Podcast Summary: The Billion-Dollar Marriage: What They Know That Most Founders Don’t | Ep. 224 with Cass & Mike Lazerow of Golf.com

Founder's Story by IBH Media delves deep into the journeys of remarkable entrepreneurs, blending raw conversations with impactful insights. In Episode 224, titled "The Billion-Dollar Marriage: What They Know That Most Founders Don’t," hosts Cassie and Mike Lazerow, the dynamic duo behind Golf.com, share their entrepreneurial saga, insights from their new book Shoveling Shit, and the intricacies of balancing business with personal life.

1. Introduction to Shoveling Shit

The conversation kicks off with the unveiling of Cassie and Mike's new book, Shoveling Shit. The title encapsulates the relentless grind of entrepreneurship.

Cassie Lazerow explains the inspiration behind the name:
"When we really thought about what it means to be an entrepreneur and what do you do all day long? You shovel shit. So we thought it was the most intuitive name that we could go with that would really amplify the entrepreneur's journey and express to all of them that we know we can feel their pain." (00:44)

The subtitle, The Messy Path to Success, underscores the unpredictable and often chaotic journey to achieving entrepreneurial dreams. Mike adds depth to this narrative by describing their path as a "love story" intertwined with the challenges of building a business together.

2. Balancing Business and Personal Life

A significant portion of the discussion revolves around Cassie and Mike's experience of co-founding and running a business together, especially as a married couple.

Host (A) raises a common misconception about entrepreneurial partnerships:
"Do you think this is a big misconception?" (03:16)

Cassie responds by emphasizing the importance of maintaining conversations beyond just business to nurture their relationship:
"I think you have to have more than just business to talk about because it won't, I think, I don't think it really nurtures your relationship." (03:25)

Mike shares their approach to integrating personal and professional lives without strict rules but by prioritizing relationship-building activities like date nights:
"We have date nights every Wednesday and Saturday night. And committing to them, even with three kids, even with a lot of stuff going on, making them sacred." (04:30)

This balance, they argue, is crucial to sustaining both their personal relationship and their business partnership.

3. The Dynamics of a Married Co-Founder Team

The Lazerows discuss the strengths and challenges of building Golf.com together from the ground up.

Cassie recounts their initial days:
"Our first company together was Golf.com... I came home every night and asked Mike for his opinion on everything." (06:04)

They highlight the importance of complementary skill sets and mutual trust, stating:
"We like skill sets that don't overlap. So I don't love two engineers or two salespeople." (07:18)

Mike adds that clear communication and aligning on values from the outset helped them navigate potential conflicts:
"We have a whole chapter about saying, I do. ... We know what we're doing together. We had this support system between us because we were doing the same thing and we knew the same struggle." (07:18)

4. Defining Entrepreneurship and Its Accessibility

A pivotal topic is whether entrepreneurship is accessible to everyone or reserved for a select few.

Mike posits that everyone embodies an entrepreneurial spirit but varies in its expression:
"Everyone is an entrepreneur. Like you're born and then, you know, think about like your life... What level? We're not all going to be kind of Elon Musk, Bill Gates." (09:23)

Cassie concurs, adding nuances about risk tolerance and specific skill sets required for scaling a business:
"Not everyone has the right skill set, the right risk tolerance, the ability to lead, to understand how to communicate effectively and transparently." (11:08)

They collectively argue that while the entrepreneurial drive exists broadly, the capacity to navigate its complexities varies among individuals.

5. The Emotional and Practical Aspects of Exiting a Business

A significant highlight of the episode is Cassie and Mike's experience selling Golf.com for over $700 million.

Cassie reflects on the emotions tied to the acquisition:
"When we announced the deal, it was just like, um, you know, yes, we were proud, but also relatively miserable because of the five years of nonstop." (14:15)

She elaborates on the personal toll, balancing high-stakes business decisions with family responsibilities and health issues their children faced:
"Even when you're successful, I could tell you when you're not, it just wears on your health. It's hard." (15:00)

Mike concurs, highlighting the juxtaposition of professional triumph and personal exhaustion:
"We could actually feel it. And then right after we got in the car and I was like, okay, we've got two doctor's appointments for the kids tomorrow." (16:25)

6. Life After Exit: Purpose Beyond Profit

Post-exit, Cassie and Mike shifted their focus from business growth to philanthropic endeavors.

Cassie states:
"For us, it meant that we could do more giving. We've been working with Cycle for Survival for 18 years, and that has become our number one cause." (18:24)

Mike delves into the essence of what drives true entrepreneurs, emphasizing purpose over profit:
"The best entrepreneurs, I think, want to give more than they receive... We didn't take salary for many years. There are two ways to get rich: want nothing or make a ton of money." (22:05)

They advocate for a minimalist approach to personal desires to maintain focus and sustainability in entrepreneurial ventures.

7. Financial Wisdom and Entrepreneurial Traits

The Lazerows share crucial financial insights essential for entrepreneurial success, particularly regarding debt management.

Cassie remarks on the dual nature of debt in business:
"The debt could be the greatest thing to your business, but it could also be the bankrupting thing to your business." (23:22)

Mike emphasizes the importance of understanding and managing finances:
"Entrepreneurs know the power of debt and the destructive force of debt. Right. We understand how to balance a checkbook." (22:52)

They stress that financial literacy is paramount to navigating the entrepreneurial landscape effectively.

8. The Essence of Entrepreneurial Mentality

The episode concludes with a reflection on the inherent traits of successful entrepreneurs, particularly risk tolerance.

Host (A) muses:
"So successful entrepreneurs really are crazy." (23:34)

Cassie and Mike agree, associating the term "crazy" with the high-risk tolerance required to thrive in entrepreneurship:
"They really do have to have high risk tolerance." (23:37)

This candid acknowledgment reinforces the unconventional mindset that drives entrepreneurial success.

9. Connecting with Cassie and Mike

As the conversation wraps up, Cassie and Mike invite listeners to engage with their work and purchase their book:

Cassie directs listeners:
"Just go to shoveling.com very easy. You can see the book. We also are giving away like lots of free bonuses." (24:01)

They conclude with a light-hearted appreciation of their memorable URLs and express gratitude for the opportunity to share their story.

Key Takeaways:

• Entrepreneurship is a relentless grind, aptly captured by the metaphor of "shoveling shit," highlighting the daily challenges entrepreneurs face.

• Balancing personal and professional life is feasible through intentional relationship-building and setting priorities rather than rigid rules.

• Entrepreneurial spirit exists in everyone, but successful entrepreneurship requires specific skills, risk tolerance, and resilience.

• Exiting a business, even successfully, comes with a mix of pride and personal challenges, underscoring the emotional complexities of such milestones.

• Post-exit purpose often shifts towards philanthropy and making a broader impact, illustrating a transition from profit-driven motives to purpose-driven actions.

• Financial literacy and prudent debt management are critical for sustaining and scaling entrepreneurial ventures.

• High risk tolerance is intrinsic to successful entrepreneurs, enabling them to navigate the volatile and uncertain nature of building and selling businesses.

For those inspired by Cassie and Mike's journey, their book Shoveling Shit offers a wealth of insights and practical advice. Visit shoveling.com to learn more and access exclusive bonuses.