20VC: Mailchimp's Ben Chestnut on The Biggest Leadership Lessons Scaling to a $12Bn Acquisition and $1BN+ ARR, The Secret to Happiness, Being a Great Husband and Father & Why 2021 was the Right Time To Sell to Intuit
Ben Chestnut, Co-founder of Mailchimp, shares his remarkable journey from running a web design agency to building a marketing powerhouse valued at $12 billion. He discusses pivotal moments, including his mother’s influence on his leadership style and the significance of personal relationships in business. Ben emphasizes the importance of humility, patience, and emotional intelligence as key leadership traits. He reflects on the pressures of success, the right time for selling to Intuit, and how to find happiness as a husband and father.
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question_answer ANECDOTE
Mailchimp's Accidental Start
Ben Chestnut's Mailchimp started as a side project of his design agency.
It became self-serve because they were tired of handling small payments from clients.
insights INSIGHT
Freemium's Impact
Mailchimp's growth wasn't initially rapid.
Freemium unexpectedly fueled massive user growth, doubling for several years.
question_answer ANECDOTE
Entrepreneurial Roots
Ben Chestnut's mother ran a hair salon from their kitchen, influencing his view of small businesses.
He respects their big dreams and avoids labeling them as "small."
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In 'Peace Is Every Step,' Thich Nhat Hanh teaches that peace and happiness can be achieved in the present moment through mindfulness. The book highlights the importance of being awake and alive in the current moment, using mindfulness of breathing and awareness of daily acts to transform and heal difficult psychological states. It connects personal inner peace with peace on Earth, offering practical advice on creating an atmosphere of peace and harmony that can extend from the individual to the community and the world[2][4].
The Art of Power
My Story as America's First Woman Speaker of the House
Nancy Pelosi
In 'The Art of Power,' Nancy Pelosi shares her journey from being a housewife and mother of five to becoming the first woman Speaker of the House. The book chronicles her rise in Congress, her work with presidents from Bush to Biden, and her pivotal role in passing laws that saved lives and livelihoods, such as the emergency rescue of the economy in 2008 and the transformation of healthcare. Pelosi also recounts her experiences during the Trump presidency, including her resistance to his policies and her actions during the January 6, 2021, insurrection. The memoir includes personal anecdotes and reflections on her legislative achievements and her determination to guide her party through critical moments in American history.
Ben Chestnut is the Co-Founder of Mailchimp, the all-in-one marketing platform for small businesses. Last year, in Sept 2021 it was announced that Intuit would acquire Mailchimp for a reported $12BN. There are so many things to love about the Mailchimp journey to this point. First, Mailchimp was founded as the result of a side project of a design agency Ben and his co-founder, Dan, used to run. Second, Mailchimp is and has always been based in Atalanta, eschewing the notion you have to be in SF or NYC to build a massive business. Then third, they never raised venture funding for the business all the way until their $12BN acquisition. Ben led Mailchimp to over 1,200 employees and millions of global users.
In Today's Episode with Ben Chestnut We Discuss:
1. From Mama's Kitchen to the Smell of Business and Founding Mailchimp:
How did Ben turn a mediocre agency into the founding of Mailchimp? What was the a-ha moment?
At what stage of the business did Ben quit the agency and go all in on Mailchimp? What sign did he need that Mailchimp had true product-market fit?
When Ben's mother died, he bought every flower in the local town to commemorate her. How did Ben's mother impact the type of father and husband he is today? How did she impact the way that he led Mailchimp as CEO?
Ben's fishing trips with his father played a big role in his early years, what were the single biggest lessons for Ben from his fishing trips with his father?
2. Ben Chestnut: The Leader:
How does Ben define the term "high performance" in leadership?
What does Ben mean when he says "the secret to happiness is to stay in your lane"?
Why would Ben describe himself as the "leader of the misfits"? How did that early experience and labeling impact both the people he hired and the culture he created at Mailchimp?
What does Ben mean when he says he used to have a "hands off, eyes off" leadership style? What have been the single biggest drivers in his development as a leader?
3. Ben Chestnut: The Person:
Relationship to Money: How does Ben reflect on his relationship to money? How has it changed over time? Why does Ben still to this day buy lottery tickets with his wife?
Conquering Fatherhood: What does being a great father to Ben mean? How does Ben attempt to instil the same work ethic and drive when his children are born into immense wealth?
The secret to Marriage: What does Ben believe is the core to a successful and thriving marriage? How does Ben view his role in the marriage? How has it changed over time?
Potential Lost Identity: A founder's identity is so closely tied to their company, how did Ben manage the challenge of selling his company but retaining his identity? What did Ben learn about himself through many different acquisition processes?
4. Mailchimp: The Business:
Why did Ben never raise venture money in the 21 year journey of Mailchimp?
Why did Ben never accept any of the acquisition offers that came before Intuit?
How did Ben motivate his team after they knew each acquisition offer was being turned down?
Why did Ben decide the acquisition by Intuit was the right decision for the company?
How does Ben view his role in the company now and moving forward?
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