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| FirstCapital Breakfast Seminar: Is now the right time to sell your company? |
London, 6 December 2006>> Please click here to download the presentation as a PDF file <<Technology corporate finance specialist FirstCapital hosted a breakfast seminar on the 6th December 2006 focused on exploring the issues that entrepreneurs and investors need to consider when selling technology companies. More than 100 entrepreneurs, venture capitalists and industry executives gathered to evaluate recent trends. The speakers were:
Determine whether the sale is strategic or financial The panellists emphasised the role of positioning in achieving a strategic sale, and in particular the need to understand the buyer's requirements in order to maximise valuation. In the case of Active Hotels, the clear market leader had less incentive to buy than the players trying to catch up. An exit which is at once both strategic and earnings enhancing for the buyer is the perfect scenario; nonetheless 90% of acquisitions are for earnings, not for strategic reasons. When is the right time to sell? Andrew highlighted that strategic sales often happen before the point where the management feels that the business has fully developed and reached its peak. Timing is all important: when the buyers have a pressing need for a strategic asset of a particular type is when they will pay up for it. When the acquirer is buying for financial reasons, it is buying next year's revenue and growth, not the current year's, therefore it is essential for the company to ensure that growth is not trailing off. He cautioned that earnings-dilutive deals can be problematic, and often fall over at the 11th hour. It is also important to remember that public markets can be irrational, and may pay over the odds for assets they see as strategic. His advice is: "if the ducks are quacking, then feed them!". Putting in place the right process All panellists spoke of the importance of running a tightly managed process and of the key requirement to hire good advisors. Andrew commented that this can make the difference between a successful exit and an unsuccessful one. Advisers must be incentivised properly to get the best deal, and to prioritise your business. The right advisor will take the pressure off management and shareholders and deal with a lot of the process issues such as negotiation. SPARK achieved a 35% uptick on pricerunner.com at the last minute due to good process. He also highlighted how distracting the process is, which further emphasises the importance of proper planning and process. The importance of good communication It is imperative to make sure all shareholder groups are on the same page. In some cases management may need to stay in the business for an earn-out, so chemistry with the buyer is more important for them than it is for other exiting shareholders. Several panellists commented on the difficulty of effectively structuring earn-outs, and of locking in wealthy employees. It is essential to make sure that all eventualities have been discussed in advance and consensus reached among shareholders - buyers will pick up on any differences and exploit any cracks. Julian reiterated the importance of keeping the business going throughout the process. Smart's valuation was helped by the fact that they continued to beat their forecast numbers throughout the sale process. Preparation Andy pointed to the importance of preparation and exit planning, and Julian reinforced this, commenting that he planned his exit meticulously, as he was determined to achieve a successful exit this time, having missed out with a previous company at the end of the 90s. Despite this, Julian said that next time he would plan his exit right from the beginning, rather than from 12 months out, as in his opinion, you can't start planning early enough. Key takeaways for Julian from his sale process were:
The panel commented that AIM is good for raising money for growth, but is not an exit. They stressed the importance of trying to take some cash out when you float on AIM as it will likely be a long time before being able to take more out. Neil also mentioned the purchaser's perspective: it is more expensive to buy a public company so he would advise against AIM unless there is a specific growth reason. As a final point, Neil pointed out that the acquisition of Opal was a win-win deal for both Opal and Carphone Warehouse, and that this is a critical indicator of a successful deal. If the acquirer is happy with the outcome of the deal, it is better for the management of the acquired company, and helps to ensure the successful achievement of any earn outs which may be in place. >> Please click here to download the presentation as a PDF file << |
