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Improving Portfolio Company Valuations by Working with Operating Executives How Private Equity/Venture CapitalFunds can work with Expert Networks, Interim Executives, Senior Advisor Networks, Executives in Residence, Entrepreneurs in Residence, and Deal Executives Speaker: David Teten www.Teten.com
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© David Teten 2012. More at ffvc.com and teten.com© David Teten 2012. More at ffvc.com and teten.com
How Private Equity and VC Funds Find New Deals and Improve Portfolio Company Valuations by Working with Entrepreneurs and Operating Executives
http://flickr.com/photos/7438870@N04/1329749621/sizes/l/
David TetenPartner, ff Venture Capitalffvc.comteten.com@dtetenNew York, [email protected]
© David Teten 2012. More at ffvc.com and teten.com© David Teten 2012. More at ffvc.com and teten.com
• Selected private equity and venture capital funds
• CEO Trust
• Executive Forum
• Harvard Business School Alumni Career Management Webinar Series
• Harvard Business School Club of Connecticut
• International Executives Resource Group
• Institute for International Research PE Operations conference
Selected Past Audiences for this Presentation
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Introduction
• Expert Networks and Interim Executives
• Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence
• Deal Executives
• Social Media
• Next Steps
Agenda
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Background
David Teten is currently leading the first-ever research study on “Best Practices of Venture Capitalists in Increasing Portfolio Company Value through Operational Improvement”. In 2010, he completed the first-ever research project on “Best Practices in Private Equity and Venture Capital Deal Origination”. His coauthor for the deal origination research was Chris Farmer, Venture Partner, General Catalyst. These slides provide some of the learnings and underlying data from the research studies.
David and Chris have published their findings in the Journal of Private Equity (Winter 2010); Mergers & Acquisitions (December 2010); Institutional Investor (October 2010); and Harvard Business Review (June 2010), among other venues.
Evalueserve, a global research firm and the acquirer of David’s former company (Circle of Experts), provided supporting research and analytics in the initial phases of the deal origination study. For this research, we also thank research associates Yujin Chung (Andreessen Horowitz) and Neha Kumar (Anklesaria Group), and interns Corentin Roux dit Buisson, Dan Clark, Nitin Gupta, and Nikhil Iyer .
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Partner, ff Venture Capital, early-stage technology venture capital fund. Over 100 investments in over 45 companies since 1999.
• Founder and Chairman, Harvard Business School Angels of New York• Founder and Chairman, Navon Partners, startup focused on sourcing deals for private
equity funds• Managing Director, Evalueserve, through September 2008. 2,500-person finance-focused
research and analytics firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve• Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500• Founder and CEO, GoldNames, domain name investment bank, based in Israel• Technology/Defense Investment Banking, Bear Stearns (#1 group at Bear investment
banking by revenues) • Lead author, The Virtual Handshake: Opening Doors and
Closing Deals Online (TheVirtualHandshake.com)• Harvard MBA 1998, Yale BA, both with honors.• Contact: [email protected]
David Teten Biography
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Partner, ff Venture Capital (ffvc.com)• Early-stage technology venture capital fund• Founded 1999, with over 100 investments in over 45 companies• Focus on early stage web-based services companies with disruptive models,
including SaaS, video gaming, digital media, social, mobile and VoIP• First investments typically $50-$250K at valuations of <$5m pre-money• 50% of fund reserved for follow-on investments• Prominent angel investments include:
Cornerstone OnDemand (IPO); Quigo Technologies (sold to AOL for reported $340m); Klout; Hashable; 500px; BetterWorks
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Fund
Com
mitm
ent
Free Agent expenses+upside
Rejected Executives
Senior Advisor / Deal Executiveexpenses+upside
Executive/Entrepreneur in Residence retainer+upside
Portfolio Company / NewCo Management salary+upside
Executive’s Income
Expert Network / Interim Executivehourly comp
Operating Partner / Venture Partnersalary+carry
PE Fund Structural Options in Working with Operating Executives
Private equity funds have a wide range of options in working with executives and entrepreneurs.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Selected Searchable Databases of PE/VC Funds
You can identify institutional investors through one of multiple online databases.
