The Dreamers Podcast

Scaling Businesses: A Blueprint for Success by Venture Capitalist Aaron Wilson

October 17, 2023 Anne-Lyse Wealth Season 5 Episode 121
Scaling Businesses: A Blueprint for Success by Venture Capitalist Aaron Wilson
The Dreamers Podcast
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The Dreamers Podcast
Scaling Businesses: A Blueprint for Success by Venture Capitalist Aaron Wilson
Oct 17, 2023 Season 5 Episode 121
Anne-Lyse Wealth

What does it take to scale a business that is capital-intensive and has high barriers to entry?

Our guest, co-Founder of the Black-owned global private jet charter company Approved Jets, and venture capitalist Aaron Wilson, shares invaluable insights from his journey as a serial entrepreneur in the aviation industry as well as essential strategies that have helped Approved Jets gross eight figures in revenue in its first 3 years.

Join us as we discuss the elements behind the success of Approved Jets, as well as Aaron’s tips to help entrepreneurs navigate the challenges of scaling a business. No matter what industry you’re in, this episode will give you valuable insights for any wealth builder interested in entrepreneurship, positioning their business to attract investors, or investing in other businesses.

In this episode, we discuss:

  • Business scaling do’s and don’ts.
  • The private jet charter industry and what it takes to succeed
  • How to stay top of mind when it comes to potential customers.
  • Relationships and High-Frequency Transactions: conducting high-frequency transactions to maintain healthy cash flow. 
  • What to look for as an investor.
  • How to position your company to attract investors.
  • Exceptional Service vs. Customer Acquisition Costs.
  • Continuous learning.
  • Customer Acquisition Costs as the Ultimate KPI: the significance of tracking customer acquisition costs (CAC) as a paramount key performance indicator and why.
  • The critical relationship between profit margins and CAC.

If you enjoyed today’s episode, here’s what you can do to support me and help more Dreamers discover the podcast:

  1. Leave a review on Apple Podcasts or wherever you listen to podcasts. I read every single review. I will select one review to read on the podcast every month.
  2. Follow the podcast, so you never miss an episode: Apple Podcasts | Google Podcasts | Spotify | iHeart Radio | Amazon Music | Listen Notes
  3. Share the podcast with your family, friends, and co-workers.
  4. Tag the podcast on Instagram @thedreamers.podcast and let me know what you like about it.
  5. Would you rather watch this episode? Go to our YouTube channel to enjoy the video version. And while you’re at it, click the bell to subscribe so you can get notified when a new episode comes out.

Connect with Anne-Lyse:

A Team Dklutr Production

Show Notes Transcript

What does it take to scale a business that is capital-intensive and has high barriers to entry?

Our guest, co-Founder of the Black-owned global private jet charter company Approved Jets, and venture capitalist Aaron Wilson, shares invaluable insights from his journey as a serial entrepreneur in the aviation industry as well as essential strategies that have helped Approved Jets gross eight figures in revenue in its first 3 years.

Join us as we discuss the elements behind the success of Approved Jets, as well as Aaron’s tips to help entrepreneurs navigate the challenges of scaling a business. No matter what industry you’re in, this episode will give you valuable insights for any wealth builder interested in entrepreneurship, positioning their business to attract investors, or investing in other businesses.

In this episode, we discuss:

  • Business scaling do’s and don’ts.
  • The private jet charter industry and what it takes to succeed
  • How to stay top of mind when it comes to potential customers.
  • Relationships and High-Frequency Transactions: conducting high-frequency transactions to maintain healthy cash flow. 
  • What to look for as an investor.
  • How to position your company to attract investors.
  • Exceptional Service vs. Customer Acquisition Costs.
  • Continuous learning.
  • Customer Acquisition Costs as the Ultimate KPI: the significance of tracking customer acquisition costs (CAC) as a paramount key performance indicator and why.
  • The critical relationship between profit margins and CAC.

