Tiny Capital, every mention
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every year anyone David Rosenthal 58Ben Gilbert 53Jason Calacanis 3David Senra 2
Verbatim, from the transcripts: the passages where Tiny Capital comes up
Charlie Munger (Audio) · Acquired
- ▶ 2:34 David Rosenthal Yes, a special conversation deserves a special sponsorship, and longtime listeners will know there's only one company in the acquired universe that is truly appropriate because everything they do is modeled after Charlie and Warren, and…
- ▶ 2:48 Ben Gilbert Tiny is the Berkshire Hathaway of the internet.
- ▶ 2:58 David Rosenthal Yeah, so Berkshire, as we know, started as a textile mill in Massachusetts nearly 200 years ago, and almost 20 years ago, tiny founders Andrew Wilkinson and his partner Chris took their version of an internet textile mill, the premier…
- ▶ 3:49 Ben Gilbert So Andrew and Chris took the extra cash flow from Metalab and their other businesses and created Tiny,
- ▶ 4:00 David Rosenthal Yeah, fast forward to today, and thanks to Tiny's success, this opportunity is no longer a secret.
- ▶ 4:18 David Rosenthal We're investors in Tiny ourselves, alongside Bill Ackman and Howard Marks,
- ▶ 4:22 David Rosenthal And just like the two of them, Tiny is really the long-term buyer of choice in their niche.
- ▶ 4:27 David Rosenthal Anyone who's looking for a permanent home for their profitable internet business or who needs a capital partner for a co-founder or VC cap table buyout would be lucky to work with Tiny.
- ▶ 4:38 Ben Gilbert For instance, they just bought the premier social network for film buffs, Letterboxd, which has been the founder's baby for 12 years and will stay so within Tiny.
- ▶ 4:46 Ben Gilbert And this really reflects Tiny's whole ethos.
- ▶ 4:59 David Rosenthal So thanks to Tiny, this is the only sponsor, as Ben said, that you'll hear on this episode.
- ▶ 5:06 David Rosenthal Tiny just became a public company earlier this year, and they can now do deals ranging anywhere from one million all the way up to two hundred and fifty million.
- ▶ 1:05:36 Ben Gilbert With that, listeners, our huge thank you to Tiny for being the sole presenting sponsor of this episode.
Costco (Audio) · Acquired
- ▶ 2:56:13 David Rosenthal Just a period all year, I think, but especially because we know Jeremy pretty well from Tiny, and, you know, we know Patrick very well, like,
Porsche (with Doug DeMuro) · Acquired
- ▶ 39:15 David Rosenthal All right, listeners, for our first sponsor of this episode, we have our good friends at Tiny.
- ▶ 39:21 David Rosenthal Tiny, as you all know by now, is the Berkshire Hathaway of the internet.
- ▶ 39:25 David Rosenthal They have built and acquired the world's premier collection of truly wonderful internet
- ▶ 39:32 David Rosenthal They're like now a public company.
- ▶ 39:34 David Rosenthal They're the OGs.
- ▶ 39:35 David Rosenthal They started 1015 years ago doing this, and now they're doing deals up to a hundred million plus in size.
- ▶ 39:45 Ben Gilbert I mean, back when we started working with Tiny, we always positioned it as, if you have a wonderful small business on the internet that might be doing a couple million in operating profit, things are very different now.
- ▶ 39:54 Ben Gilbert They still love buying those businesses, but they have real scale to be sort of the
- ▶ 40:02 David Rosenthal Yeah, Tiny has always been a great destination for bootstrapped and founder-led businesses, but now they're also at a scale where they can work with venture firms too.
- ▶ 40:12 David Rosenthal So for companies in your portfolio that aren't going to make it to IPO on their own, shoot Tiny an email and that could be a great exit option for your portfolio.
- ▶ 40:21 Ben Gilbert Yeah, and Tiny really is the poster child for durability, long-term thinking, compounding, because the whole thing started just with the profits of their very first business, the design agency MetaLab, and everything since is really just…
- ▶ 40:52 David Rosenthal So if you run a company, are on a board of a company, or know of a company that might make sense for Tiny, just shoot them a note at hi at tiny.com.
- ▶ 41:01 David Rosenthal And when you do, tell them that Ben and David sent you.
- ▶ 41:04 David Rosenthal And also, for those of you who aren't following Tiny founder Andrew Wilkinson on Twitter out there, make sure you give him a follow.
- ▶ 3:20:52 Ben Gilbert With that, listeners, our thanks to Vanta, the best way to become compliant and stay compliant, to Pilot.com, the best way for tech companies to handle tax, bookkeeping, and accounting, and Tiny, truly the buyer of choice for wonderful…
Lockheed Martin (Audio) · Acquired
- ▶ 57:20 Ben Gilbert And this is a great time to tell you about one of our other favorite companies that is back as a sponsor of season 12 is our good friends at Tiny, the Berkshire Hathaway of the internet.