All Investors Private Equity Venture Capital
• Galantes
• Grey House
• VentureXpert
• Pitchbook
• PrivateEquityFirms.com
• Eurekahedge
• Asia PE Research
• AngelList
• Gust
• CrunchBase
• PWC MoneyTree
• TheFunded
• VentureDeal
• Asian Venture Capital
Journal
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Source of Gains in Private Equity-Backed Companies
Ernst & Young 2006 study of 100 exits
Operational improvement drives 71% of value creation in PE-backed companies.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Global economic crisisMost portfolio companies require operating changes to survive
• Investors seek differentiationBain: “as much as 80% of PE returns will come from real performance improvement, rather than … financial structuring.”*
• Maturing Private Equity Industry Larger size and greater complexity leads to greater role specialization
• Risk MitigationOperational perspective add counter-balance to deal team
• Strategy DrivenDeep value investing, turnarounds, mid-market focus, and industry- specialized funds require hands-on approach.
based on Jon Weber, Anchorage Advisors LLC* http://www.bain.com/bainweb/publications/publications_detail.asp?id=10735&menu_url=publications_results.asp
Operational improvement is particularly important now because of the economic landscape and the maturation of the PE industry.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com Matthew Kissner, Kissner Group
Management Environment Before and After PE Investment
PE funds almost always require an upgrade in management, and change management teams if necessary.
Before Investment After InvestmentReporting Independent Have a “boss”
Style Loose, entrepreneurial Financial discipline
Decision making Just do it Board approval
Determining success Divide up the cash at the end of the year
Monthly financials, annual bonuses
Spending Invest as needed Must be justified
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com Matthew Kissner, Kissner Group
Growth Capacity Before and After PE Investment
PE funds require a company to lay capacity for organic and, often, acquisition-led growth.
Success Factors when Small Success Factors for GrowthLean senior executive team Complete senior and mid-
management teamInformal small group dynamics Formal roles, responsibilities, and
systemsAd hoc IT projects – reactive Flexible and scalable IT Cash basis financial systems Strong monthly financial and
operational reportingAll business is good business Customer segmentationLimited prioritization Strategic plan drives priorities
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Introduction
• Expert Networks and Interim Executives
• Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence
• Deal Executives
• Social Media
• Next Steps
Agenda
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Expert Network Access Model
InvestorInvestor BuyersBuyers
AcademicsAcademics
SupplierSupplier
GovernmentGovernment
New EntrantsNew Entrants
CompetitorCompetitorCorporate Alumni
Corporate Alumni
based on Competitive Strategy: Techniques for Analyzing Industries and Competitors, Michael Porter.
ManagementManagement
Expert networks provide investors access to experts from all of the forces that impact a company.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Generalists• Advantus Global (formerly Evalueserve
Circle of Experts) • Gerson Lehrman Group• Coleman Research Group• DeMatteo Monness LLC• Guidepoint Global
Specialty/Other Players• Intota• Kingfish Group• Maven Research• Primary Insight
Selected Leading Expert Networks
The expert network industry is the fastest-growing sector of the investment research sector, with aggregate revenues over $300m.
Medical• MEDACorp (Leerink Swaan)• Sermo
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
USA-focused• Business Talent Group• Highpoint Associates• Point B• 10EQS
Europe-focused• a-connect• Eden McCallum
http://www.flickr.com/photos/opendemocracy/1441901063/
Selected Consultant Networks
Networks of independent consultants have emerged as a new niche, typically engaging in projects of 2-6 months duration.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Selected Interim Executive ProvidersUSA• Business Talent Group• Epoch• Executive Smarts• ForteCEO• Heidrick & Struggles Chief Advisor
Network• Interim America• OnDemand Resources• OneAccord• Tatum Executive Services• Willmark Associates
Europe• Alium Partners• BIE• Brooklands Executives• EIM (Executive Interim
Management)• Impact Executives• Marble Hill Partners
http://www.flickr.com/photos/opendemocracy/1441901063/
The interim executive industry is much better developed in Europe than in the US.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Interact with professional investors and corporations• Strategic, thought-provoking projects• Competitive compensation • Receive fees to introduce colleaguesand the big NO’s:• No membership cost• No marketing cost • No time spent on negotiating or chasing
payment
Benefits To Executive of Participating in Expert Network
http://flickr.com/photos/foundphotoslj/1134148114/
Expert networks are highly attractive to participants, whether working full-time, consultants, or in transition.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Phone calls
• Presentations
• Surveys
• White papers
• Longer consulting projects
http://farm2.static.flickr.com/1318/1134149284_85feb293d3.jpg?v=0
Expert networks engage with experts in a range of ways, but telephone calls are the primary method.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Accept/Reject request within 48 hours
• Consultation strictly between expert and client
• No fixed obligation
http://farm4.static.flickr.com/3274/2866399803_8c9493b42f_o.jpg
Expert networks are designed to require an extremely low level of commitment from experts.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Experience• Industry Recognition• Academic credentials
Access to unique knowledge• Affiliations
Communication skills
Irrelevant: social skills, management skillshttp://www.flickr.com/photos/kanzeon_zen_center/183801709/
Expert Network Selection Criteria
Expert networks assess experts based on their knowledge and ability to share it.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Update your availability and bio• Quantify achievements• Explain how you acquired your
expertise• Insert specific keywords
• Identify firms you touched• Focus on industry-specific
knowledge• Update your bio and profile questions
again based on consults you get
The #1 driver of your participation in expert networks is the quality of data in your online profile.