If you enjoyed today’s episode, here’s what you can do to support me and help more Dreamers discover the podcast:

  1. Leave a review on Apple Podcasts or wherever you listen to podcasts. I read every single review. I will select one review to read on the podcast every month.
  2. Follow the podcast, so you never miss an episode: Apple Podcasts | Google Podcasts | Spotify | iHeart Radio | Amazon Music | Listen Notes
  3. Share the podcast with your family, friends, and co-workers.
  4. Tag the podcast on Instagram @thedreamers.podcast and let me know what you like about it.
  5. Would you rather watch this episode? Go to our YouTube channel to enjoy the video version. And while you’re at it, click the bell to subscribe so you can get notified when a new episode comes out.

Connect with Anne-Lyse:

A Team Dklutr Production

Note: We use AI transcription so there may be some inaccuracies

Anne-Lyse Wealth: This is the Dreamers podcast episode 121. Today is October 14th, 2023. 

Aaron Wilson: when people feel as if their business is appreciated. They're naturally just more inclined to want to continue business with you and want to refer other people to you as well. So. Implementing a very regimented follow up approach. Touching base, sitting down in person, going to dinner.

It's 2023 everyone has grown so accustomed to. Connecting and establishing camaraderie in a virtual capacity. But, um, that's not always going to get the job done. So that was one way that we were able to grow and scale very quickly, remaining top of mind.

Anne-Lyse Wealth: 

Welcome to the dreamers podcast, where we dive into the journey of people who are taking an unconventional path to build wealth with purpose.

Anne-Lyse Wealth: I'm your host, Annie's wealth. And today I'm speaking with Aaron Wilson. Aaron is an entrepreneur in the private aviation space. He's a venture capitalist within its first three years, his company Approved Jets has generated over eight figures in revenue. Aaron has been featured in Forbes, Afrotech, Yahoo Finance, Black Enterprise for the trailblazing work that he's done over the years.

 In this episode, we'll dive into Aaron's journey, as well as he'll share some of his tips for success when it comes to wealth building and entrepreneurship.

Aaron is an entrepreneur and venture capitalist who  started his career in finance at J. P. Morgan. And, before transitioning, into the human capital consulting and recruiting space, Aaron co founded Approved Jets, a black owned private aviation brokerage, company that caters to high net worth individuals.

In 2019, with Kevin PJ Kev Mensa. He's also a co founder and board member of the VC firm XI. All right. Aaron Wilson. Welcome to the dreamers 

Aaron Wilson: podcast. Thank you. Thank you. Appreciate you for having me, Anne Lise.

Anne-Lyse Wealth: So, Aaron, I'd like to take it back. can you share with me an early money memory? 

Aaron Wilson: Early money memory? 

Anne-Lyse Wealth: Yeah. And how it impacted your life. 

Aaron Wilson: And how it impacted my life. so, I remember, the first time. I've actually received a commission check when I got into recruiting and human capital.

So, my 1st commission check, I got that back in 2014 it's interesting because when you're in that space, you can have so many different compensation structures. You could have a base salary and then a small commission, or you could, as they would say, take the gangster route, which is going on a draw, which means that you'll be in the hole until your commission recoups that draw, and then you get the spread on top.

But because you're not on a base, you're on a draw, the commission percentage is significantly more aggressive than the commission percentage that you would get. If you're on a base, so that's what I went with. I said, look, I don't perform, I'll just get fired. So it was no option, but to do well and perform.

And when I'd actually gotten that 1st commission check. that was what fueled the fire and let me know, hey, this is real. You can really make money doing this. And, you're shaping the future of what companies look like. it was recruiting for companies that have ranged in size from a 2 person startup to a midsize company to a large, more established fortune 100 and fortune 500 company to some of the largest and most prestigious law firms in New York City, like Skadden Arps, Simpson Thatcher, Cleary Gottlieb.

So, it was an amazing experience and, the stakes were high, but, the opportunity to earn a ton was high as well. So it was commensurate. 

Anne-Lyse Wealth: I love that. Do you mind sharing what that check looked like? 

Aaron Wilson: Oh, that first commission check? Yes. So the first commission check, it wasn't anything crazy.

