Building Great Boards

Size: px
Start display at page:

Download "Building Great Boards"

Transcription

1 Building Great Boards March 9, 2016 Dave Berkus

2 Use chat to submit questions Yes, you ll get the slides We re recorded, so come back and listen again

3 Mission: Fuel the success of angel groups and accredited individuals active in in the early-stage landscape World s largest trade group for angel investors o 220+ angel groups o 13,000 accredited investors o Voice of accredited individuals, portals, and family offices 50 US states + Canada Research/ education partner

4 ACA MEMBER GROUPS New Dominion Angels

5 ACA MEMBER PLATFORMS

6 ACA PARTNERS

7 OUR SPEAKER - DAVE BERKUS Hospitality industry visionary - Founder of Computerized Lodging Systems Inc. (CLS), 2 years on Inc. 500 list of America's fastest growing companies 137 investments in early stage ventures - IRR of 97% Manages Berkus Technology Ventures, LLC and two ACE funds for Tech Coast Angels Chairman Emeritus of the Tech Coast Angels Graduate and currently a Trustee of Occidental College Author of Extending the Runway BERKONOMICS series and Get Scrappy Board member 10 private companies; Chairman of 6 and active member of 4 non-profit boards "Director of the Year" - Forum for Corporate Directors Technology Leader of the Year Los Angeles County

8 EXTENDING THE RUNWAY BUILDING GREAT BOARDS THE THREE STAGES IN CREATING HIGH EXIT VALUE DAVE BERKUS (c) 2016 D.W. Berkus 8

9

10

11 "IF YOU DON'T KNOW WHERE YOU'RE GOING, YOU'LL WIND UP SOMEWHERE ELSE" Yogi Berra (c) 2016 D.W. Berkus 11

12 TODAY S AGENDA Stage One: Build a great company starting with a great board Stage two: The Five Resources Great Boards Supply, (along with Some tips from experience) Stage three: Planning and executing the liquidity event (c) 2016 D.W. Berkus 12

13 STAGE ONE: BUILD A GREAT COMPANY, STARTING WITH A GREAT BOARD (c) 2016 D.W. Berkus 13

14 AN ENTREPRENEUR S RISKS OF ESTABLISHING A BOARD FOR FIRST TIME Board can hire and fire the CEO Board can influence and control strategy Board can withhold approvals for funding, acquisitions, support of management vision Risk of misalignment of board and management (c) 2016 D.W. Berkus 14

15 STAGES OF A BOARD Early stage no outside investors Advisory more than governance Early stage third party investors Usually dictated by the investment docs Often board stacked with investors Need balance: Management, investors, industry talent Mid-stage Venture round Early investors sometimes pushed off board More care necessary to keep balance (c) 2016 D.W. Berkus 15

16 DUTIES OF A BOARD Provide and monitor resources for company, management Hire, manage or replace CEO Approve executive compensation and all deferred compensation Help CEO shape strategy, vision Ensure health of organization. (c) 2016 D.W. Berkus 16

17 EFFECTIVE BOARDS Provide strategic assets and competitive advantage Pursue elevated purpose / performance Focus on main things & right questions Partner with the entrepreneur / CEO Accept individual responsibility & collective accountability (c) 2016 D.W. Berkus 17

18 LEGAL RESPONSIBILITIES OF BOARD Duty of loyalty Duty of care Duty of good faith Duty of candor Two committees for oversight Audit Compensation (c) 2016 D.W. Berkus 18

19 BUT THE ULTIMATE REMINDER: NOSES IN. FINGERS OUT! (c) 2016 D.W. Berkus 19

20 HOW TO PAY AN EARLY STAGE BOARD: Cash is nice but rare at early stage Stock grants create taxable events Stock options align board with management o 1% over 2-4 years o Non-qualified options (NSO) must be priced at last transaction if one class of stock Time: 1 board meeting a month plus phone time Chairman: Add ½ % if active as CEO coach Consulting fees OK if more days of service. (c) 2016 D.W. Berkus 20

21 ABOUT A BOARD OF ADVISORS: Fills out areas of need company could not afford otherwise Creates a list of known names to validate company vision Allows for convenient way to move persons off corporate board. (c) 2016 D.W. Berkus 21

22 HOW TO PAY ADVISORY BOARD: Stock options typical for standard of service o ¼% to ½% over 2-4 years o Non-qualified options (NSO) must be priced at last transaction if one class of stock If more than two visits and 24 phone calls a year, consulting fees are appropriate OK to offer advisory board members observer rights at selected or all board meetings. (c) 2016 D.W. Berkus 22

23 LEGAL PROTECTION ISSUES: D & O policies cost, limits, coverage, tower, advanceme Exposure of individual board members How to reduce exposure o 409a valuations o Outside legal advice o Conflict of interest (Form 990 for non-profits) o Indemnification agreements o Careful deliberations (Business judgment rule) (c) 2016 D.W. Berkus 23

24 STAGE TWO: THE FIVE RESOURCES GREAT BOARDS SUPPLY, ALONG WITH SOME TIPS FROM EXPERIENCE (c) 2016 D.W. Berkus 24

25 COVERING A COMPANY S RESOURCE Time Relationships Process Context Money NEEDS (c) 2016 D.W. Berkus 25

26 Deliberate over-commitment leads to Time Bankruptcy TIME: (c) 2016 D.W. Berkus 26

27 27 Time: Focus upon what s important first Use vision statement to filter time allocation Think of the cost of quality shortcuts early Bet the farm only when crops are on fire (c) 2016 D.W. Berkus

28 RELATIONSHIPS: Alternative: Going it alone The Board members golden Rolodexes Is a recession time to prune and appropriate? Leveraging these contacts correctly (c) 2016 D.W. Berkus 28

