EAT YOUR OWN DOG FOOD?  
The best leaders eat their own dog food. They don’t just sell the thing. They live inside it. They feel the friction. They discover the flaws. 

Most people outsource that part. Not David Kohler, the fourth-generation CEO of his family business best known for toilets.
 
We learned from our friend Ricky Van Veen that David only uses Kohler toilets. If he visits a destination "lacking the requisite hardware," Ricky writes in his most recent newsletter to friends, "an advance team is dispatched to swap out the offending latrine for a Kohler product before his arrival."
 
Does it really matter who manufactures the toilet that catches our turds, you may ask? To David, it does. And whether the myth is a reality or not, David's results from being so product-obsessed speak for themselves.
 
Launched in 1873, Kohler is one of the oldest continuously operating family-owned manufacturing companies in the U.S.
 
Its annual revenue is estimated at around $9 billion globally.
 
It regularly appears on America’s top private company lists and its reach goes far beyond products.
 
It owns and operates iconic hospitality destinations, including The American Club and The Old Course Hotel in Scotland.
 
Leadership doesn’t experience Kohler through a deck. When something leaks, it leaks on them first.
 
Do you have distance between you and your decision-makers and consequences? If so, be like Kohler. It matters. Stop outsourcing the discomfort and start living with what you create.
 
Sit down. Be your #1 power user. See what happens.  That’s where credibility is earned ... one flush at a time.


INSIGHT
📈 Trends of 2026 — Mike's predictions on what's coming in AI in the new year. 
 
😴 Burnout is a Real Downer — Running yourself ragged has consequences for everyone around you.
 
👀 No Focus, No Progress — Knowing your immediate next steps is key to growth. 
 
CHEAT CODE: PICK YOUR MARKET
Here's the brutally honest market test. Large businesses cannot be built in small markets, and small businesses cannot be built in markets that do not or will not exist. If you are the only option in the market, the market most likely does not exist or is too small to support a healthy company.
 
Say that again until it lands.
 
This is not ideology. It's math and survival. Ask yourself how many real customers you need, how much each will pay, and whether that number scales from thousands to millions. If the math fails, you have a passion project, not a business.
 
Winning a tiny niche is fine, as long as that niche opens into a bigger category. Winning a tiny niche without a path to scale is a velvet coffin. Distribution matters more than clever product features. If you cannot acquire customers repeatably without bleeding cash, the market size becomes irrelevant.
 
Ask yourself: can you map a path from your first 1,000 customers to a category of millions? If yes, you have a shot. If not, pick a different market.
 
Creating a new market is heroic, not easy. It takes twice as long and twice as much money than you think, and it requires teaching a whole industry to care.
 
Bottom line? Market first. Product second. Pick something that can survive your worst days and still grow.
 
Want more of our cheat codes? Follow along on Instagram.

🆘 Access the 49 other cheat codes every entrepreneur needs to know from Shoveling $H!T: A Love Story.
 
🚜 Have you dived into building a business? Jump into the Founders Farm and share some stories.


FOUR FAVORITE FINDS
💻 Nvidia CEO Jensen Huang shared what's next for their crucial computing software. 
 
💾 Not everyone is hot on data centers — billionaire real estate developer Fernando de Leon on why he isn't investing, despite the hype.
 
💳 The CEO of Vista Equity Partners on the next phase of the AI boom — agentic AI. 
 
🥦 First, it was protein. Now it's fiber, thanks in large part to the gut health craze. See how businesses are starting to capitalize on this trend.


AROUND THE FARM
♟️ We sat down with Stifel's Brad Ellis to talk about the tactical aspects of startup success. 
 
🤩 We're honored that the Goody Business Book Awards rewarded our book Shoveling $h!t: A Love Story as a winner in the Entrepreneurism and Small Business categories!
 
🎙️ Listen to Mike's takeaways on the difference between being a founder and an investor on the We Live to Build podcast. 
 
👏 Mike sat down with Swagger to discuss how he makes life meaningful.
 
🤔 We were interviewed by Forbes on how we use the V2MOM framework to make investment decisions.
 
💸 CNBC shared our story of how we dealt with our company going bankrupt.
 
📚 Shoveling $h!t: A Love Story debuted on the New York Times & USA Today bestseller lists! We couldn't have done it without the support of this community—the purchases, the shares, showing up to events, writing reviews and more! 


FINALLY, WANNA GET INVOLVED?
📖 Get bulk copies for your team.
⏰ Invite us to speak at your event.
🤯 Share your thoughts on social: #FoundersFarm
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