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Patrick M. Byrne, President and CEO of Overstock.com. Byrne recently announced plans to sell Overstock.com and focus on bitcoin. Photo credit: BLOOMBERG NEWSBLOOMBERG NEWS
Patrick Byrne, the CEO of Overstock.Com, is larger than life. Standing close to 6 "8" and weighing more than 250 pounds, the former boxer, martial artist, paratrooper, PhD student, Wall Street agitator and Bitcoin preacher is not your average CEO.
For example, how many CEOs of 13,000 feet of CEOs plunge into the sky for a new headquarters building? The only one I know is Byrne:
Suffering from health issues, including cancer, Byrne has had more than 30 surgeries three times. While most people would change their lifestyle to extend their years, Byrne seems to thrive in adversity. Byrne embraces confrontation at all levels.
I've already worked with Overstock.Com as a strategy consultant and supply chain. I found that Byrne was an extremely dedicated CEO who truly cared about his clients, his company, his management team and his associates.
From the consultants' point of view, I was impressed by the eCommerce platform, the Overstock management team and the diligent team of associates. For the record: I think Overstock would make an excellent acquisition for several companies.
I also learned very quickly that Byrne really believed in the future of blockchain and bitcoin.
Byrne's love for bitcoin is so strong that he recently announced that he was considering selling Overstock.Com in order to be able to focus on the management of Medici Ventures, a company specializing in the development of blockchain technology and the adoption of bitcoin.
What's next for Overstock?
Based on my assessment as a consultant, I consider Overstock as "The little engine that could … but did not do it."
Wayfair and Amazon, two of Overstock's competitors, have increased their market share and turnover on an annual basis, while Overtock's growth and revenues are lagging behind. Overstock was founded in 1997 by Byrne and launched in 1999. It is quite surprising that a company with such an important length of advance has not been able to do more.
Byrne is one of the main reasons why Overstock has not done more. As Byrne's interest in cryptocurrency and blockchain increased, so did his interest in Overstock. Byrne is an avid follower of the blockchain convinced that technology will disrupt Wall Street and trade.
In simple terms: Blockchain is the future in Byrne's eyes and Overstock is the past.
A parcel moves along a conveyor belt at Overstock.com Inc.'s order processing center in Salt Lake City, Utah. Photo credit: Bloomberg Finance LP© 2018 Bloomberg Finance LP
It is true that Overstock has not yet exploited its potential. However, with the right of ownership, Overstock offers significant growth opportunities.
Byrne chose not to name the companies currently evaluating Overstock for an acquisition. However, I think the following companies would be well advised to consider an acquisition of Overstock:
Kroger – The largest independent grocery retailer in the United States has announced a program called Kroger Ship that offers consumers access to 4,500 products that are not available anywhere else on Kroger.Com, as well as a option to shop at more than 50,000 grocery and household goods stores. some products.
I am a former consultant for Kroger and I have vigorously opposed Kroger Ship. I've recommended Kroger to acquire Overstock in order to take advantage of the company's well-established online platform and its presence, selling products in several categories.
I've also argued that since Kroger can not attract the best talent because of his location in Cincinnati, Ohio, he should acquire Overstock and transfer Kroger's digital team to the new Overstock headquarters site located in Midvale, UT. This idea was particularly appreciated by members of Kroger's digital team.
The Wall Street consultants and analysts who reviewed my recommendations support the idea of Kroger's acquisition of Overstock.
Lidl – I've written a lot about what Lidl has to do to succeed in the United States. The German-owned discounter has struggled since the launch of its first stores in 2017. I recommend that Lidl purchase chain stores and / or merge with a major retailer like Target.
Another option is for Lidl to acquire an established online retailer, which will allow it to create a business model that offers a competitive advantage over Aldi and even Kroger. The executives and analysts from Lidl whom I spoke to like me, but it would be difficult to convince Lidl's parent company, Schwarz Group, to make such an acquisition.
Big lots – Overstock and Big Lots would be able to leverage its combined capabilities to create a greatly enhanced customer experience. From a capacity-driven strategy, Big Lots and Overstock are perfectly suited.
Best buy – One of the most popular articles I wrote for Forbes is titled Kill JC Penney. I argue that Best Buy should evaluate the acquisition of JC Penney. I also believe that Best Buy should evaluate the acquisition of Overtock.
Spreetail – Although little known, Spreetail offers its customers an exceptional experience. Acquiring Overstock would be a strategic move.
Instacart – Of all the companies I've evaluated, the acquisition of Inteltock by Instacart has generated exceptional opportunities. Instacart has considerable potential to go far beyond its current business model.
jumia Group – The largest e-commerce platform in Africa. The acquisition of Overstock would allow Jumia to expand into the United States and expand its e-commerce and cross-border capabilities.
I am not trying to predict who will eventually acquire Overstock. In addition to the companies I've listed, Wish, Purina, Boxed, Albertsons, CVS and Wallgreens are among the names of companies that have been the subject of discussions with analysts.
Conclusion
According to Byrne, Overstock will be sold by February 2019. I wish only the best for Byrne in his new venture.