29 PROCESS: Getting from here to there (safely) Inter-relationship with time = efficiency Who or where is the bottleneck? Process as a competitive advantage FedEX The sales process review: Why buy IT? Why buy MINE? Why buy NOW? Helping the CEO craft pricing strategy: Price Quality Service Innovation Elegance (c) 2016 D.W. Berkus 29

30 THE EVERY $3 MIL. CRISIS 30 (c) 2016 D.W. Berkus

31 The A-B-C s of Predictable Recurring Crises 31 FINANCIAL (c) 2016 D.W. Berkus

32 THE EVERY THREE MIL. CRISIS Story of Tony and team (c) 2016 D.W. Berkus 32

33 CONTEXT: Where is the market? Are you flying against the prevailing winds? Pricing Strategy Where there s mystery, there s margin. Are you too soon? Too late? Too soon: Story of yield management for hotels Too late: Story of cell phones in hotel rooms (c) 2016 D.W. Berkus 33

34 MONEY: Never run out of it Triage cash position during these times Demand pull vs. cost push The tyranny of the new office Never use short-term borrowings to pay long-term debt Growth calls for more cash, not less Discipline of the constant cash forecast A-M-D: (c) 2016 D.W. Berkus 34

35 MONEY: A: Accumulate or acquire (product line, breadth of services) M: Marketing or merchandising (expert and diligent use of resources) D: Distribution (adding channels and reinforcing relationships) (c) 2016 D.W. Berkus 35

36 STAGE THREE: PLANNING AND EXECUTING A GREAT EXIT (c) 2016 D.W. Berkus 36

37 HOW MUCH IS THE BUSINESS WORTH? Depends upon.. Stage of product and customer development Dominance and defensibility in market Type of potential buyer identified o Financial o Strategic o Emotional Appearance of quality in management, accounting and operation Competition among potential buyers (c) 2016 D.W. Berkus 37

38 Exercise: Finding buyers Matrix method Candidate acquirer What they want What we want Likelihood (1-10) Company 1 Our distribution Their R&D 7 Company 2 Our product Their money 8 Company 3 Our distribution Combine ops for cost Company 4 Our distribution Their money 8 6 (c) 2016 D.W. Berkus

39 METHODS OF VALUATION 1. Multiple of revenues (1/2 to 4x) 2. Price / earnings ratio (5 to 30) 3. Free cash flow (5-8x available cash) 4. Book value (1-3x) 5. Liquidation or salvage value (floor value) 6. Replacement value (c) 2016 D.W. Berkus 39

40 METHODS OF VALUATION (2) 7. Similar company transactions 8. Recent same-company transaction price (share sales, ERISA, ESOP) 9. Internal rate of return (discount future to present) 10. Comparable public company valuations 11. Then there is (c) 2016 D.W. Berkus 40

41 THE BERKUS METHOD Too simple to ignore Or valuation for simpletons Widely published and quoted For very early stage companies (c) 2016 D.W. Berkus 41

42 THE BERKUS METHOD Four elements, each with $500,000 max: 1. Attractiveness of core business to buyer 2. Good management team in place 3. Strategic alliances of value 4. Completed product or prototype 5. (and sometimes) Revenue (c) 2016 D.W. Berkus 42

43

44 FINAL THOUGHTS When something happens, The first question is WHERE WAS THE BOARD? (c) 2016 D.W. Berkus 44

45 AND THE $64 MM QUESTION: Is the board adding as much value to the company as it could? (c) 2016 D.W. Berkus 45

46 You must learn 46 from the mistakes of others. You can t possibly live long enough to make them all yourself. - Sam Levenson (c) 2016 D.W. Berkus

47 "A NICKEL AIN'T WORTH A DIME ANYMORE" Yogi Berra (c) 2016 D.W. Berkus 47

48

49 (c) 2016 D.W. Berkus 49

50 THANK YOU! UPCOMING WEBINARS March 23, 2016: Beginners Guide to Term Sheets Audience Questions April 13, 2016: Angel Investing Strategies Finding and Maximizing Returns Webinar programs archived at: vents/webinars/

51 ADDITIONAL RESOURCES Marianne Hudson Executive Director Angel Capital Association Christopher Mirabile Managing Director, Launchpad; Board Chair, Angel Capital Association ews-forbes/ ews-inc/

52 UPCOMING ACA EVENTS March 9-10, 2016, NW Regional Meeting, Seattle, WA April 5, 2016, New England Regional Meeting, Waltham, MA May 9 11, 2016, ACA Summit, Philadelphia, PA

Partnering with Universities for Deal Flow

Partnering with Universities for Deal Flow Partnering with Universities for Deal Flow How working with your local university can lead you to the next Google! Welcome! January 14, 2015 Use chat to submit questions Yes, you ll get the slides We re

More information

Sourcing Great Deal Flow Outside Silicon Valley

Sourcing Great Deal Flow Outside Silicon Valley Sourcing Great Deal Flow Outside Silicon Valley April 27, 2016 Use chat to submit questions Yes, you ll get the slides We re recorded, so come back and listen again 1 Mission: Fuel the success of angel

More information

The American Angel. January 10, 2018

The American Angel. January 10, 2018 The American Angel January 10, 2018 HOW TO GET VALUE FROM THIS WEBINAR Use chat to submit questions Yes, you ll get the slides We re recording, so come back and listen again ANGEL CAPITAL ASSOCIATION TODAY

More information

HOW TO GET VALUE FROM THIS WEBINAR

HOW TO GET VALUE FROM THIS WEBINAR The American Angel January 10, 2018 HOW TO GET VALUE FROM THIS WEBINAR Use chat to submit questions Yes, you ll get the slides We re recording, so come back and listen again 1 ANGEL CAPITAL ASSOCIATION

More information

Equity Crowdfunding For Everyone Demystified

Equity Crowdfunding For Everyone Demystified Equity Crowdfunding For Everyone Demystified August 31, 2016 Use chat to submit questions Yes, you ll get the slides We re recorded, so come back and listen again 1 Mission: Fuel the success of angel groups

