By David Radlo
Sitting in the board meeting of our biotech company after turning cash-positive and operating for about a decade, we found ourselves deadlocked. With a 10-member board, five wanted as much money as quickly as possible, and the other five were satisfied with a better-than-market dividend while the company continued with double-digit growth.
We eventually agreed to have a sale committee and market the company through an investment banker to the highest possible bidder. We ended up selling to a reputable strategic partner. We ended up there because our focus was not on selling the company, but on growing the company. That is why I am a big believer in planning on potential exits early on.