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Lucky for now: Dealmakers are optimistic about the near future

It’s fitting the annual Association for Corporate Growth (ACG) West Coast M&A Conference was held on St. Patrick’s Day. We were all feeling a bit lucky with a nice bounce-back in the markets, and a cautious sense of optimism was shared by many of the upwards of 300 attendees, consisting of specialists in private equity, banking, and finance and accounting, as well as entrepreneurs.

A faint wariness has been in the air since November, when the economy had a clear drop in financings and valuations. Conference attendees in general believe the dip was due to overheated valuations that had continued to rise despite concerns over whether imprudent investments were getting made.

With the state of the markets setting the stage for the event, there were many takeaways to be had at this San Francisco conference, which I attended with my counterparts at RoseRyan, Terry Gibson, who oversees the RoseRyan Private Equity service, and director Stan Fels, who was there for the small-business perspective. Here are the topics everyone was talking about:

  • In one session, approximately 30% of the attendees predicted that there would be a recession starting some time in the next year and a half. It was tempered with thoughts that it wouldn’t be nearly as bad as the 2007/2008 recession.
  • There was a strong shared sentiment at the conference that the business cycle has gone to the wayside as Fed policy is now the biggest indicator of whether the economy will expand or contract.
  • A common topic of discussion was the democratization of fundraising. This is taking form through the increased use of technology to bring buyers and sellers together in an efficient way. Tremendous growth in the enabling technologies has made this all possible (consider these now-common names we didn’t know a decade ago: Kickstarter, Indiegogo, Lending Club, GoFundMe, Lending Club, Prosper and Funding Circle).
  • The personal touch is not leaving. Investors still want to understand the business owners who are seeking money. The old rule of being close to your money still resides. This was emphasized from the private equity folks in the room to the entrepreneurs as well.
  • Bankers are starting to get risk averse—no surprise there.
  • There is lots of money in the PE marketplace. Due to the dearth of opportunities and low interest rates, opportunities are still out there. Valuations are coming down dramatically. Fidelity, in particular, has been aggressive in downgrading its investments.
  • Fintech is exploding, enabled by the rise in big data and analytics. Machine learning and artificial intelligence have helped companies in this field better gauge risk and tap into markets where bankers are afraid to risk capital. Attendees and speakers expressed great optimism about this sector and marveled that it’s a phenomenon that’s been going on for at least five years now.

Deal-making has its up and down times, but there are opportunities in the M&A space at the moment. Capital is definitely available. It is a safe bet that there will be more prudent investing, more cautionary growth plans and more options on how to raise money in the coming year.

And there will certainly be new ideas brought to the table by entrepreneurs looking to transform our lives. The last session I attended was an entrepreneurial meetup in the style of the TV show Shark Tank. I watched as Amy Errett, CEO of startup Madison Reed, flawlessly executed her pitch for a prepackaged hair coloring kit billed as “makeup for hair.” Using a combination of technology and healthier formulas, the startup is attempting to be a disruptor in the hair-coloring space.

As the father of three daughters, I took notice when Amy mentioned the hair coloring market is a $50 billion industry. I introduced myself to Amy after her presentation and took the free $75 gift certificate and headed out the door, feeling cautiously optimistic about the prospects ahead.

Chris Vane is a director at RoseRyan, where he leads the development of the finance and accounting firm’s cleantech and high tech practices. He can be reached at [email protected] or call him at 510.456.3056 x169.

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Hot deals, talent wars and ‘winning’ entrepreneurs: Just another day in Menlo Park

Optimism in the air—that was the first thing you would have noticed at an EY Entrepreneur of the Year® reception at the Rosewood Sand Hill last week.

As I walked through the hotel’s reception area, I couldn’t miss the well parked Lamborghinis highlighted by a metallic blue one that simply screamed “IPO success.” Just to the side of the reception area, the Rosewood bar was packed with wall-to-wall patrons relishing in the latest business deals.

The real show was going on in the Rosewood’s lower conference room, where a wonderful reception was held for the 24 finalists of the EY Entrepreneur of the Year Awards, who were honored for making the grade. Truthfully they were all winners at this event, which RoseRyan proudly sponsored again this year. However, the final 8 winners will not be announced until June 11 at the lavish event at The Fairmont in San Francisco. (Check out the 24 finalists for Northern California here: www.ey.com/us/eoy/norcal.)