More information

Overview of Venture Equity

Overview of Venture Equity Overview of Venture Equity SVB Analytics Report 2017 Written by SVB Analytics: Steve Liu Managing Director sliu@svb.com Sean Lawson Senior Manager slawson2@svb.com Steven Pipp Senior Associate spipp@svb.com

More information

Teresa V. Pahl Partner

Teresa V. Pahl Partner Teresa represents clients in all phases and aspects of their businesses. Teresa s expertise includes matters involving general corporate law, securities law and real property law. Teresa works with early-stage

More information

Preparing for and Raising Early Stage Capital in Maine

Preparing for and Raising Early Stage Capital in Maine Preparing for and Raising Early Stage Capital in Maine WEBINAR PRESENTED BY MAINE VENTURE FUND MAY 24, 2017 Webinar Introduction This webinar is being recorded Participants are on mute Use chat function

More information

7 Signs It's Time to Hire a Virtual CFO

7 Signs It's Time to Hire a Virtual CFO 7 Signs It's Time to Hire a Virtual CFO A SPECIAL REPORT FROM NEW DIRECTION CAPITAL WWW.NEWDIRECTIONCAPITAL.COM 877-678-6464 7 Signs It's Time to Hire a Virtual CFO The economy is ever changing and the

More information

Financing Emerging Growth Companies

Financing Emerging Growth Companies Financing Emerging Growth Companies July (8,15,22) 2005 Ravi Sinha/Wilson Zehr Portland State University School of Business July 8, 2005 1:00 1:50 Class overview, review syllabus, grading, case studies

More information

The Great Convertible Note Debate What New Angels Need to Know

The Great Convertible Note Debate What New Angels Need to Know The Great Convertible Note Debate What New Angels Need to Know Annarie Lyles (JumpStart NJ Angels, Investor s Circle) Dave Sorin (McCarter & English) Moderator: John Huston Types of Notes Bank Loans Asset

More information

Insider s Blueprint to Raising Money StartLaunchGrow.com

Insider s Blueprint to Raising Money StartLaunchGrow.com Insider s Blueprint to Raising Money A FOUNDER S We all know that external capital can turbocharge your startup s growth. But you may not know exactly how to go about doing it. This Blueprint is here to

More information

LISA ROTH MONAHAN & ROTH, LLC 630 FIRST AVENUE SAN DIEGO, CA 92101

LISA ROTH MONAHAN & ROTH, LLC 630 FIRST AVENUE SAN DIEGO, CA 92101 LISA ROTH MONAHAN & ROTH, LLC 630 FIRST AVENUE SAN DIEGO, CA 92101 BACKGROUND Lisa Roth is the of Monahan & Roth, LLC, a regulatory compliance company providing services including professional consultations,

More information

Family Business Transition Strategies That Turn Conflict into Opportunity. The Beringer Group. March 1, 2016

Family Business Transition Strategies That Turn Conflict into Opportunity. The Beringer Group. March 1, 2016 Family Business Transition Strategies That Turn Conflict into Opportunity March 1, 2016 1 Format Introduction by Barbara Spector, Family Business Time for questions (enter them from your computer using

More information

The Rock Group at Morgan Stanley Smith Barney. Managing Your Wealth, Growing Our Relationship

The Rock Group at Morgan Stanley Smith Barney. Managing Your Wealth, Growing Our Relationship The Rock Group at Morgan Stanley Smith Barney Managing Your Wealth, Growing Our Relationship Change is the law of life. And those who look only to the past or present are certain to miss the future. John

More information

The Texas Capitol Group at Morgan Stanley Smith Barney. When the Details Matter

The Texas Capitol Group at Morgan Stanley Smith Barney. When the Details Matter The Texas Capitol Group at Morgan Stanley Smith Barney When the Details Matter The Texas Capitol Group at Morgan Stanley Smith Barney will be the wealth advisory group of choice recognized for its exceptional

More information

Mergers and Acquisitions/ Private Equity. Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors. Attorney Advertising

Mergers and Acquisitions/ Private Equity. Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors. Attorney Advertising Mergers and Acquisitions/ Private Equity Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors Attorney Advertising In every transaction, business perspective informs our legal strategy.

More information

Give Me 5: GENDER LENS INVESTING: THE RISING TIDE OF WOMEN ANGELS

Give Me 5: GENDER LENS INVESTING: THE RISING TIDE OF WOMEN ANGELS Thank You for Joining Us Give Me 5: GENDER LENS INVESTING: THE RISING TIDE OF WOMEN ANGELS Other webinars can be found at www.giveme5.com. WIPP is a national nonpartisan organization advocating on behalf

More information

WORLD ANGEL INVESTMENT SUMMIT

WORLD ANGEL INVESTMENT SUMMIT 2018 WORLD ANGEL INVESTMENT SUMMIT TORONTO, ON SEPTEMBER 25-27, 2018 ANGEL GROUP PARTNERSHIP OPPORTUNITIES The Flagship Event for the Global Angel Investor Community Event Details Date: September 25-27,

More information

Mario M. Casabona Founder and General Partner Casabona Ventures, LLC Early Stage Technology Company Funding

Mario M. Casabona Founder and General Partner Casabona Ventures, LLC Early Stage Technology Company Funding Mario M. Casabona Founder and General Partner Casabona Ventures, LLC Mario@CasabonaVentures.com March 20, 2012 Morris County Library Whippany, NJ Early Stage Technology Company Funding Agenda Who am I

More information

Platinum Equity Tom Gores Press Package

Platinum Equity Tom Gores Press Package Platinum Equity Tom Gores Press Package Contents 2 About Platinum Equity 3 About Tom Gores 4 Frequently Asked Questions 5 Photographic Assets 6 Quotes 1 PLATINUM EQUITY JUNE 2011 About Platinum Equity

