Exit Strategies

CISB 6225

ENTREPRENEURIAL EXIT STRATEGIES

LBO, SALE, IPO, RECAPITALIZATION AND LIQUIDATION

FALL 2009

William S. Bartles Mondays

COURSE OBJECTIVE:

The course examines one of the key strategies required of any successful entrepreneurial venture, how the founders and the investors realize the appreciated value of their contributions to the business. The strategies and methodologies for each of the major types of exit transactions are covered in detail.

TOPICS COVERED:

1. The Creation and Calibration of Value

2. Venture Capital Valuation Methods

3. Sale of a Business

4. The LBO

5. The IPO

6. The Public Company

7. Recapitalization

8. Liquidation – Financial Distress

COURSE MATERIAL:

TEXT: ENTREPRENEURIAL FINANCE - 3rd Edition - Leach and Melicher

CASE PACKET: Available on Study.Net

Almost every session requires analysis and application of concepts to one or more case situations. The concepts will be covered by the chapters in the textbook. The cases in the textbook and case packet, however, are the central vehicle for learning. They are the main objectives of each session and the course. Remember also that in a case course "ownership" of the discussion falls to the students: it is of crucial importance, therefore, that each student comes prepared to contribute substantively to the discussion.

CLASS CONTENT:

1. Team Case Presentation

The class will be divided into teams of 2 to 3 students. Each team will be required to present one of the assigned cases to the class. This presentation should last approximately 1/2 hour.

2. Instructor Led Discussion of Case and Summary of Major Points

This will follow the team presentation and will foster further...