Lead Change Blog

JANUARY 11, 2018

I spent almost 30 years as a lawyer in private practice, advising business leaders on Delaware corporate law issues – addressing matters like preferred stock financings, IPOs, mergers, hostile takeovers, proxy contests, corporate governance and fiduciary issues.

Hostile Takeover 191

Hostile Takeover IPO Short-term Committee 191

Harvard Business Review

FEBRUARY 26, 2018

On February 13, 2018, the New York Times reported that Uber is planning an IPO. Twitter reported a loss of $79 million before its IPO, yet it commanded a valuation of $24 billion on its IPO date in 2013. The current financial accounting model fails today’s companies in yet another respect.

Company 8

Company Intangible Assets Depreciation IPO 8

Harvard Business Review

OCTOBER 16, 2014

In August 2013, Icahn bought more than $1 billion worth of Apple shares. But by jumping on the buyback bandwagon — something Steve Jobs refused to do — Apple’s current top management has shown the same lack of strategic vision that has undermined many once-great American companies, including Cisco, HP, IBM, Microsoft, and Motorola.

Safe Harbor 9

Safe Harbor Hedge EPS Price 9

Harvard Business Review

AUGUST 5, 2014

2013 had all the signs of being a comeback year for venture capital. Booming public equities and a recovered IPO market generated record portfolio company exits and distributions from VC funds. LPs pay VCs like asset managers, not investors. This fixed 2% fee structure creates the incentive to accumulate and manage more assets.

Venture Capitalist 16

Venture Capitalist Asset Management Rate of Return Industry 16

Harvard Business Review

NOVEMBER 22, 2013

Does anyone dispute that 2013 has been the year of the tech company? Twitter and Zulily popped more than 70% and 80% respectively on the day of their recent IPOs. Many were also very sophisticated in tracking proven business models and companies, with the goal of identifying breakout hits and applying them to new geographies.

IPO 9

IPO Insurance Entrepreneur Self-aware 9

Harvard Business Review

JANUARY 10, 2013

Managers at companies like General Motors, Sears, and Eastman Kodak simply didn't have the tools to spot and respond to would-be disruptors. In these early days, there typically are a range of companies experimenting with a new model, fighting to figure out a sustainable business model. Today's leaders have no excuse.

Trends 8

Trends Disruptive Innovation Christensen Business Model 8