Nick Jordan

Nick Jordan, CEO of @smashingboxes (strategy, design, ux, ruby, ios, android). Passionate about entrepreneurship and culture.

[Nick Jordan @nick_SB]

Don’t miss this great opportunity to openly innovate & improve our communities on Sept 20-21 and @smashingboxes SUITE 4! #civiccampNC @ncopenpass

https://t.co/sjaenYVI2f

[Nick Jordan @nick_SB]

Check out my latest article: Launching Unboxed Venture Studio! https://t.co/GdHkTxvpup via @LinkedIn

[Andrew Wilkinson @awilkinson]

This is kind of crazy, but Tiny just wrapped its first full year as a public company.

The public markets are a strange new world.

I’ll explain why in a second, but first, here’s the full year 2023 results that we filed yesterday evening.

The financials are still a bit confusing due to the merger costs + subsequent restructuring, but here’s a few highlights:

- $185M Revenue (had our acquisitions of WeCommerce and Clean Canvas occurred on Jan 1, 2023, we estimate revenue would have totalled $206M)

- EBITDA of $46M

- Recurring Revenue of $29.5M (does not include $8.4M of recurring revenue from WeCommerce in Q1 due to merger timing - combined this would be $37.9M)

- Q4 revenue of $51M

- Q4 cash from operations of $9.9M

- Q4 was the first quarter with all of major businesses reporting together (excluding Tiny Fund I results)

- Note: None of these results include the businesses within our $150M USD private fund, of which Tiny Ltd owns the GP and is a 20% LP. 
Details here: https://t.co/ohNoAnmt63

It’s been an interesting year, stumbling into the world of public markets.

Shortly after our merger closed, I sat down with a public markets investor and asked him if he’d consider buying our stock. 

“First, you need to build your reputation,” he told me, fixing his eyes on me and looking serious.

“What do you mean?” I replied. “With zero investment, I started a profitable business, then used my profits to acquire thirty companies and grew their earnings massively. I’ve compounded at an insane rate, from nothing, for almost two decades. THAT is my reputation.”

“No, no,” he responded. “You need to build your reputation in the public markets. Everything you’ve done before is moot. You need to get 8-12 consistent quarters under your belt. And your company is confusing, too. You own too many things. You should sell some stuff.”

I found this absolutely bizarre. In my opinion, a company, public or private, was a company. A reputation was a reputation. And who cared if we owned 20 companies vs 1 if they were great businesses purchased at fair prices?

But while his appraisal was slightly irritating, it was revealing. Public market investors like two things:

1. Predictability
2. Simplicity

They want to know that the numbers will go up in a straight line each quarter.

And they also want to know that your company does one thing. 

“We make golf course management software. It has insanely high retention, our ARR is $100M, and it’s growing at 12% per year with 10% EBITDA margins.”

I can hear the collective moans of public equities managers. Swish. They love this stuff.

But a holding company is the polar opposite. 

As anyone who has run one can attest, it’s hard to explain the sum of the parts. You often hold businesses that are growing while others are shrinking or flat (often expectedly, if you often do deep value deals like us). Some are investing in R&D while others are raking in record profits. You might have ten different business models.

Across the holding company and our fund, we own dozens of companies, ranging from social networks and software companies, to a coffee maker business. 

To add to the fun, some of our investments live in our aforementioned private equity fund.

Try to explain that to your analyst in one sentence. I get it, it’s confusing.

It’s been fascinating reading old shareholder letters from the great diversified holding companies.

It seems that the pattern looks a bit like this:

1. Tell the world what you’re going to do 

2. Get dismissed and misunderstood for 5-25 years

3. Earnings compound

4. Get respect

We’re going to suck it up and stay the course.

To our shareholders: we appreciate your trust, and thanks for coming along with us on this journey.

[Nick Jordan @nick_SB]

More good stuff on it's way for the community at Durham Bottling Co next Tuesday! #community https://t.co/f7UpK9jiSI

[Nick Jordan @nick_SB]

Another trio of awesome events connecting us all as a community coming to you next Tuesday from Durham Bottling Co ....

Open Co-Working Day (all day)
Learn about Raising Money $$$$ via crowd funding (4-6)
Food Truck Rodeo celebrating Juneteenth (5-8)
L…https://t.co/qp9nJHhd0G

[Nick Jordan @nick_SB]

What a great week coming up at DBCo, mark your calendars!

