SlideShare ist ein Scribd-Unternehmen logo
1 von 9
Downloaden Sie, um offline zu lesen
EXIT	
  STRATEGIES	
  
Luke	
  Roush	
  
Managing	
  Partner	
  –	
  Sovereign’s	
  Capital	
  
December	
  5,	
  2013	
  

1	
  
SOVEREIGN’S	
  CAPITAL	
  
   Focus	
  on	
  Healthcare,	
  IT/
Telecom,	
  and	
  Consumer	
  
Products.	
  
   Focus	
  on	
  companies	
  with	
  
validated	
  business	
  model	
  
and	
  success	
  to-­‐date.	
  
   Focus	
  on	
  strong	
  values	
  
alignment	
  and	
  positive	
  
social	
  impact,	
  informed	
  by	
  
faith	
  background	
  of	
  
partners.	
  
2	
  
WHY	
  DO	
  I	
  LIVE	
  IN	
  JAKARTA?	
  

3	
  
WHAT	
  IS	
  AN	
  “EXIT”	
  (AKA	
  “LIQUIDITY”)?	
  	
  

4	
  
WHY	
  DO	
  EXIT	
  STRATEGIES	
  MATTER?	
  
   To	
  the	
  entrepreneur…	
  
   To	
  the	
  management	
  team…	
  
   To	
  investors…	
  

5	
  
MATCHING	
  THE	
  EXIT	
  STRATEGY	
  WITH	
  THE	
  
BUSINESS	
  –	
  NOT	
  ‘ONE	
  SIZE	
  FITS	
  ALL’	
  
   Debt	
  Liquidity:	
  

   Is	
  usually	
  structured	
  
   Can	
  be	
  term	
  structured	
  loan,	
  or	
  balloon,	
  or	
  creative	
  and	
  more	
  equity-­‐like	
  
   ‘Convertible	
  Loan’	
  à	
  loan	
  that	
  converts	
  into	
  equity	
  at	
  some	
  point	
  in	
  time,	
  at	
  some	
  
price…it’s	
  all	
  negotiable.	
  At	
  this	
  point,	
  see	
  below.	
  

   Equity	
  Liquidity:	
  

   IPO	
  
   M&A	
  
   Buyout	
  
   Mgmt	
  Buyback	
  
   Cash	
  Flow	
  Business	
  
6	
  
EQUITY	
  LIQUIDITY	
  
   Management’s	
  View	
  of	
  the	
  World:	
  
   Timeframe	
  &	
  Return	
  Expectations	
  
   How	
  are	
  different	
  classes	
  of	
  equity	
  treated?	
  	
  
   Your	
  Role	
  post-­‐sale?	
  

   Investors’	
  View	
  of	
  the	
  World:	
  
   Timeframe	
  +	
  Risk/Return	
  Continuum	
  

   Buyer’s	
  View	
  of	
  the	
  World:	
  
   Strategic	
  vs.	
  Financial?	
  	
  
7	
  
KEY	
  POINTS	
  
   The	
  business	
  and	
  the	
  market	
  should	
  direct	
  your	
  planning	
  around	
  exit	
  strategy.	
  
   More	
  pathways	
  /	
  buyers	
  for	
  your	
  company	
  is	
  a	
  good	
  thing.	
  If	
  you	
  only	
  have	
  one	
  
buyer	
  /	
  one	
  exit	
  pathway,	
  it’s	
  not	
  good…no	
  leverage.	
  
   Investors	
  can	
  be	
  very	
  helpful	
  advisors	
  in	
  this	
  planning	
  process,	
  but	
  they	
  can	
  also	
  
be	
  overly	
  meddlesome…beware.	
  
   Plans	
  are	
  important,	
  but	
  be	
  prepared	
  for	
  change.	
  Talk	
  about	
  expectations	
  openly	
  
with	
  investors…upfront	
  and	
  ongoing	
  as	
  things	
  evolve.	
  
8	
  
EXIT	
  STRATEGIES	
  
Luke	
  Roush	
  
Managing	
  Partner	
  –	
  Sovereign’s	
  Capital	
  
December	
  5,	
  2013	
  

9	
  

Weitere ähnliche Inhalte

Was ist angesagt?

