject: A high, stable dividend yield gives a stock's valuation a downside floor that growth stocks without dividends lack. — tap to centre the map on it A high, stable dividend yield gives a stock's valuation a downside floor that growth stocks without dividends lack. Last stated 8 months ago
3 Mar 2026
SB
Sanjay Bakshi — holds since 2026-03-03 — tap for who they are
Same subject: A society's prosperity comes from its productivity, not from the financial system or stock market. — tap to centre the map on it A society's prosperity comes from its productivity, not from the financial system or stock market. Last stated 3 weeks ago
25 Sept 2026
MM
Mr. Money Mustache — holds since 2026-09-25 — tap for who they are
At the centre
When selling a business, one should never agree to an earn out and should always get it in cash.
Holds Read this korrent →
Selling an automated business at the usual three-to-five-times multiple makes no financial sense: wait three years, earn the same money, and still own the company.
Holds
Over the long term a stock is hard put to earn a much better return than the business underneath it earns
Last stated c. 1994
Holds
Every founder on standard documents has already signed a charter obliging them to sell their company to the buyer they would least want to have it.
Holds
Pursuing more profitability is not always the right business decision.
Holds
An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell.
Holds
A pay package that pays nothing unless the stock rises enormously is a good deal for shareholders, and most chief executives would refuse it.
Holds
The point of money is what it can earn, not what it can buy.
Holds
The rule for a company's culture is to only ever make deposits and never deliberately make a withdrawal.
Holds
“Why now?” is the wrong question to make a founder answer — the honest answer can simply be that you started now.
Holds
A belief nobody else shares is a warning, and a belief everybody shares is also a warning; the right number of people who agree with you is small but not zero.
Holds
A business can have market fit, real advantages, and sustained effort behind a hard product and still fail if it doesn't give customers a strong enough reason to switch from what they already use.
Holds
A first-time founder has an advantage over a repeat winner, because past success makes it too easy to raise money and hire against a big vision before there is product-market fit.
Holds
A founder should take half the valuation if it buys all of the control, because the right to be wrong in your own way is what founding was for.
Holds
About 5% is the most common final ownership stake for the founder of a VC-funded startup that works out.
Holds
A "good business" now means one that can display quarter-on-quarter stock growth, not one that makes good products at a fair price.
Holds
A high, stable dividend yield gives a stock's valuation a downside floor that growth stocks without dividends lack.
Holds
A society's prosperity comes from its productivity, not from the financial system or stock market.
Holds