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Improving Portfolio Company Valuations by Working with Operating Executives

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    Improving Portfolio Company Valuations by Working with Operating Executives - Presentation Transcript

    1. Finding New Deals and 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 Teten Advisors, LLC www.Teten.com www.TheVirtualHandshake.com info @ teten.com New York, NY © 2008. All Rights Reserved - Privileged and Confidential © Teten Advisors, LLC 2008. All Rights Reserved - Privileged and Confidential http://flickr.com/photos/7438870@N04/1329749621/sizes/l/
    2. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Agenda • Introduction • Expert Networks/Interim Executives • Senior Advisor Networks/Executives in Residence • Deal Executives • Web 2.0 • Network • Next Steps © Teten.com
    3. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps David Teten Biography • Currently: independent investment banker (Teten Advisors, www.Teten.com), specializing in advising private equity and venture capital funds on: accelerating deal flow, portfolio company executive optimization, corporate training, and due diligence • Managing Director, Evalueserve, through September 2008. 2,500-person research 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 M&A, Bear Stearns • Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) • Harvard MBA, Yale BA • Contact: info @ teten.com © Teten.com
    4. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Options for Executives Working with Private Equity Operating Partner salary+carry Portfolio Company / NewCo Management or Director salary+upside Fund Executive in Residence Commit retainer+upside - ment Senior Advisor / Deal Executive expenses+upside Free Agent expenses+upside Expert Network / Interim Executive hourly/daily compensation Rejected Execs Executive’s Income © Teten.com
    5. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Source of Gains in Private Equity-Backed Companies © Teten.com Ernst & Young 2006 study of 100 exits
    6. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Operational Value Added: Why and Why Now? • 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, Goldman Sachs Special Situations Group © Teten.com * http://www.bain.com/bainweb/publications/publications_detail.asp?id=10735&menu_url=publications_results.asp
    7. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Post-Investment Management Environment Before After Reporting Independent Have a “boss” Style Loose, Financial discipline entrepreneurial Decision Just do it Board approval making Determining Divide up the Monthly financials, success cash at the end of annual bonuses the year Spending Invest as needed Must be justified Matthew Kissner, Kissner Group © Teten.com
    8. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Post-Investment Growth Capacity 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 © Teten.com
    9. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Agenda • Introduction • Expert Networks/Interim Executives • Senior Advisor Networks/Executives in Residence • Deal Executives • Web 2.0 • Network • Next Steps © Teten.com
    10. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Expert Network Business Model Corporate Competitor Alumni Supplier New Entrants Management Investor Buyers Government Academics © Teten.com based on Competitive Strategy: Techniques for Analyzing Industries and Competitors, Michael Porter.
    11. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Major Expert Networks • Multi-Sector • Specialty/Other Players • Gerson Lehrman Group • Intota • Coleman Research Group • Kingfish Group • DeMatteo Monness • Primary Global Research • Guidepoint Global (Vista) • Primary Insight • Round Table Group • Medical • Large Parent Companies • MEDACorp (Leerink Swaan) • Evalueserve Circle of Experts • Sermo • Goldman Sachs Vantage Marketplace • Reuters Insight © Teten.com
    12. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Noteable Interim Executive Providers • USA • Europe • Business Talent Group • Alium Partners • Executive Smarts • BIE • ForteCEO • Brooklands Executives • Interim America • EIM (Executive Interim • OnDemand Resources Management) • OneAccord • Impact Executives • Tatum Executive Services • Marble Hill Partners • Willmark Associates © Teten.com http://www.flickr.com/photos/opendemocracy/1441901063/
    13. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Benefits To Executive • Interact with professional investors and corporations • Strategic, thought-provoking projects • Competitive compensation • Receive referral fees to introduce colleagues The big NO’s • No membership cost • No marketing cost • No time spent on negotiating or chasing payment © Teten.com http://flickr.com/photos/foundphotoslj/1134148114/