Conversations in Menlo Park that night with the entrepreneurs and their teams ranged from valuations of funding rounds to the mentality of “take the money now” when it is available from growth-starved investors. These entrepreneurs’ most immediate worry? The talent war. They seem most concerned with the ability to hire top-notch employees with just a small pool of candidates in front of them.

Looking further out, they are optimistic about the future, but they also expressed a sense of trepidation of what is going to happen when interest rates rise and the cost of commercial and residential real estate continues to be expensive. There is a general feeling that the current influx of late-stage funding rounds may decline once any indication of a slowdown in the general economy occurs.

But any down talk was quashed by the overriding sense of optimism. It was wonderful to see a diverse group of companies among the finalists. Although cloud software and mobile technology seem to gather all of the headlines these days, these finalists represent a broad range of categories: finance, beverage, food, biotech, consumer brands, cleantech and healthcare. Of course, application developers, wireless and cloud companies are well represented too.

Overall, the EY finalists are a fine showing for Northern California as they demonstrate the versatility and entrepreneurial spirit that are alive and well here.

Chris Vane is a director at RoseRyan, where he leads the development of the finance and accounting firm’s cleantech and high tech practices. He can be reached at [email protected] or call him at 510.456.3056 x169.

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Innovation, leadership are dominant qualities of EY Entrepreneur of the Year Award recipients

Economists like to debate about the level of economic growth that is driven by innovation. Some think that the days of rapid growth in the U.S. economy is over and any new inventions won’t make up for the slowdown in growth. Others think that innovation and new ideas are still taking off and will fuel lots of economic growth. I’m not an economist, but the one thing I know for certain is that Northern California has a group CEOs who aren’t waiting around to find out. They are leading their companies in developing new technologies and new and better ways of operating their businesses, all while building high performance teams.

I met them firsthand during the recent 28th EY Entrepreneur of the YearTM Awards gala for Northern California at the Fairmont Hotel in San Jose. The theme for this event, for which RoseRyan proudly served as a sponsor, was “honoring the best of the best,” and it was successful at that. There were 27 finalists out of an original group of over 110 CEOs. Of the finalists, the regional award winners were chosen from nine categories ranging from software and technology to life sciences and digital advertising. There was a very good mix of entrepreneurs from all different kinds of backgrounds and experiences.

This was one of 25 programs in U.S. cities and in 61 countries around the world; the overall national winner will be announced later this year. There were over 14,000 individuals involved in this global endeavor. Some were from established companies, some from startups, and others from large companies. For our area, here are the winners announced at the gala (for quick videos about each company, go to EY’s website):

  • Technology: David Gorodyansky, CEO, AnchorFree
  • Services: Fedele Bauccio, co-founder and CEO, Bon Appétit Management Co.
  • Emerging: Marcin Kleczynski, CEO, Malwarebytes
  • Life Sciences: David Hung, founder, president and CEO, Medivation
  • Software: Vladimir Shmunis, CEO and founder, RingCentral
  • Digital Advertising: George John, CEO and co-founder, and Richard Frankel, president and co-founder, Rocket Fuel
  • Large Companies: Amir Dan Rubin, president and CEO, Stanford Hospital & Clinics
  • Internet: Pete Flint, CEO and founder, Trulia
  • Real Estate and Finance: Doug Brien, co-founder, and Colin Wiel, co-founder, Waypoint Homes

A theme that I heard repeatedly during this year’s program and in the past is that innovation doesn’t just involve the CEO or founder, but rather it is a bottom’s up process involving many people at all levels of the organization. Those honored at the EY event recognized that truth; the first people many of them thanked in their acceptance speeches were their employees. Those who will go far know they need to develop a team of key people who believe in what they are trying to accomplish. “The best advice I ever got from anybody is … get the wrong people off the bus as quickly as possible and get the right people on the bus,” said Kleczynski in a video about Malwarebytes, an anti-malware software provider. “They will get you going; they will get you where you need to go.”

With the help of the right people, entrepreneurs look for ways to disrupt and change industries, and that is what drives them. AnchorFree, for instance, aims to give everyone across the globe freedom when using the Internet and privacy protection when doing so. In his video, Gorodyansky said the company faced “headwinds” in its goals “but also knew in our hearts that we’re doing the right thing.”

