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Good, Bad & Ugly (GBU)

The monthly update every founder should send. Radical transparency with your investors and team.

What it is

The GBU - Good, Bad & Ugly - is a monthly transparency update you send to your investors, supporters, and team. It’s exactly what the name suggests: the good stuff you’re proud of, the bad stuff that’s not working, and the ugly truth you’d rather not say out loud. It’s the most effective investor communication format I’ve seen.

💡Why it matters

I’ve never met a successful company that doesn’t send a monthly GBU. Investors want to help, but they can’t help if they don’t know what’s happening. Most founders either go silent (bad) or share only good news (worse). The GBU forces radical honesty, and that honesty builds the trust that unlocks real support. When you tell someone the ugly truth, they lean in. When you share only wins, they stop paying attention.

🛠️How to use it

The template is simple. Start with key metrics - revenue, users, whatever matters. Then write three sections: Good (what’s working, wins, milestones), Bad (what’s not working, things you’re struggling with), and Ugly (the honest, uncomfortable stuff - the things you’d rather not admit). End with specific Asks - intros you need, advice you’re seeking, hires you’re making. Send it to your investors, advisors, and supporters on the same day each month.

💬My experience with it

At Startmate, I wrote public GBUs for over five years. They went to more than 1,000 inboxes. For a while, I was the number one Google result for “GBU update.” Writing them forced me to be honest with myself first. You can’t write an Ugly section for a thousand people without confronting reality. That monthly discipline of radical transparency shaped how I led the company more than almost anything else.

🚀Try this today

Write a GBU for last month, even if you don’t send it to anyone. Three bullet points under Good, three under Bad, and at least one under Ugly - the thing you’ve been avoiding. Then read it back. If it’s honest, you’ll feel slightly uncomfortable - that’s the sign it’s working. If you’re a founder, send it to your investors this week.

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