Exit strategies (1)final
Exit strategies (1)finalExit strategies (1)final
Exit strategies (1)final
Iman Ibrahim
 
What you need to know about angel investing
What you need to know about angel investingWhat you need to know about angel investing
What you need to know about angel investing
iAngels
 
Start up finance & venture capital
Start up finance & venture capitalStart up finance & venture capital
Start up finance & venture capital
Serdar Temiz
 
Best Practices in Raising Venture Capital to Grow Your Business
Best Practices in Raising Venture Capital to Grow Your BusinessBest Practices in Raising Venture Capital to Grow Your Business
Best Practices in Raising Venture Capital to Grow Your Business
Mikhail Demidov
 
Why Average Investors Earn Below Average Market Returns?
Why Average Investors Earn Below Average Market Returns?Why Average Investors Earn Below Average Market Returns?
Why Average Investors Earn Below Average Market Returns?
Peter Lim
 

Was ist angesagt? (20)

What you should know about PE Firms
What you should know about PE FirmsWhat you should know about PE Firms
What you should know about PE Firms
 
Top 11 Information Memorandum Mistakes
Top 11 Information Memorandum MistakesTop 11 Information Memorandum Mistakes
Top 11 Information Memorandum Mistakes
 
Random facts about small cap stocks
Random facts about small cap stocksRandom facts about small cap stocks
Random facts about small cap stocks
 
Cashing in - how to make money investing in startups
Cashing in  - how to make money investing in startupsCashing in  - how to make money investing in startups
Cashing in - how to make money investing in startups
 
Venture exit strategy
Venture exit strategyVenture exit strategy
Venture exit strategy
 
Exit strategies (1)final
Exit strategies (1)finalExit strategies (1)final
Exit strategies (1)final
 
What you need to know about angel investing
What you need to know about angel investingWhat you need to know about angel investing
What you need to know about angel investing
 
Small Company Investing
Small Company InvestingSmall Company Investing
Small Company Investing
 
netwealth Educational Webinar - Global Trends in Financial Advice
netwealth Educational Webinar - Global Trends in Financial Advicenetwealth Educational Webinar - Global Trends in Financial Advice
netwealth Educational Webinar - Global Trends in Financial Advice
 
Start up finance & venture capital
Start up finance & venture capitalStart up finance & venture capital
Start up finance & venture capital
 
The Impact of Volatility on Wealth
The Impact of Volatility on WealthThe Impact of Volatility on Wealth
The Impact of Volatility on Wealth
 
Angel Investors
Angel InvestorsAngel Investors
Angel Investors
 
Casey Lord, CAF Venturesome & Julie Roberts, HelpAge International
Casey Lord, CAF Venturesome & Julie Roberts, HelpAge InternationalCasey Lord, CAF Venturesome & Julie Roberts, HelpAge International
Casey Lord, CAF Venturesome & Julie Roberts, HelpAge International
 
Best Practices in Raising Venture Capital to Grow Your Business
Best Practices in Raising Venture Capital to Grow Your BusinessBest Practices in Raising Venture Capital to Grow Your Business
Best Practices in Raising Venture Capital to Grow Your Business
 
Investment & Securities
Investment & SecuritiesInvestment & Securities
Investment & Securities
 
Power of behavioral finance
Power of behavioral financePower of behavioral finance
Power of behavioral finance
 
Norma Walton, Peer to-peer investment
Norma Walton, Peer to-peer investmentNorma Walton, Peer to-peer investment
Norma Walton, Peer to-peer investment
 
Kick Start Startup Guide
Kick Start Startup GuideKick Start Startup Guide
Kick Start Startup Guide
 
StartupTalk #38 Part 1
StartupTalk #38 Part 1StartupTalk #38 Part 1
StartupTalk #38 Part 1
 
Why Average Investors Earn Below Average Market Returns?
Why Average Investors Earn Below Average Market Returns?Why Average Investors Earn Below Average Market Returns?
Why Average Investors Earn Below Average Market Returns?
 