Certainly, younger companies have more freedom to get changes made quickly. This is particularly true of the private companies involved in this program (over 80 percent of all award winners are privately held). Studies have shown that what really make the finalists different are their independence, freedom and flexibility. The overarching value they all share is outstanding leadership plus a willingness to try new things. Once a quarter, Trulia lets its engineers pursue any idea they have in mind, without the red tape that oftentimes ties down more established companies from realizing innovation. “It’s an incredible way for us to create an environment where creativity, where ownership is part of the culture,” according to Flint of the real-estate listing site. “So, new employees can come in, they can build a product they’re passionate about, solve the problem they want to solve, and release it to the public soon after.”

Indeed, their nimbleness and openness to ideas are continuing to make entrepreneurs the job engine of our economy, and all indications are that this will continue for the foreseeable future.

We can all learn from their stories, particularly in my industry. The world of finance and accounting consulting has been constantly changing over the past 10 to 20 years. Innovation in the way companies approach the market, deal with clients and look for talent is critical to success. Evolution in our business is oftentimes driven by regulatory changes and new ways of interpreting rules and principles. A firm that doesn’t embrace change and work with it will be left behind. The firms with strong visionary leadership are the ones that are leading the industry and staying ahead of the curve.

Stan Fels is a director at RoseRyan, who joined the finance and accounting firm in 2006. In addition to helping the finance dream team keep their skills sharp and stay true to RoseRyan’s proven processes, he matches gurus to clients in the high tech and life sciences sectors. 

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Bay Area entrepreneurs: inspiring stories, winning ideas

The announcement was just made for the Northern California CEOs who are regional semifinalists in EY’s Entrepreneur of the Year™ Awards program. In the months ahead, RoseRyan and other sponsors of this amazing program will interview these Bay Area leaders and get to know what makes them tick and how their high-growth companies stand apart from the rest. The actual regional winners will be announced at an awards gala June 10 at the Fairmont in San Jose.

But first, congratulations to all of the semifinalists who were announced last week. They are getting recognized as high-impact entrepreneurs who have barreled through challenges during shaky economic times to transform their great ideas into promising businesses. RoseRyan is proud to once again be a sponsor of the program, which is in its 28th year. It puts us in direct contact with CEOs who are innovative, highly motivated and representative of how business is evolving in our area.

This year’s impressive list of semifinalists reflects a very strong showing for Northern California, as the area tends to be well recognized in EY’s program. In fact, last year’s overall national winner was CEO Hamid Moghadam of real estate firm Prologis, which is based in San Francisco. With this region’s ever-changing pool of new companies, new technologies and new ideas, we continue to be an innovation engine.

Pride in our region is just one reason why it’s so exciting to take part in the awards program. Another is the chance to observe the diversity and dedication in all the nominees. These entrepreneurs are leading a mix of public, private, nonprofit and women-owned businesses. And many candidates are serial entrepreneurs who are sitting on fortunes. They don’t even have to work, but they love what they do. These leaders are a marvel to watch, and they’re inspiring.

Of course, a great idea and a passion for work will take an entrepreneur only so far. From my observations with the EY program over the last several years, I have also noticed the following common traits among the semifinalists:

  • They deal with business problems head-on, with flexibility and a strong sense of their company’s core strategies.
  • They recognize the value and strength of honest communication and transparency.
  • They have a clear vision and don’t sway from it.
  • They’re willing to take risks, based on their strong belief in themselves, their ideas and their team.
  • They know how to attract and retain talent. This is quite a challenge for any Bay Area company.

The stories that come out of these job creators and innovators will continue to evolve. Those of us who can watch from the sidelines will not only admire the changes and ideas that are afoot but be inspired as well. We all need insights into how to do things differently and explore whether we too should work in a new way or consider new strategies for hiring and retention. These entrepreneurs are bringing the best ideas to market, supported by solid teams and a healthy dose of enthusiasm and energy. Plus, they’re energizing our local – and national – economy. All of these achievements make RoseRyan a proud sponsor of the EY Entrepreneur Of The Year™ program.

Stan Fels is a director at RoseRyan, who joined the finance and accounting firm in 2006. In addition to helping the finance dream team keep their skills sharp and stay true to RoseRyan’s proven processes, he matches gurus to clients in the high tech and life sciences sectors.

