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Daniel McCarthy is the founder of Theta and an associate professor of marketing at the University of Maryland. Private equity firms bring him in to dig through the transaction data before they buy a DTC brand, and he's done it on over 450 companies, from McDonald's to some of the biggest names in ecommerce. He breaks down the "growth report card" that shows whether a brand's growth is real or just manufactured by spend, why discounting a customer's first order drags down what they're worth long after, and why most brands have no idea where they stand when someone asks ChatGPT which brand to buy.

Harvard Business Review article: How to Value a Company by Analyzing Its Customers: https://hbr.org/2020/01/how-to-value-a-company-by-analyzing-its-customers

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