Seth Yakatan

Raising & Selling 📈 $1B+ Raised 💰 22 Companies Sold 🤝

Are you struggling to communicate your vision to the capital gatekeepers?

Are you exploring selling your business but don’t know anything about:
✘ Due diligence
✘ Term sheets
✘ Earnouts

Friend, you're lucky you found me...

I'm Seth Yakatan.

I have 30-odd years experience as a corporate finance professional.

My specialties are:
💰 Raising money
🤝 Selling companies

And I’m f**king good at it.

I’ve raised over $1B and sold 22 businesses.

My career has mostly been supporting small-cap and major corporations seeking capital to grow, or
to find strategic acquirers.

Most of these companies are in: 
— biotech
— cannabis
— pharmaceuticals
— DTC consumer goods

I’ve been on boards, taken companies public, gone up against multinational corporations, raised from VC and PE funds.

All of it. 
Many times over.
Whatever your problem is, I’ve seen it before.

But let me level with you:

What I REALLY love is helping people to get to the finish line.

Talking to entrepreneurs excites me.

But in my experience, entrepreneurs are mostly s**t at raising capital and selling companies.

** They just don’t understand investors **

And that’s where I come in.

Together, we workshop: 
✔ Your pitch
✔ Your deck
✔ Your strategy 

And help you raise the capital to GROW and SELL your business.

If you need this help—and almost every business does—send me a DM.

Like, now.

Don't lose another potential investor or acquirer with the wrong pitch.

Seth ✌️

Co-Founder

Merchant Bank / Advisory / Family Office

Hate the three largest MSOs?? Well hate all you want, look at the numbers…

You’ll see that THEY ALL DELIVERED on Q4 2025 results.

Say what you want…the numbers DON’T LIE.


>> What Happened?

Trulieve delivers industry-leading adj. EBITDA margin of 35.8%. 
(Oh they also have $255.5M in cash!)

Green Thumb Industries (GTI) grows revenue and adj. EBITDA by 5% and 19%, respectively. 
(While reversing the gross margin slide and delivering GM of 52.7%.) 

Curaleaf grew revenue by 4.0% while beating adj. EBITDA estimates.
(All while lapping the FIELD with 65% y/o/y growth in Europe.)


>> Why Is It Important?

Kim has a war chest and is poised to dominate TX and PA.

Ben has cash, stock, and has grown margin DESPITE compression.

Boris is the world’s largest cannabis operator by market cap. PERIOD.


>> What Am I Watching?

Boris has made a jump into EU for growth, do Kim and Ben follow suit?

If 280e goes away, do Truelive and GTI see a big bump in price?

Which one of these three raises THE MOST equity the day after S3?


You know I have been critical of all three of these companies and CEOs.

Time for me to give a tip of the cap to all three for DELIVERING on RESULTS, period.

Say whatever you want about these MSOs…

The NUMBERS DON’T LIE.

Where will you find me this year ???

At an IgniteIt Cannabis thats where...


Taking some time to thank the whole squad there...
Elliot Lane
Patrick Lane
Jason Raznick

Appreciate ALL YOU DO...
CHI-TOWN IS COMING !!!!!

What is it that you "do" for work ???

Honestly I am not 100% sure what "I Do"

I am 
a therapist
a garbage man
a facilitator
But most of all

a truth teller...

Thanks to Rachel Wright, CPA, MST and VERDANT Strategies

Want a relationship ?

Start with a bank, I did...

Shout out to the whole team First Citizens Bank
And My ACE Diana A.

Need a place because you been thrown out of every other bank ?
Call her or DM me...

Thanks to the crew at Sweed for the video...

U.S. cannabis sales fell 3.1% in Jan. 2026 vs. Dec. 2025…

This was across 15 tracked markets.

The data shows us that demand didn’t collapse….

But momentum has softened.


>> What’s Happening?

January sales dropped 3.1% sequentially across 15 U.S. markets.

Yes, down from December, but UP 4.6% year-over-year.

So demand didn’t fall off a cliff.

Declines hit western markets and 8 Eastern markets

What we are seeing is a redistribution.


>> Why Is This Important?

This is what market maturity can look like.

We are now playing with price compression + market saturation.

Cannabis might be behaving like a real consumer category.

Real consumer categories don’t grow in straight lines.

Ask Alcohol…


>> What Am I Watching?

Does this make already scarce capital become even more scarce?

Solvency wins in markets like this, watch the balance sheet…

This is where M&A waves begin (and have begun): in slowdowns.


January 2026 was not a bad month.

January 2026 was a signal, if you are able to read it.

The industry is shifting from land grab…to capital discipline.

And historically?

That’s when consolidation begins.

Watch the balance sheets — not the headlines.

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So you thought the labor unions were going to sit still? Well, the TEAMSTERS started being the TEAMSTERS.

Cresco Labs is going to template how unions are going to begin shaping the future of the sector.


>> What’s Happening?

