In this episode of Run the Numbers, CJ sits down with Glenn Schiffman, CFO of Fanatics. They break down the economics of sports IP, how Fanatics approaches CAC, LTV, and capital allocation across merchandising, collectibles, and betting, and the negotiation lessons Glenn learned from decades in investment banking and leading finance at IAC.
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LINKS:
Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN
Guest: https://www.linkedin.com/in/glenn-h-s-51440521/
Company: https://www.fanaticsinc.com/
CJ: https://www.linkedin.com/in/cj-gustafson-13140948/
Mostly metrics: https://www.mostlymetrics.com
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TIMESTAMPS:
0:00 Preview and intro
1:13 Welcome and guest intro
2:38 Football at Duke and college businesses
5:40 Predecessor to DoorDash story
7:10 IP monetization explained
9:22 All deals are snowflakes
10:36 Partnership KPIs
13:21 Sponsors — Brex | Aleph | RightRev
16:40 Buy, bet, collect: CAC and LTV
17:15 Single view of the fan
18:39 Multi-business customers spend 4.7x
20:32 Fanatics credit card launch
22:13 AI for personalization
23:01 DTC vs. wholesale margin profiles
24:05 Budgeting process
26:07 Infinite vs. finite: focus on revenue
26:37 Sponsors — Rillet | EY | SpendHound
29:47 Starve your losers, feed your winners
32:58 Capital compounding: revenue, EBITDA, FCF
33:56 Buybacks at IAC
37:02 First negotiation at Lehman
39:17 Outlasting the other side
39:56 Listening in negotiations
40:03 Long-Ass Lightning Round
44:25 Credits
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Run the Numbers