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Jun 14, 2016 · 20m · top-founders

EP 325: She Sold Her Busines to Bill Gates

Beate Chelette · 11m spoken Nathan Latka · 7m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of The Top, host Nathan Latka interviews entrepreneur Beate Chelette, who shares how she built and sold an asset-light architectural photography agency to Bill Gates's Corbis and transitioned into mentoring creative and female business leaders.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 40.7% of the talking time here. How this is scored →

Nathan as informed peer 3.3 Guest teaching 2.0 Guest disagreement 0.8 Nathan pushing back 1.7
05100:0010:0020:001:09–4:33 · Nathan as informed peer 6/10 Introducing Guest Beate Chelette Nathan displays substantial industry background knowledge, mentioning Corbis's founding year (1989), its acquisition by Visual China Group, and the subsequent licensing dynamic with Getty Images.4:33–8:58 · Nathan as informed peer 4/10 Asset-Light Licensing Model and Acquisition Valuation Nathan presses for valuation mechanics, asking whether the buyout multiple was calculated on gross revenue, net margin, or profit. The guest pushes back on romanticized startup myths, asserting the reality of entrepreneurship.8:58–11:33 · Nathan as informed peer 4/10 Publishing Strategy for Happy Women, Happy World When Nathan mentions people paying $60,000 to buy their way onto bestseller lists, Chelette corrects him by stating that true New York Times or WSJ bestseller campaigns cost between $250,000 and $500,000.11:34–15:22 · Nathan as informed peer 3/10 Audience Development, CRM Strategy, and Email Marketing Nathan probes for hard email database metrics before aligning strongly with Chelette's stance against coaches who lack prior entrepreneurial success.15:22–17:28 · Nathan as informed peer 1/10 Online Connection Points and Community Platforms Chelette shares her website and LinkedIn group details, and Nathan transitions into a standard mid-roll sponsor ad read.17:28–18:55 · Nathan as informed peer 2/10 The Famous Five Rapid-Fire Questions Nathan conducts his standardized Famous Five rapid-fire closing questions, moving through business books, software, and sleep habits amicably.1:09–4:33 · Guest teaching 2/10 Introducing Guest Beate Chelette Nathan displays substantial industry background knowledge, mentioning Corbis's founding year (1989), its acquisition by Visual China Group, and the subsequent licensing dynamic with Getty Images.4:33–8:58 · Guest teaching 2/10 Asset-Light Licensing Model and Acquisition Valuation Nathan presses for valuation mechanics, asking whether the buyout multiple was calculated on gross revenue, net margin, or profit. The guest pushes back on romanticized startup myths, asserting the reality of entrepreneurship.8:58–11:33 · Guest teaching 5/10 Publishing Strategy for Happy Women, Happy World When Nathan mentions people paying $60,000 to buy their way onto bestseller lists, Chelette corrects him by stating that true New York Times or WSJ bestseller campaigns cost between $250,000 and $500,000.11:34–15:22 · Guest teaching 1/10 Audience Development, CRM Strategy, and Email Marketing Nathan probes for hard email database metrics before aligning strongly with Chelette's stance against coaches who lack prior entrepreneurial success.15:22–17:28 · Guest teaching 1/10 Online Connection Points and Community Platforms Chelette shares her website and LinkedIn group details, and Nathan transitions into a standard mid-roll sponsor ad read.17:28–18:55 · Guest teaching 1/10 The Famous Five Rapid-Fire Questions Nathan conducts his standardized Famous Five rapid-fire closing questions, moving through business books, software, and sleep habits amicably.1:09–4:33 · Guest disagreement 1/10 Introducing Guest Beate Chelette Nathan displays substantial industry background knowledge, mentioning Corbis's founding year (1989), its acquisition by Visual China Group, and the subsequent licensing dynamic with Getty Images.4:33–8:58 · Guest disagreement 1/10 Asset-Light Licensing Model and Acquisition Valuation Nathan presses for valuation mechanics, asking whether the buyout multiple was calculated on gross revenue, net margin, or profit. The guest pushes back on romanticized startup myths, asserting the reality of entrepreneurship.8:58–11:33 · Guest disagreement 2/10 Publishing Strategy for Happy Women, Happy World When Nathan mentions people paying $60,000 to buy their way onto bestseller lists, Chelette corrects him by stating that true New York Times or WSJ bestseller campaigns cost between $250,000 and $500,000.11:34–15:22 · Guest disagreement 1/10 Audience Development, CRM Strategy, and Email Marketing Nathan probes for hard email database metrics before aligning strongly with Chelette's stance against coaches who lack prior entrepreneurial success.15:22–17:28 · Guest disagreement 0/10 Online Connection Points and Community Platforms Chelette shares her website and LinkedIn group details, and Nathan transitions into a standard mid-roll sponsor ad read.17:28–18:55 · Guest disagreement 0/10 The Famous Five Rapid-Fire Questions Nathan conducts his standardized Famous Five rapid-fire closing questions, moving through business books, software, and sleep habits amicably.1:09–4:33 · Nathan pushing back 1/10 Introducing Guest Beate Chelette Nathan displays substantial industry background knowledge, mentioning Corbis's founding year (1989), its acquisition by Visual China Group, and the subsequent licensing dynamic with Getty Images.4:33–8:58 · Nathan pushing back 4/10 Asset-Light Licensing Model and Acquisition Valuation Nathan presses for valuation mechanics, asking whether the buyout multiple was calculated on gross revenue, net margin, or profit. The guest pushes back on romanticized startup myths, asserting the reality of entrepreneurship.8:58–11:33 · Nathan pushing back 2/10 Publishing Strategy for Happy Women, Happy World When Nathan mentions people paying $60,000 to buy their way onto bestseller lists, Chelette corrects him by stating that true New York Times or WSJ bestseller campaigns cost between $250,000 and $500,000.11:34–15:22 · Nathan pushing back 2/10 Audience Development, CRM Strategy, and Email Marketing Nathan probes for hard email database metrics before aligning strongly with Chelette's stance against coaches who lack prior entrepreneurial success.15:22–17:28 · Nathan pushing back 0/10 Online Connection Points and Community Platforms Chelette shares her website and LinkedIn group details, and Nathan transitions into a standard mid-roll sponsor ad read.17:28–18:55 · Nathan pushing back 1/10 The Famous Five Rapid-Fire Questions Nathan conducts his standardized Famous Five rapid-fire closing questions, moving through business books, software, and sleep habits amicably.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 82.7% · guest 17.3%0:00 · Nathan 82.7% · guest 17.3%3:00 · Nathan 21.2% · guest 78.8%3:00 · Nathan 21.2% · guest 78.8%6:00 · Nathan 22.9% · guest 77.1%6:00 · Nathan 22.9% · guest 77.1%9:00 · Nathan 19.4% · guest 80.6%9:00 · Nathan 19.4% · guest 80.6%12:00 · Nathan 11.3% · guest 88.7%12:00 · Nathan 11.3% · guest 88.7%15:00 · Nathan 65% · guest 35%15:00 · Nathan 65% · guest 35%18:00 · Nathan 70.1% · guest 29.9%18:00 · Nathan 70.1% · guest 29.9%
Sharpest disagreement ▶ 8:27 Guest dismantles the 4-hour workweek myth

Chelette passionately rejects glamorous startup narratives, forcefully asserting that entrepreneurship requires brutal grit and that easy shortcuts do not exist.

 Hardest push from Nathan ▶ 5:51 Host refuses vague multiple and drills for metric

When Chelette vaguely cites a very good multiple, Nathan immediately intervenes to pin down whether it was on top line revenue, gross margin, or net profit.

 Biggest teaching moment ▶ 10:37 Guest corrects host on bestseller manipulation costs

Nathan cites a figure of $60,000 for buying bestseller placement, but Chelette directly educates him that real Wall Street Journal/NYT campaigns cost $250k to $500k.

 Nathan holds their own ▶ 3:59 Host exhibits deep M&A and industry knowledge

Nathan identifies the exact founding year of Corbis, its recent acquisition by Visual China Group, and the resulting market monopoly with Getty Images.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Guest Beate Chelette 6211 Nathan displays substantial industry background knowledge, mentioning Corbis's founding year (1989), its acquisition by Visual China Group, and the subsequent licensing dynamic with Getty Images.
Asset-Light Licensing Model and Acquisition Valuation 4214 Nathan presses for valuation mechanics, asking whether the buyout multiple was calculated on gross revenue, net margin, or profit. The guest pushes back on romanticized startup myths, asserting the reality of entrepreneurship.
Publishing Strategy for Happy Women, Happy World 4522 When Nathan mentions people paying $60,000 to buy their way onto bestseller lists, Chelette corrects him by stating that true New York Times or WSJ bestseller campaigns cost between $250,000 and $500,000.
Audience Development, CRM Strategy, and Email Marketing 3112 Nathan probes for hard email database metrics before aligning strongly with Chelette's stance against coaches who lack prior entrepreneurial success.
Online Connection Points and Community Platforms 1100 Chelette shares her website and LinkedIn group details, and Nathan transitions into a standard mid-roll sponsor ad read.
The Famous Five Rapid-Fire Questions 2101 Nathan conducts his standardized Famous Five rapid-fire closing questions, moving through business books, software, and sleep habits amicably.

Statements from this episode (7)

Assertion Not checkable as stated
Chelette: Agency became industry leader licensing celebrity stories to 76 countries
“And suddenly, you know, we became the industry leader licensing these celebrity stories into 76 countries, and”
Beate Chelette Jun 14, 2016 ▶ 3:09
Assertion Supported
Bill Gates sold Corbis outright to a Chinese company in 2016
“Well, you know, Bill Gates has several businesses that he owns himself, and Corbis, that actually was just sold about six weeks ago to a Chinese company that was one of the businesses he owned himself outright.”
Beate Chelette Jun 14, 2016 ▶ 4:00
Opinion
Visual China's Corbis acquisition effectively gives Getty Images a monopoly
“Which now effectively puts a monopoly in the hand of Getty Images more or less, which is why the industry is very upset.”
Beate Chelette Jun 14, 2016 ▶ 4:25
Assertion Not checkable as stated
Chelette's photography agency reached $1M in revenue before its Corbis acquisition
“We had done, we were at about a million dollars in revenue.”
Beate Chelette Jun 14, 2016 ▶ 4:42
Assertion Not checkable as stated
Chelette secured exclusive global licensing rights without actually owning the images
“I didn't own any of the images, but I had contracts that gave me the exclusive worldwide rights for a significant period of time to that content. And I was the only person allowed to resell or relicense these all over the world.”
Beate Chelette Jun 14, 2016 ▶ 5:08
Insight
Latka: Successful people unintentionally lie when recounting their journeys
“Most successful people, when they tell their stories, they lie. And they don't do it on purpose. They just forget, right? They only remember necessarily the good times.”
Nathan Latka Jun 14, 2016 ▶ 7:30
Assertion Partly supported
Chelette: Buying a NYT or WSJ bestseller status costs $250k to $500k
“Well, it's, if it's only 60,000, the truth of the matter is you want a New York Times or Wall Street Journal bestseller, it's costing you between two and 50,000 and a half a million dollars.”
Beate Chelette Jun 14, 2016 ▶ 10:38
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