More information

WORLD ANGEL INVESTMENT SUMMIT

WORLD ANGEL INVESTMENT SUMMIT 2018 WORLD ANGEL INVESTMENT SUMMIT TORONTO, ON SEPTEMBER 25-27, 2018 ANGEL GROUP PARTNERSHIP OPPORTUNITIES The Flagship Event for the Global Angel Investor Community Event Details Date: September 25-27,

More information

An Experienced Approach to Private Equity

An Experienced Approach to Private Equity An Experienced Approach to Private Equity Monument MicroCap Partners, LLC (MMP) is an independent private investment firm comprised of highly experienced and accomplished private equity and operational

More information

SESSION 9A: SOURCES OF CAPITAL, VC FUND ECONOMICS

SESSION 9A: SOURCES OF CAPITAL, VC FUND ECONOMICS Copyright 2014 by the Board of Trustees of the Leland Stanford Junior University and Stanford Technology Ventures Program (STVP). This document may be reproduced for educational purposes only. AUTUMN 2014

More information

HOTELS, TOURISM & LEISURE. Hotels, Tourism & Leisure

HOTELS, TOURISM & LEISURE. Hotels, Tourism & Leisure HOTELS, TOURISM & LEISURE nem is one of Australasia s largest boutique business consultancy firms, which is able to draw on the significant skills and experience of over 50 partners across Australia and

More information

Private Equity Market and Trends Brigitte Baumann CEO Go Beyond; President of EBAN

Private Equity Market and Trends Brigitte Baumann CEO Go Beyond; President of EBAN WWW.GO-BEYOND.BIZ Private Equity Market and Trends Brigitte Baumann CEO Go Beyond; President of EBAN Going International: EOS 1 st Annual Confernece Brigitte.baumann@go-beyond.biz Soph November 30, 2009

More information

The Udine Group at Morgan Stanley Smith Barney. Helping Clients Accumulate, Manage, and Transfer Wealth

The Udine Group at Morgan Stanley Smith Barney. Helping Clients Accumulate, Manage, and Transfer Wealth The Udine Group at Morgan Stanley Smith Barney Helping Clients Accumulate, Manage, and Transfer Wealth 330 Fellowship Road Suite 400, Mount Laurel, NJ 08054 856-222-4547 / MAIN 800-932-0037 / TOLL-FREE

More information

Webinar: Perspectives on Board Evaluation Best Practices. March 1, 2018

Webinar: Perspectives on Board Evaluation Best Practices. March 1, 2018 Webinar: Perspectives on Board Evaluation Best Practices March 1, 2018 Webinar Housekeeping To ask a question during the webinar, please click the chat button. Questions submitted will be answered throughout

More information

The Co-investment Climate in Private Equity

The Co-investment Climate in Private Equity The Co-investment Climate in Private Equity Maximize Your Competitiveness and, for Some, Ensure Your Survival Claudia Montoto The Mergermarket Group (Moderator) Julia D. Corelli Pepper Hamilton LLP Bruce

More information

presents THE ANGEL CONNECTION

presents THE ANGEL CONNECTION presents THE ANGEL CONNECTION THANK YOU SPONSORS Premier Partner THANK YOU SPONSORS Premier Partner THANK YOU SPONSORS Premier Partner THANK YOU SPONSORS Site Partner THANK YOU SPONSORS Association Partners

More information

Financing Sources, Sales Pitch to Investors BARCELONA Aitana Peire Venture Valuation

Financing Sources, Sales Pitch to Investors BARCELONA Aitana Peire Venture Valuation 30.04.2014 Aitana Peire Venture Valuation Venture Valuation Mission Independent assessment and valuation of technology driven companies / products in growth industries Information services / Life Sciences

More information

Q&A with Darren Marble

Q&A with Darren Marble APRIL 2017 V OL. 5 ISS U E 118 R E P O R T Q&A with Darren Marble CEO of CrowdfundX Principle Series: Family Office Insights sits down with Darren Marble to discuss groundbreaking Artificial Intelligence

More information

Paragon Ventures. Healthcare Mergers and Strategic Acquisitions

Paragon Ventures. Healthcare Mergers and Strategic Acquisitions Paragon Ventures Healthcare Mergers and Strategic Acquisitions Are you plugged in to your STRATEGIC OPTIONS? Buy A Business Sell A Business Valuations Strategic Plans Exit Strategies Recapitalization Paragon

More information

BASICS OF RAISING CAPITAL OCTOBER 11, 2012

BASICS OF RAISING CAPITAL OCTOBER 11, 2012 BASICS OF RAISING CAPITAL OCTOBER 11, 2012 Agenda Private Equity Industry Benefits of Private Equity What Private Equity Investors Look For Clairvest Group Inc. 2 Private Equity Overview Fundraising Investment

More information

IEEE Boston Entrepreneurs Network. Raising Money from VCs. April 2012

IEEE Boston Entrepreneurs Network. Raising Money from VCs. April 2012 IEEE Boston Entrepreneurs Network Raising Money from VCs April 2012 Ascent Venture Partners Who we are Investment team of six, dedicated to investing in IT innovation for the enterprise Supporting early-stage

More information

10 Critical Steps to Successfully Flipping Houses

10 Critical Steps to Successfully Flipping Houses 10 Critical Steps to Successfully Flipping Houses Understand the basics of fix and flipping homes to increase personal income and find financial freedom OUR EXPERIENCE Fixters.com began almost 5 years

More information

TENOR CAPITAL PARTNERS. ESOP Leveraged Buyout Specialist,

TENOR CAPITAL PARTNERS. ESOP Leveraged Buyout Specialist, TENOR CAPITAL PARTNERS ESOP Leveraged Buyout Specialist, Tenor Capital Partners, LLC (TCP) is the leading boutique investment bank in the southeast focused exclusively on advising, and acting as advocate

