99 questions winning entrepreneurs must answer: the minimum viable business plan

1. 99 building a compelling business plan one message at a time QUESTIONS WINNING ENTREPRENEURS MUST ANSWER

2. a great business plan, tells a story

3. here is one commonly used story arc….

4. MARKET We've found a specific market pain that will generate loads of cash sustainably PRODUCT We can uniquely deliver a customer-pain-killing product today & tomorrow COMPETITION We can survive and thrive amidst competition MARKETING Our target customers will know what, why, and where to buy…and then will buy OPS We will deliver on our promises TEAM You can trust this team to make it all happen FINANCE Everyone involved is going to get rich

5. But what goes in the chapters?

6. Let's go through one at a time….

7. MARKET KEY MESSAGE We've found a specific market pain that will generate loads of cash sustainably PRODUCT COMPETITION MARKETING OPS TEAM FINANCE

8. MARKET KEY MESSAGE We've found a specific market pain that will generate loads of cash sustainably PRODUCT • SUPPORTING MESSAGES • We have identified a large, valuable & growing market made up of customers who share a common problem. • Today, they workaround this problem by doing X, though this is shown to be unsatisfactory. • Within the large market, we have identified a beachhead segment who experience the pain quite acutely and would be willing to try a new solution. • We understand the macro-economic context. COMPETITION MARKETING OPS TEAM FINANCE

9. MARKET KEY MESSAGE We've found a specific market pain that will generate loads of cash sustainably PRODUCT • SUPPORTING MESSAGES • We have identified a large, valuable & growing market made up of customers who share a common problem. • Today, they workaround this problem by doing X, though this is shown to be unsatisfactory. • Within the large market, we have identified a beachhead segment who experience the pain quite acutely and would be willing to try a new solution. • We understand the macro-economic context. YOUR BUSINESS PLAN… Explains the market, including overall size, segments, growth rate, & profit potential Explains your market validation methodology & results COMPETITION MARKETING OPS TEAM FINANCE

10. MARKET KEY MESSAGE We've found a specific market pain that will generate loads of cash sustainably PRODUCT • SUPPORTING MESSAGES • We have identified a large, valuable & growing market made up of customers who share a common problem. • Today, they workaround this problem by doing X, though this is shown to be unsatisfactory. • Within the large market, we have identified a beachhead segment who experience the pain quite acutely and would be willing to try a new solution. • We understand the macro-economic context. YOUR BUSINESS PLAN… Explains how customers currently solve the problem and what are the problems with this solution from the customer's perspective. COMPETITION MARKETING OPS TEAM FINANCE

11. MARKET KEY MESSAGE We've found a specific market pain that will generate loads of cash sustainably PRODUCT • SUPPORTING MESSAGES • We have identified a large, valuable & growing market made up of customers who share a common problem. • Today, they workaround this problem by doing X, though this is shown to be unsatisfactory. • Within the large market, we have identified a beachhead segment who experience the pain quite acutely and would be willing to try a new solution. • We understand the macro-economic context. YOUR BUSINESS PLAN… Identifies the exact pain points that drive buying for your target Details your beachhead and bowling pin segments (personas) - size, growth, characteristics, historical behavior, accessibility, buying process, buying frequency / seasonality Explains how the needs of your segments differ from the needs of other segments Explains how profoundly / urgently customers need the solution (don't show Maslow, but incorporate the ideas) COMPETITION MARKETING OPS TEAM FINANCE

12. MARKET KEY MESSAGE We've found a specific market pain that will generate loads of cash sustainably PRODUCT • SUPPORTING MESSAGES • We have identified a large, valuable & growing market made up of customers who share a common problem. • Today, they workaround this problem by doing X, though this is shown to be unsatisfactory. • Within the large market, we have identified a beachhead segment who experience the pain quite acutely and would be willing to try a new solution. • We understand the macro-economic context. YOUR BUSINESS PLAN… Explains relevant key trends: political, macro-economic, cultural/social, tech, FX, tax, repatriation of profits, etc Explains where market power lies (Don't do a Porter Analysis, explicitly, but make sure your plan reflects one) COMPETITION MARKETING OPS TEAM FINANCE

