YouSaid · the spoken record

Chad Richard

lines on the record: 30
first: 2017-11-22
most recent: 2017-11-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Free retards and a 10 year guarantee. It's an absolute must, and you can start your free trial at simba sleep.com. Likewise, if you follow me on Snapchat at H.Debbings with 2Bs, you'll see my love for both Simba and Raiden very visibly in our Snapchat stories. It'd be great to see you there. But that's all from us today. Now I cannot wait to bring you our next incredible founder on Friday.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“And we've discussed some of that awesome features previously, but there are also some other benefits that make it such an It fits on every plane. My favourite for this, of course, being the carry on. It also has an extremely strong, durable shell and is super lightweight, and it comes with a free five-year warranty with free shipping and returns. And for those in the US, when you purchase your raiden with the code two VC, that's twenty VC at checkout, you'll get a twenty five dollars of Uber credit this season. That's enough to pay for the ride the airport and back, maybe, depending on where you live. And for listeners in the UK, you can head over to self-ridges.com or farfetch.com. I really cannot recommend Raiden enough. It's changed the game for me in travel. And speaking of super high recommendations, I'm sleeping particularly well at the moment. And before you suggest that's due to Mahito consumption, all credit has to be given to my new SIMBA hybrid. It's the most advanced mattress in the world with a unique combination of 2500 conical pocket springs and responsive memory foam. It offers the perfect support for two people, a mattress that responds to you and your partner's sleeping patterns. Delivered free with 100 night sleep.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“I appreciate your time, Harry. Thanks for having me and have a great day. Like to say a huge thank you to Chad for coming on the show today. Incredible to hear the internal process at Yelp. And again, a big thank you to Nico Bonasos for the introduction today without And if you'd like to see more from us behind the scenes, you can on Snapchat at h stebbings with two B's. It would be fantastic to see you there. And if you'd like to see more from Chad, you can follow him on Twitter at Chad1616. Always some great tweets there. But before we leave you today, as I've said before in past episodes, after I had”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“The most recent acquisition we did was a company called Turnstyle, which is a Wi Fi marketing company. And I was really, really excited about the team of passionate entrepreneurs who are helping to reinvent how people get connected to the internet within local businesses.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“The hardest element is probably my favorite element as well, which is surfing through the chaos of managing partnerships and M&A processes. It's full with uncertainties that makes it both challenging and really rewarding.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Every day I really enjoy reading street fight. It has a great, basically summation of everything going on in the local industry.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“That they can't fake things. Everything's going to come out in the wash, and you just got to tell it like it is. What's your favorite thing? Recently I read Disney Wars, which was just this fascinating story of kind of the growth and decline and then return of Disney and it just had fascinating deals and politics that were really amazing.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“I think just to follow your passions and dig deeply into the things you're really excited about because that just makes everything a lot easier.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Emotionally attached player at the table to really help get to those truths and understanding earlier, it can be really beneficial for the shareholders of the company that's being acquired because they build up that credit.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it really depends on deal to deal, but I do find that VCs can be very helpful within the process. They tend to know the entrepreneurs well and can give a lot of insights onto strengths and weaknesses of the entrepreneurs. And also the business as a whole. I think M&A is an interesting process because people always want to go ahead and put their best foot forward. And that's important, but it's really a process of just truly understanding the business and everything's going to come out at some point. And the more upfront that a company who's being acquired is about their strengths and weaknesses of their people and their business model and their business relationships. I think the more credibility they build up and if the VCs can kind of step in as a more seasoned, maybe less”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Having meaningful and vibrant dialogues with multiple potential acquirers. So if you execute on that strategy that Rishi suggests, you will have a long-term relationship in these companies will have understandings of you and your business and you're not starting from step one when someone reaches out and says, hey, are you interested in selling the business, you can get three to five meaningful dialogues going on at the same time and that's almost certain to lead to a better outcome for you and your investors than just having the dialogue with one company?”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I actually like that strategy and in my entrepreneurial phases of my career, I've always sort of executed on a similar mindset. I think the reason I believe in it is similar to why I like running both partnerships in M&A here at Yelp, is I think they should be one and the same, hopefully. So I would almost revise that a little bit of build great relationships with important strategic partners who could potentially become acquirers someday. So if you're able to grow your business through great partnerships and become indispensable to those market leaders, they will most certainly want to acquire you at some point. The other reason I think it's important making sure when it's time to sell that you're having”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Round, or was that maybe inflated due to the times and the excitement? So there's a lot more thinking and soul searching to do in those kind of exits.