WOW What a Year!
Its a amazing to think just how much can happen in 1 year. At this time last year, we had just finished putting ink-to-paper on a letter-of-intent to sell Modified Automotive Group (our 3 automotive magazines) to Primedia who was the largest publisher of Automotive magazines in the US. In my mind, we had simply taken way too much market share away from Primedia, and with each new magazine we launched, we were on our way to becoming a major threat to their monopoly. We finally closed and announced the deal in February 2007. I still believe it was one of the best decisions of my life - yet, I still regret not having the chance to launch Modified Trucks ;-)
After selling the magazines, we wasted very little time in executing our next strategy. We acquired and launched what has quickly become the largest Powersports network. We started in June with the re-launch of Motorcycle.com (the largest online Motorcycle magazine) and then proceeded with ATV.com and Snowmobile.com. In early 2008, we will launch PersonalWatercraft.com to complete the family of Powersports sites.
Amazingly, looking back we have 20 new staff that are now working at VerticalScope from this time last year, to today. We went from 60+ staff at this time last year, down to about 35 staff this year with the divestiture of the Modified magazines. Its interesting to hire and train so many people (20) so quickly, and try to re-build the infrastructure and roots of the company. Its a lot of work, and there is a ton of "gut feel" that goes into getting the right mix. And trust me, people will always second guess you... And sometimes you will be wrong. But making change is something that should not be feared, and correcting your mistakes should never be embarrassing nor delayed.
Finally, we also did a major deal to bring AutoForums.com to the top of the heap in the Automotive space. AutoForums now has close to 75 websites under its belt, and is the largest enthusiast-owned network of forum sites. Like many other forum owners, we received offers from Internet Brands to buy our sites, but we chose to stay "enthusiast-owned and operated" and instead decided to get even more aggressive and bought a ton of new sites. The business is prospering like never before, and we will have our foot firmly on the accelerator throughout 2008 as we battle it out with Internet Brands (ticket symbol: INET on the NASDAQ)
Happy New Years, and best wishes for a very prosperous 2008.
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