You should have been there to hear Wyc Grousbeck talk about Risks and Rewards
by guest blogger Josef Volman, Esq., Burns & Levinson LLP and member of ACG Boston’s DealMakers Breakfast Committee
As he got up on stage with the Championship Trophy number 17 displayed next to him, you couldn’t help but see his enthusiasm and passion for what he has accomplished. Wyc was very forthcoming in sharing his opinions and giving the audience the inside story on how he was able to convince his investor group to buy the Celtics and back several key transactions since his group purchased the Celtics.
Wyc’s background was in venture capital with Highland. He pointed out that beginning with his career as a lawyer doing due diligence in the frothy IPO market a few decades ago, and then in his work as a successful venture investor in the healthcare industry, Wyc’s main goal was to minimize risk. Which is what made buying the Celtics, a deal he said that was extremely risky, such a challenge for him.
His inside account of his meetings with Steve Pagliuca and other investors who were willing to step up and take the risk with him was riveting. He then shared an interesting fact — 24 of the last 25 NBA Championship teams had a common recipe for success: 3 NBA All-Stars, including, one which was an all time top 50 NBA player. He disclosed how he and Danny Ainge applied that formula to put together the big three and go after championship number 17, including the trades for Ray Allen and Kevin Garnett.
I am very proud that my partner Frank Segall and I invited Wyc to speak to our group. His great combination of modesty, confidence and humor made for one of the most entertaining presentations we have seen at ACG. We are lucky to have such a philanthropic owner in our community who raises the bar for what we can expect on, and off, the court from our beloved sports heroes.
Burns & Levinson sponsored ACG Boston’s DealMakers Breakfast on January 21, 2010, which featured Wyc Grousbeck of the Boston Celtics
