It's a big mountain to climb...
"Is it better to start from scratch or acquire a declining business and reengineer the biz model and rebrand?"
I would ask this question often to the investors, our team and myself.
In 2012, I lead a group that acquired several iconic amateur sports tournament properties.
Iconic in the sense that they had been in the market with brand equity for 25+ years. The intrinsic value before the acquisition WAS the brand equity, the challenge we discovered, was the perception of the brands in the market.
Here is what we learned:
1) Having a recognizable brand is great unless the market doesn't respond
2) Reengineering the brand and business model can take as long and require similar resources as starting one from scratch
3) Using social media platforms to listen to your audience and adjusting your content can open new revenue channels
4) Creating verticals utilizing current resources and assets to pivot will add value and new dimensions to your business
5) Wondering what happened and not making something happen is a business death sentence.
Operating a business is never easy, be it a start up or a start over, In this case I found the key was to look towards the resources and assets we had, listen to the market and focus on where the brand is headed, not what it was.
Rob Thompson is 25+ year sports marketing and media executive, podcast host, author and master of dad jokes.