Structuring Venture Capital Deals（一）.pptVIP

Valuation: What Is My Company Really Worth? Valuation: What’s My Company Really Worth? Marcia Hooper, Advent International John Jarve, Menlo Ventures Alex Laats, Informio Inc. T.L. Stebbins, Adams Harkness Hill Moderator: Joe Hadzima, Main Street Partners VALUATION What’s My Company Really Worth? ANSWER: WHAT DETERMINES WHAT SOMEONE WILL PAY? SUPPLY DEMAND WHEN MARKET LIQUIDITY METRICS FOR VALUATION VALUATION - Macro Drivers Which Way Is The Tide Going? A Rising Tide Lifts All Boats But, A Falling Tide Strands Them VALUATION - Macro Drivers Funding Cycles of Venture Capital Investors Allocation of Funds By Pension Funds and Institutions How Do They Determine How Much To Allocate To Alternative Investments Such as Venture Capital? Money Continues to Flow Into Venture Capital Funds VALUATION - Macro Drivers Funding Cycles of Venture Capital Investors How Much Venture Capital Is Available? Venture Capital Investment Returns VALUATION - Macro Drivers VALUATION - MICRO Drivers For Any Given Macro Environment Given Sector Given Stage of Business What Determines Valuation? VALUATION - POSITIONING NEGOTIATION? How Much of Valuation Is “Simply” Positioning? You Are Known By The Company You Keep Customers, Partners, Advisors What’s Your Company Really Worth? SUMMARY OF VALUATION DRIVERS Macro Conditions and Trends The Economy The Public Equity Markets Funding Cycles and Relative Returns Company Specific Factors The Valuation “Story” Positioning and Negotiating Skills? Satellite Broadcast January 18, 2001 Joe Hadzima, Main Street Partners MIT Enterprise Forum, Inc.? MIT Enterprise Forum Satellite Broadcast - January 20, 2000 MIT Enterprise Forum, Inc. Satellite Broadcast - January 18, 2001 MIT ENTERPRISE FORUM, INC. ? At Any Given Time Your Company Is Worth What Someone Will Pay For It At That Time Overall State of the Economy e.g. Purchasing Cycles: Will Customers Purchase Today? Condition of Public Equity Markets Time to IPO Acq