Pwc exit presentation mac leod-may 15 2012
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Slides from a talk at PwCs Vision to Reality Conference
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Pwc exit presentation mac leod-may 15 2012
- 1. M & A Breakout Mark MacLeod @startupcfo
- 2. Intro
- 3. Real Ventures $2.5M Discover Stud Develop ents Entr Accelerator Program Display Exp epre neu rs $47.5M ert An s& Me Co gels & nto Se ns VC rs rv ulta s ice nt Iterative Seed Stage Fund Pa s Capital rt ne rs Commercial Proof Points Acquisition Opportunities
- 4. M & A: VC Perspective ‣ Why do VCs invest? ‣ VC Fund Math ‣ $ 50M Fund -> $ 150M returned ‣ 10% - 20% average ownership at exit ‣ $ 750M - $ 1.5B exit proceeds ‣ All about the exit
- 5. M & A: When to Sell ‣ Considerations: ‣ 1st time ‣ What’s “best” for the product / vision? ‣ Stakeholder interests? ‣ Gut ‣ Market / economy ‣ # of years risk taken off the table
- 6. M & A: Good vs. Great Exits ‣ Momentum & pace ‣ Market leadership ‣ Unbelievable tech team ‣ Highly visible ‣ Existing relationships ‣ Potential for disruption ‣ Luck & timing
- 7. M & A: Profitable Exits ‣ Small amounts of Capital ‣ Speed matters ‣ In the deal flow ‣ Disruption ‣ Timing
- 8. M & A: The Acqui-exit ‣ Most exits are modest ‣ Big tech giants struggling to hire and innovate ‣ Key decision point for VCs early on ‣ Do we continue to invest? ‣ Seed execution is more important than ever
- 9. M & A: Getting Buyers ‣ Build relationships ‣ Product Dev ‣ Corp Dev ‣ Biz Dev ‣ Airmiles -> Valley ‣ Work your stakeholders ‣ Non stop hustle
- 10. M & A: Alternatives to Exit ‣ Secondary Sale ‣ Raise more $ ‣ Management team
- 11. M & A: Role of VCs ‣ Intros (& lots of them…) ‣ Sounding board ‣ Board Committee ‣ Help on diligence ‣ Increase the price Don’t worry about “blocking” rights
- 12. M & A: Tips & Tricks ‣ Be organized (always) ‣ Have the right advisors ‣ Be wary of agents ‣ Avoid earn-outs ‣ Cap tables are malleable ‣ Make the buyer pay for retention
- 13. M & A: Case Studies Motivated buyer Timing Relationships Market leadership
- 14. M & A: Final thoughts ‣ Great time to be an entrepreneur ‣ More and more exits happening in Canada ‣ We need the 2nd generation of founders ‣ Know what success means to you and what type of outcome you want *before* raising VC