    14. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Engagement Models • Phone calls • Presentations • Surveys • White papers • Longer consulting projects © Teten.com http://farm2.static.flickr.com/1318/1134149284_85feb293d3.jpg?v=0
    15. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps How Expert Networks Operate • Accept/Reject request within 48 hours • Consultation strictly between you and client • No fixed obligation © Teten.com http://farm4.static.flickr.com/3274/2866399803_8c9493b42f_o.jpg
    16. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Criteria for Consultation • Experience • Industry Recognition • Academic credentials • Access to unique knowledge • Affiliations • Communication skills • Irrelevant for expert networks: social skills, management skills © Teten.com http://www.flickr.com/photos/kanzeon_zen_center/183801709/
    17. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Agenda • Introduction • Expert Networks/Interim Executives • Senior Advisor Networks/Executives in Residence • Deal Executives • Web 2.0 • Network • Next Steps © Teten.com
    18. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Overview “Senior advisor network” or “Executive network” = investor-sponsored group of executives with ability and willingness to add value to portfolio companies Board Member Board Member Portfolio Company Portfolio Company “A” “A” Interim CFO Interim CFO Investor Investor Portfolio Company Portfolio Company Industry Expert “B” “B” Industry Expert Portfolio Company Portfolio Company Deal Source “C” “C” Deal Source © Teten.com Based on Jon Weber, Goldman Sachs Special Situations Group
    19. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Senior Advisor Network vs. Traditional Talent Sources Experts and Consultants Senior Advisor Network Executive Recruitment Relationship Expert network / Fund Recruiting firm Owner consultancy Duration 1–2 hours to 3 months 6 months–2 years+ Permanent job and board positions Sample Evalueserve Circle of Teten Advisors Heidrick & Struggles, Service Experts, Gerson Lehrman, Russell Reynolds Providers McKinsey Illustrative $1,000/hour for expert Sometimes retainer, 1/3 compensation Cost networks sometimes paid like $300–700/hour for investment banker consultants Reward Driver Length of consultation Value creation and Placing an executive in full- continued involvement with time employment client companies Confidentiality NDA possibly. Consultant Signed NDA NDA unusual © Teten.com may “shop” ideas. Based on Jon Weber, Goldman Sachs Special Situations Group
    20. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Selected Senior Advisor Networks • 3i • Castle Harlan • Cerberus • Irving Place Capital • General Atlantic • Goldman Sachs Special Situations Group • Sun Capital • Welsh, Carson, Anderson & Stowe © Teten.com Mike Lorelli
    21. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Executive Funds • Abernathy Group “Collaborative Investing” • Castle Harlan • Frontenac • Institutional Venture Partners Founders Fund • Irving Place Capital (formerly BSMB) © Teten.com http://farm1.static.flickr.com/7/8228640_921246eaa3.jpg?v=0
    22. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Agenda • Introduction • Expert Networks/Interim Executives • Senior Advisor Networks/Executives in Residence • Deal Executives • Web 2.0 • Network • Next Steps © Teten.com
    23. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps How Private Equity Views Executives Deal Exec with Letter of Intent Thesis-Driven Deal Exec Target-Driven Deal Exec Deal Resource Job Seekers © Teten.com http://www.flickr.com/photos/chailey/138654755/ . Inspired by Notch Partners.
    24. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Deal Executive Preferred Profile • 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. • Proactively seeking to identify deals. • Preferably, has proprietary deal(s) • Financially stable to go without salary during search, and to make personal investment • Entrepreneurial and sales oriented • Prefer: acquisition experience, ready management team, and can relocate. © Teten.com http://www.flickr.com/photos/ilker/2494740320/
    25. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Elements of a Deal Thesis • Clear definition of industry – niche, size, geography, etc. • Basic financial markets analysis: trading range, feasibility • Outline of value-creation opportunities • Outline of plan for pursuing those sources of value • Explanation of why you/ your team are ideally suited to lead such an effort • Roster of 5-20 target companies • Status of discussions with target companies (if any) • Thoughts on likely exit © Teten.com http://www.flickr.com/photos/bfurlong/2351689062/ . Based on Notch Partners and many other sources.
