Summit Mountain's Failed Events
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A story about how Summit, an events company, struggled with profitability even after buying their own mountain.
Sam Parr explains: "Summit is a horrible business. They ran out of money multiple times and doesn't make a profit. Ryan made all of his money selling trade shows and ads for a real estate newsletter and trade show business - that was a killer business. Then they invested it in this other thing [Summit] and it was just okay.
I'd rather go all in on something like Abstract Docs, just give me some boring software that's going to make money for 50 years."
The story illustrates how even with a grand vision of buying a mountain for events, the business model wasn't sustainable compared to more traditional business ventures.
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.