It’s easy to be best friends on Day One when you have nothing but a $1,000 and a dream. Everyone is aligned when there’s nothing to lose. But as a business valuation expert, sadly... I’ve seen those smiles fade. I warn entrepreneurs, "Let’s see how friendly everyone stays when the company is worth $275 million." This is an example of how quick a dream can turn into serious dollars (with a splash of debt too!)

DICE is currently riding a wave of success with their $65M round, but they are entering the high-stakes phase where "Chutes & Ladders" becomes the game. One day you’re on a ladder to global expansion; the next, a single operational slip sends you tumbling to the bottom.

I’m genuinely excited to see DICE take on the giants like Ticketmaster (I'm over the fees too!), but from a business valuation perspective.... DICE is not safe. No one is ever safe in the world of entrepreneurship; definitely not a road for the weak. The American dream is free.... the courage, however, is sold separately.

This is why I always tell my clients who are at the stages of infancy, "Your shareholder agreement is your seatbelt. You don’t put it on because you expect to crash; you put it on because you’re going to possibly go extremely fast.". This is one thing you don't skimp on, the agreement. I have witnessed clients being out-voted and forced out of the very company they established and built, solo, all due to weak governance documents.

To survive the ride to a quarter-billion-dollar valuation, you need more than just a good idea:

• A "Buttoned-Up" Agreement: Governance must be locked in before the stakes get high. It’s much harder to negotiate exit strategies or voting rights when there are millions on the table.

• Operational Discipline: Rapid growth can lead to "tech debt" and bloated labor costs. If Dice isn't careful, they could end up with the same "hidden fees" that caused fans to jump ship from Ticketmaster into Dice's revenue stream in the first place.

• Optimal Capital Structure: Managing cash flow isn't just for the lean years; it’s what protects your valuation when the market gets bumpy. Its like a marriage.... there is no 50/50. That's a perfect day. PERFECT UTOPIA. There can be years of 100/0 where one carries their spouse which is known as "feast or famine" in the business world.

If you are a business owner who has taken on a partner or are considering a partner/investor and you don't have a shareholder agreement (governance docs in place), email me "SEATBELT" to Info@mindyourbizzness.com.

But big congrats Phil Hutcheon and the DICE team on the milestone, —keep your eyes on the board! 🎲

(Sidenote: Any 50 Cent tickets for his last tour this year? I need those. (Shout out to 50 Cent ... I'm gonna get tix or die tryin'... see ya in Atlanta)

#businessvaluation #dice #startups #seedround #ShareholderAgreements #2026Trends

Follow us on social media!