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Bay Area leaders take top honors in Entrepreneur of the Year™ awards

Three Bay Area business leaders took home top national honors in Ernst & Young’s Entrepreneur Of The Year™ Awards program.

The national overall winner is Hamid Moghadam, CEO of Prologis; Tom Bedecarré, CEO of AKQA, was named top entrepreneur in the Media, Entertainment and Communications category, and Nicholas Woodman, CEO of GoPro, won in the Retail and Consumer Products category. EY announced the 11 national honorees Nov. 16 in Palm Springs; the list of winners is here.

These winners were chosen from a group of more than 250 outstanding entrepreneurs from across the country. It was a very strong showing for Northern California—direct evidence that the region continues to be an innovation engine that produces new companies, technologies and ideas.

All nominees, as in all the years that I have been involved with this program, are diverse. The companies these entrepreneurs lead are a mix of public, private, family-owned, nonprofit and women-owned businesses.

Many candidates are serial entrepreneurs and have made fortunes; even though many of them don’t have to work, they wouldn’t want to be doing anything else. What drives them and makes them so successful? Among the traits I’ve seen, a strong work ethic and family are most meaningful to these CEOs.

Some of the other common traits of these high-impact performers include:

  • They address business problems by being flexible and focusing on core strategies.
  • They recognize the value and strength of honest communication and transparency.
  • They have vision—and they stay focused on that vision.
  • All share a sense of action. As one said, “You can’t just talk your way out of situations, you need to take actions. That is what employees and customers are expecting.”
  • They take risks. Part of being a risk taker is having a strong belief in yourself, your ideas and the people you work with. This was evident with everyone. It’s easy to look back and say you took a risk and it worked, but what separates these folks from most is that they did take the risk.
  • They know how to attract and retain talent. This was a universal trait; it’s a key indicator of success for any business.

Much is said about the ripple effect of the work and efforts of these job creators, and I believe the world is watching them and the organizations they build. We do this not out of envy, but because they are the role models for what it takes to be successful in the 21st century.

They bring the best ideas to market, build the strongest teams and deliver the best products and services, and their companies energize the economy and promote stability and long-term growth. Recognizing these achievements is a key reason RoseRyan is proud to be a sponsor of the EY Entrepreneur Of The Year™ program, which is in its 27th year.

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Will your equity compensation strategy take you from start-up to exit?

RoseRyan, along with the Melita Group, is presenting a free breakfast seminar, “Equity compensation: end-to-end strategies for private companies,” on October 30 in Palo Alto.

Your equity compensation plan’s design and execution affects your ability to retain employees, your readiness for exit and your market valuation, as well as other areas of the business. How do you set yourself up for success? If you don’t have an equity compensation plan for an M&A deal or IPO, now is the time to develop one.

“Equity compensation: end-to-end strategies for private companies,” will give you tips on:

  • Real-world (not pie-in-the-sky) equity comp strategies
  • Choosing the right equity comp vehicles
  • Avoiding common stock comp pitfalls
  • Preparing for—and making the most of—a liquidity event

For this seminar, we tapped some of the Bay Area’s savviest equity experts.

Alexander Cwirko-Godycki, senior manager, Radford: Alex supports Radford’s compensation consulting practice by creating new intellectual property and data-driven content. He is co-creator of Radford’s pre-IPO/venture-backed company online portal.

Kelley Wall, Technical Accounting Group, RoseRyan: Kelley leads RoseRyan’s Technical Accounting Group, advising clients on complex accounting matters and assisting with strategic business transactions such as IPOs, mergers and acquisitions, joint ventures and divestitures.

Ellen Sueda, senior counsel, Seyfarth Shaw LLP: Ellen works in Seyfarth Shaw’s Employee Benefits and Executive Compensation department, advising employers on tax, securities and employment law matters.

Carrie Kovac, director of finance, Symantec: Carrie is responsible for all company operations related to equity, including ASC 718, SOX, SEC reporting, global stock programs and the annual proxy statement.

The seminar takes place 8–10 a.m. at the Westin Palo Alto in Palo Alto. Get details and register here.

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Credit risk: a few easy steps can prevent major headaches, even extinction

Entrepreneurs are constantly setting up companies as new business opportunities arise. It’s called innovation, and that’s what Silicon Valley is all about. VCs put their money into these companies to help them grow with the expectation that they will make a great return on investment themselves—and they perform significant due diligence and risk assessment before investing.

