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Planning For Exits

Guests:

Luis Villalobos Luis Villalobos
Founder
Tech Coast Angels
Irvine, CA

Bernard Cambou Bernard Cambou
CEO
Stagemark, Inc.
Pittsburgh, PA

Recorded 6-7-05, 45 minutes

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Discussion:

1: Introductions: Luis Villalobos

2: Introductions: Dr. Bernard Cambou

3: About Tech Coast Angels

4: About Birchmere Ventures

5: Meaning of Exit Strategy

6: Role of Exit Strategy in the Investment Process

7: Forming the Strategy

8: Types of Exits

9: IPOs vs M&As

10: Market conditions and the IPO

11: Unfavorable exits

12: Unfavorable exits: Illiquid Transactions

13: Structuring companies to enhance exits

14: "Drag along" rights

15: Monitoring and managing the venture

16: Influence of investment partners

17: Examples of successful M & A strategies

18: Home runs

19: Valuation process and the exit strategy

20: Comparables for new technologies

21: Down rounds

22: Summing up

Capital Formation Institute, Inc.
a 501(c)(3) non-profit organization
Office of Science, Technology Transfer and Economic Outreach
University at Buffalo, 1576 Sweet Home Rd., Amherst, NY 14228



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