Time and patience.
Those two ultra-important skills came up this past week in both discussions, and in of all places HBO’s Rock and Roll Hall of Fame Induction ceremony for the class of 2018, which is now running on the network pretty regularly.
The appreciation and value of time came from Jon Bon Jovi, the front man/actor/activist/wanna be sports team owner (with a great run with the Philadelphia Soul of the AFL once by the way) leading his legendary group into the Hall at the ceremony last month. While the band members each spoke, and spoke, as did all the other inductees, Bon Jovi had the most to say. He opened, and closed, talking about his appreciation for time now that he was a fiftysomething performer, something which he always rushed through when the band was in its growing superstar stages years ago. Having seen Bon Jovi perform a few weeks ago, there is certainly no loss of showmanship or energy on their part, but there did seem to be a more nostalgic and longer look while they were onstage at the appreciation of the goings on around them, and all that it took to get there.
That appreciation seemed just as sincere in his acceptance speech, when he constantly referred to taking the time to appreciate the ride as much as the destination now. One of my favorite quotes from Dr. Martin Luther King Jr. talked about “The fierce urgency of now,” and Dr. King certainly ran out of time way before he should have.
“We are now faced with the fact that tomorrow is today. We are confronted with the fierce urgency of now. In this unfolding conundrum of life and history, there “is” such a thing as being too late. This is no time for apathy or complacency. This is a time for vigorous and positive action.”
There is no doubt that we live in a world that is 24/7 and get it done now, but the ability to take some time; end of day, early in the morning, to appreciate the ride is so vastly important, and connects with the ability to have joy that I talked about in an earlier post. Using the time we have wisely, personally and professionally, and finding those moments in time to reflect, remember and reach out, is pretty important, and I think that is not lost even on a master rocker like JBJ as he begins what seems like a new act, now as a Hall of Famer.
The second aspect comes from a friend and colleague who is into maybe his third act in sports business. Chris Russo. Russo is a guest on an upcoming edition of the Columbia University Sports Podcast, and is now Managing Director at the investment firm Houlihan Lokey, where he is overseeing most of the sports investments. Chris was there at the start of NFL Digital, took Fantasy Sport Ventures and turned it into The Big Lead before it was sold to Gannett, and has now at the entrepreneurial side again, using all he has learned in the space to help identify new opportunities of growth, much of which you will hear about in the podcast.
However one thing stood out in a world where you would think deals have to have a huge sense of urgency. Patience. Yes the sports and entertainment world is all about the hot buzzworthy item. MMA, Fantasy Sports, 3D, VR, AR, lacrosse, rugby, esports, gaming, analytics, gambling, you name it, there is a rush to grab, be first and try and be in the lead. Get the money, buy the company and move on before anyone else does. That’s a formula for…disaster. You may win the buzz battle, but lose the war. Chris and I have quietly worked in and around several of these types of deals over the years, and the results are similar; lotsa buzz, lotsa dollars thrown in, and most never see it to full bloom. Why? Impatience.
In his role now, Russo talked about the time that good deals take; months, many years, and the persistency in asking good questions, and getting good answers that make deals worthwhile. Granted many times there is a great deal of angst that goes into effective due diligence, and many times the deals that make sense never see the light of day. The ones that do make it through, Russo pointed out, are the ones where both parties do the work, and have the patience to make sure all is covered off for success. Fast and loose sound like the smart entrepreneurial moves, however taking the time to ensure longer term success is more fruitful for bigger deals in and around any field, let alone sports business. It may be slow and painful, but as long as progress is made, communication is effective, and due diligence is done, the tortoise sometimes outraces the hare.
Does this mean that slow is a sign of inaction? No way. It’s a sign of education and learning, and with that comes the ability to be a good listener. It also involves great time management skills, another essential tool that sometimes is overlooked. Managing the process, as much as trusting it, is key, and those who manage and have the ability to exercise patience, have a great chance for success.
Time and patience. A rocker and a banker on the same page this week. Both are right on target.
