Stealth Startup

Building the only software platform that helps brands exit the ROAS hamster wheel and get to 50% of budgets going to brand, which is the proven mix, but a faaaar cry from the 0-3% of budgets most brands are putting towards brand / top of funnel. 

The growth of your dreams lies in the gap between how you currently measure ROI and how you could be measuring it.

Co-Founder

Chubbies Shorts

Board Member

Loop

With a bunch of other people smarter than me, helped shape the initial product based on our needs and vision for what should exist.

Drata

Investor

Odeko

CaaStle

Cents

My own

Real Estate Investment and Development

Blend

Rutherford Investments

Private Equity

Cofounder of Chubbies + Loop Returns | Now, Marathon: A managed technology platform + bespoke services offering helping you exit the short-term direct-response hamster wheel to find your balance of Brand and performance

I cofounded Chubbies. $100M exit. 40% growth at 25% EBITDA margins.

But 5 years in, we almost died.

Why? We were addicted to short-term ROAS. Only investing where we could measure immediate returns. It worked until it didn't. Growth stalled. Nothing we tried moved the needle.

The problem: We'd stopped building our brand. We'd lost what made people love us because we couldn't measure its impact.

So we built our own measurement system. What we discovered changed everything:

Moving from 3% to 50% brand investment unlocked growth we hadn't seen since year one.

That shift saved our business and drove our acquisition.

Now I'm building Marathon - the software platform that finally measures top-of-funnel ROI. Because every brand deserves to escape the performance marketing hamster wheel that almost killed us.

Here's what Marathon does:

1. Quantifies future revenue from brand investments
2. Proves the ROI your CFO needs to see
3. Shows you the optimal brand/performance split (hint: it's not 97/3)

If you're stuck refreshing ROAS dashboards while growth flatlines, you're exactly where we were.

The difference? You don't have to guess your way out.

Apply for early access: marathondataco.com

Preston 🩳 Rutherford

CEO: I can't approve "brand marketing" spend in 2026 if I can't measure the return, even if it's needed to get out of stage 3

New CMO: i agree. i think brand marketing is bullsh*t

CEO: what?

CMO: when CFOs and CEOs hear "brand marketing", they think: unaccountable, expensive, and money wasting. the vocab's gotta change

CEO: you're not wrong

CMO: it's a classic story...team gets approval to do a "brand campaign". they go off, find an agency, create an expensive ad, and run it on tv. then they wait. ultimately, everyone ends up asking: so...what happened?

CEO: happening as we speak

CMO: then, that one-off attempt gets chalked up as a loss, and future attempts get rejected because of the sour taste left in everyone's mouths

CEO: just did that 10 minutes ago

CMO: let's fix that by orienting the brand conversation around the specific business outcomes we want

CEO: yas queen slay

CMO: your 3 associations with traditional, Mad Men style advertising has truth to it, so you're not off base

CEO: might be why we've adhered to short term revenue as the key definition of success for so long. the trauma from that show is real

CMO: same - was shooketh

CEO: i'm accountable to the board for delivering financial results, so everything this company does has to ladder up to that

CMO: and that's how we have to frame marketing

CEO: great. the main goal for 2026 is sustainable profitability

CMO: so let's drill down on the 3 business results that best accomplish that goal. first, do you agree that being able to discount less and not lose customers helps us get more profitable?

CEO: obvi

CMO: second, since you know how much higher the revenue-per-session of branded organic search traffic is, would you agree we want to increase it as much as we can?

CEO: lowkey getting interrogation vibes, but yes

CMO: and third, we want to be able to expand into wholesale and show up the way we want, right?

CEO: just spoke with another founder. it's their most profitable channel

CMO: finally, do you think the "product, discount, offer, and urgency-driven" creative we use accomplishes these goals?

CEO: you sly dog. i see what you did there. no, definitely not

CMO: now that we're on the same page, let's talk execu...

