Investor Stories 428. Trust and Integrity with LPs, What Churn Reveals About Founders, and Building True Differentiation (Ralston, Abel, Shen)

This episode of TFR is brought to you by Ramp, the spend management platform we use here at TFR. They're offering listeners a $150 just to take a demo. We've never had an offer quite like this. Claim your $150 before this offer is gone at our partner link, ramp.com/partner/tfr. And this episode of TFR is brought to you by the American Arbitration Association, where smart startups and investors turn to for fast, efficient, and cost effective dispute resolution. Visit adr.org/tfr to learn more. Welcome to the podcast about venture capital, where investors and founders alike can learn how VCs make decisions and reach conviction. Your host is Nick Moran, and this is the full ratchet. Welcome back to TFR. On today's special segment, we ask guests to share the best question they've ever been asked by an allocator. Here's the segment called best LP question. On today's special segment, we have Rusty Ralston and Jay Patel of Swell VC. Rusty and Jay, what is the best question an LP has asked you? That's a that's a good one. I think one of the most insightful questions was when an LP asked us, not about fun metrics, but it was, tell me about your values, who you were as a kid, who you are now, and who you'll be in the future. And I think that I love the question because, that's foundational, right? It's like if you want to go into business someone for ten, twenty, thirty years, that's the right question to be asking. Because trust, character, integrity, are truly foundational. And I think that our relationships with LPs and founders are building those same values. And we're not just in this for a fun cycle, we're in it for decades. And I think that was a just a good question kinda to get to the heart of being a business partner with someone for decades. On today's special segment, we have Godard Abel of g two. Godard, what's the best question a VC has asked you? Why are customers churning? Why is that the best question? I think there's a lot of insight in and, obviously, we all tend to market more what's working, right, but what's not working. And but I think there's a lot of insight there. And I think also as an entrepreneur, there's a lot of insight, like, how do you keep getting better? And I think as an entrepreneur, that's kind of what I tend to like focusing on. Obviously, I love the the happy stuff, but I also I just wanna get better. I like that day in Erick and Jesus' room, and I think you learn from the failures. This episode of TFR is brought to you by ADR. A business dispute doesn't need to become a legal and reputational crisis. Smart investors and startups add arbitration language to their term sheets for fast, efficient, and cost effective dispute resolution. The American Arbitration Association has arbitrators that understand your business, …