At the Artic 15 Conference: Exit Path in Helsinki, I describe exit strategies for European technology and life sciences companies. And explain why I believe growing a knowledge-based company in Europe today can be better than building one in Silicon Valley.
Why it used to be easier to grow a company in America
Yes, raising capital in Europe is more challenging and why
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 the cash that’s not absolutely necessary before starting the exit valuation negotiation with pr...
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 internally financed companies that are ready to exit, the enti...
This is the first time I've described all of the things we did wrong the first time I tried to sell a business. It's also the story of the first time I lost several million dollars.
How Not to Sell a Business - Don't Blow The Biggest Deal of Your Life
This is a talk I gave to the Vancouver Chapter of the Entrepreneurs Organization (EO) on February 19, 2009. It is consistently the most viewed video on my blog.
In this talk, I compare my f...
The Sellability Score was created by my friend John Warrillow who also wrote Built to Sell. If you are thinking about selling your business now, or at some point in the future, the Sellability Score will be valuable to you.
A Sellability Score is an external, unbiased evaluation of your business's worth on the open market, calculat...
I'm convinced that only about 25% of the businesses that could be sold actually end up successfully exiting.
Yes. I believe that about three out of four times when a company could have been successfully sold, a sale did not end up happening - ever. And most of the time, it was avoidable.
The Frustrating Lack of Data on Exits
One of the most frustrating aspects of researching exits is the lack of data on transactions under $50 million, wh...
When a saleable company fails to sell, it's often the seller's psychology that kills the transaction. Most of the time, the seller doesn't even know that they were the reason their company failed to sell. This talk describes the seller psychologies that can kill exits.
The Psychology of Exits
Presented at the Alliance of Merger and Acquisition Advisors Summer Conference
July 10, 2012 in Chicago