So it always surprises me when many of these innovative companies that have been assessed for investment risk by their backers act cavalier when it comes to managing the financial risks within their fledgling businesses. Even more surprising is that many of the venture funds that have invested their money never question the company’s approach to financial risk management.

Many companies, particularly start-ups, sell on terms without checking out their customers for credit risk or taking steps to reduce risk. They are so intent on making the sale to show they have a real business (maybe even desperate) that the quality of the sale doesn’t matter. Many have been burnt when they don’t get paid, and others have gone out of business.

Make sure a customer’s credit is good

All of this is avoidable with a few basic steps—and the most basic of all is to check the credit worthiness of a new customer. It takes a minimal amount of time to do, yet in many cases it’s seen as an unnecessary hassle. (This is rarely a problem in public companies, as a basic SOX control on revenue recognition is a requirement to assess collectability. That is one area where SOX has added a lot of value.)

If it is not possible to establish a customer’s credit competence, get them to prepay, use a credit card or provide some sort of guaranteed financial instrument. I have rarely seen a sale cancelled because appropriate terms cannot be agreed upon, yet I have seen companies suffer a lot of pain when they realize, too late, that they have made a poor sale. It’s not only the loss of the receivable that hurts. The cost in time, effort and third-party services to chase the money can be exorbitant, too.

Make sure that credit stays good—and take basic precautions

In addition, companies need to reassess credit terms on a regular basis. Often I see companies check out credit risk and give terms for an initial sale, but they never reassess the customer’s credit risk thereafter, not even when the customer deviates from the agreed terms on that sale or a subsequent sale. Sooner or later that approach comes back to haunt them.

The same is true of credit concentration. Having most of your eggs in one basket is not a good idea, yet many companies do it. Whenever possible, take basic precautions to limit credit concentration, such as selling through multiple channels, or enforcing and continually reassessing credit limits on larger accounts.

Companies that sell overseas also take on significant risk with currency exposure when they sell on inappropriate terms or when the currency risk is not hedged properly. Given the constant headlines about the euro crisis and the considerable downside risk with little upside potential, why do so few companies spend no time considering and minimizing their risk? Beats me.

What I do know is that a small amount of time invested in managing credit and currency risk can save a lot of headaches down the road. It could mean the difference between being in business and becoming extinct.

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BayBio Entrepreneur & Investor Roundtables event puts industry changes into relief

Last night, as a BayBio partner, I attended the Ninth Annual Entrepreneur & Investor Roundtables event in Palo Alto. This BayBio event gives entrepreneurs in start-up life sciences companies an opportunity to meet and present to investors, both VCs and angel groups. The format is a speed dating arrangement that gives them about eight minutes to pitch.

I’ve attended this event for the last six years, and it’s an interesting reflection of how the industry has changed over time. In the early days, there was more interest in funding and more resources. Now the sources of funding are fewer, the dollars are more scarce—and the bar of approval is higher.

Investors, both VCs and angels, are more specific in their focus and they need to see higher levels of meeting milestones before approving additional or initial funding. There is more emphasis on demonstrating proof of concept before they fund the next level.

Also, the funding requirements to grow these companies are always going to be higher than many of their entrepreneurial counterparts in the tech industry. This is also different from entrepreneurs in the social media or software space, where an investment of $500K can keep you going for more than a year.

Although the funding climate is difficult and takes patience, the passion among entrepreneurs is still strong. Also, I’ve noticed over the last few years that these scientist-entrepreneurs are more business savvy than in the early years, and they have practiced and refined their presentations and their understanding of business forecasting and strategy.

The virtual company approach is almost universal in one form or another, with everything outsourced except for core competencies. Hiring fewer employees but using more consultants and developing collaborations is the norm. And overseas clinical trials are growing more common, in part because of the difficulty and expense of dealing with the FDA.

I have to say that I am always very impressed with the courage, stamina and determination of the entrepreneurs that I have met in life sciences. They are definitely not doing this for the money, but rather they truly believe that their efforts are helping humankind and/or the environment.

The other recurring fact is that I continue to meet people from all over the world at these events, which demonstrates that the Bay Area is still the global magnet for this type of talent and passion.

