Startup Exits
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Startup Exits
Tytus Michalski, Managing Director
16 years cross-border investment experience
Founding member of PMA, US$200M exit
PMA scaled to US$3B in institutional AUM
Allison Baum, Managing Director
Launched and scaled General Assembly in Asia
Early employee at General Assembly in NY
Institutional sales and trading at Goldman Sachs
Stephen Forte, Venture Partner
Tech strategy at Telerik, US$260M exit
Experienced entrepreneur with 5 successful exits
Started AcceleratorHK, global mix of startup teams
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Exit Context: Who?
3
Exit Context: Who?
4
Alignment
Exit Context: Who?
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Co-founders
Exit Context: Who?
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Employees
Exit Context: Who?
7
Investors
Exit Context: Who?
8
Customers, supply chain and partners
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Exit Context: What?
Exit Context: What?
10
Spin-offs
Exit Context: What?
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Asset sales
Exit Context: What?
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Entire company
Exit Context: What?
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Integration
Exit Context: What?
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Ecosystem
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Exit Context: Where?
Exit Context: Where?
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US 2009 – 1H14 IPO: 9%
M&A: 91%
Source: EY
Exit Context: Where?
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China 2009 – 1H14 IPO: 81%
M&A: 19%
Source: EY
Exit Context: Where?
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Market location
Exit Context: Where?
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Team location
Exit Context: Where?
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Cross-border
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Exit Context: When?
Exit Context: When?
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Fail fast fail cheap
Exit Context: When?
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The pivot
Exit Context: When?
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Time vs.
capital
Exit Context: When?
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Opportunity cost
Exit Context: When?
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Always halfway there
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Exit Context: How?
Exit Context: How?
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Liquidation
Exit Context: How?
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Partial exit
Exit Context: How?
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Build to sell
Exit Context: How?
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Inbound M&A
Exit Context: How?
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IPO
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Exit Context: Why?
Exit Context: Why?
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Liquidity
Exit Context: Why?
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Regulatory
Exit Context: Why?
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Time to move on
Exit Context: Why?
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Missionary vs.
mercenary
Exit Context: Why?
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Intrinsic vs.
extrinsic
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Before the Exit: The Market
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Bull markets
Before the Exit: The Market
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Bear markets
Before the Exit: The Market
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Herd mentality
Before the Exit: The Market
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Volatility
Before the Exit: The Market
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Resilience
Before the Exit: The Market
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Before the Exit: Distractions
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Media
Before the Exit: Distractions
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Conferences
Before the Exit: Distractions
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Awards
Before the Exit: Distractions
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Partnerships
Before the Exit: Distractions
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Vanity metrics
Before the Exit: Distractions
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Before the Exit: The Deal
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Who decides?
Before the Exit: The Deal
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Buy vs. build opportunity cost
Before the Exit: The Deal
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Reverse due diligence
Before the Exit: The Deal
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Cash vs. stock know your currencies
Before the Exit: The Deal
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Earnouts just say no
Before the Exit: The Deal
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After the Exit: The Hangover
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Synergies?
After the Exit: The Hangover
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Who stays?
After the Exit: The Hangover
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Who decides?
After the Exit: The Hangover
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Timeline
After the Exit: The Hangover
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Handcuffs
After the Exit: The Hangover
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After the Exit: Culture
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Centralized vs.
decentralized
After the Exit: Culture
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Competition vs.
co-operation
After the Exit: Culture
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Open vs.
closed
After the Exit: Culture
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Arts vs.
science
After the Exit: Culture
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Formal vs.
informal
After the Exit: Culture
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After the Exit: Keep Going
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Building the combined entity
After the Exit: Keep Going
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New business same area
After the Exit: Keep Going
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New business new area
After the Exit: Keep Going
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Support the Startup ecosystem
After the Exit: Keep Going
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Beyond business
After the Exit: Keep Going
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“Things do not happen. Things are made to happen.”
- John F. Kennedy
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frescocapital.com @tytusm
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