Workers at a Cresco Labs’ store in have gone on strike!

The decided to unanimously walking out over wages, hours, and long-term stability.

And the employees ARE REPRESENTED by…..Teamsters Local 429.

Shocked? I’m not…


>> Why Is This Important?

Make no mistake, unions are still powerful.

Teamster-affiliated pension capital exceeds $100B.

1.3 million members…nah…1 in 10 workers is a Teamster.

Teamsters touch almost 20% of ALL CPG goods in the USA.


>> What Am I Watching?

The Brotherhood has be quietly showing up in the industry for 3+ years. Does this signal great action by the Union?

They have the power to make changes, force policy and provide capital. Does this put the National in a mood to make a move?

Teamsters move America. Will they organize in a way that shapes the future trajectory of the industry?


When organized labor starts demanding “middle-class careers” inside cannabis, we know we’re no longer in a “startup ecosystem.”

You are in an “industry.”

Make no mistake the Brotherhood has the power and $$$ to shape things.

Now we have to wait and see what they will do next.

The Booze guys keep telling me:

“Everything is OK” but…

THE DATA tells a completely different story.

What I’m reading is:

GEN Z ain’t DRINKING.


>> What’s Happening?

In 2025, Gen Z accounted for only 4 % of alcohol sales.

You read that right. FOUR PERCENT!

21% of the country only purchased 4% of the alcohol.

And they’re THE FUTURE.

This is WAYYYY smaller than any marketers and policymakers assumed.


>> Why Does This Matter?

Well…EVERY industry is betting on Gen Z driving massive consumption.

And that might be true for a lot of products, but absolutely not for alcohol.

So the question then becomes, if Gen Z ain’t showing up for alcohol, then WHERE ARE THEY?


>> What Am I Watching?

What is the actual spend by this demographic across alcohol AND c@nnabis?

What is driving the buying behavior of this group??

IS there a cross-category substitution occurring???


If Big Booze is telling me everything’s ok but the segment they NEED to drive growth is a ghost…

What does that mean for alcohol?

And what does it mean for the future of consumption in the US??

The times are a changin’!

Want the key to success ???

BE PROFITABLE (yes, it's that simple !)

Very few business that are PROFITABLE actually fail...

Crazy, I know...but I am Crazy...

Appreciate Rachel Wright, CPA, MST + The VERDANT Strategies crew

When in doubt about THC bevs, just copy whatever alcohol does…

Makes sense, right?

That’s what Missouri is doing…


>> What’s Happening?

Missouri lawmakers are evaluating new rules around hemp bevs.

Basically, treat it just like alcohol: 21+ age floor, excise taxes, structured compliance, and formal retail controls on where and how and when they can be sold.

Interesting…


>> Why Is This Important?

The free-for-all is over, McConnell saw to that.

Now regulators are making sure this is not a GREY AREA in their own state.

Public policy and public safety means real rules.

AND states are moving AHEAD of FEDERAL CLARITY…

Interesting indeed…


>> What Am I Watching?

Does the alcohol-style model becomes a template?

Potency, labeling, age restrictions, retail placement, and taxation?

IF federal shifts which products actually survive in this space?


This is early how “cannabis beverages” get folded into mainstream categories.

Novelty products, that’s one outcome.

Alcoholic beverages, that’s a market shift YOU need to watch…

Germany’s medical market is quickly GROWING UP!

Dont tell Kaiser Wilhelm.

For me, this is one of the most exciting markets globally. I’ll explain why.


>> What’s happening?

Germany is turbo-charging its domestic medical cannabis cultivation.

This is REAL production capacity coming online, inside Germany.

RESULT: fewer imports, fewer bottlenecks, cheaper AND more reliable supply.


>> Why Does This Matter?

Germany is no longer an “emerging cannabis market”.

Europe’s biggest nation is now building serious infrastructure.

That’s how markets become durable.

More importantly, that is when capital gets comfortable.


>> What Am I Watching?

When does domestic cultivation finally stabilize price and availability?

Which operators can ACTUALLY GROW? (’cause folks that AIN’T EASY…)

How quick does the MSO/LP story line move from “EU optionality” to “Germany”.


Germany is the biggest and most important medical cannabis market in Europe.

In fact, it’s the most important anywhere outside of North America.

And EVERYONE is watching it…

So…the AG of Ohio just sued 9 MSOs…

What??

Yep…9 MSOs.


>> What’s Happening?

The AG of Ohio just filed an anti-trust lawsuit against 9 MSOs for being a cartel.

Suit alleges they moved to (i) reduce product choice, (ii) exclude local operators
& (iii) keep prices artificially high.

Wait isn’t this the MSO 101 playbook? Or am I missing something?


>> Why Is This Important?

This moves to the core of operating cannabis retail.

Reciprocal supply agreements
Shared information
Shelf-space quotas

The suit says: “An industry-wide scheme designed to push small Ohio businesses out of the market.”

