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EXIT	
  STRATEGIES	
  
Luke	
  Roush	
  
Managing	
  Partner	
  –	
  Sovereign’s	
  Capital	
  
December	
  5,	
  2013	
  

1	
  
SOVEREIGN’S	
  CAPITAL	
  
   Focus	
  on	
  Healthcare,	
  IT/
Telecom,	
  and	
  Consumer	
  
Products.	
  
   Focus	
  on	
  companies	
  with	
  
validated	
  business	
  model	
  
and	
  success	
  to-­‐date.	
  
   Focus	
  on	
  strong	
  values	
  
alignment	
  and	
  positive	
  
social	
  impact,	
  informed	
  by	
  
faith	
  background	
  of	
  
partners.	
  
2	
  
WHY	
  DO	
  I	
  LIVE	
  IN	
  JAKARTA?	
  

3	
  
WHAT	
  IS	
  AN	
  “EXIT”	
  (AKA	
  “LIQUIDITY”)?	
  	
  

4	
  
WHY	
  DO	
  EXIT	
  STRATEGIES	
  MATTER?	
  
   To	
  the	
  entrepreneur…	
  
   To	
  the	
  management	
  team…	
  
   To	
  investors…	
  

5	
  
MATCHING	
  THE	
  EXIT	
  STRATEGY	
  WITH	
  THE	
  
BUSINESS	
  –	
  NOT	
  ‘ONE	
  SIZE	
  FITS	
  ALL’	
  
   Debt	
  Liquidity:	
  

   Is	
  usually	
  structured	
  
   Can	
  be	
  term	
  structured	
  loan,	
  or	
  balloon,	
  or	
  creative	
  and	
  more	
  equity-­‐like	
  
   ‘Convertible	
  Loan’	
  à	
  loan	
  that	
  converts	
  into	
  equity	
  at	
  some	
  point	
  in	
  time,	
  at	
  some	
  
price…it’s	
  all	
  negotiable.	
  At	
  this	
  point,	
  see	
  below.	
  

   Equity	
  Liquidity:	
  

   IPO	
  
   M&A	
  
   Buyout	
  
   Mgmt	
  Buyback	
  
   Cash	
  Flow	
  Business	
  
6	
  
EQUITY	
  LIQUIDITY	
  
   Management’s	
  View	
  of	
  the	
  World:	
  
   Timeframe	
  &	
  Return	
  Expectations	
  
   How	
  are	
  different	
  classes	
  of	
  equity	
  treated?	
  	
  
   Your	
  Role	
  post-­‐sale?	
  

   Investors’	
  View	
  of	
  the	
  World:	
  
   Timeframe	
  +	
  Risk/Return	
  Continuum	
  

   Buyer’s	
  View	
  of	
  the	
  World:	
  
   Strategic	
  vs.	
  Financial?	
  	
  
7	
  
KEY	
  POINTS	
  
   The	
  business	
  and	
  the	
  market	
  should	
  direct	
  your	
  planning	
  around	
  exit	
  strategy.	
  
   More	
  pathways	
  /	
  buyers	
  for	
  your	
  company	
  is	
  a	
  good	
  thing.	
  If	
  you	
  only	
  have	
  one	
  
buyer	
  /	
  one	
  exit	
  pathway,	
  it’s	
  not	
  good…no	
  leverage.	
  
   Investors	
  can	
  be	
  very	
  helpful	
  advisors	
  in	
  this	
  planning	
  process,	
  but	
  they	
  can	
  also	
  
be	
  overly	
  meddlesome…beware.	
  
   Plans	
  are	
  important,	
  but	
  be	
  prepared	
  for	
  change.	
  Talk	
  about	
  expectations	
  openly	
  
with	
  investors…upfront	
  and	
  ongoing	
  as	
  things	
  evolve.	
  
8	
  
EXIT	
  STRATEGIES	
  
Luke	
  Roush	
  
Managing	
  Partner	
  –	
  Sovereign’s	
  Capital	
  
December	
  5,	
  2013	
  

9	
  

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Exit strategy luke-roush

  • 1. EXIT  STRATEGIES   Luke  Roush   Managing  Partner  –  Sovereign’s  Capital   December  5,  2013   1  
  • 2. SOVEREIGN’S  CAPITAL      Focus  on  Healthcare,  IT/ Telecom,  and  Consumer   Products.      Focus  on  companies  with   validated  business  model   and  success  to-­‐date.      Focus  on  strong  values   alignment  and  positive   social  impact,  informed  by   faith  background  of   partners.   2  
  • 3. WHY  DO  I  LIVE  IN  JAKARTA?   3  
  • 4. WHAT  IS  AN  “EXIT”  (AKA  “LIQUIDITY”)?     4  
  • 5. WHY  DO  EXIT  STRATEGIES  MATTER?      To  the  entrepreneur…      To  the  management  team…      To  investors…   5  
  • 6. MATCHING  THE  EXIT  STRATEGY  WITH  THE   BUSINESS  –  NOT  ‘ONE  SIZE  FITS  ALL’      Debt  Liquidity:      Is  usually  structured      Can  be  term  structured  loan,  or  balloon,  or  creative  and  more  equity-­‐like      ‘Convertible  Loan’  à  loan  that  converts  into  equity  at  some  point  in  time,  at  some   price…it’s  all  negotiable.  At  this  point,  see  below.      Equity  Liquidity:      IPO      M&A      Buyout      Mgmt  Buyback      Cash  Flow  Business   6  
  • 7. EQUITY  LIQUIDITY      Management’s  View  of  the  World:      Timeframe  &  Return  Expectations      How  are  different  classes  of  equity  treated?        Your  Role  post-­‐sale?      Investors’  View  of  the  World:      Timeframe  +  Risk/Return  Continuum      Buyer’s  View  of  the  World:      Strategic  vs.  Financial?     7  
  • 8. KEY  POINTS      The  business  and  the  market  should  direct  your  planning  around  exit  strategy.      More  pathways  /  buyers  for  your  company  is  a  good  thing.  If  you  only  have  one   buyer  /  one  exit  pathway,  it’s  not  good…no  leverage.      Investors  can  be  very  helpful  advisors  in  this  planning  process,  but  they  can  also   be  overly  meddlesome…beware.      Plans  are  important,  but  be  prepared  for  change.  Talk  about  expectations  openly   with  investors…upfront  and  ongoing  as  things  evolve.   8  
  • 9. EXIT  STRATEGIES   Luke  Roush   Managing  Partner  –  Sovereign’s  Capital   December  5,  2013   9