In 2018, I killed a buyout deal of our company at the absolute last minute. It caused havoc with everyone. Our board, our team, and our investors. Here's why I did it, what I think happened, and what I learned.

In the 18 years I've been running this business, there have been so many times we've prayed for vengeance. Today we share four real world stories and what it felt like when it happend.

Three Things I Learned In SaaS, Sports, Tech, & Live Events What’s the most ridiculous attempt at ticket theft I’ve ever seen? We have stories. 20+ years in and around live events will do that. I get asked all the time what's the worst I've seen. The worst was the attempted fraud at the 2006 World Cup Final in Germany between Italy and France.

1. The FTC is finally going after mega brokers. 2. The brand names of the 10's are hurting executive job seekers 3. Impossible is just something to do

You can say whatever you want when it’s the truth. This week, a staffer was deposed in a case. It was his first experience with a process we’ve, unfortunately, gotten to know too well over the past few years when dealing with some bad actors. After talking to the lawyers, he called for advice. It’s simple: tell the truth and sleep well. The truth is easy to remember, consistent, backed up by evidence, and, most importantly, noble in a world that becomes more devoid of it every day. If it’s the truth, you’re protected by the First Amendment. Just another reason to always tell the truth. Working in sports vs being the customer I have a fun job. And I go out of my way to post the fun things our team gets to do. But that's just a sliver of what we do. (and we do it because it works). So many people apply to work in sports thinking they'll "get to go to all the games." We hear things like: "I'll go to the game, get to know everyone, see their activations, and help make them better." Yes. That is 1% of that job. We also have a number to hit. A business to build. Customers to get in front of so we can learn about their needs and how we can help them. Do you know who gets to have all the fun at the games with no responsibility? The customers being entertained. So if you want to go to games and have a great time, there is a job for you: Build a huge business that people want as a customer. Then they'll take you to the games and you can enjoy. As for the rest of us, my team included, going to the games is 1% of the gig. Work in sports because you love it and its meaning. But know, you're not going to actually watch much of the game if you're doing it right. (Sidebar: I got to do it the fun way on Wednesday. And it was pretty great.) Volatility and opportunity Scary times for some. That's the time to move. In the winter of 2021, the "delta" variant of COVID was all over the news. Live events were closed. Companies in our industry were dying. Our bank, Pac West, essentially dropped us, offering us a "renewal" at punitive terms. We had been building out our events technology, which we now call "GMC"—guest management and credentialing. We had identified a company we wanted to acquire. The only problem was that nobody wanted to invest in live events—and I mean nobody. So what did we do? We took on expensive debt—12%+—and used the cash on our balance sheet to buy the company. It was expensive. It wasn't reckless; we were in a position to be fine if it didn't go well, but we believed the bounce back in the economy was closer than others thought. It worked. We've integrated that business and thrived. Even more so, the debt was bought out within a year. A home run. Only because we were willing to take a calculated risk when nobody else was. Courage is a competitive advantage.

We're 17 years into TicketManager. As of this writing, we have approximately 175 people, including full-time employees and contractors. But we weren't always here. And business, when it's your business, is personal. Hiring and friends has been a learning experience. Here's what I've learned, and the scars from it.

There’s always turmoil - tariff volatility is just today's I’ve been doing this at TicketManager for going on 18 years. I can’t remember a period longer than 30 days when there wasn’t some crazy turmoil in the world. It’s a selling point for the news and something people say to each other all the time to justify whatever they’re looking to justify—whether it’s anxiety, poor performance, or a lack of vision for the future. Since we started this company, we have had a Global recession, a Series A squeeze, a global pandemic, the city around our HQ burned down, a Covid bounce, a white-collar recession, historic inflation, and on and on. Today, it’s the tariff volatility Tomorrow it’ll be something else. That’s the game. As an entrepreneur, complaining about it and yearning for certainty is a waste of time. If it were easy, everyone would do it. There’s nothing better than thriving through those things. It brings a sense of accomplishment I didn’t understand going in. StubHub pulls its IPO as the ticketing darlings of the mid-2010s are cratering. When I left StubHub in 2007, I had drinks with a couple of executives there. They couldn’t believe why I was leaving. I told them, simply: I don’t think you have any defensible moat. Eventually, the content providers, tours, bands, and teams are going to find a way to get back control of what they’re selling. And I believe they should have that control. Then what? It turns out I was very wrong about how long it took, but we’re here now. The primaries are stronger than ever. Ticketmaster and Live Nation are thriving, Tickets.com is doing well, and AXS is growing and has found its market. All three are monetizing their tech and including secondary in their offerings. The secondary, however? Behind the scenes, there are a lot of phone calls from investors and weary CEOs looking for homes for companies that were supposedly worth hundreds of millions or “billions” just a few years ago. StubHub can’t find a way to service its debt Vivid Seats' market cap has dropped to under 600 million, making it nearly impossible for them to go private. Meanwhile, investor Todd Boehly is getting heat in London for his involvement in the secondary. The list goes on and on. There are many other darlings who raised too much money and still can’t turn a profit. If they stop paying for CAC, the numbers get terrifying (StubHub is in this boat - anyone who read their S1 saw the inefficient marketing spend). The spigot has closed. And some big names are starting to look like they're about to become zombies if someone doesn't pick them up on the cheap. I believe there will be at least two transactions and two CEO scalps by Q2 2026. Augusta further proves the big are getting bigger. The Masters market went bonkers this week. It’s a trend that’s been happening recently with major events that have a static home. The sought-after events that have a regular home are becoming increasingly powerful, while events and teams in smaller markets are struggling. Companies are still spending; they’re just moving the spending around as they become more sophisticated. I had lunch with a mentor several years ago, and he said something that still bothers me today. He was talking about how AI is coming and it’s probably going to wipe out the middle class. He used the example of truck drivers, thousands of whom were going to be out of work in the near future. He told me, "You have to get on the other side of the fence before there is no middle class, because that’s how it is in most of the world" (he is not from the United States and does not live here). That gap seems to be growing in live events right now. People can’t get enough of the top events, like The Masters, The Kentucky Derby, The US Open of Tennis, and The PLAYERS; they're all thriving. There seems to be no end in sight to their hospitality offerings. The customers can't get enough. To that end, our team on the ground is reporting a number of broken StubHub orders. Customers coming to us asking for help after they went to pick up their badges and were turned away. Augusta is going to shut down the secondary market. And we’re here for it.