13. MARKET • KEY MESSAGE • We can uniquely deliver a customer-pain-killing product today & tomorrow PRODUCT COMPETITION MARKETING OPS TEAM FINANCE

14. MARKET • KEY MESSAGE • We can uniquely deliver a customer-pain-killing product today & tomorrow PRODUCT • SUPPORTING MESSAGES • The Minimum Viable Product is scoped out correctly (launch features relate directly to customer pain) and works. • The product builds upon a product platform and R&D plan/team that is fit for follow-on features or product lines. • There is a clear now, next, and future plan and a clear, comprehensive and realistic IP strategy. COMPETITION MARKETING OPS TEAM FINANCE

15. MARKET • KEY MESSAGE • We can uniquely deliver a customer-pain-killing product today & tomorrow PRODUCT • SUPPORTING MESSAGES • The Minimum Viable Product is scoped out correctly (launch features relate directly to customer pain) and works. • The product builds upon a product platform and R&D plan/team that is fit for follow-on features or product lines. • There is a clear now, next, and future plan and a clear, comprehensive and realistic IP strategy. YOUR BUSINESS PLAN… Describes the product features vis-à-vis customer pain points [one-to-one map to pain points identified in the Market Section] & explain why they are part of the MVP Explains the supply-chain and manufacturing processes Explains guarantees & warranties Explains how you satisfy required gov't approvals Explains how close are you to launch (what exactly needs to be done) COMPETITION MARKETING OPS TEAM FINANCE

16. MARKET • KEY MESSAGE • We can uniquely deliver a customer-pain-killing product today & tomorrow PRODUCT • SUPPORTING MESSAGES • The Minimum Viable Product is scoped out correctly (launch features relate directly to customer pain) and works. • The product builds upon a product platform and R&D plan/team that is fit for follow-on features or product lines. • There is a clear now, next, and future plan and a clear, comprehensive and realistic IP strategy. YOUR BUSINESS PLAN… Explains the product platform Explains R&D capabilities and plan. What needs to still be done (timeline to launch) and then what's next? Explains the iteration plan (next version features or products) and fast-failure / rapid dev processes Explains product shelf life/operational life COMPETITION MARKETING OPS TEAM FINANCE

17. MARKET • KEY MESSAGE • We can uniquely deliver a customer-pain-killing product today & tomorrow PRODUCT • SUPPORTING MESSAGES • The Minimum Viable Product is scoped out correctly (launch features relate directly to customer pain) and works. • The product builds upon a product platform and R&D plan/team that is fit for follow-on features or product lines. • There is a clear now, next, and future plan and a clear, comprehensive and realistic IP strategy. YOUR BUSINESS PLAN… Explains the Intellectual Property strategy. Is this defensible? COMPETITION MARKETING OPS TEAM FINANCE

18. MARKET • KEY MESSAGE • We can survive and thrive amidst competition PRODUCT COMPETITION MARKETING OPS TEAM FINANCE

19. MARKET • KEY MESSAGE • We can survive and thrive amidst competition PRODUCT • SUPPORTING MESSAGES • We know who our competitors & substitutes are, and who will enter after us • We also understand the strengths and weaknesses of our competitors in terms of product (vis-à-vis customer pain) and value-chain. • We know how they will respond to us, and have a plan to sustainably defend ourselves in our chosen niche. COMPETITION MARKETING OPS TEAM FINANCE

20. MARKET • KEY MESSAGE • We can survive and thrive amidst competition PRODUCT • SUPPORTING MESSAGES • We know who our competitors & substitutes are, and who will enter after us • We also understand the strengths and weaknesses of our competitors in terms of product (vis-à-vis customer pain) and value-chain. • We know how they will respond to us, and have a plan to sustainably defend ourselves in our chosen niche. YOUR BUSINESS PLAN… Identifies direct and indirect competitors by product or geographic segment and channel – ask your customers who they think you compete with Identifies what share each competitor has & what you want / need COMPETITION MARKETING OPS TEAM FINANCE

