How Exits Have Changed in 2012 – Presented at the National Angel Capital Association Summit – March 8, 2012 in Austin, Texas – Highlights of Part 3: Story of a Vancouver company that was acquired before it’s first year end A possible new record – the company acquired by AOL just four days after its [...]
Exit Timing
How Exits Have Changed in 2012 – Presented at the National Angel Capital Association Summit – March 8, 2012 in Austin, Texas – Highlights of Part 4: The most devastating reason that companies fail to exit A relatively new phenomena driven by the amount of cash available, number of buyers and the internet The buyers [...]
Most entrepreneurs wait too long to start thinking about their exit. They usually sell their companies for much less than they could have. The valuation curve, and return to shareholders, usually ends up looking something like this. That’s exactly what I did in my first company. (It was the first time I lost several million [...]
Most entrepreneurs don’t even know that a VC is likely to block an exit when they accept the VC’s money. I didn’t when I started out —and neither did my friend who I describe in “Why VCs Block Good Exits“. In my first company it wasn’t until the final extraordinary general meeting, when the shareholders [...]
My previous post showed how the math behind venture capital funds determined venture capital exit times. The post included a simple model to show what the median exit times really meant to entrepreneurs and angel investors. That model illustrated how the decision to accept equity from venture capital investors statistically extends the time to exit [...]
The main thesis of my book Early Exits is that entrepreneurs and angel investors would make more money, and have more fun, if they built companies around a strategy of early exits. In “Early Exits” show that most M&A transactions are under $30 million. More recently, I have been saying that the median price might [...]
This is a very good time to sell your technology business – so good you might want to accelerate your exit strategy. There is an interesting article in the April 7, 2008 issue of Business Week titled “Ravenous for Small Tech”. The article reports that while the change in value of mergers and acquisitions in [...]