It was like 1, 500. Okay, well, 

Anne-Lyse Wealth: it was crazy enough for you to think that, you know, yeah, I really win at this. 

Aaron Wilson: I was a kid. I look forward to I was like, 24. And I got that check. 

Anne-Lyse Wealth: I love the fact that, you took the route that was, Riskier so that you could get more on the back end.

think a lot of times, we tend to want the money right now when, you could have more if you also considered what you could get on the back end. So I love that story. 

Aaron Wilson: lot of people, especially nowadays, we go for instant gratification and sometimes you need to just hold out for that delayed gratification because it could be 10 times sweeter with patients.

Anne-Lyse Wealth: So Aaron, you started in finance, then you transition, to human capital, recruiting. And then a few years later, you co founded Approved Jets, which is private aviation brokerage company. Right.

Aaron Wilson: So it's quite an unusual choice of industry, right? Especially for, two young black men. So how did that come 

about? when we were with a previous company, that was one of the focus areas. it was a brokerage and also a technology company. And, um, we saw opportunity in the market and while the experience was great where we were, we decided, hey, there's a potential for us to spread our wings.

And, do a few things differently where we'd be able to see a greater return and ROI at the end of it all. So we made the move. it was tough. Obviously, the barriers to entry can be quite high when you're entering a very capital intensive industry, especially where there aren't many people who look like you, but we didn't let that stop us.

At the end of the day, we focus primarily on relationships and high frequency transactions so that we could cashflow the business without having an exorbitant of 

Anne-Lyse Wealth: capital. So I read that the two of you actually put your own money. You didn't raise capital to start the company. 

Aaron Wilson: We did not raise capital.

Kelvin and I are the sole owners of Approved Jess. 

Anne-Lyse Wealth: So for Dreamers who are listening, who might be intrigued, right, by the industry, like how much capital does it take to get a company like that started? It sounds, you know, you mentioned capital intensive. It sounds like it is capital intensive, but like ballpark.

Aaron Wilson: All right. So that's a very tricky question. Because we already had previous experience at a different company. we had certain relationships. And once you have that coming in, it's a little bit different because one of the biggest things you have to keep in mind as any owner, operator, CEO, or founder is that customer acquisition costs are going to be probably the most important KPI ever.

And it comes down to a formula. If you have a business that's focused on, I guess the digital sector, you want to think about your ROAS, your return on ad spend. And it comes down to an equation. If I spend this much, my average ROAS will be, let's say, 4x, 5x, etc. So you know, okay, if I put in a thousand bucks, I'm going to make 4, 000, 5, 000 dollars.

But at the end of the day, your customer acquisition costs have to make sense, because if your CAC is way too high, and your profit margins aren't large enough, you're never even going to turn a profit, nor will you even break even. So it's very important to think about your pre existing. You want to do market research, have some kind of business intelligence on what's happening and understand the competitive landscape.

Because if you don't have some kind of value proposition, that's a key differentiating factor between you and your prospective competitors. When you're entering that market, you'll die immediately. Your company won't even stand a chance. We were fortunate to already have relationships with certain vendors.

And relationships with the client base. So we had some kind of footing within the space to start, but if you're starting from scratch and you have no relationships with vendors or clients. That's a very tall order to ask of someone and most of your money is going to go toward customer acquisition costs in order to build the client base.

And also, it's going to go toward costs of building relationships with those vendors, because there's a trust factor that comes into play when you're dealing with transactions that range in size from 20, 000 to 200, 000. 

Anne-Lyse Wealth: So, in terms of customer acquisition costs, what's the average in the industry, 

Aaron Wilson: the average in the industry?

 I'd say customer acquisition costs within private aviation. And again, this is just from my perspective. Absolutely. I can't point to any specific data points, but I'd say that that's going to run you at least 500 bucks. 

Anne-Lyse Wealth: Okay. That's definitely good to know. Minimum. for. Okay. The dreamers that are intrigued by, again, the space, how can they go about learning more about the industry and what it takes to build a successful 

Aaron Wilson: business?

