{"id":354,"date":"2007-12-20T21:34:58","date_gmt":"2007-12-20T20:34:58","guid":{"rendered":"http:\/\/www.ziserman.com\/blog\/2007\/12\/20\/alors-viser-une-valorisation-elevee-ou-pas-partie-2\/"},"modified":"2007-12-20T21:34:58","modified_gmt":"2007-12-20T20:34:58","slug":"alors-viser-une-valorisation-elevee-ou-pas-partie-2","status":"publish","type":"post","link":"https:\/\/www.ziserman.com\/blog\/2007\/12\/20\/alors-viser-une-valorisation-elevee-ou-pas-partie-2\/","title":{"rendered":"Alors, viser une valorisation \u00e9lev\u00e9e ou pas (partie 2) ?"},"content":{"rendered":"<p>Ce billet fait <a href=\"http:\/\/www.ziserman.com\/blog\/2007\/12\/19\/premier-tour-de-table-et-valorisation\/\" title=\"Aller sur mon billet pr\u00e9c\u00e9dent, ou je parle de premier tour de table et de valorisation\" target=\"_blank\">suite \u00e0 ce premier billet, sur le premier tour de table pour une startup<\/a>.<\/p>\n<p>La question est donc de savoir s&rsquo;il faut viser la plus grande valorisation possible.<\/p>\n<p>A priori, la r\u00e9ponse semble \u00eatre \u00ab\u00a0oui\u00a0\u00bb : une tr\u00e8s grande valorisation, c&rsquo;est garder plus de part au capital, avoir donc plus de pouvoir en tant qu&rsquo;actionnaire, et avoir un potentiel de gain plus important, au moment de la \u00ab\u00a0sortie\u00a0\u00bb (revente, introduction en bourse).<\/p>\n<p>Mais en fait, une valorisation trop \u00e9lev\u00e9e peut \u00eatre un pi\u00e8ge :<\/p>\n<ul>\n<li>Le premier tour de table est dans la plupart des cas le premier d&rsquo;une s\u00e9rie. Cette valorisation sera corrig\u00e9e aux tours suivant. La valorisation du premier tour n&rsquo;aur\u00e9 donc \u00e9t\u00e9 qu&rsquo;un leure ;<\/li>\n<li>Si le premier tour est accompagn\u00e9 de clauses &lsquo;anti dilution&rsquo;, alors une baisse de la valorisation dans les futurs tours sera-t-elle encore plus violente ;<\/li>\n<li>Valorisation tr\u00e8s \u00e9lev\u00e9e = promesse tr\u00e8s \u00e9lev\u00e9e. Si jamais le business plan n&rsquo;est pas tenu, gare au retour de manivel !<\/li>\n<\/ul>\n<p>Mais tout le monde ne pense pas \u00e7a : j&rsquo;\u00e9tais mardi soir \u00e0 une r\u00e9union, ou on parlai de cette question, et l&rsquo;un des gars ne jurait que &lsquo;valorisation&rsquo;.<\/p>\n<p>Qui a raison ?<\/p>\n<p>Maintenant, \u00e9videment, comme dit Pierre Dac, il vaut mieux \u00eatre riche, beau et bien portant que pauvre, moche et malade. Autrement dit, il vaut mieux une valorisation \u00e9lev\u00e9e avec un investisseur sympa et un pacte d&rsquo;actionnaire \u00ab\u00a0light\u00a0\u00bb qu&rsquo;une valorisation faible, avec un investisseur impossible et un pacte d&rsquo;actionnaire gros comme \u00ab\u00a0la recherche du temps perdu\u00a0\u00bb !<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ce billet fait suite \u00e0 ce premier billet, sur le premier tour de table pour une startup. La question est donc de savoir s&rsquo;il faut viser la plus grande valorisation possible. A priori, la r\u00e9ponse semble \u00eatre \u00ab\u00a0oui\u00a0\u00bb : une tr\u00e8s grande valorisation, c&rsquo;est garder plus de part au capital, avoir donc plus de pouvoir [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[],"tags":[374],"class_list":["post-354","post","type-post","status-publish","format-standard","hentry","tag-entrepreneuriat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alors, viser une valorisation \u00e9lev\u00e9e ou pas (partie 2) ? - Ziserman.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ziserman.com\/blog\/2007\/12\/20\/alors-viser-une-valorisation-elevee-ou-pas-partie-2\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alors, viser une valorisation \u00e9lev\u00e9e ou pas (partie 2) ? - Ziserman.com\" \/>\n<meta property=\"og:description\" content=\"Ce billet fait suite \u00e0 ce premier billet, sur le premier tour de table pour une startup. 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