Selling your startup crafting the perfect exit, selling your business, and everything else entrepreneurs need to know
"Every single entrepreneur dreams of the day when their company will be acquired. According to Global Entrepreneurship Monitor there are more than 582 million individuals who own or are starting a business. However, there is little to no information on how acquisitions work for startups. The kn...
| Otros Autores: | |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
Wiley
[2021]
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009631660906719 |
Tabla de Contenidos:
- Cover
- Title Page
- Copyright Page
- Contents
- Acknowledgments
- Foreword by Bhavin Turakhia
- Chapter 1 Seeding What Would Grow into Panthera Advisors
- Accelerated Growth through Acquisitions
- Inbound Interest and a Path Forward
- Choosing My Wingman
- Our M&
- A Journey
- Launching Panthera Advisors
- My Unwavering Commitment to Entrepreneurs
- Chapter 2 Getting Your Company Acquired
- M&
- A Is Harder Than Fundraising
- The Acquisition Process
- Media versus Your Business: What You See in the Press versus Reality
- Acquirer Expectations
- The Process
- Accounting
- Investment of Time
- Sharing Risk
- A Commitment to Making the Most of the Company
- Make Them Look Good
- Why Most Acquisitions Fail
- That Was the Plan
- It Wasn't What They Expected
- Incompetence
- Integration
- Changing Markets and Circumstances
- Chapter 3 The Role of Investment Bankers
- What Is an Investment Banker?
- Good Cop, Bad Cop
- Why Bankers Add Value
- They Are Experts at Pitching
- They Can Run Valuations
- They See the Maximum Potential Value of Your Startup
- They Handle the Paperwork
- They Know the Players
- They Know How to Stretch to Help Get Deals Done
- Getting the Right Advice
- Trusted Referrals
- Long-Term Experience
- Domain Experience
- Not Just What You Want to Hear
- Breaking Down the Fees
- Retainers and Up-Front Fees
- Reimbursement
- Success Fees
- Breakup Fees
- Average Fee Levels
- Chapter 4 How to Plan Ahead
- Consider the Reasons Why You Want to Sell
- Getting to the Next Level of Scale and Customers
- Efficient Growth
- Advancing the Mission
- The Value Has Peaked
- You Get an Offer Too Good to Refuse
- You Get an Opportunity to Advance Your Learning
- Fundraising Challenges
- Creating a Great Outcome for Your Team
- Personal Reasons
- Moving On to the Next Thing.
- Tying Up Loose Ends
- Cleaning Up Legal
- Paying Off the Debt
- The Importance of Making Yourself Expendable
- The Ability to Sell Your Business
- Price
- Not Being Stuck Staying On for Years
- How to Make Yourself Expendable
- Branding
- Hire Great People
- Set Yourself in the Right Role from the Beginning
- Chapter 5 Preparing the Company's Pitchbook
- Packaging the Message
- What Makes Your Company Unique?
- Nailing the Value Proposition for Potential Acquirers
- Defining Transition Plans for Potential Buyers
- Crafting the Marketing Plan
- Identifying a Powerful Flow and Structure
- Acquisition Memorandum Template
- Cover Slide
- Disclosures
- Table of Contents
- Executive Summary
- Market Opportunity
- Solution
- Target Market
- Competition and Advantages
- Market Traction
- Financial Results and Projections
- Executive Team
- Technology Platform
- Marketing and Sales
- Business History
- Reason for the Sale
- Buyer Qualifications
- Directions for the LOI
- Chapter 6 Putting Your Finances in Order
- Understanding Financials
- The Importance of Key Metrics
- Burn Rate
- Hard Costs
- EBITDA
- Gross Revenues
- Gross Profit Margins
- Sales Units
- Customer Acquisition Costs
- Growth Rate
- Debt to Equity
- Why Growth and Operating Assumptions Are Critical
- Assumptions Are the Basis for All of Your Other Financials
- Credibility
- Earnouts
- Modeling Out a Powerful Five-Year Projection
- Anticipating Questions on Numbers
- Chapter 7 Understanding Your Valuation
- Variables Affecting Your Startup's Value
- Common Methods of Business Valuation
- Your Number
- Earnings Multiples
- The Comparables Approach
- Cost to Replicate
- Discounted Cash Flow Method
- Additional Valuation Methods
- How to Value Pre-revenue Startups
- The Berkus Method
- Venture Capital Method
- The Scorecard Method.
- Risk Factor Summation
- First Chicago Method
- How to Increase Your Valuation Faster
- Improve Your Pitch
- Get Those Revenues In
- Get Your Prototype or Minimum Viable Product Done Today
- Build Out Your Team
- Position Your Startup in the Right Way
- Valuation versus Terms
- Why You Never Want to Disclose Your Valuation
- Avoiding High Valuations with No Rationale
- Chapter 8 Building the Target List
- The Importance of Building the Target List
- Not Alienating Ideal Buyers
- Saving Time
- Maximizing the Price
- Achieving the Best Terms
- Optimal Outcome for Your Team
- Best Future for Your Mission and Product
- Efficiency in the M&
- A Process
- ROI on Your Deal-Making Efforts
- Ways to Identify Potential Buyers
- Why Are You Selling?
