Stubhub, Ebay, Bryan Laundry discussed on Masters in Business


Is Bloomberg 11 three O Now a global news update No trespassing signs are posted outside the home of Bryan laundry's family the signs went up along the home's perimeter today as media cruise continued their stake out of the property remains found in Florida's Carlton nature reserve this week were positively identified as the 23 year olds authorities described laundry as the only person of interest in Gabby potatoes homicide Police in New Mexico say actor Alec Baldwin was told the prop gun he was using on set was safe The New York Times reports an assistant director grabbed a prop gun and yelled cold gun meaning the weapon did not have any live rounds director of photography Helena Hutchins was killed when Baldwin pulled the trigger Thursday and filmed director Joel Souza was also shot Someone in Arizona is $108 million richer a winning ticket in last night's mega millions drawing was sold in Lake Havasu City and the winner has a choice of receiving the money in 30 graduated payments over 29 years or taking a lump sum of just over 75 million bucks I'm Chris garageio I'm Barry riddles you're listening to masters and business on Bloomberg radio My special guest this week is a kinder sing Cassidy She is a tech exec and serial entrepreneur as well as the former president of StubHub Her new book choose possibility take risks and thrive even when you fail is out and is getting excellent reviews Let's talk a little bit starting with your role as president of StubHub what was that like Did you have any surprising challenges You had to deal with in that role I feel like that's the leading question Just a touch But certainly I'm happy to share So I ran StubHub from 2018 to 2020 in that time There's a lot of surprises Some I could have anticipated in some I couldn't First of all just a phenomenal and fun experience If you've ever been in a business of live experiences and giving that gift to people of why there's just really nothing like it And I'm also happy to be a big sports entertainment fan So that doesn't hurt But when I think about the things that we're surprises number one StubHub if you know the history was bought by eBay over ten years ago And so it was an eBay subsidiary And I could have anticipated that eBay would continue to face shareholder pressure because it wasn't growing at the same rate as Amazon and its margins were declining And in fact that shareholder pressure came to pass and activist Elliot two activists joined the board Starboard and Elliott in 2020 No no in 19 my goodness In January of 2019 and put pressure on the CEO the then CEO to sells that hub as opposed to hold it So midway I was only a year into my tenure when an activist joined eBay board and quickly became apparent that we were going to end up selling the company and I was going to be leading a sale process which is not necessarily what I personally wanted But so that I could have anticipated in a sense that eBay had an activist once before And certainly when I took the StubHub job it did occur to me that that would be one potential risk that eBay itself my parents company with face pressure I expected more earnings pressure pressure to deliver our numbers every quarter There was an outside possibility of an activist The fact came in the past and that led to the sale of the company to step up sales The honest the other unexpected event was COVID And ironically StubHub sold for a record stop $4 billion We led a process that led to a successful transaction that closed on February 13th 2020 And I thought as much as I was personally disappointed you know I recognize it was a very successful business outcome And I was going to go have to find a new job because very rarely does the acquired company get to have a CEO around the combined company And I certainly was not getting that job The original founders StubHub bought back the company and he wanted to run the combined company There's a thing with you and founders coming back to run companies That's the keep in mind I've also been a founder three times right So I do understand that founder CEO dynamic and as I said I mean founders have an affinity for their companies that is really hard to I don't know It's just hard to put any price tag or any Sure Let's jump to our favorite questions that we ask all of our guests starting with Tell us what you've been streaming these days give us your favorite Netflix or Amazon prime or podcast whatever's keeping you entertained during the pandemic Sure Well I probably have three that are at the top of my list these days First of all Ted Lasso I know that my family loves so good Such a feel good funny funny show So well done Season two not so good a season one but I will just say we're still Ted Lasso diehards On Amazon a girlfriend of mine recommended mcmafia which is actually a pretty interesting for those of you who like I would say finance or financial services and the mob It's a fictional series on a British Russian financier who gets involved with the wrong folks That's a really niche one and an interesting one It's been a great series to watch Succession I'm waiting for season two and we've all watched the session And then I would say on the podcast side right now actually I am looking to do separate podcasts about Elizabeth Holmes trial once to drop out from ABC and the other one is a bad blood from John kiryu who as you know the original kind of journalist on this story So I like listening to smart people It is just keeping your breath done On the trail Really interesting stuff Tell us about some of your mentors who helped shape your career Well first of all my dad I always talked about the fact that he was a doctor but he was also an entrepreneur And he really loved looking for himself And I think he made the idea of entrepreneurship so accessible for me Remember he's also the guy who told me to take that trade trip down to New York that led to the job of Merrill Lynch Like if there was ever a champion of possibilities even small ones all the time it was my father So he is my preeminent mentor for sure And then I think the other group I'd point to is you know I've been lucky to have a lot of great people I worked for They often are my best mentors because they know me well And I know that well All the tribe jungly we talked about those four Indian entrepreneurs who started that company that I joined I mean my God they became an angel investors in the only my next company they introduced me that opportunity one of them raw shari rom was the first investor in Google So when I made the decision to go to Google and they called me with because rob pushed both of us he pushed them to call me and me to consider it And you know when the situation went awry and polyvore the number one person I called was a guy named Becky Harry and Iraq and one of those jungly founders and the one I was closest to to continue to know me and invested in all the companies I founded And I just said what do I do here And he was the one who could have gave me the look me straight in the eye or these people you tried Do they have your values advice and told me to get the hell out I really consider thank you probably the closest among that group But all four have been very instrumental in my career Let's talk a little bit about books What are some of your favorites and what are you reading right now Well one of my favorites I'm like a very kind of gee business person sometimes I don't like to read all business books but there's some I really love One of my favorites is McKinsey's gross beyond the hockey stick So if you're a leader or CEO who's always for grappling with how to get your company to grow faster and obviously it's StubHub I was trying to accelerate growth.

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