Colin Mullett
IMPACT INVESTING

Colin Mullett

#31

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Co-founder of Loonie Ventures, a partner firm of Mad Ventures

Colin Mullett – Tell the truth

“So sell, figure out how to sell better so that you can make them a believer.”

ABOUT

Colin is the co-founder of Loonie Ventures, a partner firm of Mad Ventures. He owns and operates a small, yet burgeoning portfolio of Commercial and Industrial Real Estate on Southern Vancouver Island. Unconventionally, Colin came to the angel investment scene through the construction world, working up from the tools to management, where he and his team birthed and then scaled their business 17x over 48 months; he is very familiar with the pains and efforts it takes to start and then build both a team and a business simultaneously.

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THE FULL INTERVIEW

Colin Mullett

The full #OPNAskAnAngel talk

Jeffery:
Welcome, everybody! Today, we’re sitting with Colin Mullett and I want to say thank you very much for being with us today. We’re on our, I’m gonna make a guess and say, we’re between 40 and 60, if I should check the number but we just keep rolling. So on our interview podcast and very excited to have you here today. We got to learn a little bit about you, but I think today we’re going to really dive in and we’ve talked about some of the great podcasts we’ve done already, and it’s been a huge learning experience. But today, it’s calling, it’s your shine show, so let’s really make this thing but I’m excited to learn what there is. But the way we start off all of our shows is, I want to hear a little bit about your background. A little bit about where you’re at now, and what you’re up to, and then one thing about you that nobody will know.

Colin:
Oh jeez, yeah I’m not good at keeping stories about myself short but a little bit about me is, I think every investor I’ve watched, talk about their story, everyone says they’re atypical. So I’m not going to be any different than that. But my background, the relative contextualized to this is, I’m actually from the trade. So actually I spent 10 years as a roofer on the tools. I was always a good student and stuff like that, went to when was at college, I was gonna be a pharmacist, and had ideas to do that, and I was a good student blah blah. But you know, I found myself in the trades and I spent 10 years doing that. Investing along the way and picking up some real estate along the way. But roofing nonetheless, I spent five years as a manager, as a project manager at a large roofing and exterior herb in Calgary, and while I was there we planted a like, a subsidiary company to do commercial roofing and exteriors, and so that was year one.. year..month 14, while I was there and we grew from our first year, we did 440 in revenue. We had three employees and we grew that, and by the year four when I left, we did seven and a half million in revenue across four divisions and 41 employees. And so, I do actually know how to grow a business. I have a lot of context for what these guys are going through. I did that in like because I was a subsidiary. I was using other people’s resources to grow a business. As far as like personally, I got five kids. My domain of expertise is obviously, a roofing and a construction but you know, on a personal side, I’ve got, I really know a ton about personal relationships, about marriage. I got a solid marriage, I got solid kids, and I got incredible friendships, if like if you know, there’s my saying with my talk with my wife is like, “Babe, we’re already rich and one day we might be wealthy because I’m already rich in so many ways. I just feel super blessed for… because I’m not lonely.” So yeah, that would be kind of the without going too far down those rabbit holes in the afternoon, and then you know my day-to-day job now is I own real estate. So we’re rehabbing buildings that we’ve purchased and we’re building industrial park light services, meaning so we took 26 acres relatively flat and fencing it off, and rent you know, one land lease. So we’re doing one acre at a time, 10 acres at a time, whatever and so, those are my active businesses. And then this other thing, we got going on a couple years ago, I guess two Decembers ago, started Loonie Ventures which is, I’m a general partner in. We do angel investing, we cut checks between 10 and 25, 000 for really early stage kind of pre-seed seed and maybe up to series A, and then trying to develop a narrow thesis for how to invest in this really cool landscape which I really feel like I identify with the founders. So that’s hope, that’s short enough touches on enough to give context, so that I’m not good at keeping it short.

Jeffery:
Brilliant, man. I didn’t know you had five kids. That’s amazing!

Colin:
Yeah, I know. Yeah, thank you!

Jeffery:
You didn’t share that last time. That’s a big piece of information that is like saying-

Colin:
Four girls, one boy.

Jeffery:
Oh, that’s amazing man! That is so awesome, congrats! I don’t know how you have time to do anything. Five kids, wow…

Colin:
Wife man. Life hack number one: marry someone that you love and respect, and that’s gonna- it’s gonna do wonders.

Jeffery:
This makes things a lot easier. Well, congrats! That’s awesome to you and the wife. Brilliant and I do love the saying, “You guys are rich in life and one day maybe you’ll be wealthy.” I love that because it’s so true. There’s always room to grow everywhere but it seems like you’ve really planted yourself nicely, and you’re working everything out a little bit at a time and growing it. So that’s pretty exciting.

Colin:
Well, it speaks also to that like life is about the journey not the destination, right? There is a inflection point where you are actually financially independent, and when the day before that you’re not financially independent, and that really is a destination that you can measure and has a metrics and all that other stuff. But if that’s a 10-year journey or a 20-year journey or 30-year journey, I mean you’re miserable along the way, not rich along the way, then it’s like what have you traded? You’ve traded the most valuable thing in life which is time. And so I’m not gonna waste my time being miserable and making the sacrifices that aren’t worth it. So I’ve- I did that mental math with mentors and other people along the way, so that I’m rich and that is going- not going to ever be reflected in my bank account balance. So because I was rich before when I was still poor.

Jeffery:
Hey, that’s the best way to think man, I love that. So well, I don’t want to put your words in their mouth. One of one thing that somebody wouldn’t know about you, I would say the five kids is amazing. But there’s got to be something out there that it maybe won’t top that because I think five kids today is pretty incredible. But is there anything else that you would that noticed something that somebody wouldn’t know about you that’s fascinating?

Colin:
Yeah for your- for the audience, it would be interesting. I lived in a faith-based earth community for another six or eight months. It’ gonna be 13, 14 years ago and so it’s like it’s called Rosebud Alberta. It’s a little, it’s a community that runs a dinner theater and it’s the collection of the most like incredibly talented people. So it’s like being around just everyone was just incredibly gifted. So like you know, a party on a Friday night would be you know, someone would like jump on