Comments on Early Exits

"Early Exits is a ‘must-read’ book for serious entrepreneurs and individual investors. It is the only book that I have seen in 12 years that focuses exclusively on Exit Strategies. An invaluable resource with a detailed contents section, it is easy to read with plain language, not too much jargon and good case study examples. READ IT."

Bob Chaworth-Musters, founder of the Angel Forum - Vancouver

"Overall, excellent and timely ideas and, I believe, a must read for all Angel investors."

Warren Hanselman
Past President San Diego Tech Coast Angels and Past Vice Chairman Tech Coast Angels

"Basil has provided a wonderful service to the angel community by writing the best book on exits. All will benefit from his wisdom and the experiences he shares."

John O. Huston, Founder, The Ohio TechAngels – Columbus

Brad Feld on Early Exits
Brad Feld

Brad Feld was in Vancouver for the first ever Bootup Labs Entrepreneurial Society Event on April 22, 2009.

A few days before this event, I was in Atlanta at the National Angel Capital Association meeting presenting a workshop on Exit Strategies. Brad was on a panel about the current dynamics betwen VCs and Angels. We shared a cab back to the airport, and I gave Brad a copy of Early Exits.

Click here to watch Brad Feld’s comments on Early Exits. (Please keep in mind that Brad is a VC.)

Brad’s entire interview is well worth watching on the Bootup Labs site.

"I really enjoyed reading Early Exits, and could not put it aside until I read it from cover to cover. It describes some very interesting concepts which I am sure will create controversy in the investment community.

In my opinion, every entrepreneur should read this book at least twice: once when they start their venture and the second time when they are getting serious about their exit."

Alan Juristovski, Co-founder and CEO MetroLeap Media Inc.

"Early Exits is a must-buy book that consolidates your leadership role in the SME community. You have exposed something that badly needed to be exposed and have thereby done a great service to entrepreneurship. I will recommend that all the ‘Build & Finance Your SME’ students buy it."

Roger Killen, Creator of 99 Milestones and Build & Finance Your SME

"Early Exits is a timely and intrepid assessment of Venture Capitalist’s changed fortunes in the investment world. Dr. Peters investigates how both Angel Investors and the boards with whom they are associated must respond in this new environment. Unique in its’ subject matter and full of real life experiences and advice, this book will captivate your attention from cover to cover."

Bruce MacCormack, Chairman, Bellingham Angel Group, LLC

"Times have changed. VCs now invest $10s of millions in each new venture looking for home runs over a long investment cycle. Unfortunately, singles and doubles provide inadequate returns for huge VC firms, so VCs press for big winners at the risk of losing everything. Dr. Peters has a compelling new strategy for entrepreneurs and angels: Improve your odds of lucrative returns using only angel money and focusing intensely from the outset on seeking Early Exits."

Bill Payne, Angel Investor and Winner of the 2009 Hans Severiens Award
Author of the Definitive Guide to Raising Money from Angels (www.billpayne.com)

"Early Exits is a must-read for all entrepreneurs wishing to attract angel investors. Peters nails it when he says that "exits are the best part of being an entrepreneur or investor".

Entrepreneurs have learned that it’s important to talk about their "exit strategy" when they pitch to investors. The problem is that most have no idea what an "exit strategy" is.

This book will get entrepreneurs and investors to plan for earlier exits rather than waiting until it’s too late!"

Mike Volker, Co-founder Vantec Angels and CEO of the WUTIF Fund

From emails with permission:

"I finished your book and I must say it was filled with practical, proven, and straightforward insights into Early Exits – pure street smarts, I might add. A must read for any entrepreneur bent on creating enterprise value. Congratulations!"

Lyn Blanchard, President, Creekstone Consulting Inc.

"I devoured your book and truly enjoyed it. I bought another copy earlier this week and I’ve lost this one to a fellow director at a client company!"

R. Michael Crill, Managing Director – Atlas Accelerator

"I think the book brings forward some important truths about VC funding that people have been guessing and gossiping about for some time now. The analysis is important and better yet, indispensable must reading for every new tech entrepreneur. Great work!"

Bob de Wit, Mentor in Residence at Simon Fraser University

"My post about your talk at ACA has become my most re-tweeted topic ever on Twitter! Lots of people seem to be reading and enjoying it. Hope some of them click on the links and buy your book!"

Stephen FlemingAcademic VC

"The complexity inherent to early stage growth company financing is completely foreign to many of those so reliant upon it. Some people have gamed the system to the detriment of the many. Basil’s voice lends itself to a critical audience: those entrepreneurs who can make informed choices.

Early Exits is a work that draws the broad lines of not only what startup financing conventions are but also why they exist. It’s the way he brings out the "ah hah" that best captures the value of his work. It’s factual. It’s specific. But it also draws the reader in with real case examples providing personal insight. Why do boards of venture-funded companies block exits and vote along preference class lines? Why does institutional venture capital view angel investment in an opportunistic way? What legal instruments benefit one group over the other? I’ve already recommended this book several times."

