Improving Portfolio Company Valuations by Working with Operating Executives

  • 10,359 views
Uploaded on

Improving Portfolio Company Valuations by Working with Operating Executives …

Improving Portfolio Company Valuations by Working with Operating Executives

How Private Equity/Venture Capital Funds 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

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
  • nice presentation, i would like to share the CV of one of the most distinguished executives worldwide, Cesar Alierta, President of Telefonica: http://en.wikipedia.org/wiki/C%C3%A9sar_Alierta
    Are you sure you want to
    Your message goes here
No Downloads

Views

Total Views
10,359
On Slideshare
0
From Embeds
0
Number of Embeds
7

Actions

Shares
Downloads
529
Comments
1
Likes
14

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. How Private Equity and VC Funds Find New Deals and Improve Portfolio Company Valuations by Working with Entrepreneurs and Operating Executives David Teten Partner, ff Venture Capital ffvc.com teten.com @dteten New York, NY info@teten.com© David Teten 2012. More at ffvc.com and teten.com http://flickr.com/photos/7438870@N04/1329749621/sizes/l/
  • 2. Selected Past Audiences for this Presentation • 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© David Teten 2012. More at ffvc.com and teten.com
  • 3. Intro Expert Advisor Deal Exec Social Next Steps Agenda • Introduction • Expert Networks and Interim Executives • Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence • Deal Executives • Social Media • Next Steps© David Teten 2012. More at ffvc.com and teten.com
  • 4. Intro Expert Advisor Deal Exec Social Next Steps 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 .© David Teten 2012. More at ffvc.com and teten.com
  • 5. Intro Expert Advisor Deal Exec Social Next Steps David Teten Biography • 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: info@teten.com© David Teten 2012. More at ffvc.com and teten.com
  • 6. Intro Expert Advisor Deal Exec Social Next Steps 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© David Teten 2012. More at ffvc.com and teten.com
  • 7. Intro Expert Advisor Deal Exec Social Next Steps Private equity funds have a wide range of options in working with executives and entrepreneurs. PE Fund Structural Options in Working with Operating Executives Operating Partner / Venture Partner salary+carry Portfolio Company / NewCo Management Fund Commitment salary+upside Executive/Entrepreneur in Residence retainer+upside Senior Advisor / Deal Executive expenses+upside Free Agent expenses+upside Expert Network / Interim Executive hourly comp Rejected Executives© David Teten 2012. More at ffvc.com and teten.com Executive’s Income
  • 8. Intro Expert Advisor Deal Exec Social Next Steps You can identify institutional investors through one of multiple online databases. Selected Searchable Databases of PE/VC Funds All Investors Private Equity Venture Capital • Galantes • Pitchbook • AngelList • Grey House • PrivateEquityFirms.com • Gust • VentureXpert • Eurekahedge • CrunchBase • Asia PE Research • PWC MoneyTree • TheFunded • VentureDeal • Asian Venture Capital Journal© David Teten 2012. More at ffvc.com and teten.com
  • 9. Intro Expert Advisor Deal Exec Social Next Steps Operational improvement drives 71% of value creation in PE-backed companies. Source of Gains in Private Equity-Backed Companies© David Teten 2012. More at ffvc.com and teten.com Ernst & Young 2006 study of 100 exits
  • 10. Intro Expert Advisor Deal Exec Social Next Steps Operational improvement is particularly important now because of the economic landscape and the maturation of the PE industry. • Global economic crisis Most portfolio companies require operating changes to survive • Investors seek differentiation Bain: “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 Mitigation Operational perspective add counter-balance to deal team • Strategy Driven Deep value investing, turnarounds, mid-market focus, and industry- specialized funds require hands-on approach. based on Jon Weber, Anchorage Advisors LLC© David Teten 2012. More at ffvc.com and teten.com * http://www.bain.com/bainweb/publications/publications_detail.asp?id=10735&menu_url=publications_results.asp