21. MARKET • KEY MESSAGE • We can survive and thrive amidst competition PRODUCT • SUPPORTING MESSAGES • We know who our competitors & substitutes are, and who will enter after us • We also understand the strengths and weaknesses of our competitors in terms of product (vis-à-vis customer pain) and value-chain. • We know how they will respond to us, and have a plan to sustainably defend ourselves in our chosen niche. YOUR BUSINESS PLAN… Charts you and your competition against customer pain points [identified earlier in Market Section] Identifies ballpark price, revenue & profit numbers for competitors Analyzes competitors' products. You should buy and use them if possible COMPETITION MARKETING OPS TEAM FINANCE

22. MARKET • KEY MESSAGE • We can survive and thrive amidst competition PRODUCT • SUPPORTING MESSAGES • We know who our competitors & substitutes are, and who will enter after us • We also understand the strengths and weaknesses of our competitors in terms of product (vis-à-vis customer pain) and value-chain. • We know how they will respond to us, and have a plan to sustainably defend ourselves in our chosen niche. YOUR BUSINESS PLAN… Explains how competitors will respond to you (how have they responded in the past?) How strongly and quickly will they retaliate? Explains how you will respond to their retaliation (ideally without undermining segment margin)? Describes the barriers to entry that you must overcome to break in, and what plans do you have to do so? Describes what barriers to entry you will erect to prevent followers? COMPETITION MARKETING OPS TEAM FINANCE

23. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT COMPETITION MARKETING OPS TEAM FINANCE

24. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT • SUPPORTING MESSAGES • We understand the individual customers making up the beachhead & bowling pin segments, and how they prioritize wants / needs. • We have a clear, relevant and executable… • Pricing Strategy • Promotion Strategy • Brand Strategy, • Channel and Sales Strategies • We understand the cost model, mgmt needs, and life cycle underlying sales & marketing COMPETITION MARKETING OPS TEAM FINANCE

25. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT • SUPPORTING MESSAGES • We understand the individual customers making up the beachhead & bowling pin segments, and how they prioritize wants / needs. • We have a clear, relevant and executable… • Pricing Strategy • Promotion Strategy • Brand Strategy, • Channel and Sales Strategies • We understand the cost model, mgmt needs, and life cycle underlying sales & marketing YOUR BUSINESS PLAN… Provides proof that the product is viable – testimonials, Purchase Orders, Letters of Intent/Interest, market research (kickstarter is great for this) Explains how you will get customers to repurchase (follow-on) COMPETITION MARKETING OPS TEAM FINANCE

26. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT • SUPPORTING MESSAGES • We understand the individual customers making up the beachhead & bowling pin segments, and how they prioritize wants / needs. • We have a clear, relevant and executable… • Pricing Strategy • Promotion Strategy • Brand Strategy, • Channel and Sales Strategies • We understand the cost model, mgmt needs, and life cycle underlying sales & marketing YOUR BUSINESS PLAN… Details your pricing strategy (penetration, competitive, premium, freemium, loss-leadership, etc) Explains how your pricing compares to competitors and the industry generally Explains how the customer perceives value? How did you research this? Explains the effective markup COMPETITION MARKETING OPS TEAM FINANCE

27. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT • SUPPORTING MESSAGES • We understand the individual customers making up the beachhead & bowling pin segments, and how they prioritize wants / needs. • We have a clear, relevant and executable… • Pricing Strategy • Promotion Strategy • Brand Strategy, • Channel and Sales Strategies • We understand the cost model, mgmt needs, and life cycle underlying sales & marketing YOUR BUSINESS PLAN… Explains your promotion media (viral, cross selling, advertisement media, trade shows/exhibitions and why Explains your PR strategy Explains incentive programs (free trial/gift) or endorsements Explains how the promotional mix will evolve Explains advertising objectives and messages Explains how you will measure success COMPETITION MARKETING OPS TEAM FINANCE

28. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT • SUPPORTING MESSAGES • We understand the individual customers making up the beachhead & bowling pin segments, and how they prioritize wants / needs. • We have a clear, relevant and executable… • Pricing Strategy • Promotion Strategy • Brand Strategy, • Channel and Sales Strategies • We understand the cost model, mgmt needs, and life cycle underlying sales & marketing • YOUR BUSINESS PLAN… • Defines your Brand / Trademark & Positioning Strategy • Logo • Colors • Slogans / Tag Line • Positioning statement • Explains/shows your packaging • Shows visuals or provides physical demos if possible COMPETITION MARKETING OPS TEAM FINANCE

29. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT • SUPPORTING MESSAGES • We understand the individual customers making up the beachhead & bowling pin segments, and how they prioritize wants / needs. • We have a clear, relevant and executable… • Pricing Strategy • Promotion Strategy • Brand Strategy, • Channel and Sales Strategies • We understand the cost model, mgmt needs, and life cycle underlying sales & marketing YOUR BUSINESS PLAN… Explains if you will sell direct (sales force, retail, telemarketing, catalog, Internet, etc) or via channel (agent, wholesaler, license, franchise, MLM, etc)? If channel, how do you incentivize them to sell for you? Explains your value prop to partners – why will they push you (if channel driven) Explains how you will make your first sale Explains immediate sales plan Explains transport / warehousing issues (FOB, customs, trade docs, etc) Explains your location plan COMPETITION MARKETING OPS TEAM FINANCE

30. MARKET KEY MESSAGE Our target customers will know what, why, and where to buy…and then will buy! PRODUCT • SUPPORTING MESSAGES • We understand the individual customers making up the beachhead & bowling pin segments, and how they prioritize wants / needs. • We have a clear, relevant and executable… • Pricing Strategy • Promotion Strategy • Brand Strategy, • Channel and Sales Strategies • We understand the cost model, mgmt needs, and life cycle underlying sales & marketing YOUR BUSINESS PLAN… Explains costs associated with marketing / sales (com-mission & misc incentives) Explains Int'l considerations Documents the buyer's buying process? Who decides / who influences? How long is the sales cycle? Explains sales training plan & collateral / brochureware Explains the expected close rate and sales per salesperson expectations Explains expected objections Shows that you interviewed sales people of the same or similar products to check assumptions COMPETITION MARKETING OPS TEAM FINANCE

31. MARKET KEY MESSAGE We will deliver on our promises PRODUCT COMPETITION MARKETING OPS TEAM FINANCE

32. MARKET KEY MESSAGE We will deliver on our promises PRODUCT • SUPPORTING MESSAGES • We can scale seamlessly w/ market demand & produce product at the right time, right quality, and right cost. • Supply chain • Ops/Manufacturing • Workforce • We can support customers after sale • We understand our op & emerging risks and deploy appropriate controls • Our plan is differentiated, but makes logical sense in our industry COMPETITION MARKETING OPS TEAM FINANCE

33. MARKET KEY MESSAGE We will deliver on our promises PRODUCT • SUPPORTING MESSAGES • We can scale seamlessly w/ market demand & produce product at the right time, right quality, and right cost. • Supply chain • Ops/Manufacturing • Workforce • We can support customers after sale • We understand our op & emerging risks and deploy appropriate controls • Our plan is differentiated, but makes logical sense in our industry YOUR BUSINESS PLAN… How will you ensure the consistent and regular supply of raw materials? Explains cost of raw materials and supply chain COMPETITION MARKETING OPS TEAM FINANCE

34. MARKET KEY MESSAGE We will deliver on our promises PRODUCT • SUPPORTING MESSAGES • We can scale seamlessly w/ market demand & produce product at the right time, right quality, and right cost. • Supply chain • Ops/Manufacturing • Workforce • We can support customers after sale • We understand our op & emerging risks and deploy appropriate controls • Our plan is differentiated, but makes logical sense in our industry YOUR BUSINESS PLAN… Explains if you'll manufacture yourself or contract Explains IP protection Explains quality control Explains your differentiating manufacturing processes Identifies facilities (offices, factories, etc) and explains geographic placement rationale (esp. with regards to supply /distribution) Explain manufacturing capacity plan vis-à-vis projected (best and worst case) growth (define capacity limitations milestones) & notes who else the manufacturer manufactures for COMPETITION MARKETING OPS TEAM FINANCE

