How Ecommerce Brands Can Fund Growth: Winning DTC Math
OPERATORS · with Curtis Matsko · April 22, 2026 · 66 min
Summary
This episode uncovers how DTC brands can fund ambitious growth without relying on fickle external capital. It features a gripping account of Portland Leather Goods CEO, Curtis Matsko, who survived a bank withdrawing a $20M line of credit at the worst possible time. The discussion emphasizes the critical importance of mastering cash flow, leveraging supplier relationships for working capital, and focusing relentlessly on profit margins to achieve sustainable growth and true financial resilience.
Key takeaways
Develop robust cash flow management strategies, as external funding can be unreliable and withdrawn unexpectedly.
Prioritize strong supplier relationships and negotiate favorable payment terms; these can serve as a vital, often overlooked, source of working capital.
Deeply understand and optimize your cash conversion cycle (CCC) and profit margins; these are foundational to sustainable growth and business survival without significant outside investment.
Shift focus from top-line revenue to net profitability and available cash on hand to accurately assess business health and funding capacity.
Prepare for financial shocks by building strong operational efficiencies and financial resilience, drawing lessons from crises to emerge more profitable.
What happens when your bank promises you $20 million, strings you along for a year, and then rips it all away the same week you need it most? Sean Frank (CEO, Ridge) and Matt Bertulli (CEO, Pela Case & Lomi) sit down with Curtis Matsko (CEO, Portland Leather Goods) for a raw conversation about how ecommerce brands fund growth. Curtis shares one of the most gut-punch founder stories in Operators history. Wells Fargo promised him a $20–25M line of credit, demanded $2M back overnight, and nearly killed Portland Leather Goods at the exact moment he had ~$14M tied up in a brand expansion. He survived a year of not paying suppliers, negotiating week-to-week, and somehow came out more profitable than before. The three dig into the real math of affording growth without investors. Why it’s “impossible, but you have to do it anyway,” how supplier relationships are the single best source of working capital leverage, and why the cash conversion cycle will break your business if your margins aren’t right. They close with one of the most important warnings for early operators — stop counting revenue, start counting what’s left. Powered By Fulfil https://bit.ly/3pAp2vu Saras Analytics https://bit.ly/9OP-YtdescAftersell https://9ops.co/4i3bb5Postscript https://9ops.co/postscriptRichpanel https://9ops.co/richpanelNorthbeam https://www.northbeam.io/Operators Newsletter https://9operators.com/
Develop robust cash flow management strategies, as external funding can be unreliable and withdrawn unexpectedly.
What does this episode say about finance & fundraising?
Prioritize strong supplier relationships and negotiate favorable payment terms; these can serve as a vital, often overlooked, source of working capital.
What does this episode say about supply chain & operations?
Deeply understand and optimize your cash conversion cycle (CCC) and profit margins; these are foundational to sustainable growth and business survival without significant outside investment.
What does this episode say about founder & leadership?
Shift focus from top-line revenue to net profitability and available cash on hand to accurately assess business health and funding capacity.
What does this episode say about dtc strategy?
Prepare for financial shocks by building strong operational efficiencies and financial resilience, drawing lessons from crises to emerge more profitable.