Wow…thats not good PERIOD.


>> What Am I Watching?

Not really sure how this plays out but it sure does not “feel” good…

Does M&A move from efficiency to exclusion? (Also not good)

Does this start to show up in EVERY state??


If this gets steam it could be a game changer.

Adjusting my models and grabbing popcorn.

So did you REALLY think the ban was about hemp??

No no no.

It was about ALCOHOL.

And now the numbers are in:


>> Whats Happening?

Alcohol is done watching hemp from the sidelines.

In Q4 2025 a bunch of companies files highlight lobbying disclosures tied to intoxicating hemp:

Moët Hennessy
Bacardi
Diageo
Brown-Forman
The HEINEKEN Company
Sazerac Company

Hmm….read the tea leaves and follow the money.


>> Why Does This Matter?

Lobbying is balance-sheet-based muscle memory for alcohol.

They have been doing it since 1950 and they are GOOD at it.

Make no mistake, the alcohol industry is acknowledging something BIG:

THAT intoxicating hemp is already part of the adult-use landscape.


>> What I Am I Watching?

Which alcohol players move from lobbying to minority investments?

Or does alcohol flex harder to push hemp off the shelves?

Can cannabis incumbents realize they were out gunned (and outspent)?


Not sure how this plays out but I am going to crack 10mg bev and grab the popcorn!

undefined undefined

Moët Hennessy

Bacardi

Diageo

Brown-Forman

The HEINEKEN Company

Sazerac Company

Little more love from the MJ BIZ scene...
Shout for Rectitude Partners LLC
and my man Nicholas Bowers

thanks to the squad at 

Fat Nugs Magazine
Puff Creative

for a great night....4 Grams...COMING!!!!!

Rectitude Partners LLC

Rectitude Partners - Global Cannabis Packaging & Vape Tech Experts

Fat Nugs Magazine

Puff Creative

Is this the FIRST MAJOR ON PREMISE shot fired for THC beverages??

WELCOME to the 2026 Stadium EXPERIENCE!

THC Drinks are coming soon to an ARENA NEAR YOU!


>> What’s Happening?

Chicago’s United Center just announced its serving hemp-derived THC drinks.

Concerts/Sporting events/Big shared moments.

In case you didn’t know, that’s alcohol’s home turf….

THC is showing up more and more, without asking ANYONE for permission.


>> Why Is This Important?

Booze vs. THC is not the point.

The point is THC is now competing for share of occasions.

Normalization comes from repetition in trusted environments.


>> What Am I Watching?

The first league, venue group, or national operator that treats THC beverages in the same way ?

Who puts up the first THC Beverage advert in a stadium? (Remember USC/ Cookies?)

What major sports/food/airport group jump in next ?


5 beers or 5 2MG THC Beverages??

Same night, VERY different morning

Hang 10 and hit the dispo??

Adult use cannabis may be coming to the Aloha State…


>> What’s Happening?

Hawaii lawmakers filed legislation that would put rec cannabis to voters in November 2026.

If passed by a two-thirds vote in both chambers, Hawaii voters would be asked whether to amend the state constitution to legalize adult-use cannabis.


>> Why Does This Matter?

Ballot initiatives are cool but they are NOT a guarantee.

This was not brought forth by the electorate but by elected officials…

Not sure this get traction or mahalo…


>> What Am I Watching?

Do MSOs even bother modeling Hawaii as a near-term market?

Is capital ready to fund something in one of the worlds largest tourist economies?

Do voters notice they’re being asked to decide a policy?


Feel like another version of Pele’s curse.

Cannabis style…I will just grab a shaved ice.

Guess who’s messin’ with Texas?? Cann, that’s who.

Cann is fixin’ to dominate the Lone Star State.

Here’s what’s going down:


>> What’s Happening?

Cann secured Texas distribution with Spec’s.

Spec’s, for those that don’t know, is THE LARGEST beverage retailer in Texas.

Full SKU set in one of the biggest alc retail channels in the USA.


>> Why Is This Important?

This is not a test, a dispensary, one franchisee gone rogue, or a limited run.

THC drinks are moving via mainstream beverage infrastructure.

Spec’s has 200+ doors statewide.

Say what you want, I AM seeing a distribution shift...


>> What Am I Watching?

What other brands can howdy on down to distribution?

What other retailers jump on board now that we have Target, Circle K and Spec’s?

Is there movement on the regulatory side in Texas? (Remember a few months ago they tried to BAN HEMP??)


Want to make sure we give a big congrats to the Cann Team!

Jake B. and Nick Fasano 👏 👏

Feels like Danny Stepper and the LA Libations team left their fingerprints all over here, cause this ain’t my first rodeo…

Want to LEARN MORE? Get your spurs to The Beverage Forum April 2026.

Cann

Changing the way people socialize!

