Bob Perkins

Most B2B events are glorified sales pitches with expensive catering. Zach Diamond built Cognition's Supper Club into a relationship machine by applying hospitality principles from Charleston restaurants. Zach is Head of Revenue Marketing at Cognition, the company behind Devin, the AI software engineer. But before B2B marketing, he spent years in Charleston, South Carolina hospitality, learning that exceptional dining experiences are 50% food and 50% service...the small gestures, pacing, and genuine warmth that make guests feel seen. Now he runs "Supper Club" executive dinners across NYC, Paris, London, Boston, and DC that attendees consistently describe as "unlike any other exec dinner they've attended." The problem most B2B event marketers don't want to admit: they're optimizing for the wrong things. They obsess over Michelin-starred restaurants, rooftop venues with skyline views, and expensive caviar. But Fortune 500 executives can dine at three-star restaurants any night they want. They're not impressed by your budget. They're evaluating whether you understand how to make them feel valued. Zach's philosophy: your ambition should never be for attendees to leave thinking "that was great." You want them texting each other afterward saying "that was incredible." That gap between good and genuinely hospitable is where most B2B events fail. They treat dinners as tactical assets to push demos and tick ABM boxes, not as relationship-building experiences. Want to know how to run B2B events that executives actually remember Well episode 011 of Sour & SaaS just dropped. Zach breaks down: ✅ The Hospitality Translation Framework: How Charleston restaurant principles apply to B2B events, why executives care about personal brand (being in the room with peers boosts their influence), how to facilitate conversation without over-scripting, and the art of making people feel seen ✅ The Supper Club Playbook: Step-by-step event planning from goal-setting (pipeline maturation vs. generation) to venue interviewing, invitation waves, and the small gestures that matter (like letting the wine expert pick the next bottle) ✅ The Attribution Reality: Why intimate dinners don't generate Salesforce-trackable metrics, but when a CTO emails the next day saying "introduce you to my three direct reports so we can get this off the ground," that paid for the dinner Plus, Zach eats Fruit Riots while explaining why swag is the most overrated event element (either make it really nice or their kids want it, otherwise it's going in the trash), why he'd never attend a "hospitable virtual experience" (quickest way to lose trust), and shares the expensive mistake he made hosting a 29-person dinner with broken AV that taught him exactly which venue questions to ask. Watch the full episode. Link in comments.

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Agency M&A is on fire. 🔥 At Merge, we’re seeing more activity than ever, especially for agencies valued under $20M. Buyers are coming from every direction: PE-backed platforms, strategic acquirers, and first-time entrepreneurial buyers. It’s simple economics: demand is outpacing supply. Here’s what’s happening in the market 👇 1️⃣ The sub-$20M sweet spot This is where the action is, and it’s all about the size of the buyer pool. At this level, agencies attract interest from every buyer type: strategic acquirers, PE groups, entrepreneurs, and even financial or silent investors. The moment you move above $20M, that pool narrows fast, leaving mostly private equity. Under $20M, the field is wide open, and that competition is driving pricing and velocity. 2️⃣ The rise of the entrepreneurial buyer A few years ago, agency M&A was dominated by PE firms and large strategics. Not anymore. Now everyone wants to be an entrepreneur, and agencies have become one of the most accessible, profitable entry points. Today’s market is full of independent entrepreneurs, many using SBA financing to buy their first agency. This new wave of buyers is keeping demand hot and competition fierce. 3️⃣ The AI effect (and reality check) Last year, everyone was nervous about AI. Now buyers are confident. AI is reshaping (not replacing) the landscape. Brands still need to drive growth, visibility, and revenue. The agencies leveraging AI intelligently, not fearing it, are the ones commanding premium multiples. 4️⃣ Story clarity wins every time If a buyer can instantly understand what you do and who you serve, you’re already ahead. The agencies getting the most attention have a crystal-clear story, whether that’s a defined vertical or a sharp capability focus. You might alienate some buyers, but for the right one, you’re a perfect fit. ❤️ 5️⃣ Down year? Still sellable. Revenue dips aren’t deal killers. Buyers care about normalized profitability and strategic fit. If you’ve right-sized your team and tightened margins, we can adjust the expense base in modeling, and buyers will still line up if the fundamentals are strong. What we’re seeing on multiples 💰 • Agencies under $2M in adjusted EBITDA: 3–6× • Agencies over $2M: 5–8× Where you fall within that range depends on what you do, how well you do it, and the risks buyers perceive about your agency. Typical structure: 💵 Majority cash at close 📈 Performance-based earnouts 🤝 Rollover equity when there’s a platform angle Bottom line: The agency M&A market is booming. Smart founders are taking advantage of it. The “wait and see” crowd is missing the moment. 💬 Send me a message to talk about what your agency is worth in today’s market!

