Most organizations rely on their events as a brand platform, a key driver of revenue, for member and customer engagement, and as THE delivery vehicle for demonstrating relevance and value to the ecosystem they represent.
So, what should you do when your big, annual event isn’t performing at the level you require? Here are some ideas that I’ve suggested to various clients over the years. You can:
- reinvent it;
- consolidate with other events;
- sunset/retire the event;
- right-size it;
- partner with another organization;
- sell it.
Sell it? Why would you ever sell your event? Would you even consider walking away from all of those key strategic and financial aspects of your organization’s raison d’être?
Here are three key reasons, among others, why you might consider such a drastic and potentially effective move:
1. Your event is stagnant. You haven’t been able to reinvent or modernize it, and you don’t see a path forward.
2. You need cash. Money is cheap today, buyers are everywhere, and the multiple of EBITDA you might be offered would go a long way to building your reserves, improving cash flow, and allowing you to invest in assets you can grow.
3. Selling one event doesn’t mean you are out of the event business. If you cut the right deal, you may be better off starting fresh and creating a new event that is not burdened with the legacy issues that are holding you back today.
If your major event isn’t growing at 10% a year, it’s time to consider one of the above options. Selling your event may be a last resort, or the best, most strategic decision you ever made. But don’t rule out any of these options until you’ve had a professional, clinical, and candid assessment of your event portfolio.
You can start with this quick (and free) online event assessment: 360livemedia.com/scorecard
An easy and fast way to see how your event is doing is to take this quick three-minute self-diagnosis to see what is really going on with one your most important assets.
It’s better to know now while you still have options.