Deep understanding of all things cannabis. From brand development, company structure, state expansion and financial complexities. I help organizations grow from the Black to the white

CEO & Co-Founder at L.A. Libations & Globestepper Productions

LA Libations

The Beverage Forum

When you fail 3 times, why not try for a 4th??

That’s what PA is doing right now as the state makes its FOURTH attempt at a move to Adult Use.

Sure, why not??


>> What’s Happening?

My guy Shapiro gave his fourth budget address.

Increasing overall spending by 6% without broad-based tax hikes.

Oh and he put adult-use BACK on the table…AGAIN.


>> Why Does This Matter?

PA is surrounded by NJ/NY/MD/OH, all of which are pumping REC.

The budget conversation shows how much $ PA is leaving on the table staying medical.

How ELSE can you spend more and NOT tax the general public?


>> What Am I Watching?

This is now #4. Can it REALLY HAPPEN this time?

What will be the policy tradeoffs if this happens? Who loses?

Is THIS a state surrounded by AU finally admitting leakage is a tax policy?


Adult-use didn’t magically reappear…

It reappeared because PA needs the $$$.

Politics and budgets are not based on morality…

Bet your butt they are based on COLD HARD CASH.

And AU seems like a magical cash machine.

Has someone actually cracked the code to S3?

Well, maybe…

Kazmira Pharmacy just announced the first licensed 503A compounding pharmacy in the U.S. dedicated to prescription-only, THC-free CBD.


>> What’s happening?

I’m no lawyer but under the current S3 regs this could be a category.

Take CBD off the wellness aisle and into clinical practice.

Legal, all 50-states with reimbursement?

Hmmmm…


>> Why Does This Matter?

Well, if they crack the distribution matrix problem this could be a thing.

Both anticipating tighter CBD/THC rules and making compliant medicine ahead of the compliance wave.

Seems like a product doctors can prescribe without standing in a dispensary…


>> What Am I Watching?

Do physicians now have a reason to get involved?

Do payers/HSA/FSA systems begin to reimburse and treat this like specialty pharma?

Do others adopt this model?


I know that cannabinoids BEHAVE like medicine…

But once payors get ready for this category to stop being treated like lifestyle products.

Think your business is HARD?

Try this:

1. Every state (and city) has a different set of rules

2. The Government taxes you at an exorbitant rate 

3.  Capital flow is weighted to larger and later-stage operators

4. There is very little capital to begin with...

Now tell me you product is not Federally legal...WELCOME TO C@NNABIS!!!!

Appreciate the love from Alex D. and the squad from The High Index for the spot!

CEO @ The High Index | Connecting people, data, and opportunity

The High Index

Everything's BIGGER in TEXAS? Well, Texas Original just bet the ranch.


>> What's Happening?

Texas Original just opened the largest medical cannabis facility in Texas.

They’re expanding cultivation and processing capacity to meet rising patient demand.

No change in law…no ballot initiative.

Just cash, concrete, steel, and CONFIDENCE.


>> Why Does This Matter?

Well son, you don't go build the largest facility inside one of the most restrictive medical programs in the country…

THIS is what early movers look like in medical states.

And might signal that regulators are comfortable enough to let serious operators scale.


>> What Am I Watching?

Does demand absorb this build?

Does the program allow for success?

Who’s the next operator is to break ground?


Texas ain't first.

It won't be loud.

But when it moves, it will move at TEXAS SCALE.


Cowboy UP y'all.

Mark MacLeod

I help startup CEOs go from $5M in revenue to a massive exit

Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. 

I was a General Partner in Real Ventures, one of Canada's largest and most active seed stage funds. My investments there include the fund's largest cash on cash and highest IRR returns to date. 

Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.

The thing I loved most about these roles was the one on one coaching and advisory conversations I had with CEOs. 

Since 2020 I have been coaching, investing in and advising CEOs + helping them execute game-changing deals.

I am a semi-active angel investor with a portfolio of 22 investments, 2 highly positive exits and counting.

In my spare time, I am a passionate CrossFit athlete and electronic music producer/ DJ. I also run Deep Down Music, a record label.

Founder

I coach, advise and invest in the CEOs of high growth technology companies & help them execute game-changing deals.

The best CEOs I've worked with all have one thing in common: They're blunt.

Not rude. Not cruel. Not careless with their words.

Blunt.

They say what needs to be said in the room where it needs to be said.

They don't soften feedback until it loses its meaning.

They don't wait three months to have the conversation everyone knows is overdue.

They don't hide behind politeness when clarity is what the team actually needs.

Most founders confuse being nice with being kind.

Nice avoids the truth to protect feelings.

Kind delivers the truth because the stakes are too high not to.

Your team doesn't need you to be comfortable.

They need you to be clear.

Bluntness with respect is one of the highest-leverage leadership skills you can develop.

Subscribe to my newsletter and get a 22 page presentation on the secrets of Limitless CEOs https://lnkd.in/gWqQBd-n

Helping ambitious CEOs & founders scale world-changing companies without sacrificing their health, happiness, purpose, or humanity

I don't think I will ever fully retire.

