👋🏼 hello + an update

HELLO FROM SUNNY CALIFORNIA, MISFITS! 🌞

If you missed last week’s episode, friendly reminder that I’m currently spending some time back home with loved ones.

From watching an old friend get married to co-hosting Thanksgiving with my family, the vibes are mildly-chaotic cheer (in the BEST way).

While I’m technically out of office until the new year to the outside world, y’all are the inside crew. The minority misfit keeps me consistent and connected to all of you - while (hopefully) providing value (and sweet memes), too.

While I’m not down to ever be totally off-grid with the minority misfit, there’ll come times where I’ll want to divert the best, most present of me IRL.

The next few weeks are one of those times.

In the interest of having the best of both worlds, I’m using this time as an opportunity to test smaller, email-only updates (a tip from a few of you wonderful peeps 🫶🏼).

Often, y’all ask me great questions via email and they don’t necessarily need a whole post to answer, but could apply to multiple readers. In cases like this, I’ll still hit your inbox at the same time (every Weds @ 5 PM GMT / 9 AM PST) but with shorter, easier-to-digest emails.

TLDR: Continue expecting full, long-form posts with occasional shorter emails sprinkled across some weeks.

PS: I’ll be really open to your feedback while I test this :)

⚖️ fractional vs. advisory

One question that’s come up a few times since I started the minority misfit is how I’ve differentiated between keshty’s “fractional COO” and “scale advisory” offers.

what’s the difference?

fractional COO:

• Minimum 1x day a week

• Done FOR the client (advice + output)

• Scoped as a project with clear milestones that I’m responsible to deliver

• I’m seen as a member of the team, typically have a company email address and am on company Slacks / calendars etc.

scale advisory:

• Maximum 12x hours a month

• Done THROUGH the client (advice only)

• We scope measurable outcomes, but it’s on the client to deliver as they see fit

• I’m seen as an external advisor, work through my own email address and share keshty resources vs. creating internal ones for their organisation

They’re also priced differently (I’ll touch on pricing in a full, future episode).

who needs what?

I’ll typically offer scale advisory if the following conditions are true:

• There’s already a COO or senior operator in place (e.g. VP / Director / Head of Ops). This enables you to develop the existing internal operator, rather than undermine their position.

• There’s a VERY specific, time-bound request they need support with. For example, in the last year I’ve offered scale advisory to (1) one company trying to expand regionally and set up their first few hires in the new geography and (2) another that’s hired a core team and wants to establish the right foundations for their continued success.

I’ll offer fractional COO if the client:

• Wants a trusted “second in command” who can run core parts of the business without losing sleep over it.

• Has other pressing foci (e.g. fundraising, product development etc.), so they’re keen to outsource and buy back their own time.

• Is doing something they’ve never done before (e.g. org (re-)design, hiring, or implementing retention practices) and needs support learning and maintaining once the foundation is built.

cash or equity?

Picture this: You’re excited to work with a particular founder who doesn’t want to spend liquid £$ right now, they’re in the middle of a fundraise, times are tight, the list goes on. They suggest an exchange of equity for your time and guidance.

Equity: If you’re comfortably cash positive, really excited about the opportunity, happy to wait years for a return and willing to bet on a 90% fail rate - then you can explore equity as an option.

Cash: If you’re NOT there yet (which I’d wager is most of us!), you’ll want to prioritise working with clients who offer liquid capital only (just money in exchange for services).

There’s also a third option: a combination of liquid + equity.

I’ve offered this before to prospects, but on reflection, I’d suggest working with a client on liquid capital only for a buffer period (e.g. 3-6 months) before considering taking equity. It helps to get a real sense of your belief in the business model and founder before committing to this sort of engagement, AND it provides the founder the same assurance about you.

TLDR: Ultimately, the decision depends on your current financial circumstances, risk appetite and ability to delay (or forego altogether) potential gratification. With equity, you could see exponential returns OR give hours of time and never see a penny.

Choose (wisely) the option that best suits your lifestyle right now.

PS: The FAST agreement is a good place to start when drafting any offer, but most importantly one that involves equity.

That’s it for today, folks! I hope you enjoyed this slightly more targeted, shorter-form email. You can expect a similar set up while I’m home for the next few weeks.

Whatever part of the world you’re in right now, I hope you’re healthy, happy and that you never stop being an unapologetic misfit.

Speak soon,

xo Neds