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“About selling to a public company where you have the instant exit from a liquidity of your investment standpoint to basically getting shares of a company, although highly valued, doesn't have that liquidity. There's a different risk profile. On the flip side of that risk, obviously, you could be selling to a company that's, say, worth $2 billion today as a private company and they go public in two years at $8 billion and you could forex your exit price. So I think in a situation where you're selling to a larger private company, you have to feel really good about not only the growth opportunity of the core metrics of the business, you have to ask yourself, what is a realistic valuation for this company today? Is it what it was funded at in this last?”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think those are very different scenarios for an entrepreneur or shareholders and investors to consider because you have the certainty of a publicly traded stock that gives you that liquidity where you really know what the valuation to cash out will equal. That's very predictable. But in a world of large private companies that we all of a sudden find ourselves living in in the last few years, you have a lot of uncertainty there. I think you mentioned Uber and that's a good example. What people were valuing Uber at one year ago was higher than what people are valuing Uber at today. And that seems surprising to a certain sense because it's a large successful machine, but the uncertainty can certainly hurt. So as an entrepreneur is thinking of selling their company or investors are thinking.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think a lot of people prefer to get their cash to work if they have a lot of cash building up. But again, if your market cap is feeling pretty sweet at the moment using the stock works well too.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think of that in a couple ways. First and foremost is what's the currency that the acquirer has to play with? Do they have a large cash position on the balance sheet that they need to put to work relative to the size of the purchase price? Or are they a company that maybe has a very sweet market cap at the moment that they think is a great currency to use in the acquisition? So I think it has a lot to do with the percentage of the market cap to cost of acquisition and then also getting that cash to work. The last thing any of us want to see in technology and in high growth environments is just a lot of cash sitting around on the balance sheet. There's too many good places to put the money to work to continue to build value for shareholders.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Harry, you're dialing in on probably one of the hardest pieces of the whole process in my mind because there's no one size fits all solution. I think it really has a lot to do with the funding structure of the company and what the cap table looks like. It has a lot to do with the enthusiasm of the entrepreneurs and the team for what they're doing and where they are in that process of bringing it to market. But for us, which I think is pretty common, we're really focused on buying a team of great people who want to continue doing what they've been doing and just at a larger scale. So making sure there's proper”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Companies so that the basic package of price compensation, geography, all the factors that are going to come into play are going to really matter to both the entrepreneur and their investors are worked out. And then it's obviously important at that point to really bring in our board of directors, make sure they're really backing the strategy as the management team sees it and getting input from them. And then it's really just driving through to that final closure, which ends up being a lot of diligence in negotiating the actual agreement. And of course, a lot of legal paperwork in the middle there.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it's a pretty standard process in that what we really do is I like to work with my peers who run product here at Yelp. I report to the CEO who's very active in our product and our general strategy. And then also looping in people who are really thinking about the future direction of the business, our CFO and our COO and making sure that these key leaders in the company are very excited about this type of opportunity. causes a lot of headaches. So you need to be very excited about the potential outcome because it's always going to be a crazy process getting there. So making sure everyone's excited for the journey up front is really important. And then once you have that group excitement, enthusiasm for the deal, then it's working closely with the CEO of the target.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“They're very intertwined in the way I kind of looked at it in retrospect. I think it was especially so I view it as what I call slow motion M&A. And the idea is you're acquiring a piece of the company during the investment and during that process you're doing the normal diligence that you would if you were going ahead and making an investment. You're getting to know the company. You're doing executing on the partnership so that you're seeing how things integrate in there. We wouldn't have made the investment had we not been interested in acquiring the company, but this really allowed us to test a lot of our theories related to the product experience and also just integration of the technologies and basically making sure everything worked as well as we thought it could.