Jay Jung is the founder and managing partner at Embarc Advisors. A Wharton School graduate, Jay, worked previously with Goldman Sachs and McKinsey & Co. With Embarc, Jay is bringing top-level, nuanced financial consultations — the type of services usually reserved for Fortune 500 companies — to smaller-to-medium-sized businesses and startups. Jay has nearly 20 years of experience in M&A, capital raising, and corporate finance.
He is a former Goldman Sachs Investment Banking Vice President and McKinsey & Company Engagement Manager. He completed more than $50 billion in transactions, including marquee deals such as the sale of Yahoo, the sale of MuleSoft, and the sale of SanDisk. Jay also co-founded a technology startup that raised capital from Softbank and other VCs.
What is Embarc Advisors all about?
Embarc Advisors is a unique corporate advisory firm. We provide advice on mergers and acquisitions, capital raising, and CFO services. Our goal is to help founders, entrepreneurs, and small-to-medium businesses realize their full potential by providing high-powered corporate finance resources typically only available to large companies.
Tell us a little bit about your background and how you started your company.
I was formerly a Goldman Sachs investment banker and McKinsey consultant. Right out of college, I founded a tech startup that, unfortunately, failed. However, it sparked my interest in working with entrepreneurs and small businesses whose ventures I found exciting. I decided to create a firm at the cross-section of corporate finance and strategy, designed to empower entrepreneurs.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
- Problem solving skills is the first important skill necessary to succeed as an entrepreneur. Without keen problem solving skills, the first road bump you encounter in your business could take you down. There will be hurdles — there always are for everyone — but knowing how to solve problems effectively will keep your doors open.
- Team-building and delegation skills are also critical and go hand-in-hand. Effectively delegating tasks plays a significant role in building strong teams that will have your back as you scale your business.
- Lastly, every entrepreneur needs grit and determination. A love for the hustle keeps businesses thriving, even through tough times. Starting a business is not for everyone. Those who go into ventures with a bit of grit are most likely to withstand the tough times.
What are your plans for the future, how do you plan to grow this company?
We continue to expand our core offering rapidly. We grew three-fold in the last 12 months. Our growth is limited to our ability to identify and hire talent. We are growing rapidly, but we are very picky about who we hire, so that rapid growth is measured. We recently established a dedicated FP&A practice and continue to hire into that new team. It has been very well received by our clients and continues to grow.
How have the pandemic and Lockdown affected you or your new business?
Even before the pandemic, we were remote-native, so we were well prepared for the shift in how people work during and following the pandemic. Businesses became far more open to remote advisors, which has put us in a good, experienced position to serve them. As a result, our business grew a lot during the pandemic.
The openness to remote work has made hiring easier as well. Pre-pandemic, potential employees may have been hesitant to apply for our open positions because we did not have a physical location. There was skepticism that existed with remote positions, but this has all changed with the shutdown and the acceptance of remote work. Now, our ability to offer all-remote positions is a selling point, rather than a reason for skepticism.
How do you separate yourself from your competitors?
We separate ourselves with the talent that we hire. We hire top-notch talent from private equity firms, investment banks, hedge funds, and other consulting firms. We also take a high-touch boutique approach to advising. We are not a volume shop. Rather, each client gets individualized attention unique to their situation.
What were the top three mistakes you made starting your business, and what did you learn from them?
All entrepreneurs make mistakes. We have certainly made mistakes, but we learned valuable lessons from each one.
- One mistake I made was not hiring experts in functional areas sooner than I did. As a finance expert myself, I didn’t have to hire a finance person. However, I recently hired a senior leadership member to run our people/HR function. It’s been a game changer and I’m so glad that I didn’t delay further. Knowing who is integral to your team and making those hires early can make a world of difference in how quickly and efficiently you can scale. Functional experts allow for quick scaling, whether they are experts in IT, HR, or customer service.
- Another mistake made could be failing to monitor metrics. I didn’t make this a priority until I read two books: “Measure What Matters” by John Doer and “Traction” by Gino Wickman. Those books prompted me to get more granular with my key metrics. We had to push beyond profit and loss and cash flow. I needed to use metrics to identify our pain points, to take action, and improve the business and my plan going forward.
- The last mistake was taking on early business partners. It can be tempting to bring along a friend or someone you know with you when you found a startup. Being a founder, CEO, or entrepreneur can be lonely. I started with a partner, and we had a loose “testing the waters” kind of agreement. Ultimately, we amicably parted ways. These were close friends that I had known for years, but running a business with someone is different than being friends with them. You may not share the same business philosophy. Instead of seeking a partnership, seek out advisors who can fill that gap and be the sounding board a solo-preneur needs.
Tell us a little bit about your marketing process, what has been the most successful form of marketing for you?
I have always found that high-quality work drives referrals. When someone is selling their company, this can be one of the biggest decisions an entrepreneur can make. It can be a life-changing experience, and I know our clients do not take this decision lightly, nor do they take the decision lightly when they choose the advisors to assist them. Our largest source of leads has always been referrals.