http://www.flickr.com/photos/edenpictures/3460562429/sizes/z/in/photostream/
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
1. Ask
2. Mail your liaison when you have insight into a hot topic
3. Apply for open projects
4. Go on-call
5. Contribute to Expert Network
news service (e.g., Gerson
Lehrman Group News)
http://www.flickr.com/photos/sarahquinn/124454341/
Successful consultations lead to more consultations. In addition, experts can increase consulting volume through 4 methods:
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Observe compliance restrictions• Review current news• Ask client’s level of background—do they want an introduction or to jump
straight into very specific topics?• Ask questions to understand
the client’s hot buttons• Make sure to answer
client’s key questions• Acknowledge your limits• Offer referrals
http://upload.wikimedia.org/wikipedia/commons/3/3b/Old_key_on_table.jpg
Thorough preparation for a consultation enhances your client ratings.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Register at expert network and interim executive web sites
(and LinkedIn, job boards, etc.)
• Biography
• Hourly billing rate
• Resume
• Consider becoming a public
expert: PRNewsWire ProfNet,
HelpaReporter.com
http://www.flickr.com/photos/twodolla/1764565402/
Next Steps to Becoming an Active Expert Network Member…
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Agenda
• Introduction
• Expert Networks and Interim Executives
• Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence
• Deal Executives
• Social Media
• Next Steps
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
“Senior advisor network” or “Executive network” = investor- sponsored group of executives with ability and willingness to add value to portfolio companies
Industry Expert
Industry Expert
Deal SourceDeal Source
Interim CFOInterim CFOInvestorInvestor
Portfolio Company “C”
Portfolio Company “C”
Portfolio Company “B”
Portfolio Company “B”
Portfolio Company “A”
Portfolio Company “A”
Board Member Board
Member
based on Jon Weber, Anchorage Advisors LLC
Definition
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com based on table from Jon Weber, Anchorage Advisors LLC
Senior Advisor Network vs. Traditional Talent Sources
Senior Advisor networks offer a low-fixed-cost, high-return talent pool option.
Experts and Consultants Senior Advisor Network Executive RecruitmentRelationship Owner
Expert network / consultancy Fund Recruiting firm, then handed over to fund
Duration 1–2 hours to 3 months 6 months–2 years+ Permanent job and board positions
Sample Service Providers
Gerson Lehrman, McKinsey, Evalueserve
Navon Partners, Notch Partners
Heidrick & Struggles, Russell Reynolds, Ignition Search Partners
Illustrative Cost $1,000/hr for expert networks $300–700/hr for consultants
Sometimes retainer, sometimes paid like investment banker
1/3 compensation
Driver of Exec Compensation
Length of consultation Value creation and continued involvement with client companies
Winning full-time employment
Confidentiality NDA possibly. Consultant may “shop” ideas.
Signed, enforceable NDA NDA unusual
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Selected Funds with Senior Advisor Networks
Many leading PE and VC funds have built Senior Advisor Networks.
