Launch. Scale. Exit: What Buyers Really Want with Mary Larkin

Founded in 2016 by Christopher George and Paul Chambers, SubSummit has grown over nearly a decade into the leading conference dedicated to technology-enabled subscription commerce. In January, Nineteen Group acquired SubSummit.

For Mary Larkin, President of Nineteen Group Americas, the deal reflected many of the same principles she looks for in any acquisition: a credible community, founders with real institutional knowledge, and a business with room to grow.

In this blog, we sat down with Mary to understand what the acquisition process really looks like from the inside, and the advice she'd give any founder thinking about their next chapter.

What attracted you to SubSummit?

Retail is already one of our verticals, so the e-commerce angle was naturally interesting to us. But the bigger draw was the subscription space itself — it's a booming market right now, and that came through clearly on our very first call.

Additionally, we were actually already looking at another acquisition in the retail space at the time, and the two businesses mentioned each other independently. That's how we first heard of SubSummit, and a formal introduction followed from there.

How did SubSummit stand out against its competitors?

Interestingly, there aren't that many competitors in the subscription space. 

Paul and Chris — the founders, along with a couple of others more behind the scenes — had a subscription box business themselves. When they couldn't find the information they needed on the challenges and opportunities they were facing, they started bringing people together to share knowledge. And that's really how SubSummit came about.

Beyond the limited competition, what stood out was the energy of the event itself. It was really well delivered. For example, I was catching a 3 am flight, and I bumped into attendees who were still socialising and enjoying themselves — which is always a good sign. 

What's the minimum number of editions you look for in a potential acquisition, and what were your thoughts on SubSummit's maturity?

From a Nineteen perspective, I'd typically want to see two or three editions — though if the market is hot enough, we'll be opportunistic. 

Post-COVID, I think you also want to see how an event recovered, which has shifted the dynamic somewhat. SubSummit had run multiple editions, which gave us confidence.

For a growing category, two to three is generally my benchmark.

What, in your opinion, is the ideal size to acquire an event at, and what is the minimum size you’d consider buying? 

It really depends on the event. 

Ideally, I'm looking for at least 100 exhibiting companies, but we have events with 80 exhibitors where the names behind those stands represent Fortune 500 companies, so the numbers don't tell the whole story.

For me, the most important factor is the attendee side: steady retention, a strong database to build on, and clear growth potential. When I was doing my initial analysis of SubSummit, what jumped out was the sheer scale of the potential audience — anyone with a subscription business is a possible buyer. That's an enormous market.

Is there anything else you haven’t mentioned about SubSummit’s growth to date that made it stand out?

The growth in the meetings programme was significant — that format of facilitating problem-solving, information sharing, and technology solutions is still quite distinct in the US. The fact that they've grown across all aspects of the event is genuinely impressive.

I'd also point to how they've approached sponsorship and exhibiting. There's a real industry-wide shift away from measuring success in square feet, and SubSummit reflects that. It's a much more consultative sell — curated packages, understanding what each exhibitor actually wants to get out of the event. That evolution is worth paying attention to, particularly for smaller events, and seeing their growth in that area has been very encouraging.

What future growth do you see for SubSummit?

There's international growth potential, and there's room to expand into various segments within the subscription industry. But right now, the focus is on growing this event and making it number one in the country.

How important was the dynamic with the founder in the acquisition process, in terms of both chemistry and market knowledge?

Really important. Fundamental. You have to have rapport. Remember, you're going to be working with these people through a process that can be really tough. It's like doing the dance before you get married; a lot happens, and the relationship needs to be strong enough to carry you through the bumpy stretches. 

For example, lawyers are a necessary evil, and founders sometimes underestimate how much friction that creates. But having a solid relationship is what gets you through it.

With every acquisition we've done, we've had a good relationship with the founders, and that's not a coincidence. I can't say it strongly enough: if the founder relationship doesn't work, the road ahead is going to be hard.

How important is it to you that a founder stays with an event once acquired? How long will Paul and Chris be staying with the business?

We strongly prefer it when the founder comes with the business. It's their baby — nobody knows it like they do. They have the relationships, the institutional knowledge, the secret sauce for their industry. You can't just come in and take over, no matter how good you think you are. 

We've had one acquisition where the founders didn't come with the business, and it's always been harder to fully understand that event from the inside.

As for Paul and Chris — I hope they stay forever. 

What management structure was in place supporting the founder? How important is this to you when looking at acquiring an event?

Chris and Paul had each other — and that matters. The process of selling a business can be a lonely one for a founder, full of doubt and second-guessing. So having a co-founder helps. Going forward, I'll pay closer attention to that in any future acquisitions — making sure there's real stability in place for the founder throughout the process.

Beyond that, I always look at the next level down: Who's the number two? Who's actually making things happen behind the scenes? With SubSummit, that's Liz. She drives everything, keeps things on track, and partners exceptionally well with the founders.

Companies like Manta Media are increasingly offering support to event founders from inception to exit. How does that benefit you as a buyer?

Enormously. The biggest headaches in acquisitions come from unpreparedness — and that's true on both sides. For a buyer, nothing slows things down more than a business that isn't ready for sale. 

Chris and Paul had been through the process before, and it showed — their finances were clean, everything was in order. That allowed us to focus on the right things rather than getting bogged down in the details. 

For those who are newer to the process, companies can help founders get to that level of readiness — understanding what they're about to go through, cleaning up their financials, and separating the personal from the business. This makes for a better experience for everyone involved. 

What advice would you give to a founder building an event today with a future sale in mind?

Focus on your core market and don't chase every bright, shiny opportunity. 

It's fine to explore something if it's genuinely right for you — but if you spread yourself too thin, or pull focus away from the main business, it shows. When a buyer comes in, they're drilling down to understand where the revenue comes from, how the business can grow, and what the real opportunity is.

What they're not looking for is an octopus with tentacles going in eight directions.  They want clearly structured, solid opportunities.

So stay focused. And build something with a clear centre of gravity.

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