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Entrepreneurs: success comes with teamwork and taking risks

Congratulations to the 2012 Northern California Entrepreneur of the Year® Award winners!

The nine honorees were announced Saturday in San Francisco, and I was fortunate to join some of my RoseRyan colleagues at the awards gala at the Fairmont. The Ernst & Young program, now in its 26th year, celebrates the belief that “a community of entrepreneurs is a powerful force that can transform economies, address large, complex problems, drive innovation and improve our communities.”

The winners’ companies are diverse, from those that seem like they’ve been with us forever, such as Wyse Technology (founded in 1981) and Sleep Train (founded in 1985), to relatively young companies like GoPro, which brings us the GoPro camera.

While they all differ, over the years that RoseRyan has been involved with this program I’ve noticed that these people of vision share elements critical to their success. Some years the focus is on finding disruptive technologies; others, company culture takes the stage as the essential element of success. Here are a few themes from this year:

Embrace risk. Believe in yourself enough to take a risk. If you aren’t failing, you aren’t stretching enough or challenging yourself to take a big enough risk.

Be driven to make things better. When you walk into a room, look around and ask how you can make things better. Focus on things that are really inefficient.

Teamwork leads to success. Many CEOs said they are part of a team and the dedication, hard work, energy and passion of their employees was key to making the company successful. And a number of the CEOs spoke about the strong support from their family that enables them to take the risks, put in the hours and devote their talents to their business.

During the celebration, it was said that that an entrepreneur is someone who asks a simple question and changes the world. Entrepreneurs are visionaries, innovators and leaders. They are imbued with inspiration, imagination and vision.

RoseRyan has been a proud sponsor of this program for a number of years, and it is a privilege to be able to participate in nominating, selecting and celebrating these entrepreneurs. We share their spirit.

The 2012 Northern California winners are Geoffrey Barker, RPX; Tom Bedecarre, AKQA; Lawrence Blatt, Alios BioPharma; Dale Carlsen, Sleep Train; Lisa Im, Performant Financial; Tarkan Maner, Wyse Technology; Matthew Monahan and Brian Monahan, Inflection; and Nicholas Woodman, GoPro. The national winner will be announced in November.

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Survey benchmarking Bay Area start-up environment reflects RoseRyan client experience

The Bay Area Council Economic Institute has just released the results of its survey that benchmarks the Bay Area environment for young companies and entrepreneur-led start-ups. The Council’s 300+ members are a “who’s who” of Silicon Valley; I was pleased to be selected as one of the partners who contributed to the study.

Although there has been improvement in the local economy over the previous year, the survey shows there are still challenges. This is consistent with RoseRyan’s experience in the marketplace. Our clients are still having a tough time raising capital, regulations are still difficult to navigate, and other geographic areas are competing for business, but I am still optimistic in this region’s ability to adapt and innovate at a great pace.

I’ve compared some of the key findings to RoseRyan’s experiences:

Listing regulations and requirements do not discourage companies from seeking public listings: Only 16 percent of respondents agree. This is key as clients usually are not prepared to handle all of the main components of preparing their S-1s and SOX requirements after an IPO.

The government has developed tax incentives to increase the amount of research and development. 36 percent disagree and 28 percent are neutral. Tax incentives play a smaller role here than other parts of the world. Most companies, like most of our clients, do not rely on government subsidies but are certainly aware of available grants and tax incentives.

Compliance with government regulations does not unfairly burden new and growing firms: 31% disagree, which is much lower than other parts of the world. This is consistent with many of our clients’ experience. They still have to deal with a labyrinth of regulations in California which are slowly getting less cumbersome.

Government programs provide high-quality services to new and growing firms: 12% agree. Unfortunately, there does not appear to be any faith in government programs. Many of my clients feel that government support is a bonus.

Most entrepreneurs personally know one or more private individual investors (i.e., “angels”): 43% agree. Most of RoseRyan’s clients are cognizant of the “start up” ecosystem of investors.  They understand the ebb and flow of the markets based on the overall economy.

Stock options are considered a positive source of compensation. 84 percent agree.  This is consistent with our business, and we expect stock options to be a strong motivator for attracting and retaining employees.

Benchmarking the Bay Area’s Environment for Entrepreneur-Led Start-ups provides many other interesting insights. You can learn more about the Bay Area Council on their website.

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