Its Over!! . . . Now Back to Business

I'm sure you have all been at the edge of your seats wondering what happened to Neal Gersony's company. Did it sell? Did the purchase fall through? Well it's good news. On December 24th, CEU.com was sold for cash. We do have a few small clean up issues regarding a shareholder who believes we may have booked his share ownership wrong. (It never seems to end.) But the money has been sent out and I'm now the proud owner of no shares of CEU.com and a resigned Board Member to boot.

The first few days after the sale have been a bit hazy. I've been at it for so long. There is a loss of groundedness feeling that has left me feeling like a drifting soul in an endless universe. But isn't that we actually are anyway? Am I not feeling the true feelings of "humanness?" I can do what I want now, I suppose, though the money won't last forever. Its not the big bucks (less then a million) that you hear about in the business pages of The New York Times. But it is reassuring to know there is a big cushion there for my four kids and wife.

So what's next? Well its time to fulfill some of my dreams. We are looking into living on an island off the coast of New Jersey (something I've always wanted to try). I plan to take up sailing. Do some traveling; NYC tomorrow; Philadelphia in a few weeks; Arizona at the end of January; LA in February; Florida in March; a big trip with my middle daughter in April . . . I also plan on getting back into the tournament circuit a little bit - mostly concentrating on Atlantic City + maybe the Main Event (except I usually go camping in the Adirondacks in July). Also might do some painting/sculpture as well as write of course. I have a second novel in the works as well as a detailed "Anatomy of a Tech Start-up" nonfiction book that is just underway.

As one of my favorite running backs of all time said after his retirement, Calvin Hill. "Life is a smorgasbord. You finish one item, its time to try something else." I'm ready to try some new things.

As far as venturing goes, I have an idea for operating a sailing and motor boat co-ownership program on Brigantine Island. I have a ways to go on that one. I also am planning some major additions to my poker course site - stay tuned. Be well all.

Couldn't be Closer to Closing

I never like to go more than a week without blogging. Need to keep regularity in my life and those of my readers. But this week, things really started heating up with the sale of my Internet company.

Its been an emotional roller coaster like you wouldn't believe. The CEO wants to stay on, then he doesn't, then he wants to consult. My senior IT guy doesn't like the Non-Compete contract. The buyers are throwing deadlines at us. People are making promises that aren't being kept. OhMyGoshness . . .

I now have to deal with my closest colleague who is purporting something that isn't. Excuse the vagueness, but these are very confidential and touchy proceedings and I don't want to disclose anything I shouldn't be. It's the nature of the beast. You should be satisfied that you are getting this much. After everything is all said and done, I'll provide you with some of the juicy details.

But my philosophy continues to be - take the high road. Fore go some cash, add on some risk . . . whatever. If my mind is free of negativity its worth it.

The good news is that I was told today that we have a very good chance of closing before Xmas and what a Merry Christmas (even though I'm Jewish) it could be this year. Mazel Tov Jesus!

Going With the Flow

I'm not one who generally likes to follow the crowd. In fact, I mostly look for reasons and excuses to go my own way. I think its genetic. But I've learned that when it comes to certain things in business and poker, going with the flow is an absolute necessary for success as well as your mental health.

In poker, one is often tempted to step out and push hands that shouldn't be pushed. Your tempted to make the "big bet" call when deep down, you know its a bad idea. This can be especially tempting when you're running bad and you are cravng a win. You want that money back that has been draining out of your bankroll, but that money is lost forever. You need to stay disciplined and develop your table image and look for that ideal bluffing situation as it manifests itself organically. You can and will make new money, but never think you going to get old money back.

So you need to stay in the flow of the game, especially in the case of tournament poker. Let things develop. Make low risk bluffs. Splash around. Have fun. Think over and over in your head - Let the tournament come to me. Let the tournament come to me. Of course i get into this in great detail in my poker courses.

In business, transactions have lives of their own. Many deadlines will be set. Very few will actually be made. That's because, the pace of the negotiation or the application or the whatever is in the hands of more than one person and each will have his or her own pace, motivations and manner of handling a deal. And then you have the lawyers. Don't get me started on this topic. These guys are motivated on a whole separate criteria. Billable hours, anal investigation and overkill contingency issues. But sometimes they surprise me and they are actually in synch with the players in the deal. But never, ever, let the lawyers take the lead in a deal. (I'll get more into this another time.)

The reason I bring this up is that the closing date for the sale of my company has come and gone. It was suppose to be December 4th. Now I could sweat and grind my teeth and make lots of phone calls and email inquiries. But I've learned over the years that all these things are counterproductive. Best to sit back and let the deal take the curvy, roundabout course it will inevitably take. In another words - go with the flow. At this point you should have done the work already - the terms have been agreed to, both sides are motivated to complete the transaction, the lawyers have incentives to move things forward, but have no say in how the deal is constructed. It'll happen. If doesn't, it's probably better that way. There was probably a flaw. It's as if your partner (or yourself) had a miscarriage. There was a flaw in development. It wasn't going to be viable. It wasn't meant to be. If its early term - let it go. However, if its very late term, such as my deal, a miscarriage would be a tough nut to swallow. Our latest hurdle, was employment contracts. It caused delays. But it has been worked out and we're heading down the stretch. Everyone wants to close before the first of the year. Who knows where the capital gains tax rate will go in the future. The only thing that we know for sure is that it will go up.

Thanks for letting me vent.