More information

W H AT W E D O SPONSORS. Contents INVESTMENT TERMS SENIOR MANAGEMENT

W H AT W E D O SPONSORS. Contents INVESTMENT TERMS SENIOR MANAGEMENT Contents W H AT W E D O 3 SPONSORS 6 INVESTMENT TERMS 7 A D VA N TA G E S 8 SENIOR MANAGEMENT 9 C O N TA C T 10 What we do Typical Real Estate Capital Stack Milestone Partners Real Estate Capital Stack

More information

FS INVESTMENTS & KKR FORM STRATEGIC PARTNERSHIP. Combining FSIC & CCT platforms to create stockholder value

FS INVESTMENTS & KKR FORM STRATEGIC PARTNERSHIP. Combining FSIC & CCT platforms to create stockholder value FS INVESTMENTS & KKR FORM STRATEGIC PARTNERSHIP Combining FSIC & CCT platforms to create stockholder value FS INVESTMENTS AND KKR TO ESTABLISH INDUSTRY-LEADING PARTNERSHIP FS Investments ( FS ) and KKR

More information

Transwestern. is the advantage

Transwestern. is the advantage Transwestern is the advantage Transwestern is a national commercial real estate firm focused on creating value for our clients in each local market we serve. Our distinct business model combines fully

More information

The Stack-Gravenstine-Smith Group at Morgan Stanley Smith Barney

The Stack-Gravenstine-Smith Group at Morgan Stanley Smith Barney The Stack-Gravenstine-Smith Group at Morgan Stanley Smith Barney 330 Fellowship Road Suite 400, Mount Laurel, New Jersey 08054 800-596-5668 / toll-free 856-273-6407 / fax www.fa.smithbarney.com/stackgravenstinesmith

More information

Japan s business system has changed significantly since 2000, shifting toward

Japan s business system has changed significantly since 2000, shifting toward 1 Continuity and Change in Japan s Ecosystem for Venture-Capital backed Start-up Companies: Encouraging the Creation of Firms to Stimulate Economic Growth and Jobs Japan s business system has changed significantly

More information

Jaswinder Jassi S. Chadha

Jaswinder Jassi S. Chadha Jaswinder Jassi S. Chadha marketrx Inc Introducing Jaswinder Chadha It is a surprising fact that some of the leading companies arrived at the top without taking early venture capital funding. Today s market

More information

FINDING THE MONEY Fundraising for Early Stage Capital

FINDING THE MONEY Fundraising for Early Stage Capital FINDING THE MONEY Fundraising for Early Stage Capital Susan Pravda, Office Managing Partner and Chair, Emerging Technologies Practice Gabor Garai, Chair, Private Equity & Venture Capital Practice and Co-Chair,

More information

KKR & Co. L.P. Goldman Sachs U.S. Financial Services Conference: December 6, 2017

KKR & Co. L.P. Goldman Sachs U.S. Financial Services Conference: December 6, 2017 KKR & Co. L.P. Goldman Sachs U.S. Financial Services Conference: December 6, 2017 KKR Growth in Alternative Asset Market Share KKR AUM +20% CAGR Alternative AUM +12% CAGR ($ in trillions) ($ in billions)

More information

The TPC Group at Morgan Stanley Smith Barney

The TPC Group at Morgan Stanley Smith Barney The TPC Group at Morgan Stanley Smith Barney 53 State Street Exchange Place, 39th Floor, Boston, Massachusetts 02109 800-752-2678 / Main 617-227-9070 / fax fa.morganstanleyindividual.com/tpcgroup robert.m.panessiti@mssb.com

More information

Investor Presentation. November 2018

Investor Presentation. November 2018 Investor Presentation November 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $104bn AUM $91bn AUM Global Franchise $19bn of Assets $81bn Private Equity, Growth Equity

More information

CHARTERED CAPITAL ADVISERS, INC.

CHARTERED CAPITAL ADVISERS, INC. CHARTERED CAPITAL ADVISERS, INC. 590 MADISON A VENUE 21 ST FLOOR N EW Y ORK, NEW Y ORK 10022 (212) 327-0200 (212) 327-0225 FAX A DESCRIPTION OF CHARTERED CAPITAL ADVISERS, INC. Chartered Capital Advisers,

More information

Chris Bridges. Financial Advisor

Chris Bridges. Financial Advisor Chris Bridges Financial Advisor 832 Lake Sumter Landing The Villages, FL 32162 352-751-7847 / MAIN 800-447-6036 / TOLL-FREE 352-753-8234 / FAX christopher.bridges@mssb.com http://fa.morganstanleyindividual.com/christopher.bridges/

More information

Private Equity & Management Buy-Outs

Private Equity & Management Buy-Outs Private Equity & Management Buy-Outs Be introduced to the reasons for the growth of private equity and management buy-outs This course is presented in London on: 17 January 2019, 11 July 2019, 14 November

More information

The Future of Growth and the Energy Industry

The Future of Growth and the Energy Industry The Future of Growth and the Energy Industry July 20, 2017 Grant Thornton LLP. All rights reserved. 1 Our Speakers Steve Toon Editor in Chief Oil and Gas Investor Kevin Schroeder National Managing Partner,

More information

Founder Follies. Presentation for Harvard Business School. February 9, Jeffrey L. Quillen Alexander J. Aber

Founder Follies. Presentation for Harvard Business School. February 9, Jeffrey L. Quillen Alexander J. Aber Founder Follies Presentation for Harvard Business School February 9, 2012 Jeffrey L. Quillen Alexander J. Aber 2012 Foley Hoag LLP. All Rights Reserved. These materials have been prepared solely for educational

