{"product_id":"selling-your-startup-9781119797982","title":"Selling Your Startup","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eLearn 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 feesPreparing your company for sale, including compiling a pitch book, putting its finances in order, and building a target list of potential acquirersHow 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.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003eForeword xix\u003cbr\u003e\u003ci\u003eBhavin Turakhia\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Seeding What Would Grow into Panthera Advisors 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAccelerated Growth through Acquisitions 1\u003c\/p\u003e \u003cp\u003eInbound Interest and a Path Forward 2\u003c\/p\u003e \u003cp\u003eChoosing My Wingman 4\u003c\/p\u003e \u003cp\u003eOur M\u0026amp;A Journey 5\u003c\/p\u003e \u003cp\u003eLaunching Panthera Advisors 6\u003c\/p\u003e \u003cp\u003eMy Unwavering Commitment to Entrepreneurs 7\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Getting Your Company Acquired 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Is Harder Than Fundraising 10\u003c\/p\u003e \u003cp\u003eThe Acquisition Process 11\u003c\/p\u003e \u003cp\u003eMedia versus Your Business: What You See in the Press versus Reality 14\u003c\/p\u003e \u003cp\u003eAcquirer Expectations 15\u003c\/p\u003e \u003cp\u003eWhy Most Acquisitions Fail 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Role of Investment Bankers 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is an Investment Banker? 21\u003c\/p\u003e \u003cp\u003eGood Cop, Bad Cop 22\u003c\/p\u003e \u003cp\u003eWhy Bankers Add Value 23\u003c\/p\u003e \u003cp\u003eGetting the Right Advice 25\u003c\/p\u003e \u003cp\u003eBreaking Down the Fees 26\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 How to Plan Ahead 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConsider the Reasons Why You Want to Sell 33\u003c\/p\u003e \u003cp\u003eTying Up Loose Ends 36\u003c\/p\u003e \u003cp\u003eThe Importance of Making Yourself Expendable 37\u003c\/p\u003e \u003cp\u003eHow to Make Yourself Expendable 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Preparing the Company’s Pitchbook 41\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePackaging the Message 41\u003c\/p\u003e \u003cp\u003eWhat Makes Your Company Unique? 42\u003c\/p\u003e \u003cp\u003eNailing the Value Proposition for Potential Acquirers 43\u003c\/p\u003e \u003cp\u003eDefining Transition Plans for Potential Buyers 45\u003c\/p\u003e \u003cp\u003eCrafting the Marketing Plan 46\u003c\/p\u003e \u003cp\u003eIdentifying a Powerful Flow and Structure 47\u003c\/p\u003e \u003cp\u003eAcquisition Memorandum Template 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Putting Your Finances in Order 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Financials 54\u003c\/p\u003e \u003cp\u003eThe Importance of Key Metrics 55\u003c\/p\u003e \u003cp\u003eWhy Growth and Operating Assumptions Are Critical 58\u003c\/p\u003e \u003cp\u003eModeling Out a Powerful Five-Year Projection 60\u003c\/p\u003e \u003cp\u003eAnticipating Questions on Numbers 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Understanding Your Valuation 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eVariables Affecting Your Startup’s Value 64\u003c\/p\u003e \u003cp\u003eCommon Methods of Business Valuation 64\u003c\/p\u003e \u003cp\u003eHow to Value Pre-revenue Startups 67\u003c\/p\u003e \u003cp\u003eHow to Increase Your Valuation Faster 69\u003c\/p\u003e \u003cp\u003eValuation versus Terms 71\u003c\/p\u003e \u003cp\u003eWhy You Never Want to Disclose Your Valuation 71\u003c\/p\u003e \u003cp\u003eAvoiding High Valuations with No Rationale 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Building the Target List 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Building the Target List 74\u003c\/p\u003e \u003cp\u003eWays to Identify Potential Buyers 76\u003c\/p\u003e \u003cp\u003eVetting Buyers for the Right Fit 77\u003c\/p\u003e \u003cp\u003eUsing Partnerships to Trigger Acquisitions 80\u003c\/p\u003e \u003cp\u003eHow to Make Contact with Interested Parties 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 The Communication Process with Buyers 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLiabilities and Responsibilities 85\u003c\/p\u003e \u003cp\u003eHow to Handle Communications 86\u003c\/p\u003e \u003cp\u003eGauging Initial Interest 87\u003c\/p\u003e \u003cp\u003eNailing the Follow-Up 88\u003c\/p\u003e \u003cp\u003eFinding the Decision-Maker 92\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Preparing for a Successful First Meeting 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinding Out the Strategic Road Map of the Buyer 96\u003c\/p\u003e \u003cp\u003eAgreeing On the Meeting Location 99\u003c\/p\u003e \u003cp\u003eSetting Up the Agenda for the Meeting 102\u003c\/p\u003e \u003cp\u003eFollow Up with Emails to Keep Them Warm 103\u003c\/p\u003e \u003cp\u003eUnderstanding How to Address Concerns 103\u003c\/p\u003e \u003cp\u003eQuestions Potential Acquirers May Ask You 104\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Getting to a Letter of Intent (LOI) 