Today was a tough day. For the second time in my life I had to tell a great team of people that the idea they'd worked so hard on was going away. After 3+ years, our management team and board of directors has decided to scale back our operations at Judy's Book and seek a strategic acquiror.
As a CEO, I know this is the right thing to do for our investors. But as an entrepreneur it's disappointing to stop chasing an idea just when it's beginning to take root in the popular consciousness. We've (I've) made plenty of mistakes along the way with Judy's Book, but our decision last year to focus on local shopping wasn't one of them. Greg Sterling has been more eloquent about this opportunity than I'll ever be, but I'm certain the ideas we're pursuing here at Judy's Book will ultimately become a significant piece of the online and local
shopping puzzle, and I'm sorry that I and my team won't be the ones to carry the ball across the finish line.
Depending on how you count it, Judy's Book is my fourth or fifth startup, and it definitely won't be my last. It's hard to say goodbye to great ideas and even better people, but it's also exciting to be looking ahead to a new chapter. More to come...stay tuned. Don't turn the channel.