More information

James R. Cotto Corporate Client Group Director Senior Vice President Senior Investment Management Consultant Wealth Management for Entertainers and

James R. Cotto Corporate Client Group Director Senior Vice President Senior Investment Management Consultant Wealth Management for Entertainers and James R. Cotto Corporate Client Group Director Senior Vice President Senior Investment Management Consultant Wealth Management for Entertainers and Professional Athletes 2000 Westchester Ave 1NC Purchase,

More information

NEW YORK UNIVERSITY Stern School of Business

NEW YORK UNIVERSITY Stern School of Business NEW YORK UNIVERSITY Stern School of Business Spring Term 2005 Investment Banking and Private Equity in Entertainment and Media Instructors: Stephen Finkel, Credit Suisse First Boston Philip Grovit, Goldman

More information

Chartwell Introduction and AEC Capabilities

Chartwell Introduction and AEC Capabilities Chartwell Introduction and AEC Capabilities Comprehensive Financial Advisory Experience Chartwell provides financial advisory solutions to the middle market; areas of expertise include corporate finance,

More information

San Diego Startup Week (SDSW) STARTUP WEEK. is the region s premier catalyst for innovation, creativity & entrepreneurialism.

San Diego Startup Week (SDSW) STARTUP WEEK. is the region s premier catalyst for innovation, creativity & entrepreneurialism. San Diego Startup Week (SDSW) STARTUP WEEK is the region s premier catalyst for innovation, creativity & entrepreneurialism. Big Thank You to Our 2016 Sponsors How To Speak Investor Bridging the gap between

More information

KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018

KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018 KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $104bn AUM $91bn AUM Global Franchise $19bn

More information

Q&A with Samira Salman

Q&A with Samira Salman APRIL 2017 VOL. 5 ISSUE 122 R E P O R T Q&A with Samira Salman Founder of Salman Solutions. Principle Series: Family Office Insights sits down with Samira Salman to discuss successful deal structuring

More information

The Fortress Group at Morgan Stanley

The Fortress Group at Morgan Stanley The Fortress Group at Morgan Stanley 1 PENN PLAZA, 43RD FL NEW YORK, NY 10119 212-643-5781 / MAIN 800-223-4565 / TOLL-FREE 212-714-2546 / FAX http://www.morganstanleyfa.com/thefortressgroup lane.h.katz@ms.com

More information

How to Attract Venture Capital

How to Attract Venture Capital How to Attract Venture Capital and Key Issues to Consider in Your Supply Relationships 6 th Annual Global Pharmaceutical Contract Manufacturing 25 th June 2013 Christian Wyss, VISCHER AG, Switzerland How

More information

KOHLBERG CAPITAL CORPORATION. May 2007

KOHLBERG CAPITAL CORPORATION. May 2007 KOHLBERG CAPITAL CORPORATION May 2007 Safe Harbor Statement Private Securities Litigation Reform Act of 1995 Forward Looking Information This presentation may include forward-looking statements. These

More information

Private Equity & Management Buy-Outs This course is presented in London on: 25 January 2018, 18 May 2018, 25 October 2018

Private Equity & Management Buy-Outs This course is presented in London on: 25 January 2018, 18 May 2018, 25 October 2018 Private Equity & Management Buy-Outs This course is presented in London on: 25 January 2018, 18 May 2018, 25 October 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants

More information

Advisor Practice Management Checklist Practice management checklist for financial advisor use only Based on the book Guerrilla Marketing For

Advisor Practice Management Checklist Practice management checklist for financial advisor use only Based on the book Guerrilla Marketing For Advisor Practice Management Checklist - 2016 Practice management checklist for financial advisor use only Based on the book Guerrilla Marketing For Financial Advisors 2 nd Edition Chapter 1: Do you have

More information

How to Open a Franchise THE ULTIMATE GUIDE. Prepared by:

How to Open a Franchise THE ULTIMATE GUIDE. Prepared by: How to Open a Franchise THE ULTIMATE GUIDE Prepared by: You ve decided to leave your nine to five job and become your own boss. You re going to open your own business. This career shift is a huge undertaking

More information

Take your business to the next level. Get up and running

Take your business to the next level. Get up and running Take your business to the next level Get up and running Quick reference guide It all starts with a vision 4 Getting started with small business registrations 5 Think strategically about your customers

More information

2 nd Quarter Earnings Conference Call

2 nd Quarter Earnings Conference Call 2 nd Quarter Earnings Conference Call KKR & Co. Inc. Investor Update July 26, 2018 Recent Milestones K-1 $ Converted to a Corporation on July 1, 2018 Investor Day held on July 9, 2018 2 Key Metrics Assets

More information

Executive Compensation Strategic Overview

Executive Compensation Strategic Overview August 2009 Executive Compensation Strategic Overview Pacific Northwest Group at Morgan Stanley Smith Barney a corporate client group of Morgan Stanley Smith Barney Eric Flaten Paul Jackson Executive Compensation

More information

Angel Group Update: Q2 2013

Angel Group Update: Q2 2013 Angel Group Update: Q2 2013 Table of Contents Q2 2013 Highlights p. 4 National Trends p. 6 Most Active Angels p.13 Regional Trends p. 16 Sector Trends p. 21 About the Halo Report p. 24 2 Q2 2013 Highlights

More information

Financing Growth Ventures to Minimize Equity Dilution

Financing Growth Ventures to Minimize Equity Dilution Financing Growth Ventures to Minimize Equity Dilution An entrepreneurial team s mission is to develop and grow its venture and to optimize the management team s equity ownership stake. Significant growth

More information

Asia Pacific UK Cross border transactions. Corporate Finance PRECISE. PROVEN. PERFORMANCE.

