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A Letter to Beachmint Employees and Partners

A Letter to Beachmint Employees and Partners

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Published by ashontell
BeachMint's response to PandoDaily's July 3 article.
BeachMint's response to PandoDaily's July 3 article.

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Published by: ashontell on Jul 17, 2013
Copyright:Attribution Non-commercial

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07/20/2013

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ToBeachMintEmployees,Partners&FriendsInmy32yearsasaprofessionalinthetechnologyarenaIhavebeenbothaFounderandInvestor(GeneralPartner,AnthemVentures).I’vedealtwithsomeinterestingsituationsintheseroles,butI’mhavingtroublethinkingofanythingthatmatchesuptotheexperienceI’vehadthesepasttwoweeks,duetooneofthemostuntruepiecesof‘journalism’I’vehadthedispleasureofreadingaboutacompanyinwhichIhaveinvested.Iam,ofcourse,referringtotheJuly3
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storyonBeachMintpublishedbyPandoDaily.Tohopefullybringadefinitiveendtothisridiculousstory,theBeachMintBoardofDirectorsandIwouldliketoemphasizehowpositiveweareaboutthehealthandtrajectoryoftheBeachMintbusiness.Thecompanyhasdeliveredstrongyear-over-yearrevenueandsubscribergrowth,hasasolidbalancesheetandwithaphenomenalteaminplaceispoisedforcontinuedsuccess.Itisforthesereasonsthatwefullysupportitsexecutiveleadershipteam.Youcannotimaginehowshockedandappalledweallweretoreadtheheadlinesclaiming,“BeachMintBoardoustsfounders;Companyreturns$20milliontoinvestors.”Theseclaimsareutterlyfalse.Infact,neverinouraggregatecareersasentrepreneurs,executivesandinvestorshaveweseensuchabaselessstorypublishedintheguiseof“news.”AstheBoardandinvestorsreferredtointheheadline,wecansaywithgreatcertaintythatbothclaimsareuntrue.Specifically:
 
NeitherJoshBermannorDiegoBerdakinhasbeen“ousted”or“removed”fromthecompany.Indeed,atnotimehastheBoardofDirectorsdiscussedremovingJoshBerman(CEO)andDiegoBerdakin(President)fromthecompany–eitherinformallyorformally.
 
$20millionhasnotbeen“returned”orsentbacktoinvestors.Infact,returnofcapitaltoinvestorshasneverbeendiscussedbytheBoard.Toouremployees-theentireboardistrulyangeredonyourbehalf.Weareequalpartssympatheticforanyunduestressthishascausedyouandoutragedatthelackofregardforyouoryourfamilies.Thereisnodoubtthatthecarelesslypublishedwordsimpactedyouall.I’vemetmanygreatjournalistsandeachoneofthemwouldtellyouthatinformation,regardlessofwhereitcomesfrom,mustbefact-checked.AtnotimedidanyonefromPandoDailycontactanyoneofus–informally,orformally–toaskforcorroborationorcommentpriortothepublicationthisarticle.NordidtheycontactanyoneonBeachMint’sleadershipteam.Apparentlybeingfactuallyaccuratewaslessimportantthanprintingasalaciousheadlinethatcouldgeneratetraffic.Asprofessionalswithtoomanyyearsofexperiencebetweenustomention,weresolvedtogivePandoDailyanditsEditortimetoadmitthatthisstorywassimplybuiltonmisinformation;thatitwasegregiousandfactuallyinaccuratereporting.Evenafterboardmemberswentonrecordtostatethisarticlehadnotruthtoit,PandoDailydecidedtowritean‘update’,notaretraction,suggestingthat“timewillprovethemright.”Todigintoapositionthatis100%untrueissimplyludicrous.LetmestateasclearlyasIpossiblycan:Timewillnotprovethemright.Manyfactsofthisarticlewereinaccurateincludingthetwoassertionsintheheadlineandnoamountoftimewillchangethat.Subsequenttotheir'update'PandoDailyhassimplymovedon,seeminglywithoutcaringabouttheconsequencesoftheiractions.MeanwhileBeachMint’sleadershipteamandemployeeshavehadtodivert

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