The Dealroom with Shamus Madan

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How Mike Salguero Scaled A $600 Million/Year Business With No Venture Funding

E105 • May 30, 2023 • 48 mins

In this episode, Shamus Madan talks to Mike Salguero about his entrepreneurial journey, from his early ventures to the birth and growth of ButcherBox. They discuss the impacts of venture capital, hiring strategies, and the future of meat consumption, concluding with advice for young adults.

Key Points

Mike Salgaro emphasizes the importance of saving and investing early in life, advocating for setting aside at least 10% of one's income to create long-term financial security and freedom.
ButcherBox aims to transform the meat industry by providing meat that is not only healthier for consumers but also raised in ways that are better for the environment, animals, and farmers.
In hiring, ensuring cultural fit is crucial, as hiring individuals who do not align with the company's values can lead to a detrimental work environment and impede the company's success.

Let’s talk about entrepreneurship. Over the last few decades, it has gone from being looked at as “taboo” to being idolized. And since the creation of the internet and social media, it looks like everyone is becoming one. We are sitting down on our couch, consuming the stories of people successfully building their companies and thinking, “Oh, I could have done that!” With there being over 582 million entrepreneurs in the world, the competition is next level. That begs the question…how do you do it? And what if you can’t raise any VC money for my business idea? Can you still have a business?

The answer is yes, and today as a guest, Mike Salguero will share his story of building a $600 Million business from no venture funding. And he will share why, after his last company has not taken a dollar from VC, and maybe why you shouldn’t either.

Twitter of Host (Shamus Madan): @mbitpodcast

Twitter of Guest (Mike Salguero): @mikesalguero

To get $30 off your first box use the code MIKESENTME at https://www.butcherbox.com/

Speakers

Shamus Madan

Guest • 15%

Mike Salguero

Guest • 85%

Chapters

0:00	Introduction to the episode and guest, Mike Salguero
6:19	Mike's life experiences and how they shaped his entrepreneurial journey
10:00	Lifestyle design in entrepreneurship and Mike's first venture
13:13	The inception, growth, and eventual closure of Custom Made
18:21	Reflections on hard work, product market fit, and challenges of scaling a company
24:49	Venture capital: The pressure, impact on business growth, and potential drawbacks
27:31	The birth of ButcherBox: From a personal health journey to a business idea
31:21	The barbell strategy for hiring and maintaining company culture
36:50	ButcherBox's environmental impact and the future of meat consumption
42:01	Career and financial advice for young adults
47:20	Learning more about ButcherBox and wrapping up the episode

Transcript

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