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Brand finance, capital, and growth.
Ben Tregoe on brand finance: capital strategy, inventory, margins, cash flow, and building consumer brands that generate cash.
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19 posts on Exits
July 6, 2026 · Exits, Strategy
An Opinionated Guide to Preparing for an Exit
This guide is a result of my experiences in selling my own companies as well as leading the Corp Dev function in the sale of company where I was not a founder. I have been an Interim CFO and...
May 1, 2026 · Data, Margins
Latest Elephant Herd Index
Latest Elephant Herd Index
November 6, 2025 · Margins, Capital Efficiency
Golden Zone? Death Zone? Your zone determines your future
I can tell you what your future will look like by knowing which zone you are in.
October 27, 2025 · Margins, Capital Efficiency
AI’s impact on brand finance
How will AI impact brand finance?
May 29, 2025 · Strategy, Operations
Product Focus Works
Rhode’s growth is phenomenal. From zero to $210 million in net sales in 3 years is a stunning success. And a billion dollar exit is a fantastic finish.
April 11, 2025 · Capital Efficiency, Margins
Spin Your Capital Cycles Faster
Imagine two companies with the exact same Income Statement.
January 24, 2025 · Strategy, Exits
FCF > Exit
Episode 92 of The Operators is jam-packed with great insights and commentary. My top takeaways:
May 9, 2024 · Strategy, Operations
Goals define strategy define outcome
What is the purpose of the company? What is the goal?
May 6, 2024 · Capital Efficiency, Margins
Capital, Cash and Growth. Tuning the Machine.
How well do I use my capital to generate sales?
April 30, 2024 · Equity, Exits
Buy Meta ads or the stock?
Of all the money ‘invested’ in Meta ads by DTC brands, would they have been better off just buying Meta stock?
April 25, 2024 · Equity, Exits
The folly of multi-brand fashion online?
“Selling fashion online from a multi-brand platform is a bad business, as the disastrous experience of Farfetch demonstrates,” Bernstein Analyst Luca Solca (LinkedIn, @LucaSolca)
March 13, 2024 · Exits, Equity
Are you building a brand or an ad arb business?
Are you building a brand or an ad arbitrage business?
February 27, 2024 · Margins, Capital Efficiency
3 lessons for brand leaders: ELF
e.l.f. has returned an incredible 651% in the past 2 years with its share price rising from $27 to $200.
February 8, 2024 · Data, Margins
The Unhappy 13: Lessons from poor performance
These are the 13 companies in the Elephant Herd Index that had both (a) negative 12 month returns and (b) 3 month returns below the S&P 500 which makes for unhappy investors.
February 7, 2024 · Equity, Margins
The Elite 5 and Return on Capital
5 ecommerce and retail brands have more than doubled the S&P 500 return over the past 12 months.
February 2, 2024 · Exits
Quick Guide: Groundwork for Exits
There’s an adage that great companies are bought not sold. Is this true?
February 1, 2024 · Exits
For Founders Feeling Below Average
This post is for the founders who want to exit in the next three years but suspect they will get below average multiples.
January 30, 2024 · Fundraising, Equity
Multiples!
This morning I caught up with an investment banker focused exclusively on emerging consumer brands. You would be familiar with the logos on their page.
January 4, 2024 · Margins, Capital Efficiency
The Payoff Playbook
Will this be worth it?
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