- ▶ 57:32 Ben Gilbert Tiny, as you know, listeners, has built and acquired the world's premier collection of wonderful internet businesses.
- ▶ 57:38 David Rosenthal And this time and this year is so great for the Berkshire meeting and Tiny because just like Berkshire, Tiny is now a public company.
- ▶ 58:19 Ben Gilbert And so, Tiny has sort of proved at this point that they can do this very well, that they can continue to compound capital, that they can let these businesses grow and run.
- ▶ 58:33 Ben Gilbert The last 15 years, Tiny has just been buying businesses, they've let them run, they empower their own independent managers to run them, oftentimes the founders of the business, but oftentimes
- ▶ 58:51 David Rosenthal And what's great, especially now that Tiny is a bigger scale and now being a public company, they've always historically done this with bootstrapped businesses, which they certainly still do.
- ▶ 59:15 David Rosenthal It was really a, uh, less than ideal situation, but Tiny can now come in and acquire those companies and has been doing that to great effect.
- ▶ 59:39 Ben Gilbert I think you should talk to Tiny.
- ▶ 3:36:35 Ben Gilbert Our thanks to Pilot, Tiny, and Vanta.
Sessions: David Senra (Founders Podcast) · Acquired
- ▶ 5:22 David Senra In fact, uh, mutual friends for ours, so the people that set this up for us, or for me, was, uh, Andrew Wilkinson and Chris from Founders of Tiny, who are mutual friends, and, um,
- ▶ 26:27 David Senra Okay, so, I, you know, our mutual friend Jeremy from Formula of Tiny, um, I just spent, like, a bunch of hours with him.
Holiday Special 2022 · Acquired
- ▶ 1:53:29 David Rosenthal Well, this is the perfect spot to thank our next sponsor of the episode, our very good friends over at Tiny.
- ▶ 1:53:41 David Rosenthal Tiny, as you all know by now, is the Berkshire Hathaway of the internet, and has built and acquired the world's premier collection of truly wonderful internet businesses.
- ▶ 1:53:54 Ben Gilbert And when people refer to them as the Berkshire Hathaway of the internet, it makes sense on two angles.
- ▶ 1:54:09 Ben Gilbert But also, the wonderful internet businesses that Tiny is buying, these companies that are doing, what is about five million in Five million in annual recurring revenue, 30 to 40% operating margins.
- ▶ 1:54:24 Ben Gilbert That's extremely interesting to Tiny and extremely not interesting to Berkshire Hathaway.
- ▶ 1:54:37 Ben Gilbert Rather than saying everything that we normally say about Tiny on this episode, I think we should just sort of leave you with this thing.
- ▶ 1:54:59 Ben Gilbert Just call Tiny.
- ▶ 1:55:41 Ben Gilbert And especially with the IPO markets, and really a lot of the M&A markets being effectively closed right now, Tiny's a great option.
- ▶ 1:55:49 David Rosenthal So email hi at tiny.com.
- ▶ 1:55:51 David Rosenthal Tell them Ben and David sent you.
- ▶ 1:55:53 David Rosenthal They are truly great folks.
- ▶ 1:55:55 David Rosenthal They are a pleasure to do business with, and we can't thank them and vouch for them enough.
- ▶ 1:56:01 Ben Gilbert Thanks, Tiny.
- ▶ 2:20:12 Ben Gilbert Our huge thank you to Vanta, to our good friends at Brex, and to our friends at Tiny.
- ▶ 2:20:28 Ben Gilbert If you have a company that you want to sell to Tiny or you think they should buy that is someone else's company, email them at hi at tiny.com Vanta.
Stratechery (with Ben Thompson) · Acquired
- ▶ 1:30:25 Ben Gilbert For our last sponsor this episode, we are thanking our good friends at Tiny.
- ▶ 1:30:29 Ben Gilbert Tiny, as you know, is the Berkshire Hathaway of the internet and has built and acquired the world's premier collection of truly wonderful internet businesses.
- ▶ 1:31:16 David Rosenthal But Tiny Ken.
- ▶ 1:32:01 Ben Gilbert Well, Tiny has realized they can fix this situation for everybody.
- ▶ 1:32:04 Ben Gilbert If you sell the company to them, the VCs can get their money back or whatever the appropriate amount of their money back is.
- ▶ 1:32:10 Ben Gilbert Founders can get to take control back and set up an incentive structure with Tiny that makes sense to keep
- ▶ 1:32:26 Ben Gilbert They've done this with a bunch of businesses already this year, venture-backed companies doing over five million in revenue, 30 to 40% operating margins, or the potential for that to quickly become the case.
- ▶ 1:32:42 David Rosenthal Tiny is happy to own these businesses
- ▶ 1:33:25 Ben Gilbert If it could be a profitable going concern, shoot a note to hi at tiny.com.
