The Pomp Podcast #1121 Mike Salguero | The Founder Who Bootstrapped To $500 Million In Revenue
Early Struggle with CustomMade
- Mike Salguero bought a woodworker listing website for $140,000 with $5,000 down and struggled to raise money amid the Bernie Madoff scandal.
- The site's poor upgrades led to maker complaints and crashing, showing early entrepreneurship challenges.
VCs Lured by Marketplace Story
- After pitching a marketplace model for custom furniture, VCs shifted from rejection to excitement, comparing it to Airbnb.
- However, the marketplace didn't work as planned because buyers feared high costs and makers preferred off-platform sales.
Firing Original Team Was Regretted
- Mike fired all original team members after investors criticized their build and ordered a full rebuild during the CustomMade failure.
- Letting go of long-time colleagues was deeply regretted even though some later joined ButcherBox.
Mike Salguero is the Founder & CEO of Butcher Box. In this conversation, we discuss his journey from failing at his first business to bootstrapping a $500M business at Butcher Box. We also talk about Mike's methods to building businesses, interacting with his executives, and how he structures his day.
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