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Exit Process and Timeline

This video from the Exit Strategies workshop describes the exit process and timeline. Highlights of The Exit Process and Timeline: For many exits, the biggest question isn’t “How Much Can We Get?” Instead “It’s How Soon Can We Exit?” The short answer is 6 to 18 months From the time you engage an M&A Advisor, […]

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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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Graph of EBITDA

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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Pacinian-Pre-Revenue-30M-Exit

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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Pacinian Video Thumbnail

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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Prentice Durbin

In the tenth presentation at the Exit Strategies Workshop 2012, Prentice Durbin discusses exit legal planning. Prentice describes the essential legal processes which should be started early to ensure a successful exit. He calls this “Planning for Payday”. Highlights of Part 10 – Legal Planning (Planning for Payday): Be prepared. Image and Perception. Reduce transaction […]

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Steve Lukas

In the twelfth presentation at the Exit Strategies Workshop 2012, Steve Lukas describes why you should fear the Representations and Warranties. Highlights of Part 12 – Fear the Representations and Warranties: What is a representation and warranty? What is a covenant? What is a condition? Disclosure, Insurance and Risk allocation Make representations true! Schedule exceptions […]

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