M&A/IPO/Exit Options
More M&A Exploration Expected
McKinsey finds execs expect to examine more mergers/acquisitions in 2012. Many feel their organization's integration skills need beefing up if these deals are to achieve the intended objectives.
Q211 Venture Investment Summary
Fenwick & West analyzes Q211 venture deals, with much that was positive, including increased number of financings, % of 'up' rounds, and fewer senior liquidation preferences. But sentiment is cloudy, due to market...
Small Businesses Selling
Small businesses were sold at a greater rate in the second quarter than a year ago, but at lower prices, and often with the seller financing at least a portion of the transaction. Owners are becoming more realistic...
Younger CEOs More Aggressive
A recent study compared CEOs under age 50 with those 60 or older. The younger execs were more likely to acquire, restructure, and drive asset growth.
Founder's Dilemma: Sell or Hold?
This post examines five questions any entrepreneur should ask when considering the sale of a business they've built. The dilemma, sometimes posed as 'control vs. value creation' has been dubbed 'Rich vs. King' by HBS prof Noam Wasserman. Which w...
Super Angels--Movin' On Up?
Super Angel investors, who fit between traditional angel investors and venture capital rounds, are becoming more prevalent. This article examines the shifts that have led to their proliferation and pressures that ...
Keys to Acquisition Success
McKinsey says most successful acquisitions present buyers with the opportunity for performance improvement, reduction in excess capacity, market access, or possession of attractive skills or...
CEO Hubris Test
How can board members exercise thoughtful oversight without interfering with strategically important initiatives? This professor who studies CEOs and boards suggests four tests when considering a...
Private Company M&A Outlook
Grant Thornton's M&A outlook 2010 contains some encouraging signs. More than 1/4 of those responding in this global survey are planning acquisitions. Nearly 2/3 believe the economy has begun to o...
CEO Required Reading
Tony Hsieh, Zappos founder and CEO, recently wrote about the events leading up to the sale late last year of his start-up to Amazon. The primacy of the customer, superior company culture, and...
No Exit?
If you love what you do, will investors be less likely to finance your early stage business? This ironic question is tackled in a Forbes column focused on entrepreneurs who form companies...
Sample Offer Letter - Change of Control provisions
Planning for the eventual or possible sale of your company (M&A) is a crucial element when your negotiating your compensation terms for your new job. There could be an inherent conflict between you and your investors over these terms....
Pre-IPO Liquidity Option
Would you sell (or buy) shares before your company went public, if you could? Two start-ups seek to create a marketplace to match those seeking liquidity with those anxious to buy in before the public gets a shot. Is this
Acceleration--Greedy or the Norm?
HBS prof Noam Wasserman analyzes historical CompStudy data to determine the frequency with which executives receive accelerated vesting upon a change in control. The short tape: more than 3/4 of CEOs receive such treatment. Read on for details.
M&A Outcomes in Turbulent Times
Ted Rouse (Bain) & Ron Insana (M&A firm) interviewed on CNBC regarding recent research findings that suggest M&A outcomes in turbulent times exceed those in economic booms. View...
Google: You Can't Afford Us
e.piphany founder Steve Blank describes the dilemma faced by the IMVU management team: venture term sheets AND a Google acquisition offer. This thoughtful insider's post details the thought process and considerations entrepreneurs must consider when...
In Defense of Doubling Down
VC Fred Wilson posted commentary around follow-on investments in situations where the business is not meeting its goals. Some firms need to be shuttered or sold. But Wilson reminds us there can be great returns for investors willing to change a...
10 Questions for Your CFO
McKinsey Quarterly shares a short list of priorities, as the focus shifts from crisis management toward recovery. Is your organization asking and answering the right questions? (Requires free registration.)
Andreeson/Horowitz: the Next New Thing?
This CEO author argues the venture world is overdue for its own restructuring. He suggests early stage firms sell their investments as portfolio companies mature, allowing later-stage investors to add value that differs from what angels and A round...
Sequoia's Advice: Good or Evil?
Tech blogger Erik Sherman says the 'hunker down' advice is too true to be other than good. What do YOU think? What are you DOING? Post your reactions below.
