My guest this week is Andy Cates, the President and founding Chair of Memphis Fourth Estate, a 501(c)(3) that launched and operates The Daily Memphian. In this conversation, we talked about why The Daily Memphian care so much about reaching break even on operating revenue versus purely fundraising, the inherent challenges they have raising money from national journalism funders due to this belief in building sustainably, how they’ve thought about growth over the six years of its existence, and so much more. I hope you enjoy our discussion.