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The Terminal PlanHow to end your startup on your terms
Most common questionHow do I sell my company?
The best startups don’t sell.Apple. Google. Amazon. Facebook. Microsoft.LinkedIn.00: Endings                              ...
The the worst startups don’t sell.They die.00: Endings                                     4
Most startups won’t IPO. Most startups aren’t suicidal.Most entrepreneurs must plan for an ending that isn’tdeath.00: Endi...
black swan inbound offerssome happy endings are unplanned. we’re not going totalk about those today.00: Endings            ...
Humans don’t like to contemplate endings00: Endings                                                    7
Entrepreneurs are (super)humans00: Endings                                           8
Planning your sale           1. Rally stakeholders           2. Map acquirers           3. Adjust roadmap02: Plan         ...
For most entrepreneurs, selling is a              process              1.   Decide              2.   Plan              3. ...
Decide to sell:             1.   Things are not going according to plan             2.   You’ve run out of alternate plans...
When to start the selling process             1. Things are not going according to plan                   i.Lack of produc...
When to start the selling process             1. Things are not going according to plan                   i.Lack of produc...
When to start the selling process             1. Things are not going according to plan                   i.Lack of produc...
When to start the selling process             1. Things are not going according to plan                   i.Lack of produc...
The Plan           Conventional narrative is that companies           aren’t sold, they are bought.           The notion o...
Planning your sale           1. Rally stakeholders           2. Map acquirers           3. Adjust roadmap02: Plan         ...
1. Rally stakeholders           I. Team               •General rule: Until term sheet stage, just co-founders             ...
2. Map Acquirers           I. Determine acquisition type           II. Map inbound interest & existing relationships      ...
2. Map Acquirers           I. Determine acquisition type               •Strategic               •Talent               •Tec...
2. Map Acquirers           I. Determine acquisition type               •Strategic               •Talent               •Tec...
2. Map Acquirers           I. Determine acquisition type               •Strategic               •Talent               •Tec...
2. Map Acquirers: Acquisitions happen when theacquirer believes they need you in order to deliver ontheir plan02: Plan    ...
3. Adjust Roadmap           I. Remove impediments to exit           II. Increase strategic value of company           III....
3. Adjust Roadmap           I. Remove impediments to exit               •Extract company from any business development dea...
3. Adjust Roadmap           I. Remove impediments to exit               •Extract company from any business development dea...
3. Adjust Roadmap           I. Remove impediments to exit               •Extract company from any business development dea...
Optics: Narrative           You must compell third parties to tell a story           that is technically accurate but othe...
Optics: Case Study02: Plan                                29
Optics: Case Study02: Plan                                30
Optics: Case Study02: Plan                                31
Optics: Case Study02: Plan                                32
Optics: Case Study02: Plan                                33
Optics: Case Study02: Plan                                34
Optics: Case Study02: Plan                                35
Optics: Crafting a rocket ship narrative is very hardBut it’s not rocket science02: Plan                                  ...
Execute              1. Initiate              2. Build acquirer’s internal case              3. Price discussion          ...
1. Initiating Discussions              I. Code                •Roleplay from potential acquirer’s vantage point pre-meetin...
2. Internal case              •Powerpoints & Spreadsheets              •Planning sessions              •Management meeting...
2. Internal case: Prelim due diligence              •NDA              •Do disclose certain potential unpleasant surprises ...
3. Price               • A figment of your imagination               • A function of your sales skills03: Execute          ...
3. Price: Don’t negotiate against yourself                                                   •Acquirer’s capacity to pay  ...
3. Price: Is not as it seems              •Cash vs. Stock                •early stage private company stock should typical...
3. Price: Multiple interested parties              Only way to optimize price is to have options                •You must ...
3. Price: Generally, the right personal psychology is tofocus on what will be life changing for founding teamvs delusions ...
4. Negotiations: Companies don’t buy              companies. People buy companies run              by people.03: Execute  ...
4. Negotiations: People at acquirers have         warped incentives. Leverage them         •Understanding the psychology i...
4. Negotiations: Hail Mary Passes         •Have at least a few of these up your sleeve         .03: Execute               ...
4. Negotiations: Do not reveal your psychology03: Execute                                                          49
4. Negotiations: Avoid agency problems         •Bankers              •Bankers are ultimately incentivized to build their l...
5. Term Sheet03: Execute                              51
The Close            1. Due diligence            2. Forward Motion            3. Definitive Agreement04: Close             ...
1. Due Diligence            I.Don’t disclose anything you’re not asked              •The psychology on acquirer side quick...
2. Forward motion            I.You and your team must keep moving              your company forward              •Make sur...
3. Definitive Agreement            i. Reps & Warranties            ii. Indemnification            iii. Employment Agreements...
3. Definitive Agreement04: Close                                     56
The worst is over for you.But it’s just begun for the acquirer :-)04: Close                                           57
Want more?@justglewgeofflewis.org               58
Questions            59
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The worst is over for you.But it’s just begun for the acquirer :-)04: Close 57

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  • Rad and Jr, if you think it sucks, what are your ideas? It would make your comments more helpful.

    I thought I knew a lot about this - Microsoft bought my last company - but I still learned a ton from these slides. This deck is about the art of the deal, and it does a great job of breaking it down into all the subtle details. The key take away is that closing a successful sale is an intricate dance through a minefield. It needs to be thoroughly choreographed in advance to be successful. The tiniest things can send a deal sideways, and perception is reality. These slides provide a compass and a map.
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  • I like the idea shown in presentation. It's true if you don't know how to push your limits try to sell what have you done.
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