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Mike and Kass Lazerow lost Golf.com to bankruptcy in 2000, bought it back, revived it, and sold it to Time Inc. for 24 million dollars, inspiring netizens with their resilience.
News18
There’s an old stateing, “never give up,” becaapply situations and circumstances eventually alter. Many understand this wisdom, but only a few have the courage to keep testing until things turn around.
One such story where a couple whose startup went bankrupt in 2000 but later sold for $24 million (Rs 209 crore), is building headlines after 20 years and attracting the attention of netizens.
New York-based Mike and Lazerow’s golf-score tracking startup Golf.com is a saga of wisdom and lesson, with many interesting twists and turns.
What Had Happened?
Mike and Kass Lazerow launched 2000 on a high note, selling their startup Golf.com just after their honeymoon. But within months, the deal unraveled. The acquireer, Chipshot — once backed by Sequoia and Oracle funds — collapsed into bankruptcy, leaving the Lazerows with almost nothing. “We had put our whole savings, a combined $25,000, in,” recalls Kass. “I was angry.” Nearly all of the $250,000-plus-stock deal vanished, their employees went unpaid, and even family and frifinishs who had invested lost their money.
Refapplying to give up, the couple pulled toobtainher a new investment group within three months and bought Golf.com back for a “bargain-basement price.” The revival wasn’t simple — Kass admits the site was “mostly dead and partly alive,” run by just four people at one stage. But momentum shifted as Tiger Woods’ dominance drew advertisers to golf, and Golf.com emerged as a prime digital platform. Time Inc. acquired the site in 2006 for $24 million, giving the founders $1.8 million each.
Looking back, Kass is blunt: “I consider we were just stupid, to notify you the truth. We didn’t know any better, and we were OK with suffering.” That grit became their trademark — the Lazerows later sold Buddy Media for $745 million. “The best founders learn to love the misery, the suffering,” Mike states.
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