FMA of NH: Preparing for a Successful Liquidity Event

Financial Management Association of New Hampshire Preparing for a Successful Liquidity Event in Today’s Volatile Markets September 23, 2008

Financial Management Association of New Hampshire Today’s sponsors:

Our Panel Participants Today ,[object Object],[object Object],[object Object],[object Object],[object Object]

Backdrop: One trillion in value destroyed in the financial sector Source: Wilshire Associates; New York Times

Backdrop: One trillion in value destroyed in the financial sector ~$1 trillion in value destroyed Source: Wilshire Associates; New York Times

Public company valuations are down, in line with overall stock markets ,[object Object],[object Object],[object Object],Source: CapitalIQ, Mirus analysis

IPO market has virtually shut down ,[object Object],[object Object],[object Object],Source: CapitalIQ, Mirus analysis

Venture investors are still very active ,[object Object],[object Object],Source: CapitalIQ, Mirus analysis (3Q08 extrapolated from Jul/Aug)

Shift towards internet software/services most significant trend in VC funding ,[object Object],[object Object],Source: CapitalIQ, Mirus analysis

M&A market in a down-cycle since mid-2007 ,[object Object],[object Object],[object Object],Source: CapitalIQ, Mirus analysis (3Q08 extrapolated from Jul/Aug)

No single industry sector is seeing disproportionately less M&A activity ,[object Object],[object Object],[object Object],Source: CapitalIQ, Mirus analysis

M&A valuation multiples are under pressure ,[object Object],[object Object],[object Object],Source: CapitalIQ, Mirus analysis

Financial buyer activity is down, mostly driven by high-end of market ,[object Object],[object Object],[object Object],[object Object],Source: CapitalIQ, Mirus analysis

International buyers continue to increase activity in the US ,[object Object],[object Object],[object Object],Source: CapitalIQ, Mirus analysis

Still about half of deals are all-cash, but earn-outs are on the rise ,[object Object],[object Object],Source: CapitalIQ, Mirus analysis

Reading the tealeaves: not yet at the bottom ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

So what does this mean if I want liquidity in this market? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Pre-sale planning: fundamentals are unchanged, the bar is just higher ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Top deal execution drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Thank you for coming!! ,[object Object],[object Object],[object Object],[object Object],[object Object]

Financial Management Association of New Hampshire For more information and a schedule of future events, please visit our website at: http://www.fmanh.com

FMA of NH: Preparing for a Successful Liquidity Event

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