CEO: (interrupting) it's finally clicking. lemme freestyle on the mic for a sec

CMO: great (starts beatboxing)

CEO: like every goal we've accomplished as a brand, the tactics were never immediately obvious. we committed to a feedback loop and tried things to reach that goal. our approach was simple: do more of what works. for "brand", we were never clear on the specific financial results we aimed to drive, so we didn't have a feedback loop. attempts fell flat and were viewed as a failure. while specific tactics aren't immediately obvious here either, we're used to that. we'll apply the same process we've applied throughout our history

CMO: (happy tears) that. was. beautiful. didn't rhyme, and you didn't rap at all, but you got a grammy in my heart

Cofounder of Chubbies, Loop Returns, and now MarathonDataCo.com (AKA everything you need to transition to a balance Brand and Performance)

Chubbies Shorts did > $100M & > 20% EBITDA for the 9 months ended Sept 30, 2025. 

Rainer and the whole team is crushing it!!

New CMO: We're moving 50% of the budget to brand / top of funnel in 2026.  

VP Growth: Hell no. My ROAS will drop, and my bonus depends on hitting a ROAS target.  

New CMO: Not anymore. Your bonus is tied to two metrics:  
1. Total contribution dollars generated by the business (at 35% contribution margin).  
2. Contribution dollar lifetime value (rolling 30, 60, 180, and 365 days) for our owned business.  

VP Growth: wtf?! How can I own this?  

New CMO: Metrics aren't about individual ownership—they're team-driven. The real challenge is choosing the right ones.  

VP Growth: How do we know these are the right metrics? 

New CMO: The right metrics grow business health and fundamental enterprise value. If we increase these metrics, while keeping fixed costs flat, we become more profitable. Are they perfect? Maybe not. But they're miles better than short-term ROAS or new customers acquired, which have far less of a direct connection to fundamental business health when we increase those numbers.

VP Growth: How can you say that? 

New CMO: For ROAS, you can hit any number by:  

1. Spending less.  
2. Doubling down on branded keywords, existing customers, or retargeting.  
3. Running more discount events.  

But ROAS lacks incentives to drive incremental revenue—what actually grows the business—and says nothing about the cost to generate it. And for new customers acquired, there is no notion of customer quality. A massive sale drives high ROAS but attracts discount hunters who won't buy at full price unless we run bigger sales. Both of these metrics lack context on quality and long term profit, which is ultimately the fundamental goal of business. 

VP Growth: Ok, I'll buy that, but how can I be responsible for overall contribution dollars? 

New CMO: As a singular individual, you can't. That's why half of your budget will now be based on team performance. For you though, it'll drive you to make better decisions with how you spend our marketing dollars

VP Growth: What do you mean? 

New CMO: You're free from short-term ROAS pressure to pad stats and can focus on incremental profitable growth. You can step back and do the things you know are right to drive net new incremental demand (meaning: you would not have gotten that revenue if you didn't spend that ad dollar) even if it's low ROAS.

VP Growth: And the mythical purse string holders are bought in? 

New CMO: Yup - the CFO and board now understand that the real goal for our marketing investments is both short and long term incremental contribution dollar generation at the highest possible contribution margin. That was my one condition for agreeing to accept the offer to join

VP Growth: Well butter my biscuits, let's do this.  

New CMO: Please never say that again

3 minutes and 3 seconds. That's all it takes to learn from the best investor on why Brand is the most important driver of business value. If you're debating if, why or how investing in Brand building is right for your company, look no further than this compilation of Warren Buffett quotes from interviews over the last 50 years on why investing in Brand is the single most important thing you can do.

While in the day-to-day of operating a company, it can seem foolish to invest in this mythical, hard-to-define thing called "Brand".

However, if we listen to the most successful judge of fundamental business asset value over the last century, it's clear that a strong Brand is the most important thing.

Here are the 5 topics, the 5 takeaways and the best quotes from the video


5 Topics:

1. Why Brand is the most important moat 
2. Why Brand is the most important driver of business value, 
3. The tangible benefits of a strong Brand in terms of pricing power, 
4. Maintaining margin and shelf space in retailers, and 
5. How a strong Brand is the only thing that can fend of inevitable competition.