Asia Pacific UK Cross border transactions. Corporate Finance PRECISE. PROVEN. PERFORMANCE. Asia Pacific UK Cross border transactions PRECISE. PROVEN. PERFORMANCE. Cross border transactions Our services Moore Stephens global network of offices allows us to combine expert knowledge and advice

More information

TECH START-UP CONNECTING ACROSS GEOGRAPHIES

TECH START-UP CONNECTING ACROSS GEOGRAPHIES #ML15MayRathon TECH START-UP CONNECTING ACROSS GEOGRAPHIES Andrew Ray, Partner, Washington DC William Perkins, Partner, Boston James Chapman, Partner, Silicon Valley Joseph Statter, Managing Director,

More information

VIRTU FINANCIAL, INC.

VIRTU FINANCIAL, INC. VIRTU FINANCIAL, INC. FORM 8-K (Current report filing) Filed 04/12/16 for the Period Ending 04/08/16 Address 900 3RD AVENUE, 29TH FLOOR NEW YORK, NY 10022-0100 Telephone 212-418-0100 CIK 0001592386 Symbol

More information

The Evergreen Harbor Group at Morgan Stanley Smith Barney. Client-Focused Wealth Management

The Evergreen Harbor Group at Morgan Stanley Smith Barney. Client-Focused Wealth Management The Evergreen Harbor Group at Morgan Stanley Smith Barney Client-Focused Wealth Management Every investor has the right to know when either risk or opportunity is prevalent in the market. You owe it to

More information

Entrepreneurship WILEY. Third Edition. William D. Bygrave. Andrew Zacharakis. Babson College. Babson College

Entrepreneurship WILEY. Third Edition. William D. Bygrave. Andrew Zacharakis. Babson College. Babson College Entrepreneurship Third Edition William D. Bygrave Babson College Andrew Zacharakis Babson College WILEY CONTENTS i. Preface vii 3 Opportunity Recognition/Shaping, and Reshaping 79 1. The Power of. Entrepreneurship

More information

Evaluating a Report of Invention & Licensing. Technology Development Boot Camp Peter Liao March 25, 2013

Evaluating a Report of Invention & Licensing. Technology Development Boot Camp Peter Liao March 25, 2013 Evaluating a Report of Invention & Licensing Technology Development Boot Camp Peter Liao March 25, 2013 Technology Transfer at UNC Is. The process of forming partnerships with industry for the purpose

More information

B i o g r a p h y Steven M. Egna Steven M. Egna

B i o g r a p h y Steven M. Egna Steven M. Egna B i o g r a p h y Steven M. Egna CBA, CVA, ABAR, CM&AA Valuation Resource Group, LLC 75 Troy Road East Greenbush, New York 12061 P: (518) 479-1008 E: segna@valuationresource.com Steven M. Egna is a Certified

More information

Special Report on Engaged Audience Building. Design Your. Audience Business

Special Report on Engaged Audience Building. Design Your. Audience Business on Engaged Audience Building Design Your Audience Business 4 Steps to Design Your Audience Business 95% of the 172,800 blogs created every day end up abandoned. They re ditched by people who hoped to make

More information

VENTURE CAPITAL. A Guide to Understanding Venture Capital

VENTURE CAPITAL. A Guide to Understanding Venture Capital VENTURE CAPITAL A Guide to Understanding Venture Capital This manual was created as resource guide for members of the Saskatchewan Trade and Export Partnership (STEP). For more information on these manuals

More information

CBC ADVISORS #CBCADVISORS

CBC ADVISORS   #CBCADVISORS CBC ADVISORS www.cbcadvisors.com #CBCADVISORS CBC ADVISORS COMPANY PROFILE As the largest Coldwell Banker Commercial affiliate in the world, CBC Advisors now operates 27 offices coast to coast. Recognized

More information

ANNUAL SHAREHOLDERS MEETING. May 4, 2017

ANNUAL SHAREHOLDERS MEETING. May 4, 2017 ANNUAL SHAREHOLDERS MEETING May 4, 2017 Gregory S. Marcus President and CEO, The Marcus Corporation Thomas F. Kissinger Senior Executive Vice President, General Counsel and Secretary, The Marcus Corporation

More information

The Beacon Group at Morgan Stanley Smith Barney. A guiding light for your financial journey

The Beacon Group at Morgan Stanley Smith Barney. A guiding light for your financial journey The Beacon Group at Morgan Stanley Smith Barney A guiding light for your financial journey 1800 BROADWAY STE 120 BOULDER, CO 80302 720-562-6233 / MAIN 800-787-5218 / TOLL-FREE 303-939-9007 / FAX http://fa.morganstanleyindividual.com/dana.albright/

More information

Raising & Investing an SBIC Fund

Raising & Investing an SBIC Fund Raising & Investing an SBIC Fund pehub Webinar, November 2012 Brad Whitman Partner, Renovus Capital Overview of Renovus Capital SBIC Fund founded in January 2010 Received Greenlight in September 2010 Licensed

More information

4 th Quarter Earnings Conference Call

4 th Quarter Earnings Conference Call 4 th Quarter Earnings Conference Call KKR & Co. Inc. Investor Update February 1, 2019 Key Metrics Assets Under Management Management Fees ($ in billions) ($ in millions) $195 $1,069 $168 $905 $100 $107

More information

WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION

WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION MICHAEL A. NEAL CHAIRMAN AND CEO OF GE CAPITAL AND VICE CHAIRMAN OF GE May 6, 2010 Chairman Angelides, Vice-Chairman Thomas,

More information

ACES GLOBAL CONSULTING PROFILE

ACES GLOBAL CONSULTING PROFILE ACES GLOBAL CONSULTING PROFILE INTRODUCTION We value integrity and work hard to earn and keep our clients trust. We are committed and professional in all undertakings. We are about value addition, being

More information

Wealth Education Development Plan Family Governance & Wealth Education. Morgan Stanley Wealth Management

