企业主流动性期权谱指南

A Business Owner’s Guide to theSpectrum of Liquidity A Premier Advisorfor Over Nine DecadesSince 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. Leaders of founder-owned businesses typically don’t have much experiencewhen it comes to selling a company—or raising outside capital. But whenconsidering such a move, they should know that there’s a wide breadth of options. What’s considered a typical sale is just one avenue available to company leaders. Thefollowing chart outlines the spectrum of available liquidity options—from dividend recapson one side to a strategic buyer sale on the other—when it comes to how much liquidity isgenerated, how much control is maintained post-transaction, and near- and long-termliquidity considerations. Liquidity Options for Your Company’s Next Step Investor providescapital infusion fora minority equitystake (structurecan include mix ofequity and debt) William Blair Founder-Owned BusinessAdvisory Team: Andrew Hansen+1 312 364 5439ahansen@williamblair.com Sam Longenecker+1 312 364 5237slongenecker@williamblair.com “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.