5 Takeaways:

1. Brands are Moats
2. Single Most important thing he looks for are defensible Moats
3. The main Moat is Owning a Position in the consumer's Mind
4. A durable moat, driven by a strong Brand enables 
 a) sustainable Pricing Power (AKA the ability to not need to discount)
 b) the best defense against competition 
 c) leverage in the Brand <> retailer relationship 
5. Ultimately, Brand is the best driver of durable Profits


The Best Quotes:

On Brand:
1. "Brands are moats" 
2. "A strong Brand is really potent stuff."
3. "[The Moat] can be because...of its position in the consumer's mind...that it has this moat around it."
4. "So you've got to protect a Brand, you've got to enhance it in every way. You've got to get a promise in people's minds that gets delivered that way."

On the Importance of Moats: 
1. "What we're trying to do is we're trying to find a business with a wide and long lasting moat around it, protecting a terrific economic castle." 
2. "In essence, that's what business is all about."

On Brand and Pricing Power:
1. "The single-most important decision in evaluating a business is pricing power. If you've got the power to raise prices without losing business to a competitor, you've got a very good business." 
2. “You can measure the strength of a business over time by the agony they go through in determining whether a price increase can be sustained.”
3. "It's not a great business when you have to have a prayer session before you raise your prices a penny."

On Brand as defense against competition from other Brands and retailers:
1. "The Brand has to stand for something in the consumer's mind because, in the end, the retailer may want to shift to a house Brand."
2. "I remember when Sam Walton sent me the first six-pack of Sam's Cola 20 years ago. And believe me, Walmart has plenty of power, but so does Coca Cola and the Brand."

Chubbies has done over $100M so far this year, increasing EBITDA margin > 50% YoY. Your classic overnight success that took 14 years. One of the many things they do so well to continually drive balanced, profitable growth where margins can * increase * over time is follow the 95/5 rule as well as any brand I’ve seen. 


However, for the first 5 years, I basically did the exact opposite of what the rule says. My loss is your gain, so here are:


1) Three things I learned about the 95/5 rule
2) Three ways you can update your thinking on the topic
3) Three things you can do about this right now


let's do it.


** Three things I learned about the 95/5 rule **


1. Only 5% of the people who see your content on a daily basis (AKA your potential buyers) are in-market to buy right now. That means 95% of the buyers you reach are out-of-market and won’t buy for months or even years. 


2. And, nope, no matter how awesome your direct response offer is, you cannot persuade the buyer to go in-market because they already have what you’re selling and won’t need a newer version any time soon. We don’t move buyers in-market – buyers move themselves in-market based on their needs.


3. All the direct-response conversion-focused dollars we spend are only relevant to the 5% of folks. This was especially humbling when realizing that ~95% of our spend allocation went to direct response (see reference above re: doing the exact opposite). 






** Three ways you can update your thinking on the topic ** 


1. Our goal is to increase the probability that the brand comes to mind when the buyer goes in-market, NOT to persuade the buyer to go in market. You can’t push buyers down a funnel, but you can, to quote Professor Jenni Romaniuk, “catch buyers as they fall”.


2. ""People largely use their memories when buying, rather than searching. Simply put, the brand that gets remembered is the brand that gets bought."" - John Dawes of the Ehrenberg-Bass Institute


3. Since marketing works by influencing future buyers, think about developing creative that gets noticed and gets remembered -- gives you permission to be bold, put on a show and have a little fun.




** Three things you can do about it right now ** 


1. Since we've all been so focused on optimizing the hell out of how we convert the 5%, we need to reacquaint ourselves with the 95%. Walk a day in the shoes of the 95% to develop the empathy needed to effectively speak to that person. 


2. Put together a plan to gradually shift your marketing investments to match the reality of the 95/5 rule. It could take all of 2024. No need to rush.


