OP #266: Pick Your Boss Wisely and Other Lessons from the Summer

The OP letter is back in action after it's summer siesta.

Author

Darren Herman
September 03, 2024

Good morning OP Community. 

I hope you had a wonderful summer.  Technically, it is still summer but anything post-Labor Day in my eyes generally falls into the early “Fall” category.

We had a solid summer capped off with a vacation in Cape Cod with my folks. I then spent a day/night at the US Open with friends which is always one of my happy places.

I told the OP Community that I wasn’t going to send out any OPs during the summer siesta but that didn’t end up happening.  I sent out two this summer which had strong reading lists but little other content. Here are the first and second OP letters in case you missed them.

🪑 Ikea is testing a second hand furniture marketplace in two countries right now.

🏀 Many of you know I’m a New York Knicks fan but may not realize that I collect sports cards and memorabilia. My Knicks collection was recently featured in Posting & Toasting, the preeminent NY Knicks blog. This is an honor for me. My card insta is @midlifecrisiscards.

🎁 A shorter holiday shopping season means higher stakes is the premise of a recent article in AdAge. Personally, I think holiday seasons have gotten too long. I like the idea of shorter seasons.

✨Nvidia reports 122% revenue growth on surging demand for data center chips which surpassed even wall street’s expectations. My friend Phil has a good take on the stock.

👨‍🤝 ‍👨🏼I’ve been asking for an Oasis reunion for years and it is finally happening.  Are there any other Oasis fans within the OP community? I’m definitely (maybe) going.

Here’s a couple of good reads to get us started:

It feels good to pick back up the OP letter.  Thank you for reading and as always, please reach out with any feedback.

Darren

The Bittersweet Moment of Private Equity

One of the best parts of working in Private Equity is the opportunity to build and collaborate with incredibly talented management teams over long stretches of time. These aren't just business relationships – they become genuine connections as we find ourselves communicating daily or weekly. Together, we navigate the highs and, yes, sometimes the lows, forging bonds that are both professional and personal.

As the journey reaches its peak, there often comes a time when we sell the business. While our friendships can (and do) endure, there's a bittersweet element knowing that we won't be interacting as frequently. Like someone once said, all good things must come to an end.

This summer, Bain Capital and Charlesbank sold Varsity Brands to KKR. Many of you reading this, or those who’ve spoken to me directly, know how deeply connected I’ve been with Varsity Brands. In fact, there are more than a dozen individuals from Varsity Brands who are part of our OP community.

It's definitely a bittersweet moment for me. I want to take a moment to wish all my friends at Varsity Brands the very best in their next chapter. You all hold a special place in my heart and have taught me so much. Keep shining!

Pick Your Boss Wisely

I have resumed outdoor running/jogging now that the summer heat has cooled down a bit in the mornings and it’s given me an extra 30 minutes to feed my podcast diet. I listened to two recent episodes of the AdTechGod Podcast with two industry luminaries and friends: Rob Norman and Dave Morgan.

I think the AdTechGod shtick is hokey but I respect him and kudos to ATG and all that he’s built up.

For those unfamiliar with Rob and Dave, they are part of the OG club of folks who made internet advertising. Rob has been around some of the largest brands in the world and has had a front row seat from the agency side and more recently, through board and advisory work directly with ad and marketing technologies.  Dave has built numerous ad tech companies: Real Media, Tacoda, Simulmedia, and more. Between the two of them, they have well over 70 years in the ecosystem and it’s impossible to find a senior exec in the ad world who does not know who one or both of them are.

After listening to their respective ATG episodes, it reinforced the role of the “boss” in a business situation. In Rob’s episode, he discussed how he was fortunate to have time on his side during the pandemic and was able to help lots of people find roles after having been furloughed or laid off. Dave had similar experience but also stressed how important talent is within a business and how he keeps close to people even after they move on.

Readers of the OP: if you are going to work at a business, make sure you find leaders with attributes like Rob and Dave who actually care about humans and will help to grow and develop you. Someone once told me, “you’re not working for a company, you are working for a boss.”  Make sure to pick that boss wisely.

Below are articles I read since the last OP that I found interesting. While I may not agree with everything in each article, I believe they offer valuable insights. If you come across an article you think I or the OP community would appreciate, feel free to share it. I reserve the right to decide whether it gets featured in the OP.

Thank you for reading and making it this far down. I’d appreciate it if you filled out the below poll which will provide insight to help me make future OP’s better.

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