Built to Sell Radio Ep 519 How to Avoid the Unforced Errors That Can Wipe Out Your Equity
Nov 7, 2025
In this chat, Spencer Dennis, an elite golfer turned coach, shares his journey as the founder of CoachNow, a platform for high-performance athletes. He discusses the chaos of managing coaching communications and the pitfalls of following investor advice, such as turning off revenue. Spencer recounts how unfavorable deal terms, like liquidity preferences, wiped out his equity and co-founders' shares during an acquisition. His key lessons emphasize the importance of charging early, avoiding convertible notes, and the true costs of chasing funding.
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Product Born From Coaching Chaos
- Spencer built CoachNow after burning out from coaching and managing chaotic texts and emails across parents, trainers and recruiters.
- He created the product to extend expert coaching between sessions and rapidly expanded beyond golf to other sports.
Start Charging In Beta
- Charge early and run a paid beta to validate demand and build sustainable revenue from day one.
- Keep a credit card on file; even a $10/month subscription proves customers will pay and reduces funding pressure.
Avoid Growth-at-All-Costs Trap
- Avoid turning off monetization to chase user growth unless you have deep pockets to cover burn.
- Do not rely on continuous fundraising as a survival strategy; prioritize revenue to keep control.
