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Exits Blog

  • Founders of Virtual Companies Retain More Wealth than Their Bricks and Mortar Competitors
    Virtual (all-remote) tech companies sell for more money in an exit transaction than conventional bricks and mortar tech companies.  Their founders also retain more of the proceeds.  Strategic Exits Corp., our boutique investment bank, noticed this…
    - 2 days ago, 15 Jan 21, 7:01pm -
  • The IP Company Exit: Financing
    This second video presents the decision Genesis made to focus on robotics and align their investors around an IP Company Exit. Genesis raised $28m in financing from angel investors on the basis that this would be an early exit.  HIGHLIGHTS OF THE…
    - 48 days ago, 30 Nov 20, 8:20pm -
  • VSW2020: Virtual Companies Sell for More Money in an Exit Transaction
    Online presentation to the Vancouver Startup Week (VSW) 2020 | September 28, 2020 | Virtual (all-remote) companies sell for more money when the company exits compared to conventional bricks & mortar technology companies.   And virtual company found…
    - 50 days ago, 28 Nov 20, 1:35pm -
  • TechDays-NY: Why Virtual Companies Sell for More Money
    Online presentation to the TechDays – NY   November 18, 2020 Virtual (or all-remote) companies perform better than their bricks-and-mortar comparables.  They have many advantages, including lower facility and admin costs which make them more pro…
    - 61 days ago, 17 Nov 20, 2:50pm -
  • The IP Company Exit: Finding the Right Advisor
    Genesis Robotics set a world record, for a pre-revenue hardware company exit. This introductory video outlines the inception of Genesis Robotics and its path to the National Angel Capital Organization 2018 Exit of the Year. Formed in 2015, Genesis Ro…
    - 13 Jul 20, 11:13am -
  • Keiretsu: Virtual Companies Sell for More Money
    Virtual Companies Sell for More Money (and the Founders Keep More of It)  Online presentation to the Keiretsu Forum Northwest Chapter June 16, 2020. Virtual companies (where there is no physical head office and everyone works online) are worth more…
    - 11 Jul 20, 11:00am -
  • AngelForum: Virtual Companies Sell for More Money (and the Founders Keep More of It)
    Virtual Companies Sell for More Money (and the Founders Keep More of It) | Online presentation to the AngelForum June 18, 2020. | The founders of virtual companies (where there is no physical head office and everyone works online) take home more of t…
    - 29 Jun 20, 1:52pm -
  • How COVID-19 will change your job forever

    How COVID-19 will change your job forever

    COVID-19 is forcing companies to do remote work. The emerging virtual company will disrupt traditional rival businesses. Strategic Exits has been saying for a while that virtual companies (those with no physical head office and everyone working remot…
    - 25 Jun 20, 9:15pm -
  • Companies must overcome established practices to reap the advantages of the new virtual workstyle

    Companies must overcome established practices to reap the advantages of the new virtual workstyle

    Strategic Exits observed that virtual companies, ones with no physical presence where every employee works and communicates online, are attracting higher prices in the acquisition market. Few people noticed the slow emergence of these new companies.…
    - 25 May 20, 9:25pm -
  • Tectoria: Virtual Companies Sell for More
    Virtual Company Exits Sell for More  Presentation to Discover Tectoria, a Showcase of Greater Victoria’s #1 Sector February 27, 2020. Virtual companies sell for more money in an exit transaction than conventional bricks and mortar companies.  Th…
    - 10 Mar 20, 11:03am -