Absolutely. So I'd say the 2 are mutually exclusive. First, you have to learn about the industry. you can look into different professional organizations like MBAA, right? That's the association here in the States, specifically within the realm of business aviation. and then I'd say understanding business.

In itself, that's a separate endeavor, right? at the end of the day, every brokerage is going to operate differently from 1 another. We operate very differently from a lot of our peers in the space. Because we're very heavily on gaining greater market share. 1 of the things that I've been working in the startup space since 2016.

 when myself and a former colleague went out and, started a recruiting firm, And because of that, I had exposure to the startup space and technologies landscape. I was able to understand how these companies grow so quickly. And when you think about some of the juggernauts in the space, you think about Uber.

Or Airbnb, And some other large technology organizations that went on to become unicorns or multi billion dollar operations. 1 of the things that they did is they did not focus on the bottom line. Initially, you can't, you can't, you have to focus on market share, right? But there's a caveat that comes with that.

If you're not focused on the bottom line, how do you grow your revenues? How do you pay your people? So that's why a lot of these companies raise capital for us because we didn't raise. We were focusing primarily on maintaining a lean team. There's always more opportunity to begin influx every once in a while inquiries where people are asking us to join our team.

Hey, I'd love to be a broker. I'd love to learn from you guys. But again, you have to pay these people. So, with that being said. Our focus, just to bring everything full circle, was market share first and foremost. And that's how most startups grow. Focus on the market share, get as many clients as possible.

Once you have the ecosystem in the community and the client base, you can then work on providing additional services that will assist you with gaining a healthier profit margin. But if you start right out the gate charging as much as your competitors who are already receiving complaints, or even more than them, then those high frequency transactions that are cash along your business now turn into low frequency transactions, and there's no way to truly grow.

Furthermore, we made up for our lower profit margins by having no customer acquisition costs. Because the service was exemplary. And the price point was attractive. So, because of that, had the opportunity to spend less on marketing. everything kind of balanced out in the long run. It all depends on how you're looking to grow.

So, again, it's very hard to put a number on what it takes to enter the space. Because that's going to be contingent upon who you are. What relationships you've already built, whether or not you have a budget and you'd like to allocate toward customer acquisition costs and marketing, and also, what your growth strategy is.

We always knew the end goal was going to be technology. So for us, market share had to be important because we knew it's not going to be the instant gratification and instant, you millions and millions of dollars of revenue and profits right away, but it's going to be down the line after you've already proven yourself.

To be competent and, have a certain level of expertise with the private aviation vertical. So tell me 

Anne-Lyse Wealth: more about the technology piece of all of this, 

Aaron Wilson: right? So that's the approved experiences mobile application. So we actually just spun out a sister company by the name of approved experiences where the primary focus will be, operating in other verticals outside of private aviation.

So, all of the private aviation adjacent verticals, like yacht charters. The rentals, things of that nature, simultaneously focusing on technology as well and implementation of that technology in order to streamline the luxury travel booking experience. So, more often than not the individual who wants the jet also wants the wants ground transportation wants the villa.

But, right now. That person might have to go through a cumbersome process and leverage multiple platforms in order to book this entire luxury travel experience. So, by way of our approved experiences, mobile application, we're streamlining that booking experience 1 user friendly mobile application. We're fortunate to be able to build a strong team there. We have a few engineers.

 we also have a advisor there as well, and we have a marketing advisor. the team consists of individuals who are. X, JPMorgan, Goldman Sachs, FPNA professionals, so finance professionals, our lead engineer, generally by the name of Tracy Davis. He started out at those large financial services institutions.

As an FPNA focused individual, then transitioned into analytics. And then transitioned into hardcore coding, so he's a Swiss army knife and the reason why that's so important to us is because a lot of coders, just from my own personal experience, a lot of coders and developers, they're strictly coders or developers.

They don't have a diverse skill set. They don't necessarily understand all the implications that the qualitative UI UX component of technology has the bottom line. Rest. When you're someone who has that FP& A skillset and you code, you're thinking about how UI UX and the customer journey impacts the bottom line.

So it's very, nuanced when it comes to the skillset that your team has, if they're cross functional skills, or if you're someone who's sitting in a silo. 