Retirement is a concept built for a world that no longer exists.

It assumed you'd grind for 40 years, then stop.

Trade your health for money, then try to buy it back.

But what if you could work forever?

Not because you have to. Because you want to.

Because building still lights you up at 60, 70, 80.

That changes the entire equation.

You can't run this game like a sprint.

The founders who burned out at 45 didn't fail because they lacked talent. They failed because they built a pace they couldn't sustain.

We're going to live longer than any generation before us. The question isn't when you stop.

It's how you build a life and a body and a mind that lets you keep going as long as you choose.

That means sleep isn't optional. Recovery isn't weakness. Energy isn't something you sacrifice for the next milestone.

It's the asset that makes every future milestone possible.

Retirement is what happens when you run out of energy.

Sustainability is what happens when you never do.

Subscribe to my newsletter and get a 22 page presentation on the secrets of Limitless CEOs https://lnkd.in/gWqQBd-n

I am leaning into my weirdness, and it feels good.

I have never been a stereotypical CPA. When I was in undergrad, I designed my life around raves. Classes were Tuesday - Thursday. This enabled me to go dancing all night Saturday and recover. 

While I love to serve, I hate having a boss. So, while my peers went the “Big 4” route, I joined a small firm serving founders. I have only ever been or worked with founders. 

I have always leaned into what I love. I love to write. When I look back, all of my most important relationships came from my writing. Tobi from Shopify. Mike from FreshBooks. The guys starting Real Ventures. All came in part because they read my thoughts.

Then there’s yoga. Starting casually in my late 20s, yoga has evolved to become the foundation of my life.

The stretches offered in most North American yoga studios are a tiny fraction of what yoga is. In fact, the word “asana” (that’s what these postures are called) is barely mentioned in the Yoga Sutras.

Yoga is a complete system for living your life. My goal is to live every minute in accordance with yogic practices and values.

I discovered kundalini yoga in 2012. I got serious about it in 2019. And I teach it now.

Kundalini focuses on building and directing energy. We all have dormant energy at the base of our spine. Through these practices (called “kriyas”), we activate and direct that energy. 

Studies have shown that this practice turns on dormant parts of your brain. It unlocks our potential.

All of this mix of yoga, breathwork, meditation, and human optimization has co-mingled with my startup experience to create Limitless. 

My mission is simple: to redefine how founders build companies by putting their energy, health, and inner alignment first. So they can scale without limits and lead from a higher state.

Change your life so you can change the world!

Hard to think of something more motivating to work on!

Subscribe to my newsletter and get a 22 page presentation on the secrets of Limitless CEOs https://lnkd.in/gWqQBd-n

Certified Personal & Business Performance Coach

Chartered Professional Accountant (CPA)

An exclusive community of VC and PE-backed CEOs who want
to scale themselves and their companies without limits.

Limitless is an exclusive community of VC and PE-backed CEOs who want
to scale themselves and their companies without limits.

I coach startup CEOs to grow themselves and their business all the way to a massive exit

SurePath Capital Partners is the premier strategic financial advisor to the global SMB Software market. With offices in Toronto and San Francisco, we aim to be the #1 advisor in this space globally and the one call CEOs and board make when they need to make a deal happen.

I led finance and corporate development at FreshBooks - the #1 cloud accounting specialist for small business owners. Since 2004, over 5 million people have used FreshBooks to track time, organize expenses and invoice clients online and in the cloud.

Accomplishments:
- Closed $30M institutional funding round + other unpublished transactions
- Led the process to find a partner to backstop a new product line
- Sourced and closed other key revenue-generating partnerships

CFO + Chief Corporate Development Officer

Venture Partner

Parter at Real Ventures where I focus on SaaS, freemium, e-commerce and digital media seed investments

Director, Fabric Technologies
Director, Context.io (sold to Return Path)
Director, Frank and Oak
Observer, Rewardli Inc.
Investor, Thinknear.com (sold to Telenav)
Investor, Localmind.com (sold to Airbnb)
Investor, Massive Damage Inc.
Director, Sweet IQ (sold to Reachlocal)
Observer, Unbounce.com
Investor, Engagio (sold to Influitive)
Investor, Origin.al Internet Company General Partner

General Partner

CFO for Tungle - a great solution for meeting coordination.

Raised a $5M "A" round. Served as CFO through the successful sale of the company to RIM.

Interim CFO, Shopify
Advisor, Well.ca
Advisor, Cakemail 
Advisor, Dok Dok Inc 
Advisor, Raymark
Advisor, Sitezoogle 
Interim CFO, Status.net Inc.

Advisor & CFO

Led finance, operations, legal, HR, strategic planning functions for this mobile communications startup. Raised an $10M B round led by Flybridge. Raised an additional $1M in China. Made major improvements to execution, ops, key metrics, etc.

