Part SixSelling Your Company
When I wrote the first edition of Startup CEO in 2012, we weren't close to an exit yet at Return Path. The second edition comes a few months after the sale of the company to a strategic buyer, Validity. This new section of the book is a fleshedout series of chapters about the sale process, although I will still start it with most of the same chapter that I had in the first edition – that material is still interesting and relevant.
This section deals only with the sale of a company; it does not discuss other financial outcomes like taking a company public or doing a leveraged (or other) recapitalization, which in and of themselves are not exits.
And full disclosure – Return Path is the first company I've ever sold. Having said that, I did live through and work on the sale of Moviefone to AOL in 1999, I've helped many CEOs work through acquisitions of their own companies as a board member or advisor, and we acquired a dozen companies over the years, so I have at least a little bit of experience here beyond the one primary data point.
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