Recently, we have gained more traction and coverage through our PR efforts. We have a steadily increasing stream of inbound organic leads, though this is a longer-term investment. Whether it is PR or SEO, entrepreneurs need to recognize that this is a long-term commitment and it takes a while to see results.
What have been your biggest challenges and how did you overcome them?
Hiring has always been a big challenge. We are a small boutique firm that does not have the brand recognition of my prior employers, so attracting the top quality talent is most important and also the most difficult for us.
As a small firm, we cannot compete on price (i.e., wages). We have invested very early in building a differentiated culture formed through the camaraderie among team members, the quarterly offsites we host, and also investing in HR/people initiatives. We recently hired a Director of People with over 20 years of experience from leading firms such as Edelman and TuSimple. We continue to invest in career development and learning of our team members. We also focus on preserving quality of work-life balance, unlike the many other financial services firms who have garnered negative attention for overworking their employees and undervaluing a work/life balance.
What was your first business idea and what did you do with it?
When I was six, I traveled back to Korea and I “discovered” Asian Robots. These are much different from robots that I was watching on US television, such as the Transformers. I bought a bunch of these robots, which came in cardboard boxes that featured pictures of the various robots on the sides. I cut out these pictures to make robot baseball cards and sold them to my friends.
What are you learning now? Why is that important?
We say culture is important. When we look at companies known for poor culture, we vow to never run a business like that. But what I am finding is that creating, establishing, and growing the ideal culture is easier said than done. With the help of my Director of People, I am learning to put in the appropriate organizational infrastructure to preserve and cultivate our culture throughout the team as we grow.
If you started your business again, what things would you do differently?
Find your focus early. When I first started, I went very broad and served a wide range of customers and their needs. I enjoyed being a jack of all trades, a “swiss army knife” of finance. Looking back, I learned that focus enables you to scale better when you’re first starting your business. You will build expertise and better learn about your customers and their needs which, in turn, will allow you to sharpen your value proposition.
What are the top 3 online tools and resources you’re currently using to grow your company?
- Alphasense: This is the Google for businesses. There is endless information out there on companies and industries. Having one source that can quickly search and analyze this information is key to moving quickly in this environment.
- Pitchbook: Private company and investor information is very hard to find. Pitchbook is our go to source for this information.
- Harvest: Harvest is a project time-tracking tool. When I was in investment banking, we worked 60 to 80 hour weeks, but a lot of the work we did was wasted. There were some team members that could do something very quickly and some took more time, but because nobody tracked time, there was no way to measure efficiency. It was a very brute force environment. Bodies are cheap, so the firm kept throwing bodies at the problem. By tracking time by project and by activity on Harvest, we are able to analyze where inefficiencies are and quickly address them. This keep the team efficient and also prevent burn out
What’s a productivity tip you swear by?
As mentioned, we use Harvest. You can’t improve what you don’t measure. In a business where people are the most important resource, it is important to measure how your team is spending time. These measurements are how you maintain a healthy work-life balance but still deliver maximum impact. Over the long run, it has helped everyone share best practices and get efficient.
Can you recommend one book, one podcast, and one online course for entrepreneurs?
- The book I would recommend is “Measure What Matters (John Doer).” Whether it is a VC-backed startup or traditional small-to-medium business, measuring your KPIs with a clear goal in mind is the basic foundation for a successful business.
- A great podcast is “Action and Ambition.” It’s a good place to hear about other entrepreneurs and lofty goals. I find it rather inspiring.
- Unfortunately, at this time, I don’t have an online course that I would recommend.
If you only had $1000 dollars to start a new business, knowing everything you know now, how would you spend it?
I would build a website. When you are first starting a business, you are selling yourself. Having a polished digital storefront provides credibility and reach.
What helps you stay driven and motivated to keep going in your business?
Happy clients and happy team members keep me motivated. Those are the only two things that matter. When you achieve those, you know that the business that you are creating has meaning in this world.
What is your favorite quote?
“Life starts at the end of your comfort zone.”
— Neale Donald Walsch
What valuable advice would you give new entrepreneurs starting out?
The advice that I would offer is to get help in the areas where you are not an expert. Build your advisor network; no one single person knows everything or has all of the skills and experience necessary to drive a startup to success. Identify early where your strengths lie and what your weaknesses may be. Surrounding yourself with those who can provide you with the necessary support is paramount to success.
Who should we interview next and why?
I would seek out an interview with Josh Tanzer. Josh Tanzer is a finance veteran and worked at some leading firms such as Credit Suisse, Jefferies, and Houlihan Lokey. He recently started his own investment firm called Principia Growth. I admire the energy and courage that Josh has to start his own firm at a later stage in his life. Only two years in, it has already been very successful and continues to do well.
What is your definition of success?
Simply put? “Happy wife, happy life.”
How do you personally overcome fear?
I meditate and I pray.
How can readers get in touch with you?
You can find me on LinkedIn or at our Embarc Advisors website. Both are monitored closely and people can expect responses within 24 hours.