    26. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps How Investment Banker Can Help Make Deal Happen • Review industry for feasibility: • Valuation analysis • Capital-intensity requirements • Fragmentation analysis • Profile executive • Source companies • Source sponsors © Teten.com http://www.flickr.com/photos/pfala/3036252334/
    27. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Two Paths 1) Find the company and get close to signing a Letter of Intent, and then pursue financial sponsor 2) Find financial sponsor and then search for company. • Executive (+ investment banker) screens for funds with track record of pursuing executive-led transactions and interest in industry • More important to use this strategy with larger deals © Teten.com http://www.flickr.com/photos/thalamus/3560789785/
    28. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Deal Memo • Teaser • Business plan • Executive profile • Forecasts • Strategic • Operational • Financial © Teten.com http://www.flickr.com/photos/11846056@N06/3110329005/
    29. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Step 1: Launch Relationship with Fund • Introduction • Initial meetings • Assessment of investment thesis © Teten.com Duration: 2-4 weeks Post Capital, http://www.defenselink.mil/dodcmsshare/newsphoto/2008-03/hires_080301-F-2319R-006.jpg
    30. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Step 2: Finalize partnership between executive and fund • Refine thesis • Agree on compensation/ economics and exclusivity • Background check • Formulate deal origination plan © Teten.com Duration: 1-4 weeks Post Capital, picasaweb.google.com/lh/photo/FOHUbVdTEYKdftpmi6TkXQ
    31. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Step 3: 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 © Teten.com Mario Kyd, Unlimited Horizons; http://www.flickr.com/photos/carve/2856365431/
    32. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Step 3: Identify/Contact Opportunities 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 © Teten.com Mario Kyd, Unlimited Horizons; http://www.flickr.com/photos/jurvetson/3346659199/
    33. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Step 4: 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 © Teten.com based on Post Capital; Lapis Group; numerous other sources. http://www.flickr.com/photos/matt_gibson/954340171/
    34. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Step 5: Closing • Finalize documentation • Finalize financing Duration: up to 3 months © Teten.com Post Capital upload.wikimedia.org/wikipedia/commons/4/47/Tower_Bridge_closing.jpg
    35. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Typical Private Equity Management Compensation (mid-market company) Title Compensation Bonus Equity CEO $150K - $300K 50-75% 5.0%* CFO/COO $125K - $275K 40-50% 1.5% VP $125K- $225K 25-33% 1.0% plus 5-10% enterprise value option pool for management * often includes opportunity to co-invest at same economics as private equity firm © Teten.com estimates from Mike Lorelli. http://www.flickr.com/photos/peterme/1795778975/
    36. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Typical Economics for Mid-Market Private Equity Acquisition, for PEG, Deal Finders, Investment Bankers, and other Executives Fee Type This entity pays PEG Other parties Trans- Capital 0.5-3.4% Capital providers pays finder’s fee capped at 1-3% of enterprise action providers deal size* value, to deal finder + investment bank (if any). Fees Company (specifically selling shareholders) pay investment banker seller’s fee. Monitor- Company 0.2%-4.4% Company pays outside board members for ongoing services ing fees EBITDA ($5K+/meeting + equity incentives) (median 1.2%)*,** Ex- Company Post-deal Important for buy-side operating exec/investment banker to get PEG penses 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. Investme - - Usually unlimited co-invest rights for executives involved, with no nt 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. © Teten.com Other data based on Akoya Capital, Oberon Securities, and other interviewees.