Led finance, operations, customer support, IT and manufacturing for this venture-backed networked storage vendor. Negotiated the sale of Terrascale to Rackable Systems (NASDAQ: RACK) in a deal returning 10x on invested capital.

VP, Finance

Prepared this 15 person IP networking startup for commercialization & ‘B’ round funding. Responsibilities included financing, all back office operations, investor + board relations and negotiation of all  agreements. Towards the end of my term, I was given increasing responsibility for OEM sales and strategic relationships.

Strategic consulting assignments: 
•	Advised on the sale of two software companies and the purchase of an education services company
•	Led the successful restructuring of an insolvent retailer. The company is now thriving and expanding
•	Enabled the restructuring & strategic refocus of a new media company that resulted in a 3x growth in revenues and 5x growth in profit & cash flow

President

Was responsible for Finance, Alliances and Corporate Development functions. Raised $19M in equity over 2 rounds + oversaw growth to over 100 people. Established many key partner relationships

Director, Finance + Corporate Development

Helping VC-backed CEOs scale themselves and their companies without limits. 
| Host of The Startup CEO Show podcast

Marie Chevrier Schwartz spent 10 years building Sampler. Raised venture capital. Grew it to real scale. Then the business went bankrupt.

Most founders go dark when that happens. Marie did the opposite. She went on social media and told everyone.

The thing she said that stuck with me most: The day she accepted it was over, she felt relief. Not defeat. Relief.

Because she finally separated who she was from what she built.

That's the hardest thing in entrepreneurship. Not the fundraising. Not the product. Not the market timing.

It's realizing you are not your company.

Marie was late in her pregnancy when she learned the business wouldn't survive. She had a newborn when it officially ended. And instead of shutting down, she used that moment to rebuild her identity entirely.

She's went on to runTechTO, Canada's largest tech community, serving 60,000 founders. Different chapter. Same energy. More clarity.

If you missed the podcast, the full conversation is on my blog → link in the comments.

Most founder interviews are about fundraising, growth hacks, and exits.
This one was different.

I sat down with Tonya Papanikolov, founder of Rainbo, one of the leading functional mushroom brands. She's a holistic nutritionist, a Kundalini yoga teacher, and someone who built her company from a meditation download, not a pitch deck.

What struck me most was how she thinks about success.

Not revenue targets. Not market share.
Alignment. 

Is what she's building aligned with her deeper purpose? And when the answer is yes, everything else follows.

She also said something that stopped me: when she feels the urge to escape and retreat from the work, that's usually a sign she's avoiding the next level of growth, not that she needs rest.

That's a distinction most founders never make.

We talked about building a CPG brand from scratch, getting into Whole Foods, running a company with her husband, and why her morning practice is the most important thing she does for the business.

If you missed the podcast, the full conversation is on my blog

Botkeeper raised $90M+ and just shut down after 11 years. It's a cautionary tale we all can learn from.

Raising capital is not a sign of success. It just means someone gave you a shot.

We celebrate fundraising like it's the finish line. It's not. It's the starting gun.

And sometimes it's the thing that kills you.

More capital means more pressure, higher burn, bigger expectations, and less room to figure things out.

Botkeeper never nailed product-market fit with accountants. But they kept raising anyway. I don't blame them. But this happens a lot with VCs overfunding.

$90M later, the outcome was the same as if they'd run out of money at $5M.
Except that more people got hurt.

The founders I work with who build lasting companies treat capital as fuel for what's already working. Not a substitute for what isn't working.

The true test of your values isn't when you fire a low performer.
Everyone can do that.

It's when you exit a high performer who violates them.

The person who is hitting their numbers. The one the board loves. The one your team depends on.

But they're toxic. They undermine trust. They treat people like collateral damage.

And you know it.

Most CEOs tolerate it because the results are too good to lose.

That's not pragmatism. That's a signal to your entire company that values are negotiable when the numbers are right.

The moment you exit that person, two things happen.

First, it hurts. Revenue might dip. There's a gap.

Second, your culture becomes real. Every person on your team now knows the values aren't a poster on the wall. They're the operating system.

And that's worth more than any one performer.

Harry Stebbings says fundraising has changed.

According to Harry, SaaS founders growing 2-3x have two choices:

Use AI to accelerate to 8-10x growth. Or cut burn and never raise again.

The reality is more nuanced.

The real question isn't "which path." It's "how do I build OPTIONALITY so I can choose either, on my terms?"

Optionality has never been more important than it is now.

Optionality means:

✅ Your can get to cashflow break-even in runway if you are not there already.

✅ Your growth rate & unit economics let you raise if and when you want to.

✅You are known to your most natural buyers and can enter into a warm, qualified exit process at any time.

And a personal consideration here: 

✅ As founder, your energy and clarity let you make that strategic call from strength, not panic.

The founders who win in this market aren't picking door 1 or door 2.

They're building a company, and a version of themselves, that can walk through whichever door makes sense, whenever it makes sense.

