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When I was in grad school I co-founded a company that grew to become the second largest manufacturer of cable television headend equipment in the world. For the ten years after I graduated, I woke up every morning thinking of ways to out-innovate our two major competitors. We were a startup and they were both […]

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Most people have difficulty believing that you can sell a business for 50% more just by executing the exit well. I’ve written before about how this can be achieved. This post has video excerpts where you’ll see CEOs and Chairs who have actually done it. It is very unusual to hear case studies like these. […]

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TD Bus Ad Open an Account in Minutes

Our team has been researching the current strategic opportunities in high-value financial services. Out initial observations are: 1.    Competition has never been more aggressive 2.    End users increasingly cannot differentiate services from similar providers 3.    Customer satisfaction is very low 4.    Customer loyalty is at an all-time low The result is Financial Services companies focusing […]

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Recently, at an Exit Strategies Workshop in Victoria, someone asked me to compare the pros and cons of an early exit versus a traditional Venture Capital financing. The scenario we used for our example was a successful startup company with a proven business that needed $10 million to $20 million to fund growth. (In this […]

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What I’m about to describe is difficult for some people to understand. Recently, I completely failed to convey this concept to an experienced professional accountant. The fact is, nobody can sell your cash well. What I mean is this: if you’re thinking about selling your company, I feel strongly that it’s desirable to strip out […]

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For almost every M&A transaction the Confidential Information Memorandum (CIM) contains both actual financial results and projections.  (The rare exception is a company whose entire value is a patent portfolio.) In companies with external investors, management teams are familiar with projecting financials. This is a necessary part of projecting future financing requirements. For the increasingly […]

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In earlier days, entrepreneurs dreamed of founding an innovative start-up and building it into a big company. After many years of solid sales and profits, the company might be acquired, with founders and investors earning a capital gain. But in today’s fast-evolving technology marketplace, growing a small start-up into a big company may not be […]

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It’s rare to be able to post a detailed case study on an early exit. The most interesting information is usually restricted by a non-disclosure agreement. This is a very valuable opportunity to hear directly from the Chairman and a lead investor about what went on behind the scenes in this $30 million pre-revenue exit. […]

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I recently had a fascinating conversation about fees with another M&A professional. We have never worked in the same geographic region, and had no hesitation about openly discussing our firm’s fee structures. His firm is considerably larger than mine. They employ dozens of professionals, associates and support people. We agreed pretty quickly on what reasonable […]

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I’m pleased to announce another full day Exit Strategies Workshop at SFU Downtown Vancouver on September 17, 2013. Attendees consistently rate the Exit Strategies Workshop as excellent. Here’s some feedback from previous atteendees. Joining me again are Steve Lukas, Axel Christiansen, Prentice Durban and Steve MacDonald. Here’s more on the speakers. The Exit Strategies workshop […]

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