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CHAPTER 19 The Harvest and Beyond

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CHAPTER 19 The Harvest and Beyond

  1. 1. CHAPTER 19 The Harvest and Beyond
  2. 2. Harvest Strategy <ul><li>Guidelines </li></ul><ul><ul><li>Patience </li></ul></ul><ul><ul><li>Realistic valuation </li></ul></ul><ul><ul><li>Outside advise </li></ul></ul>
  3. 3. Harvest Options <ul><li>Seven principle avenues </li></ul><ul><ul><li>“ Capital cow” </li></ul></ul><ul><ul><li>Employee stock ownership plan </li></ul></ul><ul><ul><li>Management buyout </li></ul></ul><ul><ul><li>Merger, acquisition, and strategic alliance </li></ul></ul><ul><ul><li>Outright sale </li></ul></ul><ul><ul><li>Public offering </li></ul></ul><ul><ul><li>Wealth-building vehicles </li></ul></ul>
  4. 4. Number of Recent IPOs Years 1996 through 2001 Source: Thomas Financial/Venture Economics and National Venture Capital Association, January 7, 2002.
  5. 5. Recent IPO ($ Millions) Years 1996 through 2001 Source: Thomas Financial/Venture Economics and National Venture Capital Association, January 7, 2002.
  6. 6. Renewal and Perpetuation of the Entrepreneurial System <ul><li>Highly successful entrepreneurs foster new growth by giving money to the following: </li></ul><ul><ul><li>College endowments </li></ul></ul><ul><ul><li>Community activities </li></ul></ul><ul><ul><li>Investment in new companies </li></ul></ul>
  7. 7. Success in the Entrepreneurial Process <ul><li>Two habits necessary </li></ul><ul><ul><li>A passion for achieving goals </li></ul></ul><ul><ul><li>A relentless competitive spirit and desire to win </li></ul></ul>
  8. 8. Secrets to Success <ul><li>Seven points for your contemplation and amusement </li></ul><ul><ul><li>There are no secrets; understanding and practicing the, along with hard work, will get results </li></ul></ul><ul><ul><li>As soon as there is a secret, everyone else knows about it, too; searching for secrets is a mindless exercise </li></ul></ul><ul><ul><li>Happiness is a positive cash flow </li></ul></ul>
  9. 9. Secrets to Success <ul><li>Seven points for your contemplation and amusement </li></ul><ul><ul><li>If you teach a person to work for others, you feed him or her for a year, but if you teach a person to be an entrepreneur, you feed him or her, and others, for a lifetime </li></ul></ul><ul><ul><li>Do not run out of cash </li></ul></ul>
  10. 10. Secrets to Success <ul><li>Seven points for your contemplation and amusement </li></ul><ul><ul><li>Entrepreneurship is fundamentally a human process, rather than a financial or technological process; you can make an enormous difference </li></ul></ul><ul><ul><li>Happiness is positive cash flow </li></ul></ul>

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