{"id":7323,"date":"2012-04-27T19:22:57","date_gmt":"2012-04-27T17:22:57","guid":{"rendered":"http:\/\/www.ziserman.com\/blog\/?p=7323"},"modified":"2012-04-27T19:29:14","modified_gmt":"2012-04-27T17:29:14","slug":"exit","status":"publish","type":"post","link":"https:\/\/www.ziserman.com\/blog\/2012\/04\/27\/exit\/","title":{"rendered":"Exit"},"content":{"rendered":"

Quand on cr\u00e9e une startup, on doit \u00eatre schizophr\u00e9ne.<\/p>\n

On doit en m\u00eame temps construire, avoir l’\u00e2me d’un b\u00e2tisseur, voir loin.<\/p>\n

Et dans le m\u00eame temps, on doit penser \u00e0 \u00ab\u00a0la sortie\u00a0\u00bb.<\/p>\n

Pourquoi ? Parce que si on fait venir des investisseurs, il faut leur m\u00e9nager une sortie.<\/p>\n

Eux, ils viennent pour gagner de l’argent.<\/p>\n

Et ils gagnent de l’argent en revendant les actions qu’ils ont achet\u00e9s.<\/p>\n

C’est donc ce qu’on appelle la sortie, l’exit strategie.<\/p>\n

En fait, la sortie, c’est assez simple : soit on revend la boite, soit on l’introduit en bourse. Dans les deux cas, les investisseurs revendent leurs actions.<\/p>\n

Dans 90% des cas, la sortie, c’est en fait un rachat par un industriel.<\/p>\n

La sortie est plus ou moins r\u00e9ussi.<\/p>\n

Pour les investisseurs, et c’est normal, le crit\u00e8re cl\u00e9, c’est la valo (valorisation) de la sortie.<\/p>\n

Les investisseurs sont venus \u00e0 une valorisation donn\u00e9e (disons 5 M\u20ac par exemple) et ils gagnent de l’argent en fonction de la valeur de rachat. 10 M\u20ac de rachat, et ils font X2, 20M\u20ac et ils font x4, …<\/p>\n

Pour les fondateurs, et pour l’\u00e9quipe, c’est diff\u00e9rent. Bien s\u00fbr, l’argent est \u00e9galement un crit\u00e8re, surtout pour les fondateurs, mais la \u00ab\u00a0logique\u00a0\u00bb de l’acquisition est \u00e9galement un facteur : l’\u00e9quipe va-t-elle continuer ou va-t-elle \u00eatre disloqu\u00e9e ? La boite achet\u00e9 va-t-elle pouvoir se d\u00e9velopper, ou est-ce un achat pour \u00ab\u00a0d\u00e9pecer la b\u00eate\u00a0\u00bb ?<\/p>\n

Bon, apr\u00e8s, il y a la communication.<\/p>\n

Au niveau communication, il faut bien le dire, on est bien souvent dans le \u00ab\u00a0story telling\u00a0\u00bb.<\/p>\n

Dans la r\u00e9alit\u00e9, c’est pas toujours aussi rose ;).<\/p>\n

Apr\u00e8s, c’est normal de positiver : une startup, c’est une aventure, et m\u00eame si la sortie n’est pas celle dont on r\u00eavait, c’est normal, c’est m\u00eame tr\u00e8s bien, de voir les aspects positifs, le chemin parcouru, les \u00e9tapes r\u00e9ussies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Quand on cr\u00e9e une startup, on doit \u00eatre schizophr\u00e9ne. On doit en m\u00eame temps construire, avoir l’\u00e2me d’un b\u00e2tisseur, voir loin. Et dans le m\u00eame temps, on doit penser \u00e0 \u00ab\u00a0la sortie\u00a0\u00bb. Pourquoi ? Parce que si on fait venir des investisseurs, il faut leur m\u00e9nager une sortie. Eux, ils viennent pour gagner de l’argent. […]<\/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":[2],"tags":[374,80,35],"class_list":["post-7323","post","type-post","status-publish","format-standard","hentry","category-e-commerce","tag-entrepreneuriat","tag-startup","tag-vc"],"yoast_head":"\nExit - 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\/2012\/04\/27\/exit\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exit - Ziserman.com\" \/>\n<meta property=\"og:description\" content=\"Quand on cr\u00e9e une startup, on doit \u00eatre schizophr\u00e9ne. 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