- What Type of Buyer Is the Right Fit?
- Culture Fit
- Ability to Buy
- Motivation
- Competence in M&
- A
- Trust and Alignment of Values
- Vetting Buyers for the Right Fit
- Research
- M&
- A Professionals
- Interview Others
- Build Personal Relationships
- Become a Customer or Vendor
- Partner Up
- Using Partnerships to Trigger Acquisitions
- How to Make Contact with Interested Parties
- Introductions and Referrals
- Networking
- Cold Emails
- Be So Good They Can't Ignore You
- Move Up the List in Reverse Order
- Use Brokers
- The Golden Rule in Making Contact
- Chapter 9 The Communication Process with Buyers
- Liabilities and Responsibilities
- How to Handle Communications
- Gauging Initial Interest
- Nailing the Follow-Up
- Awareness and Discovery
- Learning
- Consideration
- Comparison Shopping
- Trust
- Due Diligence
- Negotiation
- Finding the Decision-Maker
- C-Suite Executives
- Corporate Development
- Advisors
- Transaction Leads
- Business Unit Leaders
- Chapter 10 Preparing for a Successful First Meeting.
- Finding Out the Strategic Road Map of the Buyer
- You Have to Understand the Buyer
- The Importance of the Buyer's Strategic Road Map
- How Do You Learn More about the Buyer's Strategic Road Map?
- Agreeing On the Meeting Location
- Who Is Going to Be Part of the Meeting?
- Home Games versus Intelligence Gathering
- In-Person versus Virtual Meetings
- Setting Up the Agenda for the Meeting
- Follow Up with Emails to Keep Them Warm
- Understanding How to Address Concerns
- Questions Potential Acquirers May Ask You
- Market
- Traction
- Team
- Competition
- Financials
- Intellectual Property
- Business Model
- Corporate Structure
- Existing M&
- A Process
- Chapter 11 Getting to a Letter of Intent (LOI)
- Why an LOI Is So Important
- Breaking Down the LOI
- Who
- Overview of the Transaction
- Due Diligence
- Confidentiality
- The Exclusivity Period
- Comparing Valuations
- Measuring Suitability of the Potential Buyer
- Can the Company Buy You?
- Will the Company Buy You?
- What Will It Be Like?
- How Does It Compare?
- Hostile versus Friendly Buyers
- Considerations before Signing
- The LOI Template
- Chapter 12 Communication with Stakeholders
- The Role of the Board of Directors
- Weighing All Options
- Guiding Valuation and Fit
- Being the Voice of Objectivity
- Post-merger Integration
- Keeping Investors Updated in the M&
- A Process
- The Dos and Don'ts with Employees
- Chapter 13 Negotiating the Price Tag
- Price versus Terms
- Communicating Outcomes
- Pushing for a Deadline
- Increasing Price with a Bidding War
- Maximizing Value on the Buyer and Seller Sides
- Thinking Like a Buyer
- Give and Take
- Price Thresholds
- Appearing Smart
- Paranoia
- Where Is the Value for the Buyer?
- Will You Move?
- Chapter 14 The Due Diligence Stage
- Putting Together the Deal Room.
- Physical versus Virtual Deal Rooms
- Deal Room Software
- Who Should Have Access to Your VDR?
- What Information Should Be Uploaded to Your Deal Room?
- When Should All of This Data Be Uploaded to the Deal Room?
- Validating Your Claims
- The Dos and Don'ts During Meetings
- Managing the Flow of Information
- What to Look for in the Potential Buyer
- What Information Is The Buyer Asking For?
- What Data Are the Buyer Looking At and When?
- Making Excuses
- Efficiency and Honesty
- Chapter 15 The Purchase Agreement
- How to Review the Purchase Agreement
- The Definitions
- Purchase Price and Payment Execution
- Warranties and Representations
- Indemnification
- Termination Provisions and Breakup Fees
- Closing Conditions
- Covenants
- Terms and Clauses to Watch
- Jurisdiction
- Stock Exchange Ratio
- Asset Purchases
- Earnouts
- Express Nonreliance
- No-Shop versus Go-Shop Clauses
- Pandemic and Epidemic Carve-Outs
- Typical Purchase Agreement Outline
- Lawyers and the Purchase Agreement
- Choosing the Right M&
- A Lawyer
- Experience Fit
- Global versus Local
- Value for the Money
- Alignment
- Bandwidth and Priority
- Dealing with Legal Counsel
- Chapter 16 Strategic versus Financial Acquisitions
- Different Types of Acquisitions
- Financial Acquisitions
- Strategic Acquisitions
- Reasons for Strategic Acquisitions
- Growth
- Roll-Ups
- Strength in Competition
- Extending Control over the Supply Chain
- Legal and Regulations
- Entering New Geographic Markets
- Buying versus Building New Products and Tech
- Economies of Scale
- Branding
- Acquihires
- Removing the Competition
- How to Know What Drives the Buyer's Motivation
- Consider What Type of Organization the Buyer Is
- Ask
- What They're Asking and Focusing On
- Their Track Record
- What's Happening with Its Business.
- Why Revenues Take a Back Seat on Strategic Deals.
