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Who Decides When To Exit?

41 点作者 adityakothadiya超过 15 年前

1 comment

rg超过 15 年前
Even when a startup seems to be doing very well, and is able to attract new rounds on favorable valuations, the insiders may be able to discern weaknesses such as weak or quarrelling founders, VCs with defocusing aspirations, or strategies with limited term potential (e.g., reliance on a third party such as Yodlee for critical technology). This means that chances of continuing success are lower than appears to outsiders, and the insiders are wise to sell at the temporarily favorable valuations. The VCs can be easily convinced to agree merely by frank discussion of the weaknesses, but both the founders and the VCs are motivated to claim that the sale was best for everyone, and to have the initial transition or work-out go smoothly. Once the money is in the bank and any hold-backs are settled and released, there is time to drift away from the acquirer.