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a very real concern that entrepreneurs need to consider once a company is so deeply associated with a strategic investor that there's such an active dialogue and hopefully an active partnership such as the one I just described, you're choosing a camp and it's probably hard to remove yourself from that camp to go sell to a direct competitor. So as entrepreneurs are considering strategic investment, I think it's something that they should do in later rounds of financing and they should only do it if they know the company pretty well and feel very comfortable that that's where they would like to see their home someday. Doesn't mean there wouldn't be other outcomes, but you're dramatically increasing the likelihood that that is where you'll end up landing.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“We brought a lot of value to the company as part of the investment. And for us, it was this proving ground of being able to work with the team and make sure everybody played well together, make sure the service actually really resonated with our consumer audience. And so for us, it was bringing a lot of value to the table that made the existing investors very excited to have us come join them. It was the right time for a strategic to join and we were the appropriate strategic investor to step up to the table.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, for us we traditionally do not make investments. We made our first investment that would be considered a venture investment last year in a company called No Wait. In that case, this was a company we were interested in partnering with. We realized that they were outraising around and we got intrigued to explore that and see if there was a fit. And the reason we stepped up and made the investment is we really felt that we had a lot of value that we could bring to the company, both as a distribution partner to expose the NoAIT service. It's a service that helps you get in line at busy restaurants and you can get in line remotely. We integrated it into the Yelp app. And of course, we have a large audience of people who are looking for restaurants. This great fit.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question, Harry. One of the things I really love about my job is I manage both our corporate development efforts as well as our business development efforts. So simply put, it's partnerships and M&A. And what's really great is when you have an opportunity to work with companies in a partnership before you go ahead, consider M&A activity with them. And sometimes it's not even just working with them as active partners, but just talking through partnership opportunities really lets you get to know the people in the company better, get to understand their business models better, and maybe most”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Business model, but you see high growth opportunities with it to start a secondary stream that could surpass the primary stream someday or be a nice augmentation to it at least.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it's a great question. I think Apple's a little unique because the business model has traditionally, and at the time, especially was 100% driven from selling high margin hardware, you were never looking to acquire someone's, you know, even if someone had 50 or $100 million in revenue associated with the service, it would be such a small revenue stream that it just wouldn't matter on the Apple P&L and we would never cloudy the business model with trying to introduce these kind of what might have been perceived as nickel and dime upgrades to hardware through kind of service upcharges. Whereas I feel a lot of other companies have a different business models that are more appropriate for adding on other business units where you're acquiring let's say a high growth revenue stream that's different than your primary”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Have a lot of internet services talent at Apple. This was in 2008, 2009, 2010 time frame. And so what we really did was pretty simple. We were very much focused on finding great teams. It was never about acquiring revenue streams. It was finding great people who wanted to come to Coopertino. Geography was always important in these deals, who wanted to come build great services and products for Apple. So it was a very easy sort of process. There was either that culture fit of that excited people, or if it wasn't, it was very easy to draw the line and say it wasn't the right match.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. Yeah, you know, Apple's non-traditional company in many ways and in M&A, there's no exception there. Historically, it's been a very product-driven process. And I sort of accidentally got in at M&A at Apple in that I was leading up a lot of our product initiatives around internet services and mapping, and there was no M&A team at Apple at the time. Steve Jobs, who was still running the company at the time, had a pretty strong philosophy that if you have an M&A team who's being judged on how many deals a year they bring in, then you're going to be doing M&A just to do M&A. So what he did is he had the product leaders go ahead and lead up their own M&A efforts. And because I was in the internet services arena, I ended up being pretty active with acquiring talent since we didn't.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, absolutely. I was an entrepreneur for the first part of my career, so that's where I first started interacting with the venture community. And, you know, when I was coming out of college, it was the mid-90s and the web was just a seedling of a notion. And there was just a land of opportunity. Basically any idea you could come up with at that point hadn't been done yet. So it was kind of a green field and lots of opportunity and it was a very exciting time to be coming out of college. So I started working a lot with the investment community in the mid 90s and late 90s as I was raising money for companies and selling companies. And that's how it all started for me.”
2017-11-22 · The Twenty Minute VC · 20VC: Why Strategic Investing Is Slow Motion M&A, Why Valuation Is The Hardest Element of M&A & What Determines Between Cash vs Stock Deals with Chad Richard, SVP of Business & Corporate Development @ Yelp · IDENTIFIED FROM THE TRANSCRIPT · source