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W H E N S O M E O N E WA N T S
T O B U Y Y O U R S TA RT U P
W H AT I T TA K E S
twitter @todiba
hashtag #whatitTakes
name Tommaso
The founder's path to and through the exit
F O R C E Y O U R S E L F O U T
O F Y O U R C O M F O R T
Z O N E
W H A T I T TA K E S
#statusQuoSucks
what every startup
founder should
know on the journey 

to the exit?
The founder's path to and through the exit
O N T H E WAY T O E X I T
1.The Foundation
2.The Valuation
3.The Transaction
what’s the
foundation the
exit relays on?
#theFoundation
s@#t
nobody
here to
help!
http://whatitTak.es
#environment
D O Y O U WA N T T O
G R O W A M I M O S A S O R A
S E Q U O I A ? Y O U R C A L L
W H A T I T TA K E S
#environment
Hulk ain’t
strong if
alone
http://whatitTak.es
#team
Y O U R T E A M M U S T T E L L T H E
“ S T O RY ” O N W H Y Y O U F I T
T O G E T H E R W I T H T H E
A C Q U I R E R W I T H
E X C I T E M E N T A N D E N E R G Y.
W H A T I T TA K E S
#team
kamikaze!!
http://whatitTak.es
#distribution
H O W Y O U R P R O D U C T
G E T S T O T H E
C U S T O M E R I S K E Y T O
A N Y A C Q U I R E R .
W H A T I T TA K E S
#distribution
Innovation 

= 

mindset
:
process 

x
value²
-Tommaso db
http://whatitTak.es
#ip
G I V E S Y O U R A C Q U I R E R T H E
C O N F I D E N C E T H AT T H E Y
O W N S O M E T H I N G T H E Y
C A N D E F E N D F R O M
C O M P E T I T O R S .
W H A T I T TA K E S
#ip
http://whatitTak.es
this blows
my mind!
#USP
W H AT M A K E S Y O U
D I F F E R E N T C O U N T S .
T H E R E S T I S U N S E X Y.
W H A T I T TA K E S
#USP
gotcha!
#communication
http://whatitTak.es
T H I N G S A R E B O I L E D
D O W N T O
R E L AT I O N S H I P S . T H U S
A LWAY S B E P I T C H I N G .
W H A T I T TA K E S
#communication
O N T H E WAY T O E X I T
1.The Foundation
2.The Valuation
3.The Transaction
why being funded
makes a difference
towards the exit?
#theValuation
S TA RT U P
L I F E
S T Y L E
THESTARTUPCURVE
-Paul Graham, Y Combinator
• Investor lego
ping me
when you
got traction
http://whatitTak.es
#funding
The Average
Successful Startup
Raises $41M, 

Exits at $242.9M
500k startups launched
annually
less than half pull the plug
year #1
Only about 5% = 25k exit
successfully
The founder's path to and through the exit
I T ’ S N O T A B O U T I F O N E
WA N T S G E T F U N D E D -
B U T W H E N I S T H E
R I G H T T I M I N G T O .
W H A T I T TA K E S
#funding
what’s a good time
to start working on
the exit?
#theValuation
• Acqui-hire
• Life style = private
• Buyout
• Merge
• Acquisition
• IPO
The founder's path to and through the exit
M O M E
N T U M
P R O O FN E E D
B Y U S E R S , PA RT N E R S ,
L A R G E C O R P S
T H O U G H T L E A D E R S H I P I N
N E W S PA C E , K E Y
E M P L O Y E E S , P R E S S
M A U / D A U , R E T E N T I O N ,
A R P U , …
we will
we will
rock you!
http://whatitTak.es
#momentum
B E A LWAY S P R E PA R E D T O
S TA R T W O R K I N G O N T H E
E X I T D E A L . D O N ’ T M A K E A
B U Y I N G O F F E R C AT C H Y O U
O F F G U A R D .
W H A T I T TA K E S
#timing
O N T H E WAY T O E X I T
1.The Foundation
2.The Valuation
3.The Transaction
how’s the M&A
process like?
#theTransaction
eggs-it
sunny side
up please
http://whatitTak.es
#FOMO
Let’s
date!
http://whatitTak.es
#lookout
together
we concur
the world
http://whatitTak.es
#dataroom
The founder's path to and through the exit
you got in
late
http://whatitTak.es
#hr
#capTable
http://whatitTak.es
#friction
no shopping
now my
dear!
http://whatitTak.es
#termSheet
• ABS
WTF!
http://whatitTak.es
#negotiation
D E A L
Ttiming
Ssynergies
Iinterest
you sure
nothing 

can go 

wrong?
#purchaseAgreement
K E E P C A L M A N D D R I N K
T E A … W E A R E I N D U E
D I L I G E N C E
W H A T I T TA K E S
#M&A
what’s after
the exit?
#postExit
• lego lucky
b#st*rd
http://whatitTak.es
#postExit
S I G N O F F E R L E T T E R S
O F E M P L O Y M E N T A N D
Y O U W I L L B E G I N W O R K
AT T H E N E W C O M PA N Y.
W H A T I T TA K E S
#postExit
Let’s do
it again
http://whatitTak.es
#swagtimes
be.whatitTak.es
take survey
1
2get slides
swaaag tommaso
blog whatitTak.es
email whatitTakes@swaa.ag
bio t.branded.me

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The founder's path to and through the exit