Wealth Education Development Plan Family Governance & Wealth Education. Morgan Stanley Wealth Management Wealth Education Development Plan Family Governance & Wealth Education Morgan Stanley Wealth Management Family Wealth Education The Family Governance & Wealth Education group helps ultra high net worth

More information

Peter C. Freeman has over 40 year s experience in financial management, creating financial infrastructure and raising capital for established, startup,

Peter C. Freeman has over 40 year s experience in financial management, creating financial infrastructure and raising capital for established, startup, Peter C. Freeman has over 40 year s experience in financial management, creating financial infrastructure and raising capital for established, startup, and turnaround companies. He is an active angel investor

More information

WPI Intellectual Property A day in the life of the tech transfer office. Todd Keiller Director, Intellectual Property and Innovation

WPI Intellectual Property A day in the life of the tech transfer office. Todd Keiller Director, Intellectual Property and Innovation WPI Intellectual Property A day in the life of the tech transfer office Todd Keiller Director, Intellectual Property and Innovation Who does research? Federal and state governments Defense, public health,

More information

Investor Presentation. April 2015

Investor Presentation. April 2015 Investor Presentation April 2015 KKR Global Leader in Alternative Asset Management Private Markets Public Markets Capital Markets Q1 2014 Q1 2015 2 Private Equity Energy $62 bn AUM $37 bn AUM $11.5 bn

More information

Growth and Complexity of Real Estate

Growth and Complexity of Real Estate Growth and Complexity of Real Estate Steven Littman & Jane Lyons, IRC USA - Rhodes Associates Jan. 1, 2015 There is an increasing flow of investment capital into global real estate markets, creating a

More information

FSIC FRANCHISE. Frequently asked questions

FSIC FRANCHISE. Frequently asked questions Frequently asked questions FSIC FRANCHISE 1. What are the details of the announced transaction? FS Investments ( FS ) and KKR Credit ( KKR ) announced an agreement to form a partnership to provide investment

More information

Here is a simple truth: It does not take any more effort to dream big than it does to dream small.

Here is a simple truth: It does not take any more effort to dream big than it does to dream small. Introduction Everyone has to start somewhere. From the largest corporation to the latest Wall Street darling to the current New York Times bestseller, every entrepreneur, author, and trainer started at

More information

The Danish-American Entrepreneurship Summit

The Danish-American Entrepreneurship Summit The Danish-American Entrepreneurship Summit Insights Into the US Venture Capital Markets How to Create A Winning Strategy? Clare Fairfield Do Innovation Development Systems Matter? In 2003, venture backed

More information

The Walton and Hitt Group at Morgan Stanley. La Jolla, CA

The Walton and Hitt Group at Morgan Stanley. La Jolla, CA The Walton and Hitt Group at Morgan Stanley La Jolla, CA 1111 Prospect Street La Jolla, CA 92037 858-729-5048 / MAIN 800-473-2331 / TOLL-FREE 858-551-5117 / FAX www.morganstanleyfa.com/thewaltonandhittgroup

More information

Let me ask you one important question.

Let me ask you one important question. Let me ask you one important question. What business are you in? I mean what business are you really in? If you re like most people you answered that question with the product or service you provide. I

More information

THE STARS GROUP 2017 ANNUAL AND SPECIAL MEETING MANAGEMENT PRESENTATION MAY 10, 2018, TORONTO, 11:30 (ET)

THE STARS GROUP 2017 ANNUAL AND SPECIAL MEETING MANAGEMENT PRESENTATION MAY 10, 2018, TORONTO, 11:30 (ET) Please Note: THE STARS GROUP 2017 ANNUAL AND SPECIAL MEETING MANAGEMENT PRESENTATION MAY 10, 2018, TORONTO, 11:30 (ET) Some of our comments today will contain forward-looking information and statements

More information

MILLENNIUM REPORTS ON RECENT ACTIVITIES AND NEW TRENDS SHAPING THE FUTURE OF THE VENTURE CAPITAL ECOSYSTEM

MILLENNIUM REPORTS ON RECENT ACTIVITIES AND NEW TRENDS SHAPING THE FUTURE OF THE VENTURE CAPITAL ECOSYSTEM MILLENNIUM REPORTS ON RECENT ACTIVITIES AND NEW TRENDS SHAPING THE FUTURE OF THE VENTURE CAPITAL ECOSYSTEM 2011: "THE YEAR OF ALTERNATIVE LIQUIDITY" BEYOND 2011: "A TRILLION DOLLARS WORTH OF PUBLIC MARKET

More information

Stellar Capital Management, LLC

Stellar Capital Management, LLC Stellar Capital Management, LLC 2200 East Camelback Road, Suite 130 Phoenix, Arizona 85016 602.778.0307 Form ADV Part 2B The Brochure Supplement March 30, 2017 This Brochure Supplement provides information

More information

Open Forum. Newton Glassman, Executive Chairman & CEO David Reese, President & COO. October 13, 2015

Open Forum. Newton Glassman, Executive Chairman & CEO David Reese, President & COO. October 13, 2015 Open Forum Newton Glassman, Executive Chairman & CEO David Reese, President & COO October 13, 2015 Note: Callidus financials reflect most recent publicly released data (Q2 earnings, August 2015) 1 Welcome

More information

FUNDING NATIVE AMERICAN ENERGY PROJECTS INVESTOR CONSIDERATIONS CRITICAL ELEMENTS FOR SUCCESS

FUNDING NATIVE AMERICAN ENERGY PROJECTS INVESTOR CONSIDERATIONS CRITICAL ELEMENTS FOR SUCCESS Speaker 23: Thomas Whitman of Whitman Group LLC Page 1 FUNDING NATIVE AMERICAN ENERGY PROJECTS INVESTOR CONSIDERATIONS THE WHITMAN GROUP LLC Tom Whitman, Member 614/212-3003 tom@whitmangroupllc.com CRITICAL

More information