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy an LOI Is So Important 110\u003c\/p\u003e \u003cp\u003eBreaking Down the LOI 111\u003c\/p\u003e \u003cp\u003eComparing Valuations 113\u003c\/p\u003e \u003cp\u003eMeasuring Suitability of the Potential Buyer 113\u003c\/p\u003e \u003cp\u003eHostile versus Friendly Buyers 115\u003c\/p\u003e \u003cp\u003eConsiderations before Signing 116\u003c\/p\u003e \u003cp\u003eThe LOI Template 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Communication with Stakeholders 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of the Board of Directors 121\u003c\/p\u003e \u003cp\u003eKeeping Investors Updated in the M\u0026amp;A Process 125\u003c\/p\u003e \u003cp\u003eThe Dos and Don’ts with Employees 126\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Negotiating the Price Tag 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrice versus Terms 129\u003c\/p\u003e \u003cp\u003eCommunicating Outcomes 130\u003c\/p\u003e \u003cp\u003ePushing for a Deadline 131\u003c\/p\u003e \u003cp\u003eIncreasing Price with a Bidding War 133\u003c\/p\u003e \u003cp\u003eMaximizing Value on the Buyer and Seller Sides 133\u003c\/p\u003e \u003cp\u003eThinking Like a Buyer 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 The Due Diligence Stage 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePutting Together the Deal Room 140\u003c\/p\u003e \u003cp\u003eValidating Your Claims 153\u003c\/p\u003e \u003cp\u003eThe Dos and Don’ts During Meetings 154\u003c\/p\u003e \u003cp\u003eManaging the Flow of Information 155\u003c\/p\u003e \u003cp\u003eWhat to Look for in the Potential Buyer 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 The Purchase Agreement 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow to Review the Purchase Agreement 160\u003c\/p\u003e \u003cp\u003eTerms and Clauses to Watch 164\u003c\/p\u003e \u003cp\u003eTypical Purchase Agreement Outline 166\u003c\/p\u003e \u003cp\u003eLawyers and the Purchase Agreement 168\u003c\/p\u003e \u003cp\u003eChoosing the Right M\u0026amp;A Lawyer 169\u003c\/p\u003e \u003cp\u003eDealing with Legal Counsel 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Strategic versus Financial Acquisitions 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferent Types of Acquisitions 173\u003c\/p\u003e \u003cp\u003eReasons for Strategic Acquisitions 174\u003c\/p\u003e \u003cp\u003eHow to Know What Drives the Buyer’s Motivation 177\u003c\/p\u003e \u003cp\u003eWhy Revenues Take a Back Seat on Strategic Deals 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Ways to Kill a Deal 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNot Respecting the Buyer 183\u003c\/p\u003e \u003cp\u003eMaking Changes and New Demands 184\u003c\/p\u003e \u003cp\u003eLack of Commitment from the Team 185\u003c\/p\u003e \u003cp\u003eHow You Communicate with Employees and Customers 186\u003c\/p\u003e \u003cp\u003eWithholding Information 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Legal Considerations 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRegulations and Regulators 193\u003c\/p\u003e \u003cp\u003eDue Diligence and Assumed Liability 194\u003c\/p\u003e \u003cp\u003eIntellectual Property 194\u003c\/p\u003e \u003cp\u003eWorking Capital 194\u003c\/p\u003e \u003cp\u003eEscrows 194\u003c\/p\u003e \u003cp\u003eContracts 195\u003c\/p\u003e \u003cp\u003eWarranties and Indemnifications 195\u003c\/p\u003e \u003cp\u003eStockholder Approval 195\u003c\/p\u003e \u003cp\u003eNoncompete and Non-solicitation Agreements 195\u003c\/p\u003e \u003cp\u003eStock versus Asset Sales 196\u003c\/p\u003e \u003cp\u003eBuying Companies That Are Not Incorporated 199\u003c\/p\u003e \u003cp\u003eLiens and Encumbrances 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Closing the Deal 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Anatomy of an M\u0026amp;A Deal Closing 203\u003c\/p\u003e \u003cp\u003eClosing Preparations 204\u003c\/p\u003e \u003cp\u003eClosing Times and Locations 204\u003c\/p\u003e \u003cp\u003eSpeed to Closing 205\u003c\/p\u003e \u003cp\u003eAccounting and Taxes 206\u003c\/p\u003e \u003cp\u003eClosing Checklist 208\u003c\/p\u003e \u003cp\u003eWrapping Things Up 209\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 Transitioning to a New Phase 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eVesting and Revesting 212\u003c\/p\u003e \u003cp\u003ePost-acquisition Integration 216\u003c\/p\u003e \u003cp\u003eLooking Forward 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003e21 The Emotional Roller Coaster during Acquisitions 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAnxiety 222\u003c\/p\u003e \u003cp\u003eUnderstanding the Process 223\u003c\/p\u003e \u003cp\u003eDepression 226\u003c\/p\u003e \u003cp\u003eAcceptance 227\u003c\/p\u003e \u003cp\u003eHappiness 228\u003c\/p\u003e \u003cp\u003eGlossary 231\u003c\/p\u003e \u003cp\u003eAbout the Author 237\u003c\/p\u003e \u003cp\u003eIndex 241\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49407156224343,"sku":"9781119797982","price":17.85,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119797982.jpg?v=1730498367","url":"https:\/\/bookcurl.com\/products\/selling-your-startup-9781119797982","provider":"Book Curl","version":"1.0","type":"link"}