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THE FIVE OPTIONS

Five ways to get value out of a firm, and what each one costs

A licence is only interesting relative to the alternatives. So here is the honest comparison, including doing nothing, which is frequently the right answer and is rarely presented as an option.

Check your data Six questions, roughly two minutes.
Compared on what you give upIncluding the option of doing nothingCosts nothing to evaluate

WHAT EACH ONE COSTS

The five, on the dimensions that actually matter

  • Sell the firm. Full liquidity, but control goes, an earn-out usually follows, and everyone finds out.
  • Raise equity. Capital without leaving, but dilution, new governance, a price set on the firm, and a process that takes a quarter.
  • Take on debt. No dilution, but covenants, interest, personal guarantees in smaller firms, and something to refinance later.
  • License the record. Cash in, no equity, no debt, no governance change, about a week to paper, and nothing public.

    • SPEAK WITH A MANAGING PARTNER

    Compare it properly against what else you could do

    Six questions, about two minutes, and a straight answer including when the answer is that you should not bother.

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