3. Take a day with your team. Remove all meetings. From a blank slate, think about what it means to do things that get remembered, that get noticed. What does it mean for your brand to be bold, to put on a show, and to have a little bit of fun? 


enjoy

CMO: we need to do a brand reset in 2026

CEO: wtf does that mean? like a new logo?

CMO: no. that'd be a rebrand. not what i'm talking about

CEO: then what?

CMO: first, let's define terms: the strength of our brand is ultimately measured in two ways: first, the customer acquisition we get when we turn everything off (e.g., ads, discounts, etc). second, our ability to raise prices (or reduce discounts) faster than the rate of inflation and not lose customers 

CEO: never thought about it that way. go on

CMO: the fundamentals of our business are weakening, even though we're growing revenue

CEO: well, we need growth

CMO: i know we don't like to talk about it, but if we turned off our facebook ads and our promos, our revenue would fall through the floor. it's been getting progressively worse over the last 6 years, and we're not acknowledging how big of an issue it is

CEO: i acknowledge that's an issue. i'm not as close to the marketing numbers, so what exactly do you mean?

CMO: over the last 6 years, the revenue coming from branded organic search traffic (removing spikes and short term influences) on our online store have actually been steadily declining

CEO: but we've been growing

CMO: yes, we've only been growing the revenue coming from paid channels. we've been spending ad dollars to fuel our growth. that's fine if the revenue coming from organic sources is also keeping up, but it's not

CEO: i don't follow

CMO: we've been chasing these topline revenue growth numbers that i've allocated all of our resources (ad spend, creative budgets, etc) to driving highly-measurable short term revenue growth. this became a red flag for me last week when our facebook ads stopped delivering for 2 days and we had the worst August week 3 in the history of the company

CEO: oh that's what happened?! i thought we had a bug blocking checkout or something. site was working fine?

CMO: site was fine

CEO: yikes. so do you now think our Q4 revenue number is in jeopardy?

CMO: we can hit the revenue number

CEO: great!

CMO: but we'll just be kicking the can down the road

CEO: what do you mean?

CMO: you know how i've been doing those P&L deep dives with fred (CFO) to isolate why our contribution margin has been going down?

CEO: yes, but we've got big COGS improvements coming in '26 that will take that number up

CMO: unfortunately, my latest rev of the forecast has our marketing costs more than canceling out gains from COGS improvements. we can only lean on existing customers for so long. we've already been over-emailing and sms-ing our list, especially existing customers. i don't know how much longer that can last

CEO: so what do we do?

CMO: two words...brand reset. 4 parts: 1) data deep dive to understand the true state of our revenue, 2) right-size cost structure to match the reality, 3) build our content machine, 4) systematically hack away at ways to build that resilient revenue base

CEO: sounds horrible. gonna be the best worst thing ever

CMO: yup

CFO: Brand building is just burning money. Prove me wrong.

CMO: Five landmark studies about to wreck that theory.

CFO: Pics or it didn't happen.

CMO: The Ehrenberg-Bass Institute analyzed thousands of brands over decades. Found something wild. *slacks link* https://lnkd.in/gzCGDYcr

CFO: In the words of my good friend Ron Burgundy, "you know I don't speak Spanish."

CMO: Well, let me translate: Only 5% of potential customers are shopping right now. We're fighting everyone for that same 5%.

CFO: But those 5% convert.

CMO: At 3x the cost and much lower margin than organic buyers.

CFO: What about the other 95%?

CMO: Les Binet and Peter Field studied 50 years of financial data across 500+ brands. Here's the research https://lnkd.in/g7zEiXzN and a vid that breaks it down https://lnkd.in/gE_jnrEu

CFO: You keep using this word 'brand building.' I do not think it means what you think it means.

CMO: The fastest-growing brands all do the same thing: 60% brand building, 40% conversion tactics.

CFO: I'm gonna need to see more proof.

CMO: UCLA's Dominique Hanssens and Prof. dr. Koen Pauwels analyzed 10 years of data from 150 global brands. Here's the research https://lnkd.in/guRrkkvw and a vid breakdown https://lnkd.in/gmG6KuEG

CFO: Explain it to me like I'm five.

