Planning and executing an SBO – the effect of Brexit Survey

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* 1. What were the most important factors for you in your deal? Please rank from 1-3 with 1= the highest importance

Management terms

Purchase price

Finding an investor with the right fit

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* 2. How important were the following in your decision to stay on as CEO in the business? Please rank from 1-3 with 1= the highest influence.

Your cash out

The right capital structure

Deliverability of the plan

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* 3. What were the most important factors for you when considering who your next investor would be? Please rank from 1-6 with 1 being the most important

Headline price

Relationship/chemistry

Available funds for follow-on acquisitions

Operational support post deal

Deal deliverability

Management terms

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* 4. Did the pressure of the secondary buyout have an impact on business performance?

Yes

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* 5. Did you bring in additional resource to help you prior to the deal?

Yes

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* 6. If yes, was it..

Consulting

Interim resource

Permanent resouce

Other

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* 7. Which of the below concerned you the most while preparing for an SBO? Please rank in order of priority from most significant to least.

How it affects me

Rollover amount

Management team changes

New investor/deal deliverability

Execution strategy

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* 8. Did your dual role as seller-buyer affect your negotiations on price?

Significantly

Some influence

No influence

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* 9. How long did completing your deal take from start to finish?

1-4 months

4-8 months

> 8 months

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* 10. Did you prepare the investment memorandum (IM)?

Sections of it

Most of it

All of it

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* 11. Approximately how long did it take you to prepare the investment memorandum (IM)?

< 1 month

1-3 months

3-6 months

> 6 months

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* 12. What percentage of your time was allocated to producing the IM in the period leading up to pitching?

<20%

>=20%

>50%

>80%

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* 13. How many investors did you pitch to?

1-4

5-9

10-14

>=15

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* 14. How much of your equity were you asked to roll over?

<30%

30%-50%

51%-80%

81%-100%

not sure

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* 15. Which of the following factors helped smooth the transition from the old investor to the new one? Rank from 1-5, with 1=most significant factor

Chairman

Business results

Time spent with investor

Communication/Honesty

Style

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* 16. How happy are you with your new investor?

	Very disappointed	Somewhat disappointed	Neutral	Happy as expected	Exceeded expectations
Satisfaction level	Satisfaction level Very disappointed	Satisfaction level Somewhat disappointed	Satisfaction level Neutral	Satisfaction level Happy as expected	Satisfaction level Exceeded expectations

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* 17. How many in your senior management team exited on the SBO?

None

>=3

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* 18. Did you make any management changes to support the team post-SBO?

Yes

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* 19. If yes, in which functions did you make changes?

Sales & Marketing

Finance

Operations

Other

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* 20. What was the main reason for making changes?

outgrew management capabilities

the executive's choice

investor's decision

in order to reassure investor

introduction of new skills

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* 21. Will Brexit affect your ability to deliver the business plan?

Yes

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* 22. If yes, in what way?

critical decision making slowed

management capability

significant strategy change required

investment in growth pulled

Other

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* 23. Did your motivation decrease as a result of monetary returns made during the transaction?

Yes

Somewhat