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Key Insights About Non-ControlTransactions and Governance Matters A Premier Advisor forNearly Nine Decades Since 1935, William Blair hasguided owners of closely heldbusinesses and their trustedadvisors through monumentaldecisions. Our relationship-driven approach empowersowners to maximize the valueof their businesses—and turnthat capital into an enduringlegacy. We invite you to contactus to discuss the ways wesupport and advise businessowners and help our clientscapitalize on the tremendousopportunities available tothem today. One way for family-owned and founder-led companies to raise capital—evenduring uncertain economic times—is by partnering with minority-preferredinvestors in non-control transactions. Recently, there has been a significant increase in the number and diversity of funds thatcan provide non-control growth equity capital, including venture capital, private equity,global mutual funds, sovereign wealth funds, and large family offices. Minority investors come with governance conditions on a wide range of the business’soperating, legal, and financial elements. And a company’s flexibility when it comes togovernance requirements might lead to more attractive valuations from investors. Select Structural Provisions of Minority-Preferred Securities williamblair.com William Blair Founder-Owned BusinessAdvisory Team: Brian Friedman+1 312 364 8797bfriedman@williamblair.com Andrew Hansen+1 312 364 5439ahansen@williamblair.com Sam Longenecker+1 312 364 5237slongenecker@williamblair.com As family-owned and founder-led companies navigate the growth equity ecosystem, it iscritical for them to work with a committed advisor who can help find the best partners,valuations, and terms, allowing them to maintain control and preserve their legacy andgrow their business. “William Blair” is a trade name for William Blair & Company, L.L.C., William Blair Investment Management, LLC and William BlairInternational, Ltd. William Blair & Company, L.L.C. and William Blair Investment Management, LLC are each a Delaware companyand regulated by the Securities and Exchange Commission. William Blair & Company, L.L.C. is also regulated by The FinancialIndustry Regulatory Authority and other principal exchanges. William Blair International, Ltd is authorized and regulated by theFinancial Conduct Authority (“FCA”) in the United Kingdom. William Blair only offers products and services where it is permittedto do so. Some of these products and services are only offered to persons or institutions situated in the United States and are notoffered to persons or institutions outside the United States. This material has been approved for distribution in the United Kingdomby William Blair International, Ltd. Regulated by the Financial Conduct Authority (FCA), and is directed only at, and is only madeavailable to, persons falling within COB 3.5 and 3.6 of the FCA Handbook (being “Eligible Counterparties” and Professional Clients).This Document is not to be distributed or passed on at any “Retail Clients.” No persons other than persons to whom this document isdirected should rely on it or its contents or use it as the basis to make an investment decision.