Buddy Media’s founders, Mike and Kass Lazerow, recently looked back on their start-up experience. They provided their wisdom after selling their social media marketing platform to Salesforce for a cool $745 million back in 2012. As the couple prepared to open new chapters in their own lives, they honored their employees with an extravagant going away party. Mike’s acceptance and subsequent 20-minute long standing ovation was one of the highlights of their entrepreneurial journey.
Buddy Media was at $50+ million in annual recurring revenue at the time of sale. For the Lazerows, the accomplishment was individual and professional zeniths. In the wake of the destruction came numbness and confusion. Kass, now 54, said she needed a year to discover personal truths. Only in therapy, she understood what they had really done.
“Once we sold the company, I was in a state of shock,” said Kass. “I don’t want to compare it to real trauma, but it was like a version of PTSD because we just couldn’t process it all at once.”
Mike, now 51, moved on from the sale to run marketing and strategy efforts for Salesforce post-acquisition. He quickly realized that the pressures of his job started to take a toll on his health and personal life. He otherwise faced a grueling travel schedule and issued a heartfelt desire to spend more time with his kids.
Alright, which kids appointments do we have to take care of tomorrow, Mike said. He was learning the ropes, but he was definitely stepping up to embrace his new role as a father.
When her chief operating officer role at Buddy Media came to an end, Kass decided to work as a stay-at-home mother. She became a member of multiple charity boards, but still searching for happiness. To her dismay, she soon found that they did not provide the thrill she sought. Neither were they committed to any single company since the couple wanted flexibility.
Looking back on their trip, Mike said, “You’re still the same old schmuck that you were before you sold the business.” He noted that although they’d accomplished extraordinary success, the journey from person building the business to life after the sale was incredibly difficult.
As they move forward, the Lazerows are focused on supporting other founders through personal equity investments and sharing insights in their new book titled “Shoveling S”