The Abyss: The day I was introduced to the real-world of work. Desperation, tears, callousness, and a harsh reality that I am not special.

This week we talk about the upcoming Cruel Summer for ticket re-sellers, how confidence men try to make themselves the victim - as shown this week by Ticket Junky - and Bob Myer's mantra as the GM of the dynasty Golden State Warriors.

This week we explore confidence. I am "arrogant, condescending, think I’m better than everyone and an asshole." I am also "authentic, can be trusted when it matters, loyal, and a leader who is put in the game, meeting, or situation, when it matters." The characteristics I have in my life have led me to be called all of those names quite often. We live in a world that values confidence while also hating and resenting it at the same time I want my kids to be confident and I see that in them. I also see how the world treats that confidence. Three things I’ve learned about confidence. Part one:

Three Things I Learned In SaaS, Sports, Tech, & Live Events A wall-to-wall week in New Orleans and what I learned

The final Three Things of 2024! This week we discuss: 1. How 2024 was the first "return to normal" for B2B businesses since the Covid "Pandemic" 2. The New Orleans Super Bowl is setting up to be the most expensive of the 2020's 3. Gen Z and the changing of Malcolm Gladwell's "Overstory"

This week I discuss a very common mistake sales people make at the end of the year, why we all have a choice between "scary" and "boring" in our careers, and how an HR person set me on course as an entrepreneur in my early twenties.

A rough time to be a ticket marketplace. The local social costs of running a successful business "Winning is the best way to go viral"

Three Things I Learned in SaaS, Sports, Tech, and Live Events The 2024 World Series and this coming Tuesday, Election Day.

A few hiring and career thoughts while espousing advice to others this week in sports tech. 1. $10k for the rest of your life? 2. Soulless jobs pay more. Why are we surprised? 3. The positive "negative" reviews

As quickly as Lyte exploded on the scene... it imploded and left customers holding the bag. What I've learned about vendors and cheats in my 17 years at TicketManager, where we've been stolen from plenty.

The Origin Story - Part 1 17 years into our business, the question I get asked the most is: What led to the beginning of TicketManager. It is a simple story. Part one:

This week: What I learned at the US Open about corporate hospitality, careers in the sports world, and sponsorship Valhalla.

Three Things I Learned In SaaS, Sports, Tech, and Live Events The "Hospitality" Conundrum The ticketing market has come a long way since I started at the LA Dodgers in 2001. Back then, tickets were dramatically underpriced and sold to season ticket holders for teams and "insiders" (read: brokers) for major events. In the mid-2000s, the NFL caught on to the price vs market disparity and created a program they called "On-Location," where consumers could buy tickets bundled with a room and hospitality for a price exponentially higher than face value. Simply: They could charge the actual market price for the tickets and hide the difference in the package. Nobody could break out what costs what. Since then, hospitality has exploded with private equity stroking huge checks to get in the game (Sixth Street & Legends, Arctos & Elevate, Endeavor-via-Bruin Capital & On-Location, Liberty and Quint, and so on). Hospitality is now offered at nearly every major event and, for many, business in the hospitality game is booming. Revenues are setting records annually, though we don't know how profitable the business is as there are usually large upfronts paid for the right to sell hospitality exclusively. Three things I've learned from being in/seeing all the hospitality over the past year at all the biggest events