    37. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Agenda • Introduction • Expert Networks/Interim Executives • Senior Advisor Networks/Executives in Residence • Deal Executives • Web 2.0 • Network • Next Steps © Teten.com
    38. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps “Web 2.0 is the business revolution … caused by the move to the Internet as platform, and an attempt to understand the rules for success on that new platform. ” - Tim O’Reilly http://en.wikipedia.org/wiki/Web_2.0, http://flickr.com/photos/oliversteiner/326174717/sizes/o/ © Teten.com
    39. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Web 2.0 Idea Map © Teten.com http://www.flickr.com/photos/briansolis/2735401175/sizes/l/
    40. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Transition: Web 1.0 Web 2.0 Parameters Web 1.0 (Read) Web 2.0 (Read-Write) Governance Top-down Bottom-up Machine to Machine and People Communication Channels People to Machine to People Information Discovery Search and Browse Publish and Subscribe Information Retrieval Transactional Relationships Portal, Commercial Information Aggregation Micro-Aggregation Aggregators Marketing, Selling Push, Contextual Conversational, Personal Content Control Publishers, Aggregators Content Authors Content Structure Documents, Pages Tagged Objects Applications Closed, Proprietary Open, Standard-based XML, AJAX, RSS, PHP, MySQL, Technology HTML, Solaris, Oracle XQuery © Teten.com Partially sourced from: “Web 2.0 the Living Web and Putting “We” in the Web”, Bebo White, University of San Francisco (http://www.rthk.org.hk/mediadigest/20060915_76_121128.html)
    41. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Web 2.0 is a better platform Parameters Face-to-Face Web 2.0 Judge by a Character SEC filings handshake Competence Personal resources Enterprise resources Relevance Semi-random Focused, searchable Strength Limited channels Multi-media Detailed, current Information Poor visibility data Number Small Large Restricted by time, Crosses time & Diversity space space © Teten.com
    42. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Private Equity Investing Cycle and Web 2.0 Private Equity How an Optimized Network is an Accelerator Investing Cycle Raise capital • Identify value-added potential investors and find a path to them • Solicit past investors in both your prior and comparable funds Originate • Identify and reach out to relevant people & companies investments • Become a magnet for investment opportunities Due diligence • Review professional and personal lives of management • Talk with firm’s network: customers, competitors, suppliers Negotiate Deal • Gain insight into counterparty’s negotiating style, motivations Improve operations • Recruit “A” performers • Accelerate sales and marketing Exit investment • Identify strategic acquirers © Teten.com
    43. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Agenda • Introduction • Expert Networks/Interim Executives • Senior Advisor Networks/Executives in Residence • Deal Executives • Web 2.0 • Network • Next Steps © Teten.com
    44. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Corporate Network Valuation Formula Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N = Number of people D = Diversity N = D * ∑ (Chn*Con *Rn* Sn*In) n=1 © Teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
    45. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Biography Analysis Software © Teten.com
    46. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Corporate Analysis Software © Teten.com
    47. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Case study: Daniel Zumino •Prominent French angel investor •November 1999: Sent mail to Stanford GSB alumni list seeking capital for startup •March 2000: Raised $8m through referral from alum © Teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
    48. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Private Equity News • Dealbook.blogs.nytimes.com • PEHub.com • PENews.com • PrivateEquityInfo.com Venture Capital News • Mercurynews.com/vc © Teten.com
    49. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Multiple Media • Phone • Email • Instant messaging • Internet telephony (Skype) • Web conferencing • SMS • Twitter © Teten.com http://flickr.com/photos/re-ality/41676755/sizes/o/
    50. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Online meets Offline © Teten.com
    51. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Contact Management • Act.com • EGrabber.com • Cardscan.com • Plaxo.com © Teten.com http://misbridge.mccombs.utexas.edu/knowledge/topics/crm/
    52. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Blog and Web Readers © Teten.com
    53. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity From Cold Calling to Warm Cold Calling Source of Lead Result Success Rate business directories, company listings, Ice Cold Call Low response rate company websites All of the methods above, plus virtual Warm Cold Higher response communities, blogs, job Call rate networks, email lists, biography analysis, etc. © Teten.com
    54. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Gated Communities for Executives • IERGOnline.com • INMobile.org • Executive-Forum.org © Teten.com
    55. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Gated Communities for Investors Private Equity Focus Public Markets Focus • ACG Network • FT Alphaville Long Room • Angelsoft.net • SumZero.com • Village.Albourne.com • ValueInvestorsClub.com • Finemrespice.com/subrosa • Village.Albourne.com © Teten.com
    56. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Virtual Community Platforms / Social Network Sites • Groups.Yahoo.com Decision Maker Use of LinkedIn • Groups.Google.com • Grouply • LinkedIn • Xing (c) 2008 Anderson Analytics, Linkedin, SPSS, http://www.marketingcharts.com/interactive/linkedin-users-have-high-personal-financial-success-6743/linkedin-anderson-analytics-busy-decision-makers-august-2008jpg © Teten.com
    57. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Agenda • Introduction • Expert Networks/Interim Executives • Senior Advisor Networks/Executives in Residence • Deal Executives • Web 2.0 • Network • Next Steps © Teten.com
    58. Intro Expert Advisor Deal Exec Web 2.0 Network Next Steps Any questions ? Slides at http://www.teten.com/ operating-executives © Teten.com

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