Everything Michael Girdley said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Girdley: The baby boomer small business acquisition 'tsunami' is overblown
“I know people are finding businesses from baby boomers, but like, I think that's kind of way overblown in terms of how many are truly out there. It's not a tsunami. It's something more like a little ripple.”
Girdley: Warren Buffett's hands-off holding company mystique is crafted BS
“I think a lot of it is really crafted. I think there's a lot of BS there that people buy into that he has this holding company and he doesn't really have to work very hard. Like, that's great. But for the rest of us, we have to work hard.”
Girdley: Market selection matters far more in business than execution quality
“The thing that matters most in business is not how well I run a business. It is what game am I playing? Like, I would much rather play a really good game and be in a super good business and do that not very good than to be the best at a really hard business be…”
Most CEO books are feel-good theory rather than tactical advice
“The books that you buy that teach you how to be a CEO or teach you about business or Delightfully theoretical and a bunch of feel good crap and not very tactical.”
Great organizations rely on top-down alignment over bottom-up goal setting
“Great organizations set a vision and head in a direction, and everybody aligns to make that happen.”
Kleiner Perkins does not actually run its venture fund on OKRs
“When John Dorris didn't share, like, they don't run their venture fund on OKRs. Like if OKRs are so good, why isn't Kleiner Perkins running OKRs?”
Girdley: The Lean Startup methodology fails founders seeking maximum impact
“So lean startup is not a good way if you want to have maximum impact.”
Girdley: CEO networks like YPO and Vistage do not teach execution
“No groups like Vistage or YPO or EO or any of those folks were like, they actually taught you like how to run a business. Like there's no class that teaches you how to fire people. Like nobody, nobody teaches you that stuff.”
Girdley hires and pays potential co-founders pre-idea with no strings attached
“So my model is I bring people on pre-idea. Like I go find co-founders first. So like I'm a big believer in like right people, right structure, right mission in that order. ... And so my associate model has been historically, I hire a few of them at a time and …”
Girdley: Entrepreneurs who accept a risk of ruin are failing
“Like, I think everybody gets the idea wrong that like entrepreneurs are like these like gun totem, like totally okay. Corral like betting everything all the time. Like it's the opposite of that. Like if I have a risk of ruin, I'm totally screwing up.”
Girdley: Having 10,000 customers is safer than relying on one boss
“The difference is For me, like, 10,000 customers have to fire me for me to be out of a job. For other people, only one boss has to fire you when you have a W-II job.”
Girdley: Most people should remain traditionally employed to be happy
“By the way, most people should have a job. That's my, I believe that. I think they'll be happier, but, like, it's also, you know, it's definitely not as risky as, like, people think. That's my opinion.”
Girdley: Marginal Utility of Wealth Turns Negative Above Private Jet Level
“Well, it's also this idea that nobody talks about is that there is a diminishing return on money. Like, and I also have this like weird idea I've been toying with that. It's actually, there's negative marginal returns on money as you get more of it. Like, as I…”
Girdley: Podcast consumption aperture is shrinking for 60-75 minute shows
“The aperture of consumption for potential podcasts is like, is shrinking. Like not only is People consuming less of them, but like the demand for people wanting. 60 and 75 minutes stuff. I think, you know, it's limited in terms of the options there for somebod…”
Girdley expects a 100% success rate across his current portfolio companies
“Working with the companies that I'm already in, you know, I hate to use the word portfolio, but it's the portfolio and I'm working on it and they're growing and they're gonna, I think we're gonna have a hundred percent success right there.”
Girdley: HoldCos allow founders to design businesses around desired lifestyles
“Like for me, I think that when you do hold going, you really craft a world for your business where it serves you in terms of how you want to be living here every day.”
Girdley: All my business holdings roll up directly to me personally
“The way I'm actually personally set up is everything rolls up to me personally. Like I don't actually have a Berkshire Hathaway style Berkshire Hathaway style hold code because like, there's no reason to. Like, it's just an another tax return I would have to f…”
Girdley: Most founders overcomplicate their holding company structures
“Most people tend to way over complicate it. Like you can keep it as simple as I have in terms of, kind of, how you structure stuff or things just flip to you individually rather than having, like, a bunch of LLCs and stuff like that.”
Girdley: VCs work on portfolio deals for 10 to 15 years
“Like as a VC, you're going to be working on those deals, 10 or 12 years, sometimes 15 years after you make them and before they exit, right? And so like, I'm still working on a fund on a regular basis for deals that we did back in 2014.”
Girdley: Established holding companies can achieve 100% debt-financed add-on acquisitions
“If you look at some people with hold codes you can start to basically become a better or a more attractive borrower to lenders and other folks like that. So for example, let's say that you know, are a roll up of a bunch of foundries like Red Zeller is if you w…”
Girdley: Founders underestimate time spent managing outside investors and conflicts
“People really discount how much time you have to spend, like managing those investors and relationships and dealing with conflicts that arise.”
Girdley: Holding companies protect entrepreneurs by diversifying against cyclicality and business failure
“By having a portfolio of businesses and having a diversified set of things that you built through a holdco, you can avoid some of the risk that normal entrepreneurs have. And that's where one of the strategies and one of the things I like about holdcoing is yo…”
Girdley: More homogeneous holdco assets enable higher operational centralization
“And so to me, the level of centralization that makes sense where you have like interaction between the individual port codes where you're Where you're centralizing stuff at headquarters, that totally depends upon the types of assets you have and what you need …”
Girdley: Girdley Enterprises is radically decentralized
“Radically decentralized.”