- ▶ 1:33:30 Ben Gilbert Tell them Ben and David sent you, and thanks so much to our friends at Tiny.
- ▶ 1:54:29 Ben Gilbert With that, thank you to Fundrise, Pilot, and Tiny.
ACQ Sessions: Jason Calacanis · Acquired
- ▶ 1:50:15 David Rosenthal Because we have our next sponsor of the episode, our very good longtime friends over at Tiny.
- ▶ 1:50:50 David Rosenthal So the core business of Tiny is acquiring wonderful internet businesses.
- ▶ 1:51:24 David Rosenthal Companies like Dribbble, Pixel Union, Creative Market, 8020, Girlboss, these are all tiny companies, and...
- ▶ 1:51:35 Ben Gilbert It's different in a sense, but it really is the same tiny playbook that they've always been running to buy wonderful internet businesses.
- ▶ 1:52:33 David Rosenthal And you end up with a lot of these companies in a portfolio that are, like, capable of being Tiny-like businesses, but are not going to provide a big exit that's going to move the needle for the venture portfolio.
- ▶ 1:52:46 David Rosenthal Well, Tiny realized they can provide the perfect solution to this problem
- ▶ 1:52:51 David Rosenthal For the VCs on the boards of these companies, for the founders running these companies, and most importantly for Tiny to then come in, partner with these founders, and own these companies in perpetuity without looking for an exit.
- ▶ 1:53:02 Ben Gilbert So really what Tiny can kind of do is come in, buy the company from the VCs, or a lot of the company from the VCs.
- ▶ 1:53:20 Ben Gilbert They can figure out a structure with Tiny.
- ▶ 1:53:21 David Rosenthal Tiny is very good at figuring out structures that make sense.
- ▶ 1:53:39 David Rosenthal And I'm so glad that Tiny is now doing it and they are the perfect ones to do it.
- ▶ 1:53:50 Ben Gilbert Well, if you are running a business like that, or you are invested in a business like that, or your friend is invested in a business like that, you really should, uh, shoot a note to hi at tiny.com and, uh, just tell them that Ben and…
- ▶ 1:54:10 Ben Gilbert Our thanks to Tiny.
- ▶ 2:14:22 David Rosenthal Tiny.
- ▶ 2:14:23 Jason Calacanis Oh, tiny, of course.
- ▶ 2:16:38 Jason Calacanis Thank you, tiny, for securing the bag.
- ▶ 2:16:40 David Rosenthal Acquire.fm slash tiny.
- ▶ 2:16:46 David Rosenthal Email, uh, is it high at tiny?
- ▶ 2:16:49 Jason Calacanis Whatever it is, like, just know that tiny one.
- ▶ 2:23:24 Ben Gilbert We've got Vanta Brex and our friends over at tiny links for each of those are in the show notes.
Howard Marks & Andrew Marks: Something of Value · Acquired
- ▶ 44:07 Ben Gilbert Our good friends at Tiny, who share a lot of the same investment philosophies as what we are talking about here with Andrew and Howard.
- ▶ 44:21 Ben Gilbert As long-time listeners know, Tiny is the Berkshire Hathaway of the internet and has built and acquired a collection of truly wonderful internet businesses, most of which they fully own.
- ▶ 45:19 Ben Gilbert And that is exactly what Tiny has gone out and done for the past 15 years with incredible success.
- ▶ 45:32 Ben Gilbert All of these are now tiny businesses run by their own independent managers, just like Brooks Running, for example, within Berkshire, and producing incredible cash flow for Tiny and their managers.
- ▶ 46:36 David Rosenthal So Tiny has realized that they can fix this situation for everybody.
- ▶ 46:41 David Rosenthal Sell the company to them.
- ▶ 46:55 David Rosenthal Tiny has done this with several businesses so far this year.
- ▶ 46:58 David Rosenthal These are venture-backed companies doing over five million in revenue at 30 to 40% operating margins, or the potential for that to quickly be the case, and Tiny came in, acquired the business, the VCs got their money back, and more…
- ▶ 47:14 David Rosenthal And management and Tiny got to run the business as it should be wonderfully and profitably with totally aligned incentives.
- ▶ 47:25 David Rosenthal This function needs to exist in the ecosystem, and I'm so glad Tiny is now doing it.
- ▶ 47:46 Ben Gilbert So if you're running a business like that, or you're a VC board member, and I know there are a lot of you out there, you owe it to yourself and to your portfolio to shoot a note over to hi at tiny.com.
- ▶ 48:09 David Rosenthal I'm so glad tiny is doing it.
- ▶ 48:11 Ben Gilbert Thanks, Tiny.
- ▶ 1:33:30 Ben Gilbert With that, our thank you to Vanta, Tiny, and Brex, and a huge thank you to Andrew and Howard for coming on.
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