35. MARKET KEY MESSAGE We will deliver on our promises PRODUCT • SUPPORTING MESSAGES • We can scale seamlessly w/ market demand & produce product at the right time, right quality, and right cost. • Supply chain • Ops/Manufacturing • Workforce • We can support customers after sale • We understand our op & emerging risks and deploy appropriate controls • Our plan is differentiated, but makes logical sense in our industry YOUR BUSINESS PLAN… Explains your workforce growth plan and supporting training & infrastructure Explains needed job roles? Documents salary / comp model Explains any unique aspects of your culture or employee engagement plan Demonstrates that you understand relevant employment regulations & contracts COMPETITION MARKETING OPS TEAM FINANCE

36. MARKET KEY MESSAGE We will deliver on our promises PRODUCT • SUPPORTING MESSAGES • We can scale seamlessly w/ market demand & produce product at the right time, right quality, and right cost. • Supply chain • Ops/Manufacturing • Workforce • We can support customers after sale • We understand our op & emerging risks and deploy appropriate controls • Our plan is differentiated, but makes logical sense in our industry YOUR BUSINESS PLAN… Explains how you will provide after-service support (people, infrastructure)? Explains how you will handle complaints? COMPETITION MARKETING OPS TEAM FINANCE

37. MARKET KEY MESSAGE We will deliver on our promises PRODUCT • SUPPORTING MESSAGES • We can scale seamlessly w/ market demand & produce product at the right time, right quality, and right cost. • Supply chain • Ops/Manufacturing • Workforce • We can support customers after sale • We understand our op & emerging risks and deploy appropriate controls • Our plan is differentiated, but makes logical sense in our industry YOUR BUSINESS PLAN… Explains how you deal with risks of raw material shortfall vis-a-vis growth projections. Are suppliers powerful? Explains your union approach Explains your ability to find the right skills Explains key-person risks Provides a sensitivity analysis on profit depending on supply or distribution bottlenecks, defects, etc Explains your plan for responding to IP infringement Documents your insurance plan COMPETITION MARKETING OPS TEAM FINANCE

38. MARKET KEY MESSAGE We will deliver on our promises PRODUCT • SUPPORTING MESSAGES • We can scale seamlessly w/ market demand & produce product at the right time, right quality, and right cost. • Supply chain • Ops/Manufacturing • Workforce • We can support customers after sale • We understand our op & emerging risks and deploy appropriate controls • Our plan is differentiated, but makes logical sense in our industry YOUR BUSINESS PLAN… Provides comparable data from competitors on quality levels, staffing, servicing, warranties, methods & metrics of sales, credit terms, reputation, marketing channels. You are allowed to be different, but you should look similar enough to be believable COMPETITION MARKETING OPS TEAM FINANCE

39. MARKET KEY MESSAGE Trust this Team! PRODUCT COMPETITION MARKETING OPS TEAM FINANCE

40. MARKET KEY MESSAGE Trust this Team! PRODUCT • SUPPORTING MESSAGES • We're resourceful, committed, and have shown gumption thus far. • We are clear about what is to come, and are realistic, street-smart, and complete in our project plan • We understand which set of core competencies are required for this business. • We have gathered a team of executives, advisors, and directors that ensure coverage. • The executive team is compete, clear, committed, and has synergy. COMPETITION MARKETING OPS TEAM FINANCE

41. MARKET KEY MESSAGE Trust this Team! PRODUCT • SUPPORTING MESSAGES • We're resourceful, committed, and have shown gumption thus far. • We are clear about what is to come, and are realistic, street-smart, and complete in our project plan • We understand which set of core competencies are required for this business. • We have gathered a team of executives, advisors, and directors that ensure coverage. • The executive team is compete, clear, committed, and has synergy. • YOUR BUSINESS PLAN… • Provides background story about how the firm came about • Shares your vision/mission • Identifies your legal & ownership structures (cap table) - ideally, with some of your skin in the game • Lists accomplishments to date • Product Development • Market Validation • Sales • Value-chain / Partnerships • Funding COMPETITION MARKETING OPS TEAM FINANCE