That's not simple. But it's the real game.

Founder @ 20VC

The biggest risk of AI isn't losing your job. It's never being able to stop working.

The people burning out fastest right now aren't the ones resisting AI.
They're the ones who embrace it most.

A new Harvard Business Review study followed a tech company for eight months and found that when people genuinely adopted AI, they didn't work less. They just did more. 

To-do lists expanded to fill every hour that AI freed up, then kept going. 

Work bled into lunches and late evenings. Not because anyone was pressured. Because the tools made it more doable.

This is the trap nobody's talking about.

AI doesn't create boundaries. It removes them.

And without boundaries, more capacity just becomes more work.

This is why health, energy, and inner clarity aren't nice-to-haves in the AI era.
They're survival tools.

The founders who thrive through this won't be the ones who squeezed the most out of every AI tool.

They'll be the ones who knew when to stop. Who protected their sleep. Who built recovery into their operating system. Who had the self-awareness to say 
"I can do more," and the discipline to say "but I won't."

Being able to call it a day and feel good about what you accomplished will become a superpower (it always was..).

AI is the most powerful accelerant founders have ever had.

Without boundaries, it accelerates burnout just as fast as growth.

Your job as CEO isn't to do more. It's to remove friction.

Friction is everywhere. It's the slow approval process. The unclear ownership. The meeting that should be an email. The hire you haven't made. The conversation you've been avoiding.

It's not one big thing. It's a hundred small things quietly dragging your company down.

Most founders tolerate them. They work around them. They get used to the drag.

Limitless CEOs have a different habit.

They remove one piece of friction every single day.

It sounds small. But compounded over a quarter, that's 90 obstacles gone.
Over a year, you've fundamentally changed how your company operates.

Not through a big reorg. Not through a new strategy deck.

Through the daily discipline of making things a little easier for your team to win.

That's the real job.

Find and remove one piece of friction every day.

AI made you faster. It didn't make you better at stopping.

Every CEO I speak with has the same problem right now: the tools keep getting better, but the days keep getting fuller.

So I teach them a simple boundary protocol: Block one hour a day that is completely analog.

No screens. No Slack. No AI. No input at all.

Walk. Breathe. Sit. Think. Or do nothing.

This isn't a wellness hack. It's an operating decision.

Because the quality of your leadership is determined in the space between inputs. Not during them.

The founders who protect that space make sharper calls, see further ahead, and last longer than the ones running at full capacity every waking hour.

Your brain needs time offline to process what it's taken in. Without that, you're not thinking. You're just reacting faster.

AI gives you speed. Analog time gives you clarity.

You need both. Most founders only have one.

I asked a CEO client to rate his happiness. He said 6 out of 10.
I asked what would make it a 10.

His answer wasn't more revenue. Wasn't a bigger team. Wasn't closing a round.
It was spending more time on things that create energy.

He already knew the answer. Most founders do.

The gap between a 6 and a 10 isn't more success.

It's less of what drains you and more of what fills you up.

The hard part isn't knowing this. It's giving yourself permission to act on it.

Energy isn't a reward for building something great. It's the requirement.

Design your role, company and life around energy and you become limitless!

Every startup's 2026 budget is already wrong.

Not because someone made a mistake.

Because AI is changing the cost structure faster than anyone can model.

Roles you planned to hire for in Q3 might not be needed by then.

Tools that cost six figures are being replaced by agents that cost hundreds.

Runway is quietly extending at companies that are paying attention.

And the ones that aren't are still hiring against a plan that was outdated the week it was approved.

This is the new reality for founders:

You can't forecast spend the way you used to.

The old was was full of certainty. Full of proven formulas. 

The founders who adapt fastest aren't the ones with the best financial models.

They're the ones willing to revisit assumptions every month, rather than every quarter or every year.

Rigid budgets were already dangerous. In the AI era, they're fiction.

Subscribe to my newsletter and get a 22 page presentation on the secrets of Limitless CEOs https://lnkd.in/gWqQBd-n

Most founders optimize their GTM funnel. Almost none optimize the machine that runs it all.

I recently sat down with Greg Newlands, a fitness coach who works with founders.

Full disclosure: Greg is my coach and also works with several of our Limitless founders.

One thing he said stuck with me:

"If I'm not sleeping well, not exercising, not rested, I just don't perform the same in life or in business."

That's not a wellness quote. That's an operating reality.

Greg trains entrepreneurs the way athletes get trained: 
Strategic breaks throughout the day. 
Resistance training as a non-negotiable. 
Tracking four daily KPIs for energy and performance.

The part that hit hardest: he burned out multiple times before he stopped treating rest as the enemy of progress.

Sound familiar?

This is one of the most tactical conversations I've had on health as a founder strategy.

Full episode on my blog → link in comments.

From your biggest → the best shape of your life | Helping ambitious, driven men rebuild their body & confidence after letting things slip

Jack Dorsey, founder of Twitter and Block, just gave us a lesson in making hard decisions.