Andere mochten auch (7)

3dengagementformula 140127035302-phpapp01-140225231720-phpapp02
3dengagementformula 140127035302-phpapp01-140225231720-phpapp023dengagementformula 140127035302-phpapp01-140225231720-phpapp02
3dengagementformula 140127035302-phpapp01-140225231720-phpapp02
 
Tdc 2013 alm com dev o ps
Tdc 2013 alm com dev o psTdc 2013 alm com dev o ps
Tdc 2013 alm com dev o ps
 
Ignite Seattle 18 - The Petty Officer School of Management
Ignite Seattle 18 - The Petty Officer School of ManagementIgnite Seattle 18 - The Petty Officer School of Management
Ignite Seattle 18 - The Petty Officer School of Management
 
Netlash-bSeen ?
Netlash-bSeen ?Netlash-bSeen ?
Netlash-bSeen ?
 
Wyatt and Abbye Christmas Lesson1
Wyatt and Abbye Christmas Lesson1Wyatt and Abbye Christmas Lesson1
Wyatt and Abbye Christmas Lesson1
 
LiveSync
LiveSyncLiveSync
LiveSync
 
The Business of Social Media
The Business of Social MediaThe Business of Social Media
The Business of Social Media
 

Ähnlich wie Exit strategy luke-roush

Scm what investors want to see in a business plan v2.5
Scm   what investors want to see in a business plan v2.5Scm   what investors want to see in a business plan v2.5
Scm what investors want to see in a business plan v2.5
Arvente Nicolita
 
If this book were a fairy tale, perhaps it would have a happier en.docx
If this book were a fairy tale, perhaps it would have a happier en.docxIf this book were a fairy tale, perhaps it would have a happier en.docx
If this book were a fairy tale, perhaps it would have a happier en.docx
wilcockiris
 
Expand your Business with 3W
Expand your Business with 3WExpand your Business with 3W
Expand your Business with 3W
3W
 
Asset Class Spring/Summer Collection 2013
Asset Class Spring/Summer Collection 2013Asset Class Spring/Summer Collection 2013
Asset Class Spring/Summer Collection 2013
Redington
 
Collective Investments Jan 2015 - Goals Based Investing
Collective Investments Jan 2015 - Goals Based InvestingCollective Investments Jan 2015 - Goals Based Investing
Collective Investments Jan 2015 - Goals Based Investing
Deslin Naidoo, CFA
 

Ähnlich wie Exit strategy luke-roush (20)

Scm what investors want to see in a business plan v2.5
Scm   what investors want to see in a business plan v2.5Scm   what investors want to see in a business plan v2.5
Scm what investors want to see in a business plan v2.5
 
Russell Luce – Proactive Advisor Magazine – Volume 2, Issue 10
Russell Luce – Proactive Advisor Magazine – Volume 2, Issue 10Russell Luce – Proactive Advisor Magazine – Volume 2, Issue 10
Russell Luce – Proactive Advisor Magazine – Volume 2, Issue 10
 
GeoInvesting Process - Long Biased Srategies
GeoInvesting Process - Long Biased SrategiesGeoInvesting Process - Long Biased Srategies
GeoInvesting Process - Long Biased Srategies
 
Steve Miller – Proactive Advisor Magazine – Volume 3, Issue 4
Steve Miller – Proactive Advisor Magazine – Volume 3, Issue 4Steve Miller – Proactive Advisor Magazine – Volume 3, Issue 4
Steve Miller – Proactive Advisor Magazine – Volume 3, Issue 4
 
Destinations white paper_march_2015_final
Destinations white paper_march_2015_finalDestinations white paper_march_2015_final
Destinations white paper_march_2015_final
 
If this book were a fairy tale, perhaps it would have a happier en.docx
If this book were a fairy tale, perhaps it would have a happier en.docxIf this book were a fairy tale, perhaps it would have a happier en.docx
If this book were a fairy tale, perhaps it would have a happier en.docx
 
OurCrowd's Portfolio RESERVE: Making investing easier by putting the investme...
OurCrowd's Portfolio RESERVE: Making investing easier by putting the investme...OurCrowd's Portfolio RESERVE: Making investing easier by putting the investme...
OurCrowd's Portfolio RESERVE: Making investing easier by putting the investme...
 