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Patrick M. Byrne, President and CEO of Overstock.com. Byrne recently announced plans to sell Overstock.com and focus on bitcoin. Photo credit: BLOOMBERG NEWSBLOOMBERG NEWS
Patrick Byrne, the CEO of Overstock.Com, is larger than life. Standing close to 6 "8" and weighing more than 250 pounds, the former boxer, martial artist, paratrooper, PhD student, Wall Street agitator and Bitcoin preacher is not your average CEO.
For example, how many CEOs of 13,000 feet of CEOs plunge into the sky for a new headquarters building? The only one I know is Byrne:
Suffering from health issues, including cancer, Byrne has had more than 30 surgeries three times. While most people would change their lifestyle to extend their years, Byrne seems to thrive in adversity. Byrne embraces confrontation at all levels.
I've already worked with Overstock.Com as a strategy consultant and supply chain. I found that Byrne was an extremely dedicated CEO who truly cared about his clients, his company, his management team and his associates.
From the consultants' point of view, I was impressed by the eCommerce platform, the Overstock management team and the diligent team of associates. For the record: I think Overstock would make an excellent acquisition for several companies.
I also learned very quickly that Byrne really believed in the future of blockchain and bitcoin.
Byrne's love for bitcoin is so strong that he recently announced that he was considering selling Overstock.Com in order to be able to focus on the management of Medici Ventures, a company specializing in the development of blockchain technology and the adoption of bitcoin.
What's next for Overstock?
Based on my assessment as a consultant, I consider Overstock as "The little engine that could … but did not do it."
Wayfair and Amazon, two of Overstock's competitors, have increased their market share and turnover on an annual basis, while Overtock's growth and revenues are lagging behind. Overstock was founded in 1997 by Byrne and launched in 1999. It is quite surprising that a company with such an important length of advance has not been able to do more.
Byrne is one of the main reasons why Overstock has not done more. As Byrne's interest in cryptocurrency and blockchain increased, so did his interest in Overstock. Byrne is an avid follower of the blockchain convinced that technology will disrupt Wall Street and trade.
In simple terms: Blockchain is the future in Byrne's eyes and Overstock is the past.
A parcel moves along a conveyor belt at Overstock.com Inc.'s order processing center in Salt Lake City, Utah. Photo credit: Bloomberg Finance LP© 2018 Bloomberg Finance LP
It is true that Overstock has not yet exploited its potential. However, with the right of ownership, Overstock offers significant growth opportunities.
Byrne chose not to name the companies currently evaluating Overstock for an acquisition. However, I think the following companies would be well advised to consider an acquisition of Overstock:
Kroger – The largest independent grocery retailer in the United States has announced a program called Kroger Ship that offers consumers access to 4,500 products that are not available anywhere else on Kroger.Com, as well as a option to shop at more than 50,000 grocery and household goods stores. some products.
I am a former consultant for Kroger and I have vigorously opposed Kroger Ship. I've recommended Kroger to acquire Overstock in order to take advantage of the company's well-established online platform and its presence, selling products in several categories.
I've also argued that since Kroger can not attract the best talent because of his location in Cincinnati, Ohio, he should acquire Overstock and transfer Kroger's digital team to the new Overstock headquarters site located in Midvale, UT. This idea was particularly appreciated by members of Kroger's digital team.
The Wall Street consultants and analysts who reviewed my recommendations support the idea of Kroger's acquisition of Overstock.
Lidl – I've written a lot about what Lidl has to do to succeed in the United States. The German-owned discounter has struggled since the launch of its first stores in 2017. I recommend that Lidl purchase chain stores and / or merge with a major retailer like Target.
Another option is for Lidl to acquire an established online retailer, which will allow it to create a business model that offers a competitive advantage over Aldi and even Kroger. The executives and analysts from Lidl whom I spoke to like me, but it would be difficult to convince Lidl's parent company, Schwarz Group, to make such an acquisition.
Big lots – Overstock and Big Lots would be able to leverage its combined capabilities to create a greatly enhanced customer experience. From a capacity-driven strategy, Big Lots and Overstock are perfectly suited.
Best buy – One of the most popular articles I wrote for Forbes is titled Kill JC Penney. I argue that Best Buy should evaluate the acquisition of JC Penney. I also believe that Best Buy should evaluate the acquisition of Overtock.
Spreetail – Although little known, Spreetail offers its customers an exceptional experience. Acquiring Overstock would be a strategic move.
Instacart – Of all the companies I've evaluated, the acquisition of Inteltock by Instacart has generated exceptional opportunities. Instacart has considerable potential to go far beyond its current business model.
jumia Group – The largest e-commerce platform in Africa. The acquisition of Overstock would allow Jumia to expand into the United States and expand its e-commerce and cross-border capabilities.
I am not trying to predict who will eventually acquire Overstock. In addition to the companies I've listed, Wish, Purina, Boxed, Albertsons, CVS and Wallgreens are among the names of companies that have been the subject of discussions with analysts.
Conclusion
According to Byrne, Overstock will be sold by February 2019. I wish only the best for Byrne in his new venture.
