Entrepreneurial Finance and Venture Capital

  1. Exit Strategies
    1. Strategic Acquisition
      1. Rationale for Selling
        1. Identifying Potential Acquirers
          1. The M&A Process
            1. Letter of Intent
              1. Due Diligence by Acquirer
                1. Negotiating the Definitive Agreement
                2. Financial Buyers
                  1. Strategic Buyers
                  2. Initial Public Offering
                    1. Rationale for Going Public
                      1. The IPO Process
                        1. Selecting Underwriters
                          1. The S-1 Filing and the SEC
                            1. The Roadshow
                              1. Pricing and Allocation
                              2. Life as a Public Company
                                1. Ongoing Reporting Requirements
                                  1. Investor Relations
                                2. Other Exit Paths
                                  1. Secondary Sales
                                    1. Sale of Shares to Third Parties
                                      1. Liquidity for Early Investors
                                      2. Management Buyout
                                        1. Structure of MBOs
                                          1. Financing MBOs
                                          2. Liquidation and Wind-Down
                                            1. Orderly Dissolution
                                              1. Asset Distribution
                                            2. Distribution of Proceeds
                                              1. The Liquidation Waterfall
                                                1. Order of Payouts
                                                  1. Impact of Preferences
                                                  2. Calculating Returns for Investors and Founders
                                                    1. Return Multiples
                                                      1. IRR Calculations

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                                                  9. Scaling and Subsequent Funding Rounds

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                                                  11. Special Topics in Entrepreneurial Finance