Financier Worldwide: M&A

    FNO: Deals

    Fortune: Term Sheet

      M & A Law Prof

      • Prejudiced in the extreme...
        OK, the summer, if you can call being locked in one's home since March the "summer", is winding down and I'm starting to think about the school year again. Just in time for that, there's another of Rick Climan and...
        - 7 Aug 20, 11:03am -
      • CFP: AALS Transactional Law Section
        Here's the annual call for papers from the AALS Transactional Law Section: The AALS Section on Transactional Law and Skills is pleased to announce a program titled The New Public Interest in Private Markets: Transactional Innovation for Promoting Inc…
        - 17 Jun 20, 6:10pm -
      • Walk Rights Tutorial
        What do to when you contract to buy a "Tesla" but end up with a "Chevy Volt"? Rick Climan and Keith Flaum offer up another in their mock negotiations. This one deals with walk rights in the accuracy of representations...
        - 22 Jan 20, 11:32am -
      • The Shadow Pill is a Powerful Thing
        You've likely seen that Xerox is has been making sounds about acquiring HP. Last week HP rejected Xerox's unsolicited $33 billion to acquire it in a letter that characterized the offer as significantly undervaluing the company. While it left the...
        - 26 Nov 19, 2:39pm -
      • More on corporate purpose
        Prof. Tsuk-Mitchell posted her new paper on corporate purpose, From Dodge to eBay: The Elusive Corporate Purpose. Here's the abstract: This article examines the history of the law of corporate purpose. I argue that the seemingly conflicting visions o…
        - 20 Nov 19, 9:05am -
      • Boeing faces good faith claim
        Following on the heels of Marchand and Clovis Oncology, there now looks like a viable path for good faith claims - at least through a 23.1 motion to dismiss. Successful claims had been as rare as "Nessie", but in the...
        - 19 Nov 19, 8:24am -
      • Consequential Damages and Buyer Power
        Here's another in a line of useful cartoons on merger agreement provisions - this time on carveouts for Consequential Damages. The cartoon also takes the opportunity to describe the "buyer power ratio" recently developed by the ABA Business Law Secti…
        - 23 Jul 19, 11:58am -
      • Does Revlon Matter?
        A star-studded line-up of law profs got together to try to answer this question. Does Revlon Matter? An Empirical and Theoretical Study (Cain, Davidoff-Solomon, Griffith, and Jackson) recently posted to SSRN. Since it came down in 1986, many have tri…
        - 16 Jul 19, 11:29am -
      • Griffith on Reps/Warranties Insurance
        Here's a new paper by Sean Griffith, Deal Insurance: Representation & Warranty Insurance in M&A Contracting: Abstract: Efficient contracting depends upon imposing risk on the party with superior access to information. Yet the parties in mergers and a…
        - 27 Jun 19, 10:50am -
      • Residuals Clauses in NDAs
        Another in a series of very helpful cartoons from our friends at the Hogan Lovells M&A team on the use of 'residuals' clauses in nondisclosure agreements. The explanation of how they work here is very clear. Residuals clauses are just...
        - 25 Jun 19, 7:11am -

      Morningstar: Leveraged Buyout

      Jobthusiast Job Search
      Emergency Comeback
      Shorts Fix

      Reuters: Deals

      The Guardian: Mergers & Acquisitions

      • Sir David Barclay obituary
        Reclusive billionaire who, with his twin, built a vast business empire including the Telegraph and the RitzTogether with his identical twin, Frederick, Sir David Barclay, who has died aged 86, was one of the Barclay brothers, the businessmen whose en…
        - 4 days ago, 13 Jan 21, 1:32pm -
      • Marks & Spencer looks to snap up Jaeger
        M&S expected to buy Jaeger’s brand and stock, but not its scores of shops, reports sayMarks & Spencer is finalising a deal to buy upmarket fashion brand Jaeger as it seeks to bolster its clothing business with new names.M&S has been linked to Jaege…
        - 12 days ago, 5 Jan 21, 3:03pm -
      • No need for Entain to rush into accepting MGM Resorts offer | Nils Pratley
        Owner of Ladbrokes and Coral right to take a wait-and-see approach ahead of US online betting bonanzaIt feels surprising that the big beasts of the US gambling scene, Las Vegas casino companies, are such digital dunces that they require UK-listed com…
        - 13 days ago, 4 Jan 21, 2:37pm -
      • Countrywide accepts Connells' £130m takeover offer
        Move brings together two of UK’s biggest estate agency groupsConnells has struck an agreed offer for Countryside, the owner of Hamptons International, after raising its bid to £130m, bringing together two of Britain’s biggest estate agency group…
        - 18 days ago, 31 Dec 20, 7:16am -
      • Priory rehab clinics sold to private equity firm for £1.1bn
        Waterland deal will create one of world’s largest private mental health services providersThe Priory rehabilitation clinic, favoured by celebrities trying to achieve sobriety or tranquillity, has been sold to a private equity firm for £1.08bn to c…
        - 18 days ago, 30 Dec 20, 1:01pm -
      • The Hut Group spends more than £300m on acquisitions
        Online retailer buys US site Dermstore.com and two UK-based nutrition suppliers The Hut Group, the online retail company run by the billionaire Matthew Moulding, has spent more than £300m on acquisitions as it continues aggressive expansion plans af…
        - 20 days ago, 29 Dec 20, 3:28am -
      • UK's Octopus Energy valued at $2bn after Japan supply deal
        British startup in joint venture with Tokyo Gas, which buys 9.7% stake for $200mThe one-time owner of a London coffee shop now has a paper fortune worth an estimated $155m (£115m) after a deal with a Japanese utility firm valued Octopus Energy, the…
        - 25 days ago, 23 Dec 20, 1:06pm -
      • Hollywood studio MGM puts itself up for sale at $5bn
        Studio behind James Bond franchise looks to cash in on rocketing prices for content amid TV streaming boomMGM, the Hollywood studio behind the James Bond and Rocky franchises, is up for sale with a price-tag of more than $5bn (£3.75bn).The studio ha…
        - 26 days ago, 22 Dec 20, 3:27pm -
      • UK video game industry thrives amid lockdowns and US bidding wars
        Sector grows as developers continue to work and consumers search for Covid boredom reliefThe lockdown boom in video games has put the spotlight on the global success of British game makers, attracting the attention of deep-pocketed US giants looking…
        - 28 days ago, 21 Dec 20, 1:00am -
      • Mulberry shares tumble after Mike Ashley declines to make offer
        Billionaire’s Frasers Group confirms it will not make formal bid for luxury brandMore than £15m has been wiped off the value of Mulberry after Mike Ashley’s Frasers Group confirmed it would not make a bid for the luxury British brand.Frasers, wh…
        - 31 days ago, 17 Dec 20, 1:10pm -

