Three Things I Learned In Saas, Sports, Tech and Live Events
1. Time kills all deals. SeatGeek and Red Ball called off their $1.35b SPAC deal which looks like it will lead to the SPAC getting dissolved (they have until August to merge with a company). In 2017, we had a company try to acquire us. Diligence lasted three months and we still weren't much closer to getting a deal done. Though I wanted to continue, the board had run out of patience and voted to kill the deal. Push for short diligence periods and, when you do, be overly prepared and disciplined. The longer the time period, the more that can go wrong. And that can sour relationships. It did in our case.
2. Superstars are forced into the booth. They rarely go willingly and, when they do, they stay as close to the game as they can. (or they un-retire…looking at you Tom Brady, Brett Favre, and on and on). If your sales candidates goal is to be a manager as soon as possible and to get away from a number, run. The great ones want to lead, manage AND sell. They can't help it - because they love it.
3. It's difficult to face the music once you've played the tune. A close friend now sober 23 years offered sage advice on how others see a tough road in front of them when making the right decision while offering counsel on a personal friend's quandary and decision making. Screw-ups happen in business. We've had plenty. And it is hard to face the music once you understand it was a mistake that was, in fact, all your fault. Always telling the truth has done us well in such situations. Partners and customers want to trust you. Being accountable and honest in a world where many aren't goes much further than you may think. In some cases, it can even strengthen a relationship
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