CMO: Direct link between brand building and future revenue growth. The data hits different.

CFO: Keep going...

CMO: Byron Sharp studied every major category globally. Found two things predict growth. Here's the research paper https://lnkd.in/gJgB5rYn and a quick vid recap https://lnkd.in/giEPYWuY

CFO: Hit me with the TL;DR.

CMO: Being remembered when people are ready to buy, and being available where they want to shop.

CFO: But how do we measure that?

CMO: James Hankins and Binet cracked that code analyzing digital behavior from 30,000 brands. Check the research https://lnkd.in/g5mevQyb and the whitepaper https://lnkd.in/gqihiqfp

CFO: Numbers or it didn't happen.

CMO: Digital behaviors predict future sales. When someone searches for our brand by name, the revenue per session is 2x higher and margin is much higher than direct purchases from ads.

CFO: Now that's the kind of data I like.

CMO: The numbers understood the assignment.

CFO: What's step one?

CMO: Track our key digital behaviors. Create content that drives those metrics.

CFO: The data hath spoken.

CMO: Welcome to the Brand side. We have statistically significant cookies.

CFO: As long as there's a 95% chance they're delicious.

Matt Matros

Founder

National Cleaning Collective (NCC)

NCC is micro private equity providing capital and support to owner/operators in the commercial cleaning & janitorial industry.

Portfolio includes:
- Cleaning Pros of America (Bradenton, FL)
- American Flooring Solutions (Sarasota, FL)
- WeClean WestCoast (Sarasota, FL)

Founder and General Partner

BrandRock

BrandRock helps consumer brand founders and executives sleep better at night by making sure their business has the insurance coverage that they think they have. We read the fine print.

McKinsey & Company

External advisor to client service teams and clients in consumer-based businesses with an emphasis on innovation.

Senior Advisor

Qurate Retail Group

'Acqui-hired' by CEO to build new digital businesses for global leader in vCommerce. And according to my final review, I "achieved what many thought was impossible."

SVP and Founder, Qurate Digital Ventures

Keurig Dr Pepper Inc.

Consulting for Keurig Dr Pepper on LIMITLESS and other innovation as part of exiting LIMITLESS in January 2020.

Consulting Entrepreneur

LIMITLESS® (acquired by Keurig Dr Pepper)

I started LIMITLESS® in March 2016 and sold the business to Keurig Dr Pepper (NASDAQ: KDP) in January 2020. I work with KDP on a consultative basis on LIMITLESS and other innovation. 

The LIMITLESS signature product - Lightly Caffeinated Sparkling Water - is helping people all over the country to #ditchdietsoda once and for all. Each can has zero calories, zero sugar, zero artificial flavors and 35mg of clean caffeine.

Available nationwide at Walmart and other fine retailers.

Protein Bar and Kitchen (acquired by L Catterton)

Founder and Board Director of healthy-food quick serve chain. I sold the business to private equity firm L Catterton in winter 2013. Protein Bar & Kitchen® (PBK) focuses on helping people everywhere live the healthy lifestyle they want to live through a balanced menu of blended drinks, wholesome quinoa bowls, salads, raw juices, and our signature Protein Bar-ritos.

Founder & Board Director

Shopflix

I dreamt up Shopflix as a "modern day QVC." Ultimately 'aqui-hired' by QVC parent company, Qurate Retail Group.

Kraft Foods

Sr. Associate Brand Manager

L'Oreal USA

Marketing Intern

Founder with 3 exits in B2C now playing two hands in B2B (insurance and commercial janitorial). | I post daily lessons & learnings that are your shortcuts.

Founder with two 8-figure exits plus an ‘acqui-hire’. My lessons & learnings are your shortcut.

Currently building unsexy B2B businesses in commercial cleaning and insurance. 

My inspirations are Scott Galloway and Fareed Zakaria and The Economist. 

I’d aspire to be the “Rick Rubin for entrepreneurs.”

These opinions are purely my own and not of any of the companies I am affiliated with.