MODULE 1 UNIT 1 M.COM SEM I UOM.pdf
MODULE 1 UNIT 1 M.COM SEM I UOM.pdfMODULE 1 UNIT 1 M.COM SEM I UOM.pdf
MODULE 1 UNIT 1 M.COM SEM I UOM.pdf
 
A summer internship project on investment pettern on the basis of risk profil...
A summer internship project on investment pettern on the basis of risk profil...A summer internship project on investment pettern on the basis of risk profil...
A summer internship project on investment pettern on the basis of risk profil...
 
Expand your Business with 3W
Expand your Business with 3WExpand your Business with 3W
Expand your Business with 3W
 
Phil Ordway on Building Products Companies - Best Ideas 2016
Phil Ordway on Building Products Companies - Best Ideas 2016Phil Ordway on Building Products Companies - Best Ideas 2016
Phil Ordway on Building Products Companies - Best Ideas 2016
 
Asset Class Spring/Summer Collection 2013
Asset Class Spring/Summer Collection 2013Asset Class Spring/Summer Collection 2013
Asset Class Spring/Summer Collection 2013
 
4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...
4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...
4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...
 
The Essential Handbook For Raising Capital Part II: How To Approach An Investor
The Essential Handbook For Raising Capital Part II: How To Approach An InvestorThe Essential Handbook For Raising Capital Part II: How To Approach An Investor
The Essential Handbook For Raising Capital Part II: How To Approach An Investor
 
Careers in finance
Careers in financeCareers in finance
Careers in finance
 
Mutual Funds for a cautious investor!
Mutual Funds for a cautious investor!Mutual Funds for a cautious investor!
Mutual Funds for a cautious investor!
 
4 steps-effective-portfolio-trifold-1
4 steps-effective-portfolio-trifold-14 steps-effective-portfolio-trifold-1
4 steps-effective-portfolio-trifold-1
 
Kimble Johnson – Proactive Advisor Magazine – Volume 3, Issue 1
Kimble Johnson – Proactive Advisor Magazine – Volume 3, Issue 1Kimble Johnson – Proactive Advisor Magazine – Volume 3, Issue 1
Kimble Johnson – Proactive Advisor Magazine – Volume 3, Issue 1
 
Collective Investments Jan 2015 - Goals Based Investing
Collective Investments Jan 2015 - Goals Based InvestingCollective Investments Jan 2015 - Goals Based Investing
Collective Investments Jan 2015 - Goals Based Investing
 
What Makes an Investment Portfolio Recession-Resistant - John Van Clief, Gree...
What Makes an Investment Portfolio Recession-Resistant - John Van Clief, Gree...What Makes an Investment Portfolio Recession-Resistant - John Van Clief, Gree...
What Makes an Investment Portfolio Recession-Resistant - John Van Clief, Gree...
 

Mehr von startupbisnis

Internet trends 2014
Internet trends 2014Internet trends 2014
Internet trends 2014
startupbisnis
 
Customer development
Customer developmentCustomer development
Customer development
startupbisnis
 
Proposal gerakan 1 juta pengusaha
Proposal gerakan 1 juta pengusahaProposal gerakan 1 juta pengusaha
Proposal gerakan 1 juta pengusaha
startupbisnis
 
BBblog company profile
BBblog company profileBBblog company profile
BBblog company profile
startupbisnis
 
Soft launching presentation
Soft launching presentationSoft launching presentation
Soft launching presentation
startupbisnis
 
Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...
Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...
Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...
startupbisnis
 
GEPI - Startup Talk E-Commerce by Fun Fuk Lestario
GEPI - Startup Talk E-Commerce by Fun Fuk LestarioGEPI - Startup Talk E-Commerce by Fun Fuk Lestario
GEPI - Startup Talk E-Commerce by Fun Fuk Lestario
startupbisnis
 

Mehr von startupbisnis (20)

Reason to work at a startup
Reason to work at a startupReason to work at a startup
Reason to work at a startup
 
Lean startup 101 (Case Study oleh Fajar Anugerah dan Dondi Hananto di Indonesia)
Lean startup 101 (Case Study oleh Fajar Anugerah dan Dondi Hananto di Indonesia)Lean startup 101 (Case Study oleh Fajar Anugerah dan Dondi Hananto di Indonesia)
Lean startup 101 (Case Study oleh Fajar Anugerah dan Dondi Hananto di Indonesia)
 
Kickstart your startup with crowdfunding wg 230914
Kickstart your startup with crowdfunding   wg 230914Kickstart your startup with crowdfunding   wg 230914
Kickstart your startup with crowdfunding wg 230914
 
Kopdar Toko Online RPX white copywriting
Kopdar Toko Online RPX white copywriting Kopdar Toko Online RPX white copywriting
Kopdar Toko Online RPX white copywriting
 
Liputan #KopdarRPX: Customer Experience in Ecommerce oleh Danny Baskara
Liputan #KopdarRPX: Customer Experience in Ecommerce oleh Danny BaskaraLiputan #KopdarRPX: Customer Experience in Ecommerce oleh Danny Baskara
Liputan #KopdarRPX: Customer Experience in Ecommerce oleh Danny Baskara
 
Belajar Bisnis oleh Jaya Setiabudi | White Copywriting, Menjual Tanpa Tatap M...
Belajar Bisnis oleh Jaya Setiabudi | White Copywriting, Menjual Tanpa Tatap M...Belajar Bisnis oleh Jaya Setiabudi | White Copywriting, Menjual Tanpa Tatap M...
Belajar Bisnis oleh Jaya Setiabudi | White Copywriting, Menjual Tanpa Tatap M...
 
Liputan #KopdarRpx : SFS Cara Paling Murah dan Mudah Menambah Followers Insta...
Liputan #KopdarRpx : SFS Cara Paling Murah dan Mudah Menambah Followers Insta...Liputan #KopdarRpx : SFS Cara Paling Murah dan Mudah Menambah Followers Insta...
Liputan #KopdarRpx : SFS Cara Paling Murah dan Mudah Menambah Followers Insta...
 
Statistik 5th anniversary tokopedia di Ecommerce Indonesia
Statistik 5th anniversary tokopedia di Ecommerce IndonesiaStatistik 5th anniversary tokopedia di Ecommerce Indonesia
Statistik 5th anniversary tokopedia di Ecommerce Indonesia
 
Internet trends 2014
Internet trends 2014Internet trends 2014
Internet trends 2014
 
Presentasi Riset Idea ecommerce indonesia 110614
Presentasi Riset Idea ecommerce indonesia 110614Presentasi Riset Idea ecommerce indonesia 110614
Presentasi Riset Idea ecommerce indonesia 110614
 
Brand Vision by Sakti Makki
Brand Vision by Sakti MakkiBrand Vision by Sakti Makki
Brand Vision by Sakti Makki
 
Indonesia digital landscape groupon indonesia
Indonesia digital landscape   groupon indonesia Indonesia digital landscape   groupon indonesia
Indonesia digital landscape groupon indonesia
 
Bukalapak Mobile App
Bukalapak Mobile AppBukalapak Mobile App
Bukalapak Mobile App
 
Customer development
Customer developmentCustomer development
Customer development
 
Proposal gerakan 1 juta pengusaha
Proposal gerakan 1 juta pengusahaProposal gerakan 1 juta pengusaha
Proposal gerakan 1 juta pengusaha
 
BBblog company profile
BBblog company profileBBblog company profile
BBblog company profile
 
Soft launching presentation
Soft launching presentationSoft launching presentation
Soft launching presentation
 
Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...
Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...
Belajar Bisnis Online : Ruben setiawan forumjualbeli.com di acara Asosiasi Ec...
 
GEPI - Startup Talk E-Commerce by Fun Fuk Lestario
GEPI - Startup Talk E-Commerce by Fun Fuk LestarioGEPI - Startup Talk E-Commerce by Fun Fuk Lestario
GEPI - Startup Talk E-Commerce by Fun Fuk Lestario
 
Opera Meetup : How We Talk to Millions of People by Espen André @espenao
Opera Meetup : How We Talk to Millions of People by Espen André @espenaoOpera Meetup : How We Talk to Millions of People by Espen André @espenao
Opera Meetup : How We Talk to Millions of People by Espen André @espenao
 

Kürzlich hochgeladen

FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
dollysharma2066
 
Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...
Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...
Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...
Sheetaleventcompany
 
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
amitlee9823
 
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
amitlee9823
 
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
lizamodels9
 
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
dlhescort
 
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabiunwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
Abortion pills in Kuwait Cytotec pills in Kuwait
 