Private Equity Venture Capital• 3i • Castle Harlan • Cerberus • Irving Place Capital • General Atlantic • Goldman Sachs Special Situations
Group • Sun Capital • Welsh, Carson, Anderson & Stowe
• ff Venture Capital• Great Oaks Venture Capital• 500 Startups
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com http://farm1.static.flickr.com/7/8228640_921246eaa3.jpg?v=0
• Abernathy Group “Collaborative Investing”
• Castle Harlan
• Frontenac
• Institutional Venture
Partners Founders Fund
• Irving Place Capital
(formerly BSMB)
Selected PE Funds with Executive Funds
Some PE funds offer favorable economic terms for executives who are “friends of the firm”.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Agenda
• Introduction
• Expert Networks and Interim Executives
• Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence
• Deal Executives
• Social Media
• Next Steps
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
How Private Equity Views Executives
Job SeekerDeal Resource
Thesis-DrivenDeal Exec
Deal Exec with Letter of Intent
Target-Driven Deal Exec
http://www.flickr.com/photos/chailey/138654755/ . Inspired by Notch Partners.
PE funds are primarily looking for deals, not executives.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• CEO-level leader or direct report to C-level
• 10+ years in industry/related market. 10+ years leading P&L
and preferably also balance sheet experience.
• Clear value creation plan. Understanding of private equity.
• Personal capital to invest
• Ideally: ready management team;
corporate governance skills (board
experience), investor relations experiencehttp://www.flickr.com/photos/ilker/2494740320/
Deal Executive Preferred Profile: Credibility
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Compatible goals
• Aligned incentives
• Personal chemistry
http://www.flickr.com/photos/superrabbit/319538167/
Deal Executive Preferred Profile: Compatibility
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Proactively seeking to identify deals.
• Preferably, has proprietary deal(s)
• Financially stable to go without salary during search
• Spousal support
• 100% committed to a risky process not
fully in your control
• Entrepreneurial and sales oriented
• Can relocate
• Prefer: acquisition experience.
http://flickr.com/photos/krikit/2745563123/sizes/o/
Deal Executive Preferred Profile: Deal-Catcher
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/bfurlong/2351689062/ . Based on Notch Partners and many other sources.
• Clear definition of industry – niche, size, geography, etc.• Transaction rationale consistent with company’s growth prospects• Basic financial markets analysis: trading range, feasibility• Outline of value-creation opportunities• Plan for pursuing those sources of value• Explanation of why you/ your team are ideally suited to lead effort • Roster of 5-20 target companies• Status of discussions with targets
(if any)• Thoughts on likely exit (IPO, strategic
buyer)
Elements of a Deal Thesis
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Review industry for feasibility:• Market trends (opportunistic
research analysis)• Valuation analysis• Capital-intensity requirements• Fragmentation analysis
• Profile executive to assess candidacy• Source companies• Source sponsors
http://www.flickr.com/photos/pfala/3036252334/
Navon Partners works with executives throughout the process to help execute a transaction.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
1) Find the company and get close to signing a Letter of Intent, and then pursue sponsor
2) Find sponsor and then search for company.• Executive + Navon Partners screens
for funds with track record of pursuing executive-led transactions and interest in industry
• More important to use this strategy with larger deals
http://www.flickr.com/photos/thalamus/3560789785/
An executive has two main paths to choose from in pursuing a transaction:
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Secrecy• Continuity• Speed• Lower investment banking fees• “Dummy insurance”: easier to keep a stake in the spunoff
company• Trust/proven competency• Relationship with the Board of Directors
Rick Rickertson, Buyout: The Insider’s Guide to Buying Your Own Company, 49-50.
Primary Reasons Some Companies Prefer Selling to Management
Many companies prefer to sell to management, even at risk of a lower price than they might get from an auction.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
• Teaser • Business plan• Executive profile• Forecasts
• Strategic• Operational• Financial
http://www.flickr.com/photos/11846056@N06/3110329005/
Elements of a Deal Memo
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com Based on Post Capital, http://www.defenselink.mil/dodcmsshare/newsphoto/2008-03/hires_080301-F-2319R-006.jpg
• Introduction
• Initial meetings
• Assessment of investment thesis
Duration: 2-4 weeks
Step 1 of 5: Launch Relationship with Fund
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com Based on Post Capital, picasaweb.google.com/lh/photo/FOHUbVdTEYKdftpmi6TkXQ
• Refine thesis
• Agree on compensation/economics
and exclusivity
• Background check
• Formulate deal origination plan
Step 2 of 5: Finalize partnership between executive and fund
Duration: 1-4 weeks
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com Based on Mario Kyd, Unlimited Horizons; http://www.flickr.com/photos/carve/2856365431/
• Inefficiencies within a market segment or industry• Ineffective processes• Outdated business models• Competition from low cost countries• Novel product, process or idea• Rollup of fragmented industry• Industry changes (read the trade rags)
Concept-Driven Approach (e.g., with investment banker)
Step 3 of 5: Identify/Contact Opportunities
Duration: 1-12 months
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com Based on Mario Kyd, Unlimited Horizons; http://www.flickr.com/photos/jurvetson/3346659199/
• Former employers, suppliers,
customers, competitors
• Investment bankers, brokers,
accountants, lawyers
• Attend conferences
• Look for reasons why people sell
Opportunistic Approach (Network), led by Executive
Step 3 of 5: Identify/Contact Opportunities (cont’d)
Duration: 1-12 months
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com based on Post Capital; Lapis Group; numerous other sources. http://www.flickr.com/photos/matt_gibson/954340171/
• Company meetings• Negotiate• Due Diligence
• Can a deal be made?• Can we interest investors?• Can you “drive” the deal?