42. MARKET KEY MESSAGE Trust this Team! PRODUCT • SUPPORTING MESSAGES • We're resourceful, committed, and have shown gumption thus far. • We are clear about what is to come, and are realistic, street-smart, and complete in our project plan • We understand which set of core competencies are required for this business. • We have gathered a team of executives, advisors, and directors that ensure coverage. • The executive team is compete, clear, committed, and has synergy. • YOUR BUSINESS PLAN… • Depicts the key post-funding milestones and the action plan • Product Development • Sales & Marketing • Growth • Marketing • Hiring • Be honest with milestones. You must hit them! COMPETITION MARKETING OPS TEAM FINANCE

43. MARKET KEY MESSAGE Trust this Team! PRODUCT • SUPPORTING MESSAGES • We're resourceful, committed, and have shown gumption thus far. • We are clear about what is to come, and are realistic, street-smart, and complete in our project plan • We understand which set of core competencies are required for this business. • We have gathered a team of executives, advisors, and directors that ensure coverage. • The executive team is compete, clear, committed, and has synergy. YOUR BUSINESS PLAN… Identifies the key hard and soft competencies that the business needs to pull this off COMPETITION MARKETING OPS TEAM FINANCE

44. MARKET KEY MESSAGE Trust this Team! PRODUCT • SUPPORTING MESSAGES • We're resourceful, committed, and have shown gumption thus far. • We are clear about what is to come, and are realistic, street-smart, and complete in our project plan • We understand which set of core competencies are required for this business. • We have gathered a team of executives, advisors, and directors that ensure coverage. • The executive team is compete, clear, committed, and has synergy. • YOUR BUSINESS PLAN… • Identifies how you’ll cover the hard and soft skills with executives, advisors, or directors (quick, targeted bios) • Significant Industry Knowledge • Great Reputation • Key Contacts (qualified sales leads or channel partners) • Specialized skills (Legal, Accounting, High-growth) • Explains who will do what in the company (org chart & job descriptions)? COMPETITION MARKETING OPS TEAM FINANCE

45. MARKET KEY MESSAGE Trust this Team! PRODUCT • SUPPORTING MESSAGES • We're resourceful, committed, and have shown gumption thus far. • We are clear about what is to come, and are realistic, street-smart, and complete in our project plan • We understand which set of core competencies are required for this business. • We have gathered a team of executives, advisors, and directors that ensure coverage. • The executive team is compete, clear, committed, and has synergy. YOUR BUSINESS PLAN… Explains how long has the team worked together – what binds them to this great challenge ahead? Explains how you are compensating everyone? Will it maximize engagement but also maximize the value of shares/options? COMPETITION MARKETING OPS TEAM FINANCE

46. MARKET KEY MESSAGE Everyone involved is going to get rich PRODUCT COMPETITION MARKETING OPS TEAM FINANCE

47. MARKET KEY MESSAGE Everyone involved is going to get rich PRODUCT • SUPPORTING MESSAGES • Our financial assumptions are sound • We know what we need from investors • Investors get a great deal if they come in now COMPETITION MARKETING OPS TEAM FINANCE

48. MARKET KEY MESSAGE Everyone involved is going to get rich PRODUCT • SUPPORTING MESSAGES • Our 5-year financial assumptions are sound • We know what we need from investors • Investors get a great deal if they come in now YOUR BUSINESS PLAN… Explains the assumptions behind the large, high growth opportunity (price, volume, and growth) Explains the assumptions behind the cost model (salary, COGS, cost of sales & marketing, financial ratios) Provides a sensitivity analysis of worst, best, and expected performance (incl. volume, price, & costs) Provides industry comparison research points to anchor assumptions COMPETITION MARKETING OPS TEAM FINANCE

49. MARKET KEY MESSAGE Everyone involved is going to get rich PRODUCