Tank Talks By Ripple Ventures

This week, John Ruffolo of Maverix Private Equity is back with Matt to talk about the latest news in the tech and capital ecosystem.They discuss the surprising results of the Toronto by-election, the commercialization of AI in Canada, and strategic investment moves by pension funds. Additionally, they delve into AI's impact on Hollywood, Apple's strategic partnerships, and the European Union's fines on big tech.In this episode, we discuss:(00:23) Toronto By-Election Results(05:05) Commercialization of AI in Canada(08:09) Investment Strategies of Pension Funds(11:00) AI in Hollywood and Media(16:00) Apple’s Strategic Partnerships(17:28) European Union's Fines on Big Tech(18:48) OpenAI’s Governance Structure ChangeFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

This week, John Ruffolo of Maverix Private Equity is back with Matt to talk about the latest news in the tech and capital ecosystem.They discuss the end of the Collision Conference in Toronto, TD Bank's new initiative for tech entrepreneurs, and big moves in AI.They also cover Jerome Nycz's retirement from BDC Capital and Raquel Urtasun's new funding round for her company, Waabi.In this episode, we discuss:(00:00) Impact of Collision Conference on Toronto Ecosystem(01:33) Opportunities for Vancouver Ecosystem(05:52) TD Innovation Partners launch(08:28) Jerome Nycz' retirement from BDC Capital(10:34) Apple Intelligence Product Announcement(11:24) Partnership between Apple and OpenAI(14:54) Ilya Sutskever’s new company, Safe AI(17:35) OpenAI’s governance structure change(18:48) Raquel Urtasun's Waabi Series B fundingFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

This week John Ruffolo of Maverix Private Equity is back with Matt to talk about the news affecting the venture capital and financial sectors including Cohere's recent $450 million fundraising, featuring investments from Nvidia, Salesforce Ventures, and others. The conversation shifts to the resurgence of crypto interest, Vista Equity's write-off of Pluralsight, private equity firms targeting individual assets within companies rather than entire companies, and how that could present opportunities for venture capitalists to recover some value from underperforming investments.They also cover Canada's capital gains plan's slow progress and impact on investment stability, as well as the proposal of a new “anti-woke” Texas stock exchange, which aims to offer a more business-friendly environment free from some of the regulatory burdens seen in current exchanges.Finally, they discuss recent interest rate changes by the Bank of Canada and the European Central Bank, and their implications for the Canadian economy and inflation.In this episode, we discuss:* (00:49) Cohere's $450 million fundraising.* (02:49) Discussion on AI space valuations.* (04:28) Crypto resurgence and political implications.* (07:46) Vista Equity's write-off of Pluralsight.* (10:55) Private equity targeting individual assets.* (12:48) Canada's capital gains plan delay.* (14:24) Proposal of Texas stock exchange.* (17:05) Interest rate changes by Bank of Canada and ECB.* (19:54) Impact of interest rates on the economy.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

This week, we welcome Rob Kumer, CEO of KingSett Capital, to share his journey from Analyst to CEO, the evolution of KingSett Capital, and the strategic moves that have shaped the firm into a $17 billion private equity real estate powerhouse.Rob provides insights into the impact of global experiences on his career, the challenges and opportunities of zero-carbon buildings, and the future of office spaces amid market bifurcation and work-from-home trends.About Rob Kumer: Rob Kumer is the Chief Executive Officer of KingSett Capital.As the chair of KingSett’s Investment Committee, Rob oversees new investment activities, shapes the project finance strategy, and steers the mortgage lending business. His leadership extends to chairing the Management Committee, where he ensures the ongoing implementation and oversight of the firm’s business strategy.Rob's academic background includes a degree in Honours Business Administration from the Ivey Business School at Western University, where he also serves on the Advisory Board. Beyond his professional achievements, Rob is dedicated to community service as a director of the Sinai Health System Foundation in Toronto.In this episode, we discuss:(01:19) Rob shares his career path from growing up in Toronto to becoming KingSett Capital's CEO(03:12) His early career in real estate development and his tenure at RioCan(04:45) His decision to join KingSett Capital and John Love's influence on his career trajectory(11:50) KingSett Capital's growth and diverse investment strategies emphasizing successful capital raising(17:55) The creation of the urban infill fund and its strategy of acquiring key street corners in Toronto(23:44) KingSett's strategic decisions during the early months of the pandemic(29:47) Insights into the current state of commercial real estate and the impact of rising interest rates(30:34) Market bifurcation and the future of office spaces, with a focus on Toronto(33:12) The performance of AAA office buildings versus lower-tier properties(37:36) The continued evolution of office space design to meet changing needs(43:26) The challenges and value creation opportunities in achieving zero-carbon buildings(48:56) Rob’s views on the proposed capital gains decisions in Canada and their potential investment impact(54:09) The importance of building relationships for success in both personal and professional lifeFast Favorites🎙 Favorite Podcast: Making Sense Podcast with Sam Harris📰 Favorite Newsletter / Blog: DealBook by Andrew Ross Sorkin📲 Favorite Tech Gadget: AutoDrive in his car, his bicycle📈 Favorite New Trend: Neckties and working from the office🤔 Favorite Life Lesson: Make relationshipsFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

This week's guest is Nolan Bederman of Bederman Capital discusses the evolving landscape of private equity, emphasizing the importance of strategic growth, innovation, and building strong management partnerships. He highlights the need to balance technology and business operations, address regulatory challenges, and prioritize psychological insight in investment decisions. Bederman also critiques the Canadian regulatory environment, calling for a more supportive approach to entrepreneurship to drive productivity and economic growth.About Nolan Bederman:Nolan Bederman is the Executive Chair of the Lifespeak and is also the founder and managing partner of Bederman Capital Corp., a private equity business focused on investing in North American growth companies.In 2017, he formalized a partnership with New York-based Reynolds Channel Capital Partners, a private equity fund focused on making similar investments.Before founding Bederman Capital Corp., Nolan was a co-founding partner of Genuity Capital Partners, a mid-market private equity fund, where he spent almost ten years leading numerous successful private equity investments. Prior to joining Genuity, Mr. Bederman was an Executive Director in private equity at CIBC Capital Partners. Mr. Bederman was also a Vice President in the US Mergers & Acquisitions group of Merrill Lynch & Co., where he focused on advising global companies in the capital/consumer goods, transportation, food, and pharma sectors.He graduated with a combined JD/MBA program from the University of Toronto and a BA (Econ.) from the University of Western Ontario.In this episode, we discuss:(01:00) Career Transition and Private Equity Beginnings(02:25) Building and Growing Businesses(04:00) Notable Investments and Lessons Learned(08:13) Challenges and Learning from Failures(11:00) The Role of Trust in Private Equity(15:22) Engagement in Companies and Private Equity Dynamics(20:14) Psychology in Private Equity(25:17) Private Equity Landscape Changes(29:00) Advice for Aspiring Private Equity Professionals(34:35) Technological Innovation and Business Strategy(41:11) Mental Health in the Workplace(45:52) Impact of Canadian Economic PoliciesFast Favorites🎙 Favorite Podcast: Bill Maher's Club Random, Scott Galloway's Pivot (with Kara Swisher), Dan Carlin’s Hardcore History📰 Favorite Newsletter / Blog: Fast Company, Inc.📲 Favorite Tech Gadget: Miele coffee maker📈 Favorite New Trend: Walking while on conference calls📚 Favorite Book: The Birth of Loud by Ian S. Port (story of Leo Fender and Les Paul)🤔 Favorite Life Lesson: Treat everyone with respect, regardless of their position.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On this week’s episode, we welcome back Dan Park, CEO of Clutch, for his second appearance. Dan shares how his team navigated the recent downturn in the startup world and the valuable lessons they learned from the experience.Since his last visit in October 2021, Dan and his team faced significant economic turbulence in the tech and automotive ecosystems. After securing a $100 million Series B and $150 million in debt financing, Clutch had to make tough decisions, including a 30% reduction in workforce. Dan walks us through these pivotal moments, discussing the strategies Clutch employed to adapt its business model and maintain trust with customers and employees.Additionally, Dan offers insights on managing investor expectations during turbulent times and how Clutch is positioned today, achieving record growth despite the challenges.We also have John Ruffolo back to discuss the news!Now, let’s jump into the Tank with Dan Park from Clutch.A word from our sponsor:The team at Ripple is always focused on helping our founders and portfolio companies find the best partners to work with within the tech and venture capital ecosystem. And that is why we are so excited to announce our partnership with the incredible team at Torys LLP. When it comes to legal support and advice, the team at Torys is the best in class. Torys is a storied Canadian law firm with offices in Toronto, Montreal, Calgary, Halifax and New York City. Torys has been around since its founding in 1941.They have always worked closely with players across the emerging startup ecosystem in all aspects of the creation, acquisition and commercialization of businesses. They help founders determine when and how much to fundraise, how to achieve the right economic structure, how to think about board and control issues and how to successfully navigate different stages of growth. They are also advisors to VC funds, strategic investors, private equity funds and other institutional investors on fund formation and shareholder arrangements to buyouts and other exits.In fact, Torys recently acted as counsel to Maverix PE on the transformative $260M  Miovision Technologies growth funding with an advisory team that included Dany Assaf, Konata Lake and Max Schwartz-Labell on that investment.So whether you are negotiating a new business arrangement or developing a new service offering, Torys helps clients seize new opportunities and build creative, market-leading business models in this fast-paced world we live in every day space.Visit torys.com to learn more.About Dan Park:Dan is CEO of Clutch, an online platform for car buying and ownership. Prior to Clutch, Dan was GM & Head of Uber Eats Canada. During his time at Uber, Dan led the growth of Uber's food delivery platform in Canada. Previously, Dan was a Venture Partner at Azure Capital Partners and led the firm’s Canadian investment efforts.In this episode, we discuss:(02:18) John Ruffolo discusses the potential of AI to solve productivity losses and the challenges of enterprise adoption.(06:12) Intellectual Property in AI Development including data scraping issues and the need for regulatory frameworks(09:31) Stability AI's Downfall and the broader implications for the AI industry, including the challenges of profitability and competition(14:32) Toronto's Office Vacancy Crisis and its impact on property valuations, and the financial health of Canada's largest pension funds(20:00) Dan provides a background on Clutch's business model and the strategic adjustments made to navigate economic challenges, including reducing geographic footprint and focusing on profitability(26:30) The experience of facing economic turbulence, including the shift in market sentiment and the need for rapid strategic changes.(30:04) How Clutch maintained customer trust and transparency during challenging times and insights gained from customer feedback(35:56) Clutch's investment in technology, including AI-powered pricing models and internal tooling, to enhance efficiency and customer experience(41:16) Dan shares his vision for the future of the online used car marketplace, predicting increased e-commerce adoption and leveraging AI for better pricing and customer service(52:24) Advice to entrepreneurs on handling stress, seeking support, and making tough decisions during challenging timesFast Favorites🎙 Favorite Podcast: WorkLife by Adam Grant and All-In📰 Favorite Newsletter / Blog: The Peak📲 Favorite Tech Gadget: Oura Ring📈 Favorite New Trend: Lower use of phones in schools and people focused on reducing screen time📚 Favorite Book: "Endurance" by Alfred Lansing and "Into Thin Air" by Jon Krakauer🤔 Favorite Life Lesson: "Do things for the stories" - the value of experiences and learning through challengesFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Jordan Nahmias shares his journey from law school to lawyer to know coaching others on how to change careers at Unstuck Consulting. He discusses his dissatisfaction with his law career and the moment he realized he needed a change. Jordan talks about the fear and terror he experienced when deciding to leave his law practice and the support he received from his family and friends during his career transition from being a lawyer to becoming a coach and therapist. He shares his passion for helping people and his ability to listen and understand others.About Jordan Nahmias:Jordan Nahmias is Founder and Principal at Unstuck Consulting Inc. At Unstuck Consulting, he helps lawyers and other professionals find purpose in their careers through coaching.Before starting Unstuck, Jordan was a lawyer working at Goldenberg Nahmias LLP, Hall Webber LLP, and his own law firm, Nahmias Law Professional Corporation.Jordan studied law at the University of Toronto and the University of Hong Kong, earning his Juris Doctor in 2008. He also has a B.A. in Philosophy from Huron University.In this episode, we discuss:(01:34) - Jordan’s journey growing up and his early career path(03:49) - His time after law school teaching yoga and doing legal work on the side(04:29) - Starting his own legal practice and focuses on film and TV work, growing the practice, and merging with another firm(05:19) - The decision to leave legal practice in 2021(06:30) - Reflecting on dissatisfaction with the legal profession from the beginning(08:52) - Realization that a drastic change in career was needed.(09:13) - COVID and having a child as critical factors that sped up the decision to leave law(10:00) - Impact of not bringing the best self home to the family(12:39) - Hitting the "wall" in a career similar to the scene in "The Truman Show"(14:43) - Feelings of terror and preparation involved in making a career change(16:45) - Fear of failure and responsibility in making the decision to change careers(18:15) - The privilege of being able to make such a change and the importance of a supportive network(20:47) - Feedback received during the transition and the importance of accepting one's feelings(24:11) - Explanation of the new career path in helping others navigate periods of stuckness(27:18) - Working with clients to help them navigate career changes and find satisfaction(30:51) - Insights from the keynote on doing scary things and the importance of facing fears(32:39) - Dealing with regret by practicing gratitude(34:13) - Emphasis on focusing on feelings and the person rather than rushing to solutions(39:10) - The role of habits and practices in helping people manage their careers and personal lives(41:13) - Using social media to connect with others and shared experiences(42:40) - What’s next for his career and how people can get in touch with himFast Favorites:* 🎙- Favorite Podcast: Making Sense by Sam Harris* 📰- Favorite Newsletter / Blog: The Imperfectionist by Oliver Burkeman* 📲- Favorite Tech Gadget: Teleprompter setup with an SLR and iPad for Zoom calls* 📈-  Favorite New Trend: Baggy clothing coming back into style and the acceptance of discussing dissatisfaction with work, especially for men* 📚- Favorite Book: Fiction: American Psycho; Non-fiction: Let Your Life Speak by Parker Palmer and The Middle Passage by James Hollis* 🤔 - Favorite Life Lesson: "No mud, no lotus" and Nothing is permanent: good times and bad times both passFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

This week in the Tank we have Winter Mead, founder of Coolwater Capital, to discuss his background in venture capital and the challenges faced by emerging fund managers. He emphasizes the importance of understanding the LP perspective and operationalizing the fund to attract institutional investors. Winter also shares insights from his book on raising a venture capital fund and the mission of Coolwater Capital's Accelerator program. The program aims to bridge the knowledge gap for emerging VCs and provides guidance on fund formation, LP fundraising, and fund management. Winter highlights the criteria for selecting VCs for the program and the focus on community orientation.The conversation covers three main themes: fund management and operations, fundraising, and the future of venture capital. Winter emphasizes the importance of setting up the operations of a fund correctly, learning the new language of being a fund manager, and understanding the market when it comes to fundraising. He also discusses the benefits of building a network and leveraging relationships in the venture capital industry. Winter shares their thoughts on the future of venture capital, including the potential for consolidation, the role of AI in fund management, and the continued focus on investing in big themes and challenges.And John Ruffolo and Matt Cohen discuss the week’s news.About Winter Mead:Winter Mead is the founder and managing member of the investment firm Coolwater Capital. The firm focuses on emerging managers and technology investments. He is author of How To Raise A Venture Capital Fund, and operates Coolwater, an academy for training, building and scaling emerging managers. Coolwater has worked with over 240 emerging managers in the last four years.Prior, Winter helped build and invest an evergreen fund at SAP, a publicly listed enterprise software company, where he co-founded the LP transparency movement called #OpenLP. Winter also worked as a private equity and venture capital investor at a large multi-family office in San Francisco. Winter has completed seventy-nine institutional investments, as well as over twenty-five other investments since leaving his institutional allocator role. He served as junior faculty at Stanford Graduate School of Business on Venture Capital and Entrepreneurship.Winter holds a Master of Science degree majoring in Management Research from the University of Oxford and a Bachelor of Arts degree from Harvard University.In this episode, we discuss:(02:06) John Ruffolo discusses the potential political motivations behind not including a higher capital gains tax in the recent budget proposal and how it might be a strategic move by the government to pressure the conservative opposition(02:29) A potential second reason for the omission might be a need for more time to draft detailed rules around the new capital gains strategies, suggesting it's still a work in progress(03:35) The governmental challenges in managing the budget and public expectations, highlighting the difficulty in aligning political strategies with economic needs.(06:01) Concerns about the impact of unrestricted immigration on housing markets, criticizing the government for not addressing the core issues of housing supply.(07:34) The need for national unity and economic growth rather than redistributive measures that pit different societal groups against each other.(12:40) Llama 3 might cause disruption in the AI model market, praising its rapid adoption and potential to democratize high-quality AI tools(16:34) Winter Mead describes the mission of Coolwater Capital as supporting emerging managers, detailing how the firm aids them through training and network building to establish and grow their funds.(17:24) Foundational experiences at Sapphire Ventures that led him to focus on venture capital, highlighting the importance of understanding the investment landscape and operational aspects of managing a fund.(19:39) Discusses the importance of creating educational resources like his book to help emerging managers navigate the complexities of VC funding, emphasizing the lack of consolidated knowledge in the field(23:26) The challenges of fundraising for new funds, including the necessity of aligning with the right LPs and understanding the fundraising environment to effectively position a new fund in the market(24:32) The reasons behind writing his guidebook, aimed at solidifying his understanding of venture capital and offering a structured tool for new fund managers to increase their probability of success(28:07) The inception of Coolwater Capital and its strategic focus on providing a scaffolding to support emerging VC managers through both the fundraising process and fund operations(30:40) The operational complexities of running a venture capital fund, from compliance and management to investor relations, underscoring the importance of operational efficiency for fund success(34:27) The long-term commitment required to manage a venture fund, urging potential fund managers to evaluate their dedication to the operational demands of fund management beyond just investment activities.(36:36) The importance of creating educational resources for emerging managers and the necessity of operational excellence(40:09) The challenges new fund managers face, such as aligning with the right LPs, understanding market positioning, and the importance of strategic planning in the early stages of fund development(47:25) Speculating on the future of venture capital, discussing potential trends such as the increasing role of technology and the likelihood of more consolidation in the industry as firms seek to scale and enhance capabilitiesFast Favorites:* 🎙- Favorite Podcast: Acquired* 📰- Favorite Newsletter / Blog: Strictly VC, Term Sheet* 📲- Favorite Tech Gadget: Phone * 📈-  Favorite New Trend: Bigger firms buying smaller firms* 📚- Favorite Book: Pioneering Portfolio Management* 🤔 - Favorite Life Lesson: Doing something for so long that it sheds your egoFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Our focus on the 2024 Canadian Federal budget continues, we have Jon Love Executive Chair and Founder of KingSett Capital back to discuss the lack of emphasis on fostering prosperity and a shrinking GDP per capita.While the budget offers some incentives aimed at improving housing affordability and encouraging investments in Canada, the increase in capital gains tax and other measures may slow down real estate development.Notably, the budget doesn't sufficiently tackle the need to boost the housing supply, which is essential for a healthy real estate market. These tax hikes and regulations could also deter investments and lead capital to flee the country. The budget overlooks important challenges faced by small and medium businesses and predominantly focuses on demand without sufficiently addressing supply issues.In this episode we discuss:(00:46) - Overview of the 2024 Canadian Federal Budget and its real estate implications(01:32) - Discussion on new incentives and the overshadowing impact of capital gains increase(05:12) - Challenges in the condo market and strategies for developers(09:28) - The misconceptions around financialization in real estate(13:24) - Necessity for a prosperity agenda and strategies for economic growth(17:31) - Potential effects of the budget on small and medium businesses(19:19) - The long-term consequences of current government policiesAbout Jon Love: Jon Love is the Executive Chair and Founder of KingSett Capital, a prominent private equity real estate investment firm. Since its inception in 2002, KingSett has impressively managed over $17 billion in assets, earning a strong reputation for its effective investment strategies across various sectors, including Growth, Income, Urban Development, Mortgage, Residential Development, and Affordable Housing.Before his leadership at KingSett, Jon had a distinguished career at Oxford Properties, beginning in 1980 and eventually becoming President in 1987 and then CEO in 1992. He notably guided Oxford's transition to a publicly traded company in 1995. In 2001, Oxford was privatized when it was acquired by the Ontario Municipal Employees Retirement System (OMERS) in a $4 billion deal.Jon actively participates in prestigious business organizations and has received numerous accolades for his leadership and academic achievements, including an Honorary Doctorate from Western University in 2016, membership in the Order of Canada (C.M.) in 2018, and prestigious awards such as the Ivey Business Leader of the Year Award and the NAIOP Rex Icon Award in 2023.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

This week we're joined by Nicolas Mulroney, President and CEO of Bond Bakery Brands. Nicolas shares his transition from a finance career at RBC to leading a thriving baking enterprise, highlighting the pivot that led him from Bay Street to Bakery Street.We talk about the founding of Bond Bakery amid the challenges posed by the COVID-19 pandemic and how his upbringing in a political family shaped his entrepreneurial spirit. Nicolas discusses how technology integrates in his business, he offers insights for budding entrepreneurs, and he outlines his future aspirations for the baking industry in Canada.We are also joined by John Ruffolo to talk more about the proposed Federal budget and other news in tech.About Nicolas Mulroney:Nicolas Mulroney is the Co-Founder, Chairman, CEO, and President of Bond Bakery Brands Ltd.Based in Toronto, Ontario, Bond Bakery Brands operates as an investment platform accelerating the growth of bakery companies throughout North America. The company emphasizes community engagement and investment in family- and founder-run businesses, striving to demonstrate that profitability and positive impact can coexist. Bond's portfolio includes a variety of bakery companies, and it employs over 600 individuals across 11 facilities.Before launching Bond Bakery Brands, Nicolas served as the Chairman of Portofino Bakery from June 2019 to October 2020, and he remains the Founder and Managing Partner at Northern Waters Capital since August 2018. His career in the capital markets sector includes roles at CIBC Capital Markets in Investment Banking and Institutional Equity Sales, and at Park Lawn Corporation as Vice President of Mergers, Acquisitions & Strategic Initiatives.Nicolas holds an MBA from the University of Toronto's Rotman School of Management and a Bachelor of Arts from Boston College.In this episode, we discuss:(01:52) John Ruffolo discusses meeting with Minister Freeland focusing on adverse effects of proposed capital gains changes on entrepreneurs and investors(03:32) The dual concerns for innovation community: impact on entrepreneurs and availability of capital(05:00) The federal budget is poor public policy, particularly for venture capital, stressing the importance of maintaining strong domestic capital source(07:24) The need to grow the economic pie rather than just redistributing income(13:45) Public discussions should aim at understanding fundamental problems and exploring viable solutions to foster a collaborative environment across various sectors(15:54) Nicolas Mulroney’s entrepreneurial journey(16:09) Nic’s upbringing and the influence of his family, especially his father from Prime Minister Brian Mulroney, on his career choices(18:27) Challenges and learning experiences from his time in finance that prepared him for entrepreneurship(20:10) Nic’s decision to leave finance to pursue running a business, attracted to transforming old economy industries(21:20) The process and rationale behind using a search fund to acquire a business, eventually leading to the purchase of a bakery(23:37) Advice from his father and Paul Demarais, encouraging him to pursue entrepreneurship(25:33) Operational challenges faced during the pandemic and the strategic shift towards building Bond Bakery Brands(30:08) Describes expansion of Bond Bakery Brands, highlighting the acquisition of assets and focus on commercial bakeries(32:08) The use of technology and data to improve operational efficiency across Bond Bakery Brands(34:36) Consumer trends affecting the bakery industry and the strategic response of Bond Bakery Brands to changing market conditionsFast Favorites:* 🎙- Favorite Podcast: How I Built This* 📰- Favorite Newsletter / Blog: New York Times Dealbook* 📲- Favorite Tech Gadget: Phone* 📈-  Favorite New Trend: Ozempic* 📚- Favorite Book: The Outsiders* 🤔 - Favorite Life Lesson: It's a funny thing, the more I practice, the luckier I get.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com