Step 4 of 5: Evaluate Targets
Duration: up to 3 months
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com Based on Post Capital upload.wikimedia.org/wikipedia/commons/4/47/Tower_Bridge_closing.jpg
• Finalize documentation
• Finalize financing
Step 5 of 5: Closing
Duration: up to 3 months
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
This does not reflect compensation for an executive’s role as a company employee post-deal. Note that transaction fee and carry are inversely related. * Robert Seber, Dechert LLP, “Transaction and Monitoring Fees: Does Anything Go?”, 2003.
** The PEG’s fund documents will generally discuss whether a portion of that fee (often half) is set off against management fees that the LP’s would otherwise owe.Other data based on Akoya Capital, Oberon Securities, and other interviewees.
Typical Economics for Mid-Market Private Equity Acquisition, for PEG, Deal Finders, Investment Bankers, and other ExecutivesFee Type This entity Pays to PEG Other partiesTransaction Fees
Capital providers
0.5-3.4% deal size*
PEG pays finder’s fee of 1-3% of enterprise value to deal finder + buy-side investment bank (if any).Company (specifically selling shareholders) pay investment banker seller’s fee.
Monitoring Fees
Company 0.2%-4.4% EBITDA (median 1.2%)*,**
Company pays outside board members for ongoing services (~$5K+/meeting + equity incentives)
Expenses Company Post-deal expenses, not pre-deal
Important for buy-side operating exec/investment banker to get PEG to commit to pay broken deal costs.
Carry Limited Partners
~1% assets + ~20% carry
Company may pay deal finder some carry, typically 2-8%, on total capital invested by fund. May require passing a performance mark.
Investment rights
- - Usually unlimited co-invest rights for executives involved, with no PEG management fee. Executives will, however, pay pro rata monitoring/other fees.
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Agenda
• Introduction
• Expert Networks and Interim Executives
• Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence
• Deal Executives
• Social Media
• Next Steps
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Biography analysis software allows searches by common affinity and more effective subsequent outreach.
• Boardex• Jigsaw• Pipl• Honestly• ZoomInfo
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Private Equity News• Dealbook.blogs.nytimes.com• PEHub.com• PENews.com• PrivateEquityInfo.com
Venture Capital News• Mercurynews.com/vc• Techcrunch.com• Mashable.com
PE / VC News
Intro Advisor Social Next StepsExpert Deal Exec
© David Teten 2012. More at ffvc.com and teten.com
Private Equity Focus
• ACG.org
• Angelsoft.net
• Finemrespice.com/subrosa
• Village.Albourne.com
Public Markets Focus
• FTAlphaville.FT.com/longroom
• SumZero.com
• ValueInvestorsClub.com
• Village.Albourne.com
Sample Gated Communities for Investors
Next StepsIntro AdvisorExpert Deal Exec Social
© David Teten 2012. More at ffvc.com and teten.com
Agenda
• Introduction
• Expert Networks and Interim Executives
• Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence
• Deal Executives
• Social Media
• Next Steps
Next StepsIntro AdvisorExpert Deal Exec Social
© David Teten 2012. More at ffvc.com and teten.com
• The Virtual Handshake: Opening Doors and Closing Deals Online, David Teten and Scott Allen
• Buyout: The Insider’s Guide to Buying Your Own Company, Rick Rickertson
• goodreads.com/teten
Suggested Reading
Next StepsIntro AdvisorExpert Deal Exec Social
© David Teten 2012. More at ffvc.com and teten.com
Any questions ?
Slides at teten.com/operating-executives
More resources at ffvc.com and teten.com