Sam Hayes, Co-Founder & COO of SharesPost

"Sara and I both recently picked up your book. I just wanted to let you know that it is one of the most informative and relevant sources of information that I have ever encountered, not just on exits, but on entrepreneurship and startups in general. I really appreciate you begging the question of a statup’s end game, and exposing the information in such an easily consumable manner. The book fills in many gaps in my own thinking about how and why we are building a company. Just yesterday I referred it to an entrepreneur, telling him that he should read it before accepting a single cent of financing. Thank You!"

Arron Kallenberg, Co-founder, Olive Interactive, LLC / DandyId.org

"Thank you for writing Early Exits. It should be required reading. I ordered another five books that I plan to give to entrepreneurs and investors."

Peter Kinash

"Basil … a friend, Peter Kinash, let me read your book, Early Exits. As a CEO heading out to raise our first round of outside capital for http://www.mob4hire.com, it was very useful to help me understand what I can expect; of investors as well as myself. Thanks for the AWESOME insights!"

Stephen King, mob4hire.com

"I find Early Exits to be a useful, practical and comprehensive exit guide for both angels and entrepreneurs. You are right that little has been written about exits. In fact, I searched and came up empty when my husband and I were planning to sell our business in early 2008. I am grateful that you took the time to write the book to share your wisdom and experience. I know others have said it before, but it IS really hard to put your book down. I read it cover to cover in one sitting. I am going to recommend it to any entrepreneurs and angels that will listen."

Elaine Kong, Program Manager, Business Consulting and Angel Network – Washington Technology Center

"Basil’s book is a must read for any business seeking private investment. His book emphasizes that the top line (strategy, execution, human capital) needs to fit with the right investors so your exit benefits everyone."

Ash Kumra, CEO/Co-Founder DesiYo

"By far the best book I have read on this subject, and I have gently made it 'required reading' for my clients who are new at startups."

Kang Lim, IP Attorney & Angel Investor

"I attended your exit strategies workshop today in Surrey. I just finished your book. I read a lot and would like to thank you for writing so clearly and in such a way that is clearly based on experience. It's a nice change from a lot of the books I read. The next book on my list is Mike's.

I found it very helpful in deciding my future course of action with my tech startup, confirming what I already suspected to be true particularly around VC funding, and adding a lot of interesting info I'd never even considered. Just wanted to say thanks. Today was one of the more valuable workshops I've been to, and your book just further adds to the value I feel I received today. "

Chris

"I borrowed Roger Killen’s copy of your book yesterday and could not put it down. Very good advice for an entrepreneur. You have an easy style that kept me captivated. Your concepts are clear and easy to understand. Well done."

Harvey Martens, Founder – www.tomorrx.com

"Just a short note to say I've ready many books on M&A and exit planning and yours is one of the most practical. The case studies at the end were especially well chosen and reminded me (or revealed to me) many things I need to remember!"

Marc Maselli, CFA

"I just finished your book Early Exits which I found to be timely, insightful and honest. My first experience with VC’s left me negatively tainted with the realization that multiples drive the strategy, not maximizing exits based on what’s best for the company. I had a company destroyed by such actions. I wish I had your book years ago; my life would be different today. Early and smaller is the way to go!"

Robert Paddock

"I urge inventors and others searching for funds, to FIRST read and fully understand, Basil Peters EARLY EXITS book. I believe it is to the point and an easy read. My past experience with VC's is exactly what he states in the book and that is the reason I will not be going down that road but rather the ANGELS way."

Nelson Meikle

"What a breath of fresh air! I've made it required reading for my partners-and they WILL buy their own copies... We're thinking of giving a hard copy to each CEO/founder as we close an investment. The illustrative chart on p.58 (Figure 4.3) was an epiphany."

Charlton Owensby, MD, JD, Guardant Partners

"I just finished your book Early Exits which I found to be timely, insightful and honest. My first experience with VC’s left me negatively tainted with the realization that multiples drive the strategy, not maximizing exits based on what’s best for the company. I had a company destroyed by such actions. I wish I had your book years ago; my life would be different today. Early and smaller is the way to go!"

Robert Paddock

"I am sure you don't remember me, but we met once...I had asked you if there was any information in your book that wasn't on your blog, and you kindly replied 'yes, but not much'. You are a modest man, as I found quite a bit of information that I had not seen on your blog. Perhaps that is my lack of information retention while reading blogs, but I think its the previous. So I am very glad I read it.

You were obviously victim to many engineering books crammed with information and formulas in tightly packed paragraphs as I was. The layout of your book is simply the best. Well spaced, informative titles, and short sections that are to the point. I would even go so far as saying the style of layout is better than Kawasaki's. Very well done indeed.

One gripe I have about start-up books, podcasts (like TWiST), and other information on the web, is that a lot of the information is very geared towards the current hot topic of Web2.0 companies. So much is focused on the fact that you can quickly deploy a product, with minimal costs, time, and equipment, its hard for someone like myself to know what to do other than just grinding it out in the lab and thinking that exits must be slightly longer in time for people developing hardware due to development time and costs.

However, you save the day in your case studies. For a person like myself whose passion lies in wireless and telecomm, your story of how PCS Wireless branched out of Nexus (which I didn't know before) was beyond motivating. Also, it was great to read it as one part bibliography. Its great to read of success stories of other engineers that were able to bridge the gap between building things and building companies.

Thank you again for writing a great book."

Mischa Steiner-Jovic, Awesense Wireless Inc.