Anne-Lyse Wealth: So within the first year of launching the business, you guys reached multi million dollars in revenue and you crossed over 10 million, I think, within three years.

Right. Correct. So I understand that you and your partner, you had relationships, but what are some of the things that you did to scale the company so fast? 

Aaron Wilson: Absolutely. So one of the key things that's always going to drive. Growth with any company being top of mind, this was always something that I believed as a sales professional.

I've been in sales for, oh, wow, 10 years now. And, if you're not top of mind, you're dead. I mean, that in the nicest way possible. If you're not. Reaching out to touch base with your prospects, not only the people who pay you, but the people who you want to pay you, if you're not keeping in touch with individuals.

Who are current clients. If you don't have I guess, the time, so to speak, to send a thank you note, send a bottle of champagne every once in a while, send some flowers, send a card, a handwritten card, simple gestures that go a very, very long way because no one else is doing it. Right? one thing about business is you should never take the individuals who write your checks for granted.

Because it could all stop  when people feel as if their business is appreciated. They're naturally just more inclined to want to continue business with you and want to refer other people to you as well. So. Implementing a very regimented follow up approach. Touching base, sitting down in person, going to dinner.

It's 2023 everyone has grown so accustomed to. Connecting and establishing camaraderie in a virtual capacity. But,  um, that's not always going to get the job done. So that was one way that we were able to grow and scale very quickly, remaining top of mind. And if we weren't reaching out to you personally, you were definitely going to see something on Instagram.

We were definitely not going to allow you to not see that we have a presence, send you email asking, how was your trip? What did you enjoy? What could have been better? These are just little things that make a world of difference. 

Anne-Lyse Wealth: So you mentioned that you did not raise capital, right, to start your business and you still are the two only owners of aviation jets.

As a venture capitalist, can you help me understand that decision? 

Aaron Wilson: the reason why that was, I guess a challenge for us and it was also a decision is because as a brokerage, it doesn't make sense to raise capital. When you think about 

Anne-Lyse Wealth: the essence because you had the technology play, right?

So 

Aaron Wilson: correct. And that's, what people want, to get skin in the game and technology, right? Because that's scalable. Brokerage is hard to scale. So, when investors are investing in something 9 times out of 10, they want to invest in something that could be easily liquidated. It's hard to liquidate or have a liquidity event around a brokerage.

Because there are only liquidity events. Well, 3 types of liquidity events. 2 would be a merger initial public offering. We had no plans on, going public and being listed on any kind of exchange. Simultaneously, we hadn't thought about. An exit strategy by way of M and a activity. So, when you think about investors at the end of the day.

being seized. They want to know what the exit strategy is when they put their money in, because that's the only way they get it back. Plus their returns and VCs have LPs to answer to private equity firms, fund to funds, et cetera, angel investors who invested in that GP entity. whenever a company exits, the money goes back to the VCs.

So they get there. Recoupment plus whatever, carried interest, et cetera. And then the LPs, they get their recoupment as well, plus their returns. Private aviation brokerages are very hard to justify for VCs. Now, an angel investor might look at it differently, because it may be more of a strategic investment, because they want some kind of interests within the private aviation space.

Or let's say you're a very wealthy individual, a high net worth individual who owns aircrafts and you're like, Hey, I'd love to monetize these assets. I own five. I think it makes sense for me to invest in a brokerage because it'd be one hand washes another. Every time that plane goes in the air, I'm recouping on my investment, but simultaneously, I still have an equity stake that doesn't change while I'm recouping.

So I'll be making my money back and then at a liquidity event. I'd make that initial money back plus more. So anyone who's an aircraft owner out there, this is the sauce. But I can't give you the gravy.

Anne-Lyse Wealth:  so for the dreamers, we're listening and, they might not be familiar with the lingo when it comes to, the high level investing, venture capitalism and you explain the difference? Just to make sure that everyone is on the same 

Aaron Wilson: page. For sure. For sure. So, when you think about investing, right, there are different types of financial products that financial advisors would bring to the table, right?