  • 11. Intro Expert Advisor Deal Exec Social Next Steps PE funds almost always require an upgrade in management, and change management teams if necessary. Management Environment Before and After PE Investment Before Investment After Investment Reporting Independent Have a “boss” Style Loose, entrepreneurial Financial discipline Decision making Just do it Board approval Determining success Divide up the cash at the Monthly financials, end of the year annual bonuses Spending Invest as needed Must be justified Matthew Kissner, Kissner Group© David Teten 2012. More at ffvc.com and teten.com
  • 12. Intro Expert Advisor Deal Exec Social Next Steps PE funds require a company to lay capacity for organic and, often, acquisition-led growth. Growth Capacity Before and After PE Investment Success Factors when Small Success Factors for Growth Lean senior executive team Complete senior and mid- management team Informal small group dynamics Formal roles, responsibilities, and systems Ad hoc IT projects – reactive Flexible and scalable IT Cash basis financial systems Strong monthly financial and operational reporting All business is good business Customer segmentation Limited prioritization Strategic plan drives priorities Matthew Kissner, Kissner Group© David Teten 2012. More at ffvc.com and teten.com
  • 13. Intro Expert Advisor Deal Exec Social Next Steps Agenda • Introduction • Expert Networks and Interim Executives • Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence • Deal Executives • Social Media • Next Steps© David Teten 2012. More at ffvc.com and teten.com
  • 14. Intro Expert Advisor Deal Exec Social Next Steps Expert networks provide investors access to experts from all of the forces that impact a company. Expert Network Access Model Corporate Competitor Alumni Supplier New Entrants Management Investor Buyers Government Academics© David Teten 2012. More at ffvc.com and teten.com based on Competitive Strategy: Techniques for Analyzing Industries and Competitors, Michael Porter.
  • 15. Intro Expert Advisor Deal Exec Social Next Steps The expert network industry is the fastest-growing sector of the investment research sector, with aggregate revenues over $300m. Selected Leading Expert Networks Generalists Specialty/Other Players • Advantus Global (formerly Evalueserve • Intota Circle of Experts) • Kingfish Group • Gerson Lehrman Group • Maven Research • Coleman Research Group • Primary Insight • DeMatteo Monness LLC • Guidepoint Global Medical • MEDACorp (Leerink Swaan) • Sermo© David Teten 2012. More at ffvc.com and teten.com
  • 16. Intro Expert Advisor Deal Exec Social Next Steps Networks of independent consultants have emerged as a new niche, typically engaging in projects of 2-6 months duration. Selected Consultant Networks USA-focused Europe-focused • Business Talent Group • a-connect • Highpoint Associates • Eden McCallum • Point B • 10EQS© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/opendemocracy/1441901063/
  • 17. Intro Expert Advisor Deal Exec Social Next Steps The interim executive industry is much better developed in Europe than in the US. Selected Interim Executive Providers USA Europe • Business Talent Group • Alium Partners • Epoch • BIE • Executive Smarts • Brooklands Executives • ForteCEO • EIM (Executive Interim • Heidrick & Struggles Chief Advisor Management) Network • Impact Executives • Interim America • Marble Hill Partners • OnDemand Resources • OneAccord • Tatum Executive Services • Willmark Associates© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/opendemocracy/1441901063/
  • 18. Intro Expert Advisor Deal Exec Social Next Steps Expert networks are highly attractive to participants, whether working full-time, consultants, or in transition. Benefits To Executive of Participating in Expert Network • Interact with professional investors and corporations • Strategic, thought-provoking projects • Competitive compensation • Receive fees to introduce colleagues and the big NO’s: • No membership cost • No marketing cost • No time spent on negotiating or chasing payment© David Teten 2012. More at ffvc.com and teten.com http://flickr.com/photos/foundphotoslj/1134148114/
