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Selling Your Startup
Crafting the Perfect Exit, Selling Your Business, and Everything Else Entrepreneurs Need to Know
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Artikel-Nr:
9781119797982
Veröffentl:
2021
Erscheinungsdatum:
16.09.2021
Seiten:
288
Autor:
Alejandro Cremades
Gewicht:
490 g
Format:
240x161x30 mm
Sprache:
Englisch
Beschreibung:
ALEJANDRO CREMADES is a serial entrepreneur and currently a Founding Partner of Panthera Advisors, a premier investment banking and financial consulting firm. His professional focus is on small- and medium-sized companies seeking M&A advice and fundraising support. He has guest lectured at NYU Stern School of Business, Columbia Business School, and The Wharton Business School. Furthermore, he is the host of the popular DealMakers podcast where some of the most successful entrepreneurs share how they did it.
Contact him at alejandro@pantheraadvisors.com, follow him @acremades, and connect with him at alejandrocremades.com
Contact him at alejandro@pantheraadvisors.com, follow him @acremades, and connect with him at alejandrocremades.com
Learn how to sell your startup from an acquisition expert
Many entrepreneurs dream of the day their company is acquired and they secure a perfect exit. But information about the process of getting your business acquired usually comes from expensive investment bankers who typically advise late-stage startups.
In Selling Your Startup, serial entrepreneur Alejandro Cremades delivers an accessible guide on how to sell your startup. With first-hand experience as a fully exited entrepreneur, investment banker, and lawyer, Cremades describes the tips and tricks startup founders need to sell their early-stage to growth-stage business.
In this book, you'll discover:
* The role that investment bankers play in the acquisition process, how they add value, and how to break down their fees
* Preparing your company for sale, including compiling a pitch book, putting its finances in order, and building a target list of potential acquirers
* How to get to a Letter of Intent, perform due diligence, and reach a purchase agreement
Perfect for entrepreneurs of all kinds, Selling Your Startup is a must-have roadmap to the practical realities of company acquisition and contains proven guidance on crafting your perfect exit.
Many entrepreneurs dream of the day their company is acquired and they secure a perfect exit. But information about the process of getting your business acquired usually comes from expensive investment bankers who typically advise late-stage startups.
In Selling Your Startup, serial entrepreneur Alejandro Cremades delivers an accessible guide on how to sell your startup. With first-hand experience as a fully exited entrepreneur, investment banker, and lawyer, Cremades describes the tips and tricks startup founders need to sell their early-stage to growth-stage business.
In this book, you'll discover:
* The role that investment bankers play in the acquisition process, how they add value, and how to break down their fees
* Preparing your company for sale, including compiling a pitch book, putting its finances in order, and building a target list of potential acquirers
* How to get to a Letter of Intent, perform due diligence, and reach a purchase agreement
Perfect for entrepreneurs of all kinds, Selling Your Startup is a must-have roadmap to the practical realities of company acquisition and contains proven guidance on crafting your perfect exit.
Acknowledgments xvii
Foreword by Bhavin Turakhia xix
1 Seeding What Would Grow into Panthera Advisors 1
Accelerated Growth through Acquisitions 1
Inbound Interest and a Path Forward 2
Choosing My Wingman 4
Our M&A Journey 5
Launching Panthera Advisors 6
My Unwavering Commitment to Entrepreneurs 7
2 Getting Your Company Acquired 9
M&A Is Harder Than Fundraising 10
The Acquisition Process 11
Media versus Your Business: What You See in the Press versus Reality 14
Acquirer Expectations 15
Why Most Acquisitions Fail 18
3 The Role of Investment Bankers 21
What Is an Investment Banker? 21
Good Cop, Bad Cop 22
Why Bankers Add Value 23
Getting the Right Advice 25
Breaking Down the Fees 26
4 How to Plan Ahead 31
Consider the Reasons Why You Want to Sell 33
Tying Up Loose Ends 36
The Importance of Making Yourself Expendable 37
How to Make Yourself Expendable 39
5 Preparing the Company's Pitchbook 41
Packaging the Message 41
What Makes Your Company Unique? 42
Nailing the Value Proposition for Potential Acquirers 43
Defining Transition Plans for Potential Buyers 45
Crafting the Marketing Plan 46
Identifying a Powerful Flow and Structure 47
Acquisition Memorandum Template 48