They might sell you an annuity, sell you a CD, high interest yielding account or product or tool or financial instrument. Okay. Those are all separate, What we're talking about here is the alternative investment space. Within the alternative investment space, you have these different, sub areas.

You have mutual funds, you have hedge funds, you have private equity, and you have venture capital. Now, what's important is to keep in mind that venture capital is a type of private equity. The key to VC is that it's very risky. Okay, it's very, very risky. it's actually quite difficult to hedge your bet.

The only way that you can hedge your bet in VC for the most part is by de risking your investment as much as possible. Hence the reason why specific KPIs or key performance indicators are so important when VCs are investing in companies. And before VC can actually get the green light to move forward with investing and deploying capital into a company, they have to put together a very in depth and thorough investment memorandum that they have to present to the investment committee at the firm.

Now, this investment memorandum is going to cover different, benchmarks or KPIs or metrics. It'll highlight key things like revenue. It'll highlight key things like The, MRR, which is an acronym for monthly recurring revenue. It'll highlight key things like ARR, which is an acronym for annual recurring revenue, the CAC customer acquisition costs, how much money goes into acquiring a customer and the LTV, the lifetime value of a customer as well.

So with VCs, it's not that easy to get a check when you hear about these stories, about people raising a ton of money. It's either they raised that money because they already had crazy momentum and they already have some really impressive metrics. That went into some sort of an investment memorandum that was presented to an investment committee,  or they were able to secure a lead investor that has so much credibility that any investors who, came along in the round didn't necessarily have to go through a stringent due diligence process because they know it was already de risked and vetted by this credible lead investor who came in.

Right so the VC space is a beast and an animal on its own, but then I don't want to give the wrong impression that everyone has to have these amazing metrics. That's not. So, at some point in time, about 3 years ago or so. If you had a great idea, and you had a solid background. VCs would be willing to invest in you at the precede stage without any metrics.

With no product, no company, not even an LLC formed, just an idea. It's all heavily predicated upon the status of where the private market sector is at the moment, and also the public markets as well, because a lot of individuals who play in the private markets have a lot of their interests in the public markets, and that'll dictate.

how willing they are to allocate capital at a specific point in time. So right now is a very, very tough time to raise capital based on everything that's transpired over the course of the last year. So it seems that it's 

Anne-Lyse Wealth: a little easier to raise capital from an angel investor. 

Aaron Wilson: 1000 percent as long as they're interested in the industry.

Absolutely. 

Anne-Lyse Wealth: So what made you decide to launch a VC firm as opposed to just being an angel investor? 

Aaron Wilson: at the end of the day, it's very tough to just focus on being an angel investor if you don't have millions of dollars. Right. you can't really make as big an impact as you'd like to, but if you start a firm and you go out there and raise a traditional fund, then you could have more of an impact.

 All right, so you've spent a lot of time, whether it's with approved jets, or with your VC firm,  working closely with high net worth individuals. Right. Right. What are some of the things that you learned along the way? 

Wow. there are an array of things that I've learned. I'd say one of the most important things that anyone will learn when you're working with high net worth individuals is that

privacy is very important.  to popular belief, people don't necessarily want all of their business endeavors  out there on the front street. discretion is key and people are trusting you with their futures, their savings. also with opportunities because opportunity costs, right? If someone's going to work with you in this capacity and allocate capital towards something that they believe in, that's taking away from them allocating capital towards something else.

And not taking it for granted as well. it's an ecosystem that exists out there when it comes to people who are in VC space, emerging technology, entrepreneurship, startups, and we have to lean on each other at different points in time. So, I'd say just making sure that you keep that discernment when it comes to how you're operating and understanding and being self aware as a confidant in the space.

Who people are looking to, to be a steward of opportunity. That's something that I definitely learned. 

Anne-Lyse Wealth:  So if you were to look back, is there any decision or any investment that you can pinpoint that has accelerated your path to wealth?

Aaron Wilson: I'd say they've all pretty much played their part. some that were good, some that. Weren't as good some that were amazing, but over time, they didn't prove to be as great as we initially thought, but. All of them played a, role and, and pretty good overall.