      WSJ: Deal Journal

      • What to Watch From the Fed Wednesday
        In her first press conference as Fed chairwoman, Yellen will likely face questions on the continued reduction in bond purchases and the recent deterioration in economic conditions.
        - 18 Mar 14, 3:29pm -
      • Kyle Bass Keen on Yellow Pages Co. — Sohn Conference
        By Emily GlazerThe yellow pages business isn't dead yet.That's according to Kyle Bass, principal of Dallas-based hedge fund Hayman Capital Management L.P., who focused his presentation at the Ira Sohn conference Wednesday on directories busin…
        - 8 May 13, 1:27pm -
      • Record Number of Banks in One Deal as HK’s IPO Market Heats Up
        Hong Kong's IPO market is shifting into high gear this week with two billion-dollar offerings but one deal is crowded with a record number of banks who are being asked to do more to earn business.
        - 6 May 13, 2:48am -
      • Aerosoles Shoe Chain Seeking Buyer or Partner
        The private-equity owner of the Aerosoles shoe chain is seeking a buyer or strategic partner for the company it created about 25 years ago from a cast-off unit of Kenneth Cole Productions Inc.
        - 2 May 13, 12:53pm -
      • Dish Deal For Sprint May Leave T-Mobile On Hold
        Dish Network Corp.'s surprise $25.5 billion bid for Sprint Nextel Corp. may leave the No. 4 carrier T-Mobile with a tougher hand to play in a consolidating wireless market.
        - 15 Apr 13, 3:49pm -
      • JPM Veteran Corio Joins Miller Buckfire
        Restructuring adviser Miller Buckfire & Co. is growing its bankruptcy and restructuring practice once again after prominent bankers departed about two years ago.
        - 15 Apr 13, 1:32pm -
      • Dish vs Softbank: A Comparison of Sprint Offers
        Dish Network is now engaged in what is something of a tug-of-war with Japan’s Softbank over the future of Sprint. How their deals stack up.
        - 15 Apr 13, 11:29am -
      • Ergen: Dish Is a Seinfeld Episode and Sprint Ties it Together
        If you were confused by all the moves Dish Network has been making in recent years, its vision should be coming clear now that it has bid for Sprint.
        - 15 Apr 13, 9:39am -
      • Dealpolitik: Dish’s Audacious Topping Bid for Sprint Is No Slam Dunk
        Dish has made a stunning bid to buy Sprint for a cash-and -stock deal valuing Dish at $25.5 billion. Last year Softbank agreed to buy Sprint, also for a package of cash and stock. Dish claims its offer is worth 13% more.
        - 15 Apr 13, 9:25am -
      • Citigroup Finally Releases Some Reserves
        To release or not to release, that has been the question for Citigroup when it comes to reserves held against roughly $92 billion of North American mortgages that it is trying to sell or wind down.
        - 15 Apr 13, 9:11am -
      Janine Just Inc.

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