The Pitch
Where real startup founders pitch to real investors—for real money. Forget everything you think you know about the world of venture capital. Host Josh Muccio takes listeners behind closed-doors and into the room where deals are made.
#119 Amateur Golf Society: Venture Capital vs. Private Equity
Dan Hershberg loves golf. So much so that he founded the Amateur Golf Society – a PGA-style tour that any golfer can participate in. The investors think his flexible tournament model is a hole in one. But things get complicated when they discover a majority of the company is owned by a private equity firm, not the founder. Will the VCs and the PEs come together for the love of golf? Or will this deal land in the bunker. Today’s investors are Beck Bamberger, Al Bsharah, Jillian Manus, and Howie Diamond. To learn more about Dan's golf startup and the investors featured on this episode, check out the Amateur Golf Society show page.
Key Points
- The amateur golf society, a unique golf event company with a flexible week-long tournament format for golfers, is seeking to raise $1 million to expand nationally.
- Dan Hirsberg, founder of the amateur golf society, retains only 20% ownership after the private equity firm that backed his previous venture took a 35% stake in exchange for forgiving $2 million in debt.
- Venture capitalists are concerned about the governance structure due to the private equity firm's controlling interest and the founder's low equity, leading to an impasse in investment negotiations.
Chapters
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Transcript
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