Koerner Turned Down $1M VC Term Sheet Due to Slow Process
Chris Koerner · EP 462: $8.8M 2015 Sales of iPhone Repair Parts with CEO Chris Koerner · Oct 29, 2016 · at 13:47
LCD Cycle CEO Chris Koerner discusses his business financing history with Nathan Latka, detailing why he rejected outside venture capital in 2015.
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“I raised a million bucks last year from a VC firm in Birmingham. And They took so long to actually, you know, come to the table with the term sheet that by the time they did, I really didn't need the money anymore. We kind of worked through our cash flow issues, so I ended up turning it down.”
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More from Chris Koerner
LCD Cycle Generated $2.1M in Revenue in 2013
“First we opened on January second, so 2013 was a full year. We did 2.1 million that year.”
LCD Cycle Grew Revenue to $4.8M in 2014, $8.8M in 2015
“So we did 2.1, and then 2014, that was 2013, 20 14, we did 4.8, and then last year in 2015, we did 8.8.”
LCD Cycle Posted 32% Gross Margins, $800K Profit on $8.8M Revenue
“So our gross margin is about 32 and net is about eight percent. So we did about, 800 grand on 8.8 million.”
Koerner Launched LCD Cycle by Wiring Entire $30K Savings to China
“So we started I took that 30 grand from, you know, the merger sale or whatever. And I literally, like four days later, I wired all of it to China on just a hope and a prayer that I would get some parts back.”