Fundraising in a Post Covid World with Rodney Clark of Aspect Consumer Partners
When I first met Rodney Clark, I wasn’t just looking for someone to help us raise money, I was looking for someone who actually understood what it meant to be in the trenches.
It was early post-COVID. We had planned to start the raise before the world shut down, and instead we found ourselves talking every other week for nearly a year—waiting, watching, trying to figure out the right timing, the right strategy, the right partners. And when the time finally came, Rodney didn’t just step in—he locked arms with us and got to work. The raise got done. But more than that, I got to see how this process really works from the inside.
In this episode, I sit down with Rodney Clark of Aspect Consumer Partners to talk about everything I wish more founders knew about fundraising — from why net sales matter more than gross to how valuations are actually shaped (spoiler: it’s not just about your revenue multiple).
We talk about the mindset it takes to build a brand that lasts, how to stay focused when the market is noisy, and why so many founders get stuck chasing exits instead of building businesses.
Whether you’re getting ready to raise or still in the messy middle, Rodney brings two decades of honest, no-BS insight. This conversation is one I wish I had ten years ago—and I think a lot of founders will feel the same.
About Rodney Clark
Rodney Clark is Managing Director & Founder of Aspect Consumer Partners and has over 28 years of experience in investment banking, with a strong focus on strategic advisory, mergers & acquisitions and capital raising in the consumer industry.
Rodney’s transaction experience includes a wide variety of strategic and financial advisory assignments including, buy- and sell-side mergers and acquisitions, public offerings and private debt and equity placements. To date, he has been involved in over $65 billion in M&A and financing transactions in consumer and other industries, including branded consumer products, nutrition, ingredients, food, retail, apparel, footwear, beauty and cosmetics, household and personal care, lodging, business services, distribution and education. He has also completed a number of significant transactions in the technology sector.
Our biggest takeaways:
Fundraising Today Is Harder Than It Used to Be—But Not Impossible
Rodney’s seen the ups and downs of the market, from the post-COVID fundraising freeze to the current era of volatility. What’s clear is this: deal timelines are longer, valuations are trickier, and the bar is higher.
“We thought 2024 would be a bounce-back year, but volatility has kept people cautious. Only the high flyers are getting big multiples.”
Translation: if you’re not growing faster than the market, be ready for tougher conversations with investors.
A tight, focused brand with a clear edge in a noisy category
Strong gross margins and the discipline to grow without overspending
Proof of consumer love: repeat purchase data, velocity, or sell-through
A founder who knows the business inside and out—and can evolve with it
A plan for where this all goes, not just what’s happening now
Valuation Is About Timing, Not Just Metrics
Rodney explains that the methodology for calculating valuation hasn’t changed—but how it's applied has. In high-growth times, investors pay more. In uncertain times, they pay less.
“The fundamentals of valuation stay the same. What changes is the environment and the levers investors pull depending on growth, volatility, and confidence.”
So if you're not seeing the numbers you hoped for, it might not be your business—it might be the market. And that’s okay.
Net Sales and Fully Loaded Margins Matter More Than You Think
If you're using gross sales to talk about performance or valuation, Rodney has a message for you: stop.
“It's net sales, not gross. And it’s fully loaded gross margin, with freight and warehouse costs included.”
Too many founders fall in love with top-line numbers and forget that smart investors care about sustainability, not hype.
Build a Durable Brand First—The Rest Will Follow
According to Rodney, the most common mistake founders make is obsessing over their exit instead of obsessing over their customer.
“Build the best, most durable brand you can—and the rest will take care of itself.”
Know who your customer is. Know where and why they’re buying. Know your margins. That’s what makes you backable.
Timing Is Everything—Start the Conversation Early
Rodney suggests founders reach out 6–12 months before they’re actually ready to raise. Why? Because the right partner will help you prep your numbers, refine your narrative, and build toward the best possible outcome.
“Most people aren’t buttoned up. They’re running the business day-to-day. Give yourself time to model, clean up your P&L, and position yourself.”
Investor Fit Is Just as Important as Capital
Raising money isn’t about taking the best offer. It’s about taking the right one.
“You’ve got to find someone who’s aligned with your style, goals, and timeline. Otherwise, it’s a painful road.”
That means doing due diligence on your investors—just like they’re doing on you.
The Data Doesn’t Lie: Real Success Takes Time
Rodney’s firm crunched the data on hundreds of CPG transactions and found one surprising truth:
“The average time before a brand hits a major event—whether it’s a big raise or an acquisition—is 9 to 11 years.”
Not four. Not five. Real growth takes time. So stop comparing yourself to the outliers and start building with a 30-year lens.
Final Thought: Grit + Strategy = Longevity
Jason summed it up best when he said, “Where I lack in IQ or experience, I make up for in grit and patience.” That’s what it takes in this industry—resilience, humility, and a clear focus on serving your customer.
Rodney agrees: the brands that win are the ones who put their heads down and build something great. Not for the exit. But because they believe in what they’re building.
