OnLadder reposted this
We Tried, It Didn’t Work Out…but that’s OK: Closing OnLadder Samuel and I have made the difficult decision to close OnLadder. In the beginning, we were (still are) first time buyers. The idea of solving a problem we experienced and help others from our generation drove us. Years of hard work got us to a point in the first half of 2023 where we had our initial partners in place, but with inflation climbing, and the base rate soaring, we stalled. With capital drying up, raising the necessary equity to meet regulator requirements became prohibitive. We were stuck. We tried pivoting, but we were always brought back to the same place. Closure, though heart-wrenching, was the only option. Throughout this journey there were many learnings, but my biggest are: Interest Rate Exposure: For a young company, debt exposure in a volatile environment can deter investors, showing the need for a model that is resilient to such fluctuations. Letting Go: I am a driven person and relish pushing boundaries to problem solve to make an impact. I also want to make good on the faith our investors placed in us, but this same trait led me to holding on too long. I needed several people to convince me that this was the right decision, and my mental health took a hit. At a certain point, it is no longer selfish to do what is right for you. There are many who helped us along the way, but a few I’d recognise: Sam for being the best co-founder I could ask for. Paul Rippon for being a steadfast investor and ally. I'm so grateful for your ongoing support. Richard Tugwell for the countless hours spent advising us. Jackie Bennett OBE for your insane expertise and willingness to connect us with your network. Mark Prisk FRICS for being our first advisor and a fountain knowledge on housing and business. My family and partner for supporting and believing in me. I'm privileged to have worked with and learned from so many supremely talented people. Thoughts on closing: I was nervous about closing OnLadder. It's not what anyone wants, but it's also not the end of the world. I was also nervous to share this as so few people do. To other founders closing quietly: don't. The culture in the UK doesn’t encourage this. 99% of startups fail, and you still went ahead and tried. Celebrate that, and then take your learnings to your next role. Startup founders are resilient, go getters and optimists, we should take pride in that. What’s Next: While it's the end of OnLadder, it is the beginning of something else. I intend to take the learnings and apply them to what I build next. In the short term, I'm open to part-time contracting or advisory roles. I’m looking to expand my fractional CFO services, but I have a broad skillset that can assist in many parts of a business. In the long term, I am undeterred in my resolve to make an impact in the first-time buyer space. Reach out to me if you want to learn about what I’m working on 😉. #startups #entrepreneurship