After the release of the Custom Floor record, Swank's other project, Foundation Skateboards, gained some financial momentum, and Goldenrod was put on hold. Swank's friend Mark Waters, an employee at Lou's Records at the time, and also a photographer and writer in the skateboarding world, was looking to start a record label and asked Swank for advice. A partnership was born and the "no rules for records" idea was spawned.
After Custom Floor's release, Foundation Skateboards started gaining some financial momentum, causing Goldenrod to be put on hold. Mark Waters, a friend of Swank's who worked at Lou's Records and was also involved in skateboarding photography and writing, wanted to start a record label and asked for Swank's input. This led to the formation of a partnership that would eventually give birth to the "no rules for records" idea.