Call Girls In Noida 959961⊹3876 Independent Escort Service Noida
Call Girls In Noida 959961⊹3876 Independent Escort Service NoidaCall Girls In Noida 959961⊹3876 Independent Escort Service Noida
Call Girls In Noida 959961⊹3876 Independent Escort Service Noida
dlhescort
 
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service BangaloreCall Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
amitlee9823
 

Kürzlich hochgeladen (20)

It will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayIt will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 May
 
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptxB.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
 
Value Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and painsValue Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and pains
 
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
 
Falcon Invoice Discounting: The best investment platform in india for investors
Falcon Invoice Discounting: The best investment platform in india for investorsFalcon Invoice Discounting: The best investment platform in india for investors
Falcon Invoice Discounting: The best investment platform in india for investors
 
Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...
Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...
Chandigarh Escorts Service 📞8868886958📞 Just📲 Call Nihal Chandigarh Call Girl...
 
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
 
Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...
Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...
Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...
 
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
 
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
 
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
 
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
 
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRLMONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
 
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabiunwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
 
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors DataRSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors Data
 
Call Girls In Noida 959961⊹3876 Independent Escort Service Noida
Call Girls In Noida 959961⊹3876 Independent Escort Service NoidaCall Girls In Noida 959961⊹3876 Independent Escort Service Noida
Call Girls In Noida 959961⊹3876 Independent Escort Service Noida
 
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
 
Uneak White's Personal Brand Exploration Presentation
Uneak White's Personal Brand Exploration PresentationUneak White's Personal Brand Exploration Presentation
Uneak White's Personal Brand Exploration Presentation
 
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service BangaloreCall Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
 
Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...
Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...
Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...
 

Exit strategy luke-roush

  • 1. EXIT  STRATEGIES   Luke  Roush   Managing  Partner  –  Sovereign’s  Capital   December  5,  2013   1  
  • 2. SOVEREIGN’S  CAPITAL      Focus  on  Healthcare,  IT/ Telecom,  and  Consumer   Products.      Focus  on  companies  with   validated  business  model   and  success  to-­‐date.      Focus  on  strong  values   alignment  and  positive   social  impact,  informed  by   faith  background  of   partners.   2  
  • 3. WHY  DO  I  LIVE  IN  JAKARTA?   3  
  • 4. WHAT  IS  AN  “EXIT”  (AKA  “LIQUIDITY”)?     4  
  • 5. WHY  DO  EXIT  STRATEGIES  MATTER?      To  the  entrepreneur…      To  the  management  team…      To  investors…   5  
  • 6. MATCHING  THE  EXIT  STRATEGY  WITH  THE   BUSINESS  –  NOT  ‘ONE  SIZE  FITS  ALL’      Debt  Liquidity:      Is  usually  structured      Can  be  term  structured  loan,  or  balloon,  or  creative  and  more  equity-­‐like      ‘Convertible  Loan’  à  loan  that  converts  into  equity  at  some  point  in  time,  at  some   price…it’s  all  negotiable.  At  this  point,  see  below.      Equity  Liquidity:      IPO      M&A      Buyout      Mgmt  Buyback      Cash  Flow  Business   6  
  • 7. EQUITY  LIQUIDITY      Management’s  View  of  the  World:      Timeframe  &  Return  Expectations      How  are  different  classes  of  equity  treated?        Your  Role  post-­‐sale?      Investors’  View  of  the  World:      Timeframe  +  Risk/Return  Continuum      Buyer’s  View  of  the  World:      Strategic  vs.  Financial?     7  
  • 8. KEY  POINTS      The  business  and  the  market  should  direct  your  planning  around  exit  strategy.      More  pathways  /  buyers  for  your  company  is  a  good  thing.  If  you  only  have  one   buyer  /  one  exit  pathway,  it’s  not  good…no  leverage.      Investors  can  be  very  helpful  advisors  in  this  planning  process,  but  they  can  also   be  overly  meddlesome…beware.      Plans  are  important,  but  be  prepared  for  change.  Talk  about  expectations  openly   with  investors…upfront  and  ongoing  as  things  evolve.   8  
  • 9. EXIT  STRATEGIES   Luke  Roush   Managing  Partner  –  Sovereign’s  Capital   December  5,  2013   9