NCC is micro private equity providing capital and support to owner/operators in the commercial cleaning & janitorial industry.

Yesterday in therapy, I admitted something I’ve been hiding for 28 years.

In 1997, when I was a freshman at USC, I did what a lot of freshmen do: I pledged a fraternity.

Two months into the semester, I got “dinged” — kicked out before initiation.

For almost three decades, I’ve told a different story:

 “I left the fraternity to take an internship at a sports agency. Always kind of regretted leaving…”.

That wasn’t true.

I didn’t leave.
I was asked to leave.
I don’t think my mom even knows that.

On paper, it’s a small moment in a long life. 

But for an 18-year-old who had lost his dad at 11, who was craving belonging and male connection, it was a setback.

Worse, there was no explanation. No feedback. No “here’s why.”

Just a brief conversation on a beer-stained floor where an older brother (dude name Blair, from Solana Beach) told me I didn’t belong.

So I filled in the gaps myself:

Maybe I was too chubby
Not attractive enough
Bad at drinking
Too awkward

Whatever the reason, the conclusion I absorbed was:

“You don’t fit in. And that’s your fault.”

For 28 years, I’ve chased belonging in different forms — companies, groups, labels, titles, achievements. 

I’ve also found myself in places where, again, I just didn’t fit: big PE firms, large public media companies, YPO, certain rooms where I felt a little “off.”

Yesterday, finally saying this out loud, I arrived at a different conclusion:

It’s okay not to fit.

“Fit” is not a moral judgment. It doesn’t mean you’re broken. 

It just means that environment, that group, that culture wasn’t built for you — and maybe you weren’t built for it.

The strange irony is that, as an entrepreneur, I’ve had to make these same “fit” calls about employees, vendors, even customers (not to mention ex-girlfriends). 

I’ve told people, “This just isn’t the right fit” — without always appreciating how loaded that phrase can feel on the other side.

I’m 46 years old and just now using a LinkedIn post to say:

I got dinged.
I felt ashamed.
I lied about it for years.
And I’m finally okay with not fitting in.

If this resonates with you: you’re not alone, and you’re not broken.

Sometimes, it’s just the wrong room.

Oh - and in case you were wondering, my usual "Therapy Thursday" was yesterday because of the holiday lol 

📷 Me as a 19 or 20 year old with my closest buddies from USC. It wasn't part of a fraternity, but we def belonged in Vegas that weekend lol

Founder with 3 exits in B2C now actively buying SMBs | I post daily lessons & learnings that are your shortcuts.

One of the big myths American entrepreneurs love to repeat:

“Saudi Arabia (and the Gulf) are overflowing with capital just waiting to be invested in U.S. startups.”

Reality is almost the opposite.

The serious money in Saudi — whether it’s private investors or sovereign wealth vehicles like the PIF — is overwhelmingly focused on Saudi Arabia itself.

It’s not a giant ATM for the rest of the world. 
It’s fuel for a national transformation.

The mandate is clear:
- Build infrastructure.
- Create jobs.
- Support a young, fast-growing population.
- Enable a real middle class and family formation inside the Kingdom.

That means capital going into housing, logistics, tourism, entertainment, healthcare, education, advanced manufacturing — all the pipes and platforms a modern economy needs.

So if you’re an American founder dreaming of “Saudi money,” here’s the mindset shift:

Don’t think, “How do I get Saudi capital to fund my idea back home?”

Think, “How can my company bring capabilities into Saudi — technology, know-how, jobs, training — and help build what they’re trying to build?”

Saudi Arabia isn’t just a pool of capital. 

It’s a country in the middle of a massive buildout. When I was there it made me imagine what it was like in America in the early 1900s. 

If you stop treating it like a checkbook and start treating it like a partner, the conversation changes very quickly.

📷 My in Riyadh last year with the Saudi Ministry of Investment, which oversees the Saudi sovereign wealth fun (PIF)

#entrepreneurship #SaudiArabia #emergingmarkets #startups #mbs #vision2030

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