Often, when faced with decisions like layoffs, the temptation is to do the minimum necessary. To avoid as much pain as possible. 

Jack did the opposite. He leaned into the pain. He cut 40% of Block's workforce. Over 4,000 people. In one move.

Not because the business is struggling. Gross profit grew 24% last year.

He did it because he saw where AI is heading and decided to get there first. He leaned in.

Dorsey said it clearly: “Repeated rounds of cuts destroy morale, focus, and trust.” He'd rather take one hard, clear action than manage a slow bleed toward the same outcome.

You can disagree with the decision. But the leadership principle is worth studying.

The hardest decisions aren't hard because you don't know what to do. They're hard because you don't want to feel the pain of doing it. They're hard because you resist.

So you delay. You half-measure. You spread the pain out over months, hoping it hurts less.

It doesn't. It just hurts longer.

Whether it's a layoff, a co-founder conversation, or a pivot you've been avoiding, the cost of the slow path is almost always higher than the cost of the decisive one.

Suffering = pain * resistance. If you don’t resist what you need to do, you will not suffer. 

It’s no surprise that Jack took this approach, given his spiritual practice. Jack does long Vipassana retreats. Anyone who has done these will know that they are painful but always worth it.

The way out (of whatever issue you are struggling with) is through. Lean into the discomfort. Make the bold call.

A founder built an AI system that scans everything. It was making him worse at his job.

AI lets you measure everything now. Every Gong call. Every Slack thread. Every data query. Every customer conversation.

One founder I spoke with built an AI system that scans a thousand times more data than his team could manually. Every day, he is briefed on literally everything in his company.

Impressive. Also dangerous.

Because the ability to do everything is not a reason to do everything.

When I dug in, his real bottleneck was one thing. So we cut one of three product initiatives entirely. Narrowed focus to the one thing blocking growth.

More data didn't solve it. Less did.

Here's what I see happening everywhere right now:

AI gives founders superhuman capacity to monitor, measure, and manage.

But capacity without focus is just sophisticated distraction.

The founders who win won't be the ones who do the most with AI.

They'll be the ones disciplined enough to do less.

The mind is a wonderful servant but a terrible master.

For most founders, the mind is running the show.

It wakes you up at 3 am with worst-case scenarios.

It replays the board meeting you can't change.

It tells you that every competitor is ahead of you.

It convinces you that rest is laziness.

The founders I work with at Limitless are learning to think with more intention.

They choose what to focus on rather than letting their minds choose for them.

That's what meditation is. That's what journaling is. That's what a morning practice is.

Not escaping the mind. Training it to work for you, not against you.

You are a mental athlete. You need to train your mind the way athletes train their bodies.

Your mind built your company. Don't let it destroy you in the process.

Every founder has a financial dashboard. Almost none have a biological one.

At Limitless, we think about CEO performance across three dimensions:

Physical → sleep quality, HRV, recovery.

Mental → deep work hours, focus time.

Financial → MRR, pipeline velocity, growth.

(We also go deep on spiritual, but let's park that for now...).

Here's what most founders miss:
These aren't three separate dashboards. They're one system.

✅ Your HRV predicts your decision quality.

✅ Your sleep predicts your deep work capacity.

✅ Your deep work predicts your revenue.

The financial metrics are the output. The biological ones are the input.

Fix the inputs. The outputs follow.

Every playbook you relied on is being rewritten right now.

AI is disrupting how we build, hire, sell, and lead.

The best practices that got you here? Most of them no longer apply.

This is terrifying if you need external certainty to make decisions.
It's freeing if you don't.

When the map is gone, the founder who wins is the one who can navigate without it.

That means first principles over borrowed frameworks. Grounded decisions over reactive ones. Intuition over consensus.

Your own race over someone else's example.

The answers aren't in the latest AI playbook or the hottest thread on X.

They're inside the founder who is clear enough, calm enough, and honest enough to hear them.

This is the era where inner work becomes a competitive advantage.

I meditate every morning before I open my laptop.

Not just because I'm spiritual. Because it makes me a better decision-maker.

When your mind is full of noise, every decision feels urgent. Everything looks like a fire. You react instead of respond.

When your mind is clear, you see what actually matters. You hear the signal through the noise. You trust yourself enough to act without needing five people to validate the call.

The best CEOs I work with are the clearest.

That clarity comes from creating space between the input and the response.

That's all meditation is. Not woo-woo. Not escape.

A daily practice of training your mind to be still so it can be sharp when it matters.

You are a mental athlete. You need to train your mind the way athletes train their bodies.

Ten minutes a day. No app required. Just you and silence. Pay attention to your breath. As distractions arise, keep coming back to the breath. That's it.

It's the highest-ROI habit no one puts on their calendar.

Subscribe to my newsletter and get a 22 page presentation on the secrets of Limitless CEOs https://lnkd.in/gWqQBd-n

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