Patrick Coddou’s entrepreneurial journey is spectacular. In 2015 he launched Provide, a direct-to-consumer vendor of razors and shaving items, after which bought the enterprise in 2022. He conceived the thought, employed workers, scaled income, and exited profitably.
His journey is incomplete, nevertheless. His skills apply to seemingly any business, but his id for years was tied to Provide. He’s now adjusting and charting his subsequent strikes.
Patrick is among the many hottest company on the podcast, beginning in 2020 and adopted by appearances in 2021, April 2022, and October 2022. On this latest dialog, he shares his post-Provide life, the feelings of stepping away, and searching ahead.
Our whole audio is embedded beneath. The transcript is edited for size and readability.
Eric Bandholz: Replace us on what you’ve been as much as.
Patrick Coddou: It’s been fairly a journey. I used to be the founder and CEO of a shaving firm referred to as Provide, which I bought slightly over two years in the past. After the sale, I stayed with the corporate for a couple of 12 months, working the enterprise and seeing it develop. I’m at present the top of selling at a snow ski startup referred to as M1 Skis. It’s been a little bit of a curler coaster, however in a great way.
Bandholz: You took a step again from social media, significantly X. Why?
Coddou: After the sale, I hit burnout. I didn’t consciously resolve to depart X — I simply stopped partaking. Burnout comes with apathy and disinterest in issues that when excited you, and X was a kind of issues. I stayed concerned with Provide for a 12 months after the sale, although, and it was productive. We doubled our top- and bottom-line numbers.
I had constructed a powerful group, particularly a succesful head of selling, Hint Crawford, who took quite a bit off my plate. Because the 12 months progressed, I grew to become extra of a frontrunner and fewer of a doer, which helped me navigate the burnout. That was a giant a part of the transition.
Bandholz: How does management change whenever you cease doing every little thing your self?
Coddou: It helped that I not had possession, so I didn’t carry the identical emotional weight. Nevertheless, I used to be nonetheless financially motivated, as an earn-out was tied to the enterprise’s efficiency. That allowed me to information the group with out micromanaging. They knew what wanted doing, and I allow them to determine how. Our group was strong; nobody left that 12 months, and the corporate continued to carry out nicely.
Bandholz: You’re now exterior of Provide. How has your perspective modified?
Coddou: My earn-out resulted in August, however I had already stepped away from day-to-day operations a 12 months prior. Hint took over as CEO, and I stayed on as a advisor. My function now consists of filming advertisements and providing strategic recommendation. I’ve zero regrets about promoting the enterprise — it was the suitable transfer for me, my household, and the corporate.
However stepping away did drive me to confront my id. I hadn’t realized how a lot of my self-worth I tied to being the “razor man” till that was gone. After the sale, I skilled a way of pleasure, adopted by a profound interval of questioning and even melancholy. After the burnout, I felt misplaced, not sure of what I wished to do subsequent, and hesitant to return to ecommerce.
Bandholz: Why do entrepreneurs really feel unfulfilled after promoting their enterprise?
Coddou: Many entrepreneurs consider that promoting their enterprise will deliver happiness, however that’s not often true. I attended the Main Street Summit, the place we mentioned how cash, success, and fame don’t deliver pleasure.
I’ve realized that promoting Provide has introduced me monetary consolation and freedom however didn’t present lasting happiness. Work is important for locating joy and purpose, and I’ve come to understand that I have to be constructing one thing, whether or not a enterprise or a private undertaking, to really feel fulfilled.
Bandholz: Inform me about your function at M1 Skis. Was this a deliberate path or a chance that fell into your lap?
Coddou: It was a little bit of each. I’m working advertising and marketing for M1 Skis, a startup in its early levels. Once I joined, there was virtually no public consciousness of the corporate. I’m answerable for constructing the model from scratch, which I like doing. I work part-time, remotely, and for a pal. It’s an ideal match. Initially, I hesitated to return to work, however this chance was too good to go up.
Bandholz: How do you strategy advertising and marketing for M1 Skis in comparison with Provide?
Coddou: The advertising and marketing methods are surprisingly comparable. At Provide, we bought high-end razors, which required educating clients about why they need to spend money on a dearer product than opponents. It’s the identical problem with M1 Skis.
In contrast to something available on the market, we make our skis from strong aluminum. They’re dearer than conventional skis, and persons are skeptical in regards to the know-how. My job is to elucidate why our product is definitely worth the funding and construct buyer belief by way of schooling and engagement.
The expertise has been nice. I get to concentrate on the issues I take pleasure in — like constructing the model — with out coping with the complications of payroll or invoices. The very best half is that I don’t lose sleep like I did with Provide. I’m nonetheless invested in M1’s success, however it doesn’t devour my ideas 24/7. I can absolutely take a look at after I’m not working, which is a large reduction.
Bandholz: Might you envision beginning one other enterprise?
Coddou: I might, however I’d strategy it very otherwise. I’d create a small, manageable enterprise with minimal stress. One thing that aligns with my life-style, even when it means making much less cash. It could be area of interest, high-margin, and never reliant on fixed social media or stock administration. I desire a enterprise that works for me, not one which provides pointless issues to my life.
Bandholz: You’re advocating for simplicity.
Coddou: Precisely. The complexity of Provide grew to become overwhelming. We used 30 apps on our Shopify retailer and a number of social media channels. It was quite a bit to handle. At M1 Skis, I’ve saved issues easy. We’re utilizing Shopify E mail as an alternative of a extra advanced service like Klaviyo, and I haven’t put in any additional apps. This strategy permits me to concentrate on constructing a fantastic product and telling its story.
Bandholz: The place can individuals purchase these skis and attain out to you?
Coddou: M1skis.com. I’m on LinkedIn and X.