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I’ve been reading the news coming from discussions this week at the WSJ Technology Council Summit. https://buff.ly/zGCFH7z Few takeaways...  For founders, leaders, owners, and board members, these articles reinforce that the AI-shift is far more about people, process, and structure than models or tech alone. Key Insight for Leadership What stood out most: AI maturity requires changing deeply embedded habits, i.e., process, decision-rights, organizational alignment. Microsoft’s COO Carolina Dybeck Happe stressed the role of kaizen (continuous improvement), aligning business process before AI, simplifying complex workflows, and focusing on change-ready people.  Meanwhile, tech leaders at the summit warned that chasing ROI too soon can mislead. Early on, gains are often indirect: enabling scale, alignment, experimentation. The beneficial returns materialize when AI is embedded throughout multiple functions and when orgs design for flexibility.  Also, the “org chart is being disrupted” theme came through strongly: flatter, more cross-functional (or multi-skilled) teams; decentralizing experimentation; balancing strategic control from the top with room for bottom-up innovation.  My Additional Reflections 1️⃣ Leadership posture matters early and often trumps perfect execution. The power of kaizen is not that every step is perfect, but that organizations commit to continuous improvement. In many AI initiatives, the bias toward perfect models or perfect data causes paralysis. What if instead leaders adopted a “change-agent mindset” early: small process maps, rapid feedback, constant tuning. These create momentum and culture, which are harder to build later when scale demands rigid governance. 2️⃣ Measurement needs reframing: from output to capability. Rather than only tracking efficiency, headcount savings, speed, or cost reduction, I believe companies should build out “AI readiness metrics” as part of their dashboards, for example: 🙋 How many core processes have been mapped? 🙋 What fraction of those have automation or AI-support? 🙋 How many teams have AI literacy/change champions? 🙋 How many experiments are underway? 🙋 How many leaders are mobilized. These aren’t sexy, but they often presage where true ROI will come. I believe the leaders who will outbuild and outlast in this AI era are those who see transformation as more than a technology project. They treat it as a re-founding of how work happens, how decisions are made, and how value is generated. Question to fellow leaders: ❓ What “capability metrics” are you using (or building) inside your org to track AI readiness, going beyond short-term wins? ❓ And how are you ensuring structure (org charts, team models, change management) is aligned to scale, not just to experiment? #HighedgeGroup #WSJ #AIFirst #Transformation

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A former WPP executive has filed a lawsuit alleging he faced retaliatory termination after he repeatedly raised concerns about the agency's vendor kickbacks and incentive deals. For years, I've spoken about the problems with the acceleration of principal trading and opaque incentive deals by agency holding companies, and how it's detrimental to advertisers and publishers alike. One may observe that there are some interesting similarities between Mr. Foster's complaint and the op-ed I wrote when I left Interpublic Group (IPG)'s UM Worldwide. The complaint reads: "Although WPP publicly touts a 'client-first' ethos and claims 'zero tolerance' for corrupt and unethical practices, in reality a significant share of its profits comes from leveraging client spend to extract rebates, media inventory, and other financial incentives that benefit WPP at the expense of the very clients whose funds make them possible. To protect this hidden profit stream, WPP punishes those who 'speak up' and threaten the culture of client abuse and improper behavior of many senior executives." h/t to Business Insider's Lara O'Reilly, as always, for the incredible reporting. Link is in the comments to the story, and to the complaint.

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Tucker Carlson’s media company, Last Country Inc., secured its first major advertising partnership with PublicSq., a marketplace platform connecting consumers with businesses that share conservative values. The deal, reportedly valued at over $1 million, marks a significant milestone for Carlson’s independent media venture . Key Details of the Partnership: • Value: The agreement is worth at least $1 million . • Duration: The partnership commenced in November 2023 and is set to continue through the 2024 election cycle . • Content Integration: PublicSq. will sponsor content segments on Carlson’s show, which airs on X (formerly Twitter) and Last Country’s own platform. These segments will highlight patriotic small businesses and promote the parallel economy . • Audience Reach: Carlson’s show on X averages over 60 million views per episode, providing significant exposure for PublicSq.’s mission and affiliated businesses . PublicSq. (NYSE: PSQH), a marketplace connecting consumers with businesses that share conservative values, has developed a multifaceted revenue model to support its growth and mission. Here’s an overview of how PublicSq. generates income: 1. Advertising and Subscription Fees While listing on PublicSq. is free for businesses, the platform offers optional paid advertising opportunities to enhance visibility. Businesses can pay monthly fees starting at $50 to have their products featured more prominently in search results. Some businesses invest significantly more, with advertising expenditures reaching up to $15,000 per month, depending on the desired exposure level. 2. E-Commerce Commissions PublicSq. has introduced a multi-vendor, single-cart shopping feature, allowing consumers to make purchases directly through its platform. For transactions completed on PublicSq., the company charges a commission fee of 8%. 3. Proprietary Product Lines Leveraging consumer data, PublicSq. identifies market gaps and develops its own product lines to meet these needs. An example is EveryLife, a pro-life diaper brand launched in July 2023. In its first 19 days, EveryLife generated approximately $300,000 in revenue, with 60% coming from monthly auto-renew subscriptions. 4. SaaS Offerings In October 2023, PublicSq. launched PSQ Link, a subscription-based SaaS CRM and management tool designed for merchants on its platform. This tool provides businesses with resources to manage customer relationships and operations more effectively. 5. Strategic Partnerships PublicSq. has entered into high-profile partnerships to expand its reach and influence. Notably, it secured a significant advertising deal with Tucker Carlson’s media company, Last Country Inc., reportedly valued at over $1 million. This collaboration includes content segments highlighting PublicSq.’s mission and affiliated businesses. #media #spac #investment

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Super-Bowl ads are not going to fix tech's AI trust problem, but an Ethical AI Certification from Alliance for Audited Media will. Leave the Clydesdales and bald eagles to Budweiser, and give the consumers what they really want - thoughtful, ethical, and responsible use of AI, including: > Clear and accessible AI polices > Transparent use disclosures > Respecting content rights and permissions > Accountability and human oversight > Address bias and fairness > Respect privacy and protect data > Train and educate those responsible > Manage risk Wait, that's a pretty good Super-Bowl message!

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