Monday is member appreciation night at Krill, woot woot! #community

Tuesday is packed, a free workshop on CrowdFunding put on by Incolo....helping small businesses raise money from the crowd...…https://t.co/F5mH8SLvwc

[Nick Jordan @nick_SB]

Well said @AmerUnderground and The New York Times! I feel like the coworking industry is a major factor in building community now that more people work remote / work from anywhere. I've mentioned this on behalf of Durham Bottling Co a few times, but the f…https://t.co/UBazSALo39

[Nick Jordan @nick_SB]

What a special afternoon / evening at Durham Bottling Co yesterday where we held our first FREE coaching workshop for members of our space as well as the community at large.

We did some light networking, but then jumped into small group work using Legos…https://t.co/FOUfMvMF34

[Nick Jordan @nick_SB]

Great opportunity for the community to learn more about how coaching can level up your game as a leader, entrepreneur, small business owner, and as a person.

Free session and meet and greet next week at Durham Bottling Co organized and hosted by the ta…https://t.co/ix3hDg4WgN

[Nick Jordan @nick_SB]

New partnership! Excited to announced that Durham Bottling Co is now a sponsor of the Spark Grant program put on by Venus Liles and Liles Law ! All recipients of the grant will have 6 months of free access to our Co Working membership at our space.

For…https://t.co/5esQtXJob6

[Nick Jordan @nick_SB]

Look at that view! Okay that is for another post.

Have you heard of CAADS?

Probably not, because that's not an actual acronym...just a play off of the "as a service" industries out there. So what is CAADS?

Coworking-as-an-economic-development-serv…https://t.co/dcfudBlpP0

[Nick Jordan @nick_SB]

In person time together is still valuable if you have the ability to do so....even if you don't want to sign a lease or long term commitment.

Enter small private offices at coworking spaces, such as Durham Bottling Co

Two things we see in the marketpl…https://t.co/coIWV8oCbm

[Nick Jordan @nick_SB]

So pumped for @RespectCulture7's #BNBFest23 this year. It's been such a gift getting to know Crystal and to experience her work. Highly recommended for anyone in NC or beyond! https://t.co/Ih8C5SiFCI

[Nick Jordan @nick_SB]

Boosting @AmerUnderground and @TalibValue boost! Great event for the Raleigh Durham ecosystem put on by apparently 18+ volunteers! Thank you @chrisheivly and Archie O'Connor @JessicaMitsch and others for organizing, I look forward to seeing you all there.…https://t.co/rk5AEHCYN6

[Nick Jordan @nick_SB]

Want to know more about what is going on in Black Tech? Come to Durham Bottling Co (#coworking , #flexspace, and #privateoffices ) to hear from companies like SQUIRE , BLK and more. Also, you could win a free haircut.

Thank you t…https://t.co/3RRbHgfszU https://t.co/xVvgWVTLQH

[Nick Jordan @nick_SB]

Not going in to the office 5 days a week is here to stay. But do you ever get sick of working from home?

#workremote #hybridwork #cowork #coworkingspace #durhamnc #workingfromhome https://t.co/o6tWbrUZXQ

[Nick Jordan @nick_SB]

this. is. not. okay.

i just got this email titled 'parent update april 5'. do you read these? yes, but do you ALWAYS read them? i know i try my best. but seriously, what in the literal F**** https://t.co/IJET5Muwj5

[Nick Jordan @nick_SB]

Excited to partner with the Greater Durham Chamber of Commerce again!

I remember my original experience there with @CaseyDCC and @AmerUnderground and now they helped connect me with the original American Underground which was literally underground, in t…https://t.co/DIRhpTiFCY

[Nick Jordan @nick_SB]

People want to work from _____ ??? Yes, we know: Home, hybrid, office

But wait, there's more! There is another option, #coworking .. Get out of the house, have a professional setting, but choose your place of work based on convenience, amenities, and vib…https://t.co/5qy3khXlxs

[Lyons Farm Elementary School Principal @PrincipalJHop]

The BEAST! @thebeastmusic Showed up and showed out!! Our students loved you! Thank you for making today meaningful through the stories, songs, and dances you showered us with 🙏🏾💥🔥

[Nick Jordan @nick_SB]

Spring in #NC is just about here....70 degrees tomorrow maybe? Time to get back out there people!

Come by Durham Bottling Co tomorrow and have a drink with us after work! We'll hear about some growing trends in #durhamnc and #smalbusiness from two of o…https://t.co/am8TAIZMDG