Got 

Anne-Lyse Wealth: it. obviously you've been able to scale, your businesses. You've also been able to support businesses and help them scale, right? So can you talk to me about some of the key factors that a small business must, look into, think about when they feel like they're ready to start 

Aaron Wilson: scaling up?

Create a plan. a lot of people just. Start going, I mean, if you don't have any, here goes those phrases again, KPIs. Key performance indicators, metrics. Or any benchmarks, how do you even measure your performance? How do you know how you're doing? Right? You have to have a goal and if you set these goals.

 You're able to pace and you understand hypothetically speaking, if you're saying to yourself. All right. We want to scale up. We have. 100 customers right now. Okay. How do you plan on scaling?  what's the end goal? Oh, okay. We'd like to get to 1000 customers. Okay, great. In what period of time? Okay. Over the course of the next 12 months.

Okay, great. Now,  you looking at this from the perspective of steadily increasing from 100 to 1000? Or do you anticipate there being a surge? And customers within the first few months, because you're going to do some aggressive marketing and then things will start to taper off and plateau. All of these things matter because when you're looking at data and you're looking at insights, it has to tell a story.

So, when I'm looking at some kind of report, and I'm looking at customers, from month 2 to 5  on your road to 1000 customers. I see you go from 100 to 200 to 400 to 800. All right, we need to figure out. How did you do this? There had to have been some kind of marketing push and if there was a marketing push, what were the costs allocated toward that push?

And now that you have 800 and you're, what, just about, I don't know, 80 percent  of the way there towards your 1000 customer goal, have you recouped some of those additional costs that were allocated toward marketing and how has your bottom line been affected? Should we be looking at other vendors because now we've increased the volume so we can get better pricing or preferred pricing or most favored nation somewhere else?

 these are the kinds of things. That you want to think about. So I know 

Anne-Lyse Wealth: earlier you shared some of the metrics that VCs look at when they're evaluating a potential, investment, right? Outside of those metrics, I'm curious to know like what you look at, what makes a promising investment? 

Aaron Wilson: Oh, the founder.

This is where the recruiting skill set comes into play more than ever. And a human capital consulting, you need to evaluate the founder, right? lot of people miss this. Because some people are excellent when it comes to breaking ground,

some people are excellent when comes to getting the foundation in place. But the minute that it comes to scaling, because there are certain things you have to do when you scale, they don't stand a chance. For instance, let's think about corporate America. Let's think about attorneys, let's think about the attorney who's an excellent.

Dealmaker, researcher, and closer, right, who can win any case, however, the minute that they are offered a partner track opportunity, they may be a little nervous and someone might be listening saying, why would anyone be nervous when the goal for any corporate attorney to become a partner and to be partner track?

The reason why is because after you do all the work, And you get to that level, the entire purview of what you're responsible for changes at that point, because partners sell, they're not doing all of that work. They'll do some of it, but they're primarily focusing on building a book of business and expanding that book of business.

So it goes back to, Hey, the founder sometimes is great during the nascent stages, but once you get to a certain point and you get to that threshold. You might need to hire a CEO to take over and that founder may have to take a step back because they're not the right person to scale that company and take it to the next level.

So it's super important. Right to me to vet founders for who they are today. And who I think there'll be in the future to take this company to the next level. 

Anne-Lyse Wealth:  That's great. That's great insight. So you never know, there might be a dreamer here who has a very solid business. They're thinking about, outside investments, right?

 what are some of the skillset that would make them a good founder that you would want to work with 

Aaron Wilson: longterm? Oh, 1000%. So, I mean, the person has to be confident, a lot of them are intangibles that you can't assess. By way of a resume or LinkedIn, or even just on a casual phone call.

I have a friend of mine who, runs a venture studio. And he told me this back in 2016. He said, Aaron, do, you know, 1 of the ways I've met people. So, I asked him, I said, how he said, I asked them to join me for dinner and I find out who is important to them and what kind of relationship they have with that person

and, It makes a lot of sense and a lot of people don't realize, but this happens and a lot of large corporations. I learned over the years, and I was initially introduced to this concept back in 2016, but there are many people who. Actually do this, so don't be fooled when people are asking you to join them for dinner.

Or if they're asking you to join them and bring your significant other. This is an assessment about 75 to 80 percent of the time, if not 90. Thank you. And a lot of people don't realize that, they want to see how you interact with people. I once had a friend tell me they were going to extend an offer to someone.

They invited that person out for drinks and they didn't like the way the person interacted with the, waiter. 

Anne-Lyse Wealth: it's funny, One of my first jobs out of college, I worked for a big four public accounting firm. And part of the process was definitely to go on multiple dinner and things like that in a group setting, like a smaller setting.

And clearly we were getting evaluated. 

1000%. And then also being a big picture thinker. I mean, there are tons of smart people never actually make it to, I guess, the level they'd hope that they would make it to. Because it's not solely about your hard skills and your intellectual abilities.

Aaron Wilson: Right. Soft skills are very, very, very important when it comes to leadership and leadership abilities and being able to keep something together. I know a number of startup founders and startups are, valued at different levels, right? There's some who have startups valued in the tens of millions, some in the hundreds of millions, and they're all very different and some people are more so experts in their niche, whereas others.

Are experts when it comes to leading 9 times out of 10, the person who's the expert when it comes to leading is going to be the 1 who's successful and takes the company to the promised land a successful exit. And returns that capital to investors plus more 

Anne-Lyse Wealth: you've been obviously you've had quite some very interesting projects over the years.

 I know? You mentioned, approved experiences. Is there anything else? Any venture that travel on the horizon? 

Aaron Wilson: any that I have. On the horizon, aside from proved experiences now, this is the primary venture right now. a few interesting, solo endeavors that may come to fruition soon, but, for now that's the primary focus.

Anne-Lyse Wealth: Got it. So, I always end the interview with a round of rapid fire questions. In five words or less, describe your wealth life. 

Aaron Wilson: being able to give back.

Anne-Lyse Wealth: What's the best book you've read, recently? The tipping point. And I saw you have book that looks very intriguing behind you. What's the book? 

Aaron Wilson: Oh, it's a book that I released back in, 2020 giving founders tools that they need to create a business plan so they can raise funding for their startups.

Anne-Lyse Wealth: What is it called? 

How to get 

Aaron Wilson: funding for your startup. Okay. Got it. 

Anne-Lyse Wealth: Awesome. What's one part of your daily routine you can't live without? I work out every day. What's your favorite financial tool or app?

Aaron Wilson: Interestingly enough, I don't use one. 

Anne-Lyse Wealth: I'm old school. I write everything down in my little notebook.

 What do you want your legacy 

Aaron Wilson: to be?

Bridging socioeconomic resource gaps. 

Anne-Lyse Wealth: If you had to pick one thing that has improved your wealth, over the years? What would it be? 

Aaron Wilson: One thing that's improved my wealth? Yes. 

Anne-Lyse Wealth: And wealth is, whatever wealth is to you. It's not necessarily 

Aaron Wilson: just monetary.

Maintaining relationships. And treating people well. 

Anne-Lyse Wealth: Aaron, thank you so much for, being on the podcast today, sharing your journey and insight. it's been a pleasure, really. Please tell the dreamers where they can find you. 

Aaron Wilson: You can find me on Instagram, Aaron Wilson, V. C. V. C. as in vegetable carrot.

That's Aaron Wilson. V. C. A. R. O. W. I. L. S. O. N. V. C. that's also the Twitter handle as well. Well, my bad. X. I don't want Elon to come after me. And, on LinkedIn as well. Aaron Wilson. All right, well thank you Aaron. Thank you. Appreciate you having me Annise,

that was 

Anne-Lyse Wealth: Aaron Wilson. I hope that you enjoyed all of the valuable advice and tips that Aaron shared with us today. And if you did, please don't forget to hit subscribe and, follow the show and also stay tuned for this episode that I think you're gonna like even more. All right, 

I'll see you soon. Bye.