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April 2nd, 2020
Is it time for a fire sale
of your company?
When do you start and what do you do?
Agenda
1. Definition
2. Cost Reduction
3. Communication
4. Employment Contracts
5. Investor Relationship
6. Decision Making
7. Expectations
8. Emotions
9. Transparency
10. Legal Considerations
11. Leadership
Giovanni Soleti
Managing Partner
Louis Lehot
Founder
Before we start…
Slides and recording will be sent out after the webcast
Use the Q&A function
Contacts: g.soleti@gscap.co and louis.lehot@L2counsel.com
Sale of company at a price that is well
below market value (and likely for less
than the preference stack)
Investors are not going to get their
money back
Common is out of the money and
wiped out
1. Definition of
Fire Sale
Source: London Business School - The economics of a pandemic: the case of Covid-19 by Paolo Surico and Andrea Galeotti
Reduce Cost as quick as possible!
Team
Overhead
Expansion
Marketing
Sales Salary
Vendors
2. Cost
Reduction
Internal communication
Communication with shareholders & board
External communication
3. Communication
Customer, supplier, license,
commercial, employment,
consulting,
corporate,
investor agreements
4. Agreements
Get Consensus
Deal with Nay-sayer
5. Investors &
Shareholders
Take a decision,
agree with the board, shareholders,
& move forward
Management carve-out plan?
6. Decision
Making
Don’t burn bridges
7. Set the right Expectations
Keep your emotions at check!
8. Emotions
8. Emotions
Be transparent and constantly in touch
with your investors.  Lack of
communication makes people think you
are hiding something and cutting side-
deals. Build trust!
9. Transparency
10. Legal
Considerations
Entity deal, asset deal, licensing deal?
Who is in the deal, who is out?
Management carve-out plan?
Sign-on bonuses?
Disclose everything!
Skeletons will come out of the closet...
What to do with what remains?
Lead your team through rough times
11. Leadership
Company Fire Sale During The COVID-19 Crisis Live Webcast for Founders, Executives, and Investors
Company Fire Sale During The COVID-19 Crisis Live Webcast for Founders, Executives, and Investors
Q&A
Giovanni Soleti
Managing Partner
Louis Lehot
Founder
Thank you.
Louis Lehot
Founder
P: 650.796.7280
www.l2counsel.com
louis.lehot@l2counsel.com
Giovanni Soleti
Managing Partner
P: 305.924.6100
www.gscap.co
g.soleti@gscap.co
For more information:

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Company Fire Sale During The COVID-19 Crisis Live Webcast for Founders, Executives, and Investors

  • 1. April 2nd, 2020 Is it time for a fire sale of your company? When do you start and what do you do?
  • 2. Agenda 1. Definition 2. Cost Reduction 3. Communication 4. Employment Contracts 5. Investor Relationship 6. Decision Making 7. Expectations 8. Emotions 9. Transparency 10. Legal Considerations 11. Leadership Giovanni Soleti Managing Partner Louis Lehot Founder
  • 3. Before we start… Slides and recording will be sent out after the webcast Use the Q&A function Contacts: g.soleti@gscap.co and louis.lehot@L2counsel.com
  • 4. Sale of company at a price that is well below market value (and likely for less than the preference stack) Investors are not going to get their money back Common is out of the money and wiped out 1. Definition of Fire Sale
  • 5. Source: London Business School - The economics of a pandemic: the case of Covid-19 by Paolo Surico and Andrea Galeotti Reduce Cost as quick as possible! Team Overhead Expansion Marketing Sales Salary Vendors 2. Cost Reduction
  • 6. Internal communication Communication with shareholders & board External communication 3. Communication
  • 7. Customer, supplier, license, commercial, employment, consulting, corporate, investor agreements 4. Agreements
  • 8. Get Consensus Deal with Nay-sayer 5. Investors & Shareholders
  • 9. Take a decision, agree with the board, shareholders, & move forward Management carve-out plan? 6. Decision Making
  • 10. Don’t burn bridges 7. Set the right Expectations
  • 11. Keep your emotions at check! 8. Emotions 8. Emotions
  • 12. Be transparent and constantly in touch with your investors.  Lack of communication makes people think you are hiding something and cutting side- deals. Build trust! 9. Transparency
  • 13. 10. Legal Considerations Entity deal, asset deal, licensing deal? Who is in the deal, who is out? Management carve-out plan? Sign-on bonuses? Disclose everything! Skeletons will come out of the closet... What to do with what remains?
  • 14. Lead your team through rough times 11. Leadership
  • 18. Thank you. Louis Lehot Founder P: 650.796.7280 www.l2counsel.com louis.lehot@l2counsel.com Giovanni Soleti Managing Partner P: 305.924.6100 www.gscap.co g.soleti@gscap.co For more information: