From Sale to New Beginnings: The Journey of Buddy Media Founders
The Journey of Buddy Media Founders After Selling Their Company
In a significant business venture, Mike and Kass Lazerow sold their social media marketing company, Buddy Media, to Salesforce (CRM) for an impressive $745 million. This sale, occurring in 2012, was initially supposed to be a moment of celebration after years of hard work and dedication. However, rather than feeling triumphant, the couple encountered an unexpected sense of numbness.
Experiencing Post-Sale Emotions
Kass shared with an outlet that instead of reveling in their success, they felt a void. On their way home, Mike asked Kass about their children’s appointments, which starkly highlighted the sudden transition from their busy entrepreneurial lives to a seemingly standard home life.
The Build-Up to Success
Starting Budd Media in 2007 was no easy feat. With limited resources and a newborn, they faced challenges head-on, including Kass personally building desks for their office. Their perseverance paid off as they established a robust business model, allowing the company to generate around $50 million in annual recurring revenue by the time of its sale, just five years later.
Life After Buddy Media
Following the sale, Kass decided to leave her role as COO at Buddy Media to focus on family and become a full-time stay-at-home parent. It was a year before she could fully appreciate their achievements, likening the emotional aftermath to a version of PTSD, struggling to process the magnitude of their transition.
Mental Challenges and Identity Crisis
For Mike, the aftermath was equally challenging. Despite having led a successful company, he felt as though he had lost the entrepreneurial spark and purpose that drove him. He expressed feelings of being the same individual he was before starting Buddy Media, unable to shake off that identity.
Transitioning to New Roles
After the acquisition, Mike took on a marketing and strategy role at Salesforce. The demanding nature of the job involved extensive travel and long hours, which adversely impacted his health, urging him to resign. Mike reflected on the joy he once found in building businesses and connecting with customers, feelings that had gone missing in his new role.
Finding a New Purpose
Currently, the Lazerow couple has redirected their paths, finding fulfillment in supporting new entrepreneurs through personal equity investments. Additionally, they've chosen to share their experiences and insights through their book, "Shoveling $h!t: A Love Story." This platform allows them to impart wisdom and assist budding founders in navigating their journeys.
Future Aspirations
When asked if they plan to launch another startup, Kass firmly stated that they do not envision running a standalone company again. She articulated the draining commitment it took to establish and manage their previous businesses, noting the toll it took on her personally and professionally.
Embracing New Challenges Together
Through the various ups and downs, Mike and Kass Lazerow have shown resilience and adaptability. Their journey from selling Buddy Media to reinventing their professional lives is a testament to their entrepreneurial spirit. They prove that even when faced with challenges, it’s possible to pivot and redefine one’s purpose in life.
Frequently Asked Questions
What was Buddy Media's main focus?
Buddy Media focused on social media marketing, providing tools for brands to engage with customers effectively.
Why did Kass and Mike Lazerow sell Buddy Media?
They sold Buddy Media to Salesforce to take the brand to the next level and further its growth potential.
How did Kass feel after leaving her COO position?
Kass experienced difficulty adjusting to her new role as a stay-at-home parent, reflecting on the emotional impact of their company's sale.
What is the significance of their new book?
Their book, "Shoveling $h!t: A Love Story," aims to share insights and support other entrepreneurs in their journeys.
What are their current roles?
The Lazerows currently focus on supporting new founders through personal equity investments and sharing advice through their writing.
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