6 Putting Your Finances in Order 53
Understanding Financials 54
The Importance of Key Metrics 55
Why Growth and Operating Assumptions Are Critical 58
Modeling Out a Powerful Five-Year Projection 60
Anticipating Questions on Numbers 61
7 Understanding Your Valuation 63
Variables Affecting Your Startup's Value 64
Common Methods of Business Valuation 64
How to Value Pre-revenue Startups 67
How to Increase Your Valuation Faster 69
Valuation versus Terms 71
Why You Never Want to Disclose Your Valuation 71
Avoiding High Valuations with No Rationale 72
8 Building the Target List 73
The Importance of Building the Target List 74
Ways to Identify Potential Buyers 76
Vetting Buyers for the Right Fit 77
Using Partnerships to Trigger Acquisitions 80
How to Make Contact with Interested Parties 81
9 The Communication Process with Buyers 85
Liabilities and Responsibilities 85
How to Handle Communications 86
Gauging Initial Interest 87
Nailing the Follow-Up 88
Finding the Decision-Maker 92
10 Preparing for a Successful First Meeting 95
Finding Out the Strategic Road Map of the Buyer 96
Agreeing On the Meeting Location 99
Setting Up the Agenda for the Meeting 102
Follow Up with Emails to Keep Them Warm 103
Understanding How to Address Concerns 103
Questions Potential Acquirers May Ask You 104
11 Getting to a Letter of Intent (LOI) 109
Why an LOI Is So Important 110
Breaking Down the LOI 111
Comparing Valuations 113
Measuring Suitability of the Potential Buyer 113
Hostile versus Friendly Buyers 115
Considerations before Signing 116
The LOI Template 117
12 Communication with Stakeholders 121
The Role of the Board of Directors 121
Keeping Investors Updated in the M&A Process 125
The Dos and Don'ts with Employees 126
13 Negotiating the Price Tag 129
Price versus Terms 129
Foreword by Bhavin Turakhia xix
1 Seeding What Would Grow into Panthera Advisors 1
Accelerated Growth through Acquisitions 1
Inbound Interest and a Path Forward 2
Choosing My Wingman 4
Our M&A Journey 5
Launching Panthera Advisors 6
My Unwavering Commitment to Entrepreneurs 7
2 Getting Your Company Acquired 9
M&A Is Harder Than Fundraising 10
The Acquisition Process 11
Media versus Your Business: What You See in the Press versus Reality 14
Acquirer Expectations 15
Why Most Acquisitions Fail 18
3 The Role of Investment Bankers 21
What Is an Investment Banker? 21
Good Cop, Bad Cop 22
Why Bankers Add Value 23
Getting the Right Advice 25
Breaking Down the Fees 26
4 How to Plan Ahead 31
Consider the Reasons Why You Want to Sell 33
Tying Up Loose Ends 36
The Importance of Making Yourself Expendable 37
How to Make Yourself Expendable 39
5 Preparing the Company's Pitchbook 41
Packaging the Message 41
What Makes Your Company Unique? 42
Nailing the Value Proposition for Potential Acquirers 43
Defining Transition Plans for Potential Buyers 45
Crafting the Marketing Plan 46
Identifying a Powerful Flow and Structure 47
Acquisition Memorandum Template 48
6 Putting Your Finances in Order 53
Understanding Financials 54
The Importance of Key Metrics 55
Why Growth and Operating Assumptions Are Critical 58
Modeling Out a Powerful Five-Year Projection 60
Anticipating Questions on Numbers 61
7 Understanding Your Valuation 63
Variables Affecting Your Startup's Value 64
Common Methods of Business Valuation 64
How to Value Pre-revenue Startups 67
How to Increase Your Valuation Faster 69
Valuation versus Terms 71
Why You Never Want to Disclose Your Valuation 71
Avoiding High Valuations with No Rationale 72
8 Building the Target List 73
The Importance of Building the Target List 74
Ways to Identify Potential Buyers 76
Vetting Buyers for the Right Fit 77
Using Partnerships to Trigger Acquisitions 80
How to Make Contact with Interested Parties 81
9 The Communication Process with Buyers 85
Liabilities and Responsibilities 85
How to Handle Communications 86
Gauging Initial Interest 87
Nailing the Follow-Up 88
Finding the Decision-Maker 92
10 Preparing for a Successful First Meeting 95
Finding Out the Strategic Road Map of the Buyer 96
Agreeing On the Meeting Location 99
Setting Up the Agenda for the Meeting 102
Follow Up with Emails to Keep Them Warm 103
Understanding How to Address Concerns 103
Questions Potential Acquirers May Ask You 104
11 Getting to a Letter of Intent (LOI) 109
Why an LOI Is So Important 110
Breaking Down the LOI 111
Comparing Valuations 113
Measuring Suitability of the Potential Buyer 113
Hostile versus Friendly Buyers 115
Considerations before Signing 116
The LOI Template 117
12 Communication with Stakeholders 121
The Role of the Board of Directors 121
Keeping Investors Updated in the M&A Process 125
The Dos and Don'ts with Employees 126
13 Negotiating the Price Tag 129
Price versus Terms 129