  • 19. Intro Expert Advisor Deal Exec Social Next Steps Expert networks engage with experts in a range of ways, but telephone calls are the primary method. • Phone calls • Presentations • Surveys • White papers • Longer consulting projects© David Teten 2012. More at ffvc.com and teten.com http://farm2.static.flickr.com/1318/1134149284_85feb293d3.jpg?v=0
  • 20. Intro Expert Advisor Deal Exec Social Next Steps Expert networks are designed to require an extremely low level of commitment from experts. • Accept/Reject request within 48 hours • Consultation strictly between expert and client • No fixed obligation© David Teten 2012. More at ffvc.com and teten.com http://farm4.static.flickr.com/3274/2866399803_8c9493b42f_o.jpg
  • 21. Intro Expert Advisor Deal Exec Social Next Steps Expert networks assess experts based on their knowledge and ability to share it. Expert Network Selection Criteria Experience • Industry Recognition • Academic credentials Access to unique knowledge • Affiliations Communication skills Irrelevant: social skills, management skills© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/kanzeon_zen_center/183801709/
  • 22. Intro Expert Advisor Deal Exec Social Next Steps The #1 driver of your participation in expert networks is the quality of data in your online profile. • 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© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/edenpictures/3460562429/sizes/z/in/photostream/
  • 23. Intro Expert Advisor Deal Exec Social Next Steps Successful consultations lead to more consultations. In addition, experts can increase consulting volume through 4 methods: 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)© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/sarahquinn/124454341/
  • 24. Intro Expert Advisor Deal Exec Social Next Steps Thorough preparation for a consultation enhances your client ratings. • 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© David Teten 2012. More at ffvc.com and teten.com http://upload.wikimedia.org/wikipedia/commons/3/3b/Old_key_on_table.jpg
  • 25. Intro Expert Advisor Deal Exec Social Next Steps Next Steps to Becoming an Active Expert Network Member… • 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© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/twodolla/1764565402/
  • 26. Intro Expert Advisor Deal Exec Social Next Steps Agenda • Introduction • Expert Networks and Interim Executives • Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence • Deal Executives • Social Media • Next Steps© David Teten 2012. More at ffvc.com and teten.com
  • 27. Intro Expert Advisor Deal Exec Social Next Steps Definition “Senior advisor network” or “Executive network” = investor- sponsored group of executives with ability and willingness to add value to portfolio companies Board Member Portfolio Company “A” Interim CFO Investor Portfolio Industry Company “B” Expert Portfolio Company “C” Deal Source© David Teten 2012. More at ffvc.com and teten.com based on Jon Weber, Anchorage Advisors LLC
  • 28. Intro Expert Advisor Deal Exec Social Next Steps Senior Advisor networks offer a low-fixed-cost, high-return talent pool option. Senior Advisor Network vs. Traditional Talent Sources Experts and Consultants Senior Advisor Network Executive Recruitment Relationship Expert network / consultancy Fund Recruiting firm, then Owner handed over to fund Duration 1–2 hours to 3 months 6 months–2 years+ Permanent job and board positions Sample Service Gerson Lehrman, McKinsey, Navon Partners, Notch Heidrick & Struggles, Providers Evalueserve Partners Russell Reynolds, Ignition Search Partners Illustrative Cost $1,000/hr for expert networks Sometimes retainer, 1/3 compensation $300–700/hr for consultants sometimes paid like investment banker Driver of Exec Length of consultation Value creation and Winning full-time Compensation continued involvement employment with client companies Confidentiality NDA possibly. Consultant may Signed, enforceable NDA NDA unusual “shop” ideas. based on table from Jon Weber, Anchorage Advisors LLC© David Teten 2012. More at ffvc.com and teten.com
  • 29. Intro Expert Advisor Deal Exec Social Next Steps Many leading PE and VC funds have built Senior Advisor Networks. Selected Funds with Senior Advisor Networks Private Equity Venture Capital • 3i • ff Venture Capital • Castle Harlan • Great Oaks Venture Capital • Cerberus • 500 Startups • Irving Place Capital • General Atlantic • Goldman Sachs Special Situations Group • Sun Capital • Welsh, Carson, Anderson & Stowe© David Teten 2012. More at ffvc.com and teten.com
