- Backfilled: 2026-09-04 from meeting notes (Michael ruled 2026-09-04 that the public log carries the whole company history)
Decision
Two paths were on the table: (1) keep growing the newsletter and play the sponsorship game until AI inbox managers make it obsolete; (2) restructure so the agencies stand on their own. Michael chose to do (1) while actively building toward (2): agencies referral/partnership driven, more capital into YouTube and LinkedIn audience building, watch the AI inbox space closely (a former cofounder was building one). Long-term intent stated: a 20 to 50 year company, product-agnostic (“Nintendo sold playing cards”).
Context
Newsletter had launched Megaphone (thousands in MRR within a week) and the agency (first client immediately). Studio exit value at the time estimated at 1.25x to 2x; a good exit would be 5x or above.
Consequences
- Launch two or three more agencies in 2025 to diversify cash flow (fed 2025-11-04 portfolio strategy).
- Content ops role hired to free Ben for higher-value work.