Ueberroth to ZINO Forum: Forget an exit strategy
Friday, September 19, 2008 | By: Puget Sound Business Journal
Former Major League Baseball Commissioner, current U.S. Olympic Committee head and business investor Peter Ueberroth has some advice for entrepreneur business owners looking for investment capital: Don't have an exit strategy.
As managing director of the investment and management company Contrarian Group Inc., Ueberroth said he likes to bet on people who have passion for what they do and are invested in their companies for the long haul.
The man known for staging the first privately funded Olympics as organizer of the 1984 summer games in Los Angeles was the keynote speaker Sept. 16 at the ZINO Zillionaire Investment Forum in Seattle, which drew investors and startup companies. The event was co-sponsored by the Puget Sound Business Journal.
Ueberroth, who is part owner of the famed Pebble Beach Golf Links and resort near Carmel, Calif., also advised the entrepreneurs in attendance to give their employees a stake in the company so they can keep score in the company’s success.
“The maids at Pebble Beach know how to keep score,” Ueberroth said.