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Mike Salguero Profile
Mike Salguero

@mikesalguero

Followers
15K
Following
3K
Statuses
5K

CEO & Founder. Scaled @butcherbox to $600M Traveler, believer & maker changing the world one steak at a time. Insights on meat, business & bootstrapping

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Joined February 2009
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@mikesalguero
Mike Salguero
4 hours
@alanliberkeley 10k a month
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@mikesalguero
Mike Salguero
5 hours
@sethuk This is the way.
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@mikesalguero
Mike Salguero
1 day
If you plan to hold your company for the long term, granting equity can backfire on you. A long term 3 year incentive plan or near term 1 year bonus plan is much better.
@jasonfried
Jason Fried
2 days
Real profits, shared. One of the most rewarding things about running a profitable business is rewarding others with a share of the profits. For years we've had a profit share system in place where we take 10% of our annual profits and distribute them to our employees based on their tenure. For years we've been knocked by the valley/VC crew for not offering equity. We think we offer something better: Real cash, every year, directly to our employees, when we show a profit. And given that we've been profitable for 25 years, it's not a maybe-one-day-dream, it's been an annual reality. Never a guarantee, but far more reliable than equity that runs at the whim of a public or illiquid private market, rounds of dilution, preferred vs. common, etc. And this year, I'm especially proud to say that we've been able to distribute 6-figure profit shares to 20 employees. That's over a third of our company, including folks in customer service, design, programming, ops/SIP, HR. The rest who were eligible received 5-digit shares, with a few employees new to the pool earning 4-digit shares. Real cash people can spend today on real things today. Not fantasy maybe money later. Last year was an especially great year for us. Both on the revenue side and cost side. We saw a double-digit boost on the top line, and cut our costs significantly at the same time. The result: more money to our profit-share eligible employees. And a lot of it. Independent, self-funded, profitable, 25-years and running. We wouldn't have it any other way.
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@mikesalguero
Mike Salguero
1 day
@SultanofStorage She would not be the only one! 70% of meat sold nationwide is sold on sale.
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@mikesalguero
Mike Salguero
1 day
@JaredxDubey We have dabbled in cattle ownership. But really would prefer to work with experts in their field rather than thinking we can do it better.
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@mikesalguero
Mike Salguero
1 day
@GTAK_Weld @IBleedUSA1776 It’s like a savings account but for dinners!
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@mikesalguero
Mike Salguero
1 day
Consistency over time equals results. (C/T=R). Whether it’s mindfulness, losing weight, growing sales pipeline, or building relationships with your kids or partner. Keep it consistent. Over time.
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@mikesalguero
Mike Salguero
2 days
When we first raised venture capital at CustomMade, we went on 75 meetings before we got to a "yes"... you must have the stomach to be told "no" and "this idea won't work" repeatedly. Every "no" is closer to your "yes". Part of the process Is rejection. Keep pushing! PS ... it gets easier in later rounds.
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@mikesalguero
Mike Salguero
2 days
@KingCRon Absolutely!
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@mikesalguero
Mike Salguero
3 days
@AustinTunnell thank YOU for ordering!! much appreciated.. you'll love it!
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@mikesalguero
Mike Salguero
3 days
@joelrunyon different biz now!
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@mikesalguero
Mike Salguero
3 days
@thesamparr Too much capital. Too much burn. Tough space (marketplace for custom stuff).
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@mikesalguero
Mike Salguero
3 days
@TaylorHoliday but my revenue multiple on the last round!
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@mikesalguero
Mike Salguero
6 days
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@mikesalguero
Mike Salguero
6 days
@eric_hammes all this work on widening the feet has me hobbling!
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@mikesalguero
Mike Salguero
10 days
@TaylorHoliday @ArtiKenCEO @AaronJNosbisch @mikebeckhamsm I dont know much about your biz, but I always say to find a supplier who will give you terms and have that be almost the #1 reason to work with a supplier. The longer the terms the better.. 30 or 45 days from delivery to your dock can make all the difference..
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@mikesalguero
Mike Salguero
10 days
Lots of people look at me and think about the success we've had... and they dont know the failures. Failure is part of the process. I have: -gotten rejected by all my choices for school in college -gone on 70+ interviews to find a job after school -been rejected by dozens of VCs -had trouble being the weight I have wanted -mistreated employees, failed to unlock great people and many many others.. Failure is part of the learning process. Instead of asking successful people "how did you get so successful" ask, "when was the last time you failed... you might find you learn a lot more!
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