  • 30. Intro Expert Advisor Deal Exec Social Next Steps Some PE funds offer favorable economic terms for executives who are “friends of the firm”. Selected PE Funds with Executive Funds • Abernathy Group “Collaborative Investing” • Castle Harlan • Frontenac • Institutional Venture Partners Founders Fund • Irving Place Capital (formerly BSMB)© David Teten 2012. More at ffvc.com and teten.com http://farm1.static.flickr.com/7/8228640_921246eaa3.jpg?v=0
  • 31. Intro Expert Advisor Deal Exec Social Next Steps Agenda • Introduction • Expert Networks and Interim Executives • Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence • Deal Executives • Social Media • Next Steps© David Teten 2012. More at ffvc.com and teten.com
  • 32. Intro Expert Advisor Deal Exec Social Next Steps PE funds are primarily looking for deals, not executives. How Private Equity Views Executives Deal Exec with Letter of Intent Thesis-Driven Deal Exec Target-Driven Deal Exec Deal Resource Job Seeker© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/chailey/138654755/ . Inspired by Notch Partners.
  • 33. Intro Expert Advisor Deal Exec Social Next Steps Deal Executive Preferred Profile: Credibility • 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 experience© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/ilker/2494740320/
  • 34. Intro Expert Advisor Deal Exec Social Next Steps Deal Executive Preferred Profile: Compatibility • Compatible goals • Aligned incentives • Personal chemistry© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/superrabbit/319538167/
  • 35. Intro Expert Advisor Deal Exec Social Next Steps Deal Executive Preferred Profile: Deal-Catcher • 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.© David Teten 2012. More at ffvc.com and teten.com http://flickr.com/photos/krikit/2745563123/sizes/o/
  • 36. Intro Expert Advisor Deal Exec Social Next Steps Elements of a Deal Thesis • 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)© 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.
  • 37. Intro Expert Advisor Deal Exec Social Next Steps Navon Partners works with executives throughout the process to help execute a transaction. • 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© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/pfala/3036252334/
  • 38. Intro Expert Advisor Deal Exec Social Next Steps An executive has two main paths to choose from in pursuing a transaction: 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© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/thalamus/3560789785/
  • 39. Intro Expert Advisor Deal Exec Social Next Steps Many companies prefer to sell to management, even at risk of a lower price than they might get from an auction. Primary Reasons Some Companies Prefer Selling to Management • 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.© David Teten 2012. More at ffvc.com and teten.com
  • 40. Intro Expert Advisor Deal Exec Social Next Steps Elements of a Deal Memo • Teaser • Business plan • Executive profile • Forecasts • Strategic • Operational • Financial© David Teten 2012. More at ffvc.com and teten.com http://www.flickr.com/photos/11846056@N06/3110329005/
  • 41. Intro Expert Advisor Deal Exec Social Next Steps Step 1 of 5: Launch Relationship with Fund • Introduction • Initial meetings • Assessment of investment thesis Duration: 2-4 weeks© 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
  • 42. Intro Expert Advisor Deal Exec Social Next Steps Step 2 of 5: Finalize partnership between executive and fund • Refine thesis • Agree on compensation/economics and exclusivity • Background check • Formulate deal origination plan Duration: 1-4 weeks© David Teten 2012. More at ffvc.com and teten.com Based on Post Capital, picasaweb.google.com/lh/photo/FOHUbVdTEYKdftpmi6TkXQ
  • 43. Intro Expert Advisor Deal Exec Social Next Steps Step 3 of 5: Identify/Contact Opportunities Concept-Driven Approach (e.g., with investment banker) • 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) Duration: 1-12 months© David Teten 2012. More at ffvc.com and teten.com Based on Mario Kyd, Unlimited Horizons; http://www.flickr.com/photos/carve/2856365431/
  • 44. Intro Expert Advisor Deal Exec Social Next Steps Step 3 of 5: Identify/Contact Opportunities (cont’d) Opportunistic Approach (Network), led by Executive • Former employers, suppliers, customers, competitors • Investment bankers, brokers, accountants, lawyers • Attend conferences • Look for reasons why people sell Duration: 1-12 months© David Teten 2012. More at ffvc.com and teten.com Based on Mario Kyd, Unlimited Horizons; http://www.flickr.com/photos/jurvetson/3346659199/
  • 45. Intro Expert Advisor Deal Exec Social Next Steps Step 4 of 5: Evaluate Targets • Company meetings • Negotiate • Due Diligence • Can a deal be made? • Can we interest investors? • Can you “drive” the deal? Duration: up to 3 months© 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/
  • 46. Intro Expert Advisor Deal Exec Social Next Steps Step 5 of 5: Closing • Finalize documentation • Finalize financing Duration: up to 3 months© 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
  • 47. Intro Expert Advisor Deal Exec Social Next Steps Typical Economics for Mid-Market Private Equity Acquisition, for PEG, Deal Finders, Investment Bankers, and other Executives Fee Type This entity Pays to PEG Other parties Transaction Capital 0.5-3.4% PEG pays finder’s fee of 1-3% of enterprise value to deal finder + Fees providers deal size* buy-side investment bank (if any). Company (specifically selling shareholders) pay investment banker seller’s fee. Monitoring Company 0.2%-4.4% Company pays outside board members for ongoing services Fees EBITDA (median (~$5K+/meeting + equity incentives) 1.2%)*,** Expenses Company Post-deal Important for buy-side operating exec/investment banker to get PEG expenses, to commit to pay broken deal costs. not pre-deal Carry Limited ~1% assets + Company may pay deal finder some carry, typically 2-8%, on total Partners ~20% carry capital invested by fund. May require passing a performance mark. Investment - - Usually unlimited co-invest rights for executives involved, with no rights PEG management fee. Executives will, however, pay pro rata monitoring/other fees. 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.© David Teten 2012. More at ffvc.com and teten.com Other data based on Akoya Capital, Oberon Securities, and other interviewees.
  • 48. Intro Expert Advisor Deal Exec Social Next Steps Agenda • Introduction • Expert Networks and Interim Executives • Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence • Deal Executives • Social Media • Next Steps© David Teten 2012. More at ffvc.com and teten.com
  • 49. Intro Expert Advisor Deal Exec Social Next Steps Biography analysis software allows searches by common affinity and more effective subsequent outreach. • Boardex • Jigsaw • Pipl • Honestly • ZoomInfo© David Teten 2012. More at ffvc.com and teten.com
  • 50. Intro Expert Advisor Deal Exec Social Next Steps PE / VC News Private Equity News • Dealbook.blogs.nytimes.com • PEHub.com • PENews.com • PrivateEquityInfo.com Venture Capital News • Mercurynews.com/vc • Techcrunch.com • Mashable.com© David Teten 2012. More at ffvc.com and teten.com
  • 51. Intro Expert Advisor Deal Exec Social Next Steps Sample Gated Communities for Investors Private Equity Focus Public Markets Focus • ACG.org • FTAlphaville.FT.com/longroom • Angelsoft.net • SumZero.com • Finemrespice.com/subrosa • ValueInvestorsClub.com • Village.Albourne.com • Village.Albourne.com© David Teten 2012. More at ffvc.com and teten.com
  • 52. Intro Expert Advisor Deal Exec Social Next Steps Agenda • Introduction • Expert Networks and Interim Executives • Senior Advisor Networks, Executives in Residence, and Entrepreneurs in Residence • Deal Executives • Social Media • Next Steps© David Teten 2012. More at ffvc.com and teten.com
  • 53. Intro Expert Advisor Deal Exec Social Next Steps Suggested Reading • 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© David Teten 2012. More at ffvc.com and teten.com
  • 54. Intro Expert Advisor Deal Exec Social Next Steps Any questions ? Slides at teten.com/operating-executives More resources at ffvc.com and teten.com© David Teten 2012. More at ffvc.com and teten.com