Built & sold 8 DTC/SaaS companies. Pioneered the ecommerce aggregator model. Host the @acquanon podcast. Acquiring and investing in CPG, pet, and ecom brands.

Charlotte, NC
Joined July 2007
Here's my big personal news: Natural Dog Company has been acquired by FoodScience, a Morgan Stanley Capital Partners portfolio company! After 13 years, the journey that started with me quitting my job to go all-in on Elements Brands has officially come to an end. What started as one guy in a rented office turned into $200M+ of sales and something much bigger. We bought (and exited) 8 brands, from skincare to laundry detergent to pet wellness. We pioneered the "ecommerce aggregator" model long before that was even a thing. We built an incredible team with deep expertise across ecommerce, Amazon, retail, operations, and finance, all of whom are staying on to work on Natural Dog and FoodScience's other amazing brands. And I'm not going anywhere. I'm staying on as VP of Corporate Development for the combined platform, where I’ll be leading M&A - finding and acquiring the best pet brands in the world. If you know me, you know I love this stuff. I can't wait to keep doing it with the firepower of FoodScience and Morgan Stanley behind me. Huge thanks to everyone I've learned from here on Twitter/X, and especially the EcommerceFuel crew. Y'all have been my sounding board, my therapy sessions, and my second brain for the last decade. I've learned more from you than any MBA could've taught me. Thanks for being generous with your knowledge and support. If you're running a pet brand and thinking about an exit - or know someone who is - DM me. We’re buying. I'd love to help you write your next chapter. Press release is in the next tweet!
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Continually shocked at how much the best executive coaches can charge, and how happy their clients are to pay it Heard of one today over $3,000/hr, with very happy clients Really shows the leverage of the CEO chair - making better decisions is worth a lot!
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Melting some GPUs this Saturday as Claude cranks on secondary review over ~8,500 pages of Elements Brands' historical tax returns, looking for errors and refunds Think he's going to find anything?
I just got the draft of my 2025 tax return - it says I owe $117,360 of tax. On top of what I already paid. Oof. But it didn't feel right to me. I asked ChatGPT Astra to do a secondary review, ticking and tying every number to source documents. Max effort. It ran for 90 minutes. Output - a 15 page report. It says I'm actually due a $191,173 REFUND. I reviewed Astra's work line by line with my accountant. He agreed, the LLM is correct. I was about to send Uncle Sam $117,360. Instead, I'm getting back $191,173. That's a swing of $308,533 (!!!!!!) The LLM couldn't have done my tax return from scratch - I still need my accountant. But for massively complex detail oriented work, and LLM is the best thought partner you can have. Connect a frontier LLM to your email and file storage, then ask it to review your past tax returns. You never know what it might find. My prompt is in the next tweet.
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Results are in and … I am not comfortable posting a number this large to Twitter The IRS has no idea what’s coming once more taxpayers start auditing their returns with AI
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This is such a good breakdown of all the gotchas in CPG accounting and order management
The best ERP for an omnichannel CPG brand is the one built for what makes CPG operations hard. What I learned building Fulfil for CPG brands: 1. Inventory you own in someone else’s building. Your packaging sits at the co-man. They buy the ingredients and bill you per finished unit. Your real unit cost is packaging consumed + their invoice. In Fulfil, receiving finished goods consumes the packaging off the BOM, so the cost lands on the inventory. 2. Getting paid less than you invoiced. You invoice Target $10,000. They pay $9,400. The $600 is cartons they say never arrived, damaged units, labeling fines, an early-pay discount. The reasons come in a remittance file (EDI 820), one line per deduction. Someone used to match each one to its invoice by hand. Now an agent reads the 820 and matches each line. 3. Shelf life that depends on who’s buying. A jar with 3 months left is fine for a DTC customer who’ll finish it this month. Amazon will reject it at receiving. Same batch: sellable on your site, unsellable on Amazon. In Fulfil you set a minimum shelf life per channel, and every order gets the oldest stock that still clears it. 4. Not knowing which customer got which batch. Every run gets a lot number printed on the pack. If a run goes bad, you need to know exactly who got it. Many 3PLs pick from several lots at once and never record which went in which box. So in a recall you email everyone who ordered in that date range and pull far more product than you need to. 5. Components. One spray bottle is a bottle, pump, cap, label and carton, each from a different supplier with its own lead time. If one part is short, the co-man can’t start the run. Your hero SKU goes out of stock over a cap that costs a few cents. 6. Inventory you have but can’t sell. A lot of CPG goes on QA hold coming off the line and sits until a third-party lab clears it. If planning counts it as available, you stock out with full pallets in the building. 7. Bundles that behave differently by channel. On Shopify, a 3-pack is picked as 3 singles at pack time. Amazon and Walmart need it built ahead as its own product with its own barcode, so it carries its own cost, including kitting labor and packaging. Planning has to account for both. 8. Retailer purchase orders over EDI. Walmart sends weekly POs (850). Some ship to a DC and then on to a specific store, and the carton label has to show both. When you ship, you send an ASN with carton-level detail (856). Then an invoice (810). When they pay, net of deductions and chargebacks, you get a remittance (820). Manually created ASNs is a huge source of chargebacks. Each retailer’s rules live in a long routing guide PDF. AI can read it and turn it into label rules in Fulfil, so you don’t learn them from chargebacks. 9. One product, several barcodes. Every retailer has its own barcode and labeling rules. Separate packaging per channel multiplies your SKUs and your MOQs. Print for your strictest channel. You can always cheaply relabel for the rest. And please get your UPCs from GS1 (not reseller). Every packaging level gets its own GTIN: the unit, the inner pack, the case. If your ERP can’t do these natively, you’re doing them in spreadsheets.
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First time I've seen this in an NDA - a section governing how you can use AI when evaluating the deal. Basically - you may not upload this to the non-enterprise version of Claude/Chat and let it train on our CIM
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I am once again reminding you that most of your problems would be solved if you moved to Charlotte, NC
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I just got the draft of my 2025 tax return - it says I owe $117,360 of tax. On top of what I already paid. Oof. But it didn't feel right to me. I asked ChatGPT Astra to do a secondary review, ticking and tying every number to source documents. Max effort. It ran for 90 minutes. Output - a 15 page report. It says I'm actually due a $191,173 REFUND. I reviewed Astra's work line by line with my accountant. He agreed, the LLM is correct. I was about to send Uncle Sam $117,360. Instead, I'm getting back $191,173. That's a swing of $308,533 (!!!!!!) The LLM couldn't have done my tax return from scratch - I still need my accountant. But for massively complex detail oriented work, and LLM is the best thought partner you can have. Connect a frontier LLM to your email and file storage, then ask it to review your past tax returns. You never know what it might find. My prompt is in the next tweet.
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This is the draft of my 2025 personal tax return. Before I file it, I want you to act as secondary reviewer and a tax expert and review the return. Use your Google Drive access and gmail access to cross reference with any other documents you might need to look at. Find any mistakes or things that look like they need further review and might save me money on taxes. Look also for ways to reduce the tax and balances that I owe. Ask me any questions you need to as part of this review. Use lots of effort and let's make sure to get this right, lots of money is at stake here!
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GLP-1s are shaking the foundations of CPG, every single category is up for grabs Snacks, drinks, bars, cookies, crackers, meals, supplements, pick the category Honestly - if you are investing in consumer and haven't tried a GLP-1 yourself, you don't really get it yet
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Most people dream of owning a restaurant or bar This is what they really want, and it's a lot cheaper
Being a regular is the cheapest status symbol in the world, and one of the easiest to attain. The bartender pours your drink before you sit down. The maître d' finds a table that "just opened up." The kitchen sends out something you didn't order. Pick two places. Go every week. Learn names. Tip like you plan on coming back. Never send anything back. In six months, you'll get treated better than the guy waving his Centurion card at the host stand.
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Interesting wrinkles in this one!
We looked at a traffic safety systems manufacturer for sale . Some interesting wrinkles. The deal basically requires: 1) a female buyer, and 2) a stock purchase @BillDA, @thegeneralmills, @endresenheather, and guest Nick Akers dig into the fine print. Listen now ⬇️
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Ok lets see what the hype (and the $250M Series B) is all about
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We are pumped to announce a long term partnership with @Acquisition_Lab - they’re the go-to place for acquisition entrepreneurs to learn and grow, and a key part of the ETA ecosystem. We’re excited to have them as presenting sponsor!
Super excited to announce Acquisition Lab as the presenting sponsor of our podcast. They’ve been great partners for a long time, and we couldn’t think of a better fit than the leading ecosystem for serious acquisition entrepreneurs. Acquisitions Anonymous, presented by Acquisition Lab. @acquisition_lab @girdley @BillDA @thegeneralmills @endresenheather @jordanfliegel @tjericson
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Can’t put my finger on it but it feels like this is a big miss Unnecessarily cute / unserious and the entire demo is SF laptop class use cases The models are actually much better than the way they’re positioning it…
Introducing dots, powered by GPT-6 Astra. Remarkably capable, always-on agents built to handle everything.
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Common trap when interviewing - make sure your candidate is actually the person who did the work, not that they were just around it Suss it out by asking about the 3-4 people they worked with most and what each of them did, specifically You may find that the person who actually did the work you're hiring for isn't the person sitting in front of you
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Feels like personal agents are all quickly converging to the same feature set. IMO the company with the best distribution and context / connections will win And I think that’s Muse $META
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LFG!
holy shit i asked claude to make a video on western civiization
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Sometimes you see a number that's hard to process... Acquisitions Anonymous was a fun lockdown hobby for Michael, Mills, and I because we were all deeply nerd-level interested in buying businesses, and we thought there might be some other people who were too. Five years and 500+ episodes later, we just crossed 2.5 MILLION downloads 🤯 About halfway through we were joined by the incredible @EndresenHeather as co-host, who started her business Viso Capital to help buyers get the best deal on SBA loans. The four of us have done hundreds of episodes together and our guiding principle has always been that we have to be having fun. We get together twice a week and laugh, joke, tell stories, and review a business that's for sale. That format has carried us through over 500 episodes, when under 1% of podcasts even reach 100. We have been a top 20 podcast in the entrepreneurship category, signed big name sponsors (more to come here), spoken at and beocme part of the curriculum at several universities, and met hundreds of awesome searchers and entrepreneurs. I still get a kick out of knowing how many friends and strangers listen to our episodes, and we don't take any of it for granted. Here's to the next 2.5M!
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Holy moly my 6 year old* is going to have a field day designing new lego models and ordering the parts * me, really me
Opus 5.5 designing LEGO 👀 I asked it to design a Microduck I can build with real LEGO pieces. It: > designed it life-size using 1113 real LEGO parts > verified: 3,204 connections, 0 collisions, every step buildable, centre of mass inside the feet 🤯 > made a 141-page LEGO-style booklet (237 steps) > priced every piece in the browser and prepared the orders on BrickLink
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