Hershberg: Amateur Golf Society is designed to scale quickly and get flipped
Dan Hershberg · "Startup Funding Secrets: Will This Golf Tech Pitch Convince VCs to Invest?" · Sep 20, 2023 · at 13:42
Dan Hershberg, founder of Amateur Golf Society, explains his business strategy and exit plan to venture capital investors on The Pitch.
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“We've built this business in a way where because of how efficient it is, how asset light it is, and because of the opportunity for acquisition, in my mind, I'm trying to build this as quickly as I can and then flip it.”
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PE firm forgave $2M in brewery debt for AGS equity
“What they did, so they basically forgave two million dollars worth of debt that was owed to the, to them from the brewery to set the valuation, and then that's how we kind of got things started. So they didn't put any new money into it for this particular roun…”
Amateur Golf Society founding team retains only 25% equity
“Ah, 25%. So it's 20 for myself and then five percent for my COO.”
Hershberg: Private equity controls three of five Amateur Golf Society board seats
“So there's five board seats. There's three for the private equity guys, one for myself and one for the group of fellow Cornellians.”
Hershberg: PE backer gained stake by forgiving $2M in brewery debt
“What they did, so they basically forgave two million dollars worth of debt that was owed to the to them from the brewery to set the valuation. And then that's how we kind of got things started. So they didn't put any new money into it for this particular round…”
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“So there's five board seats. There's three for the private equity guys, one for myself and one for the group of fellow Cornellians.”
Hershberg: US golf participation grew nearly 20% following the pandemic
“Well, I think when you look at the amount of golfers across this country, golf has really experienced, I think, a renaissance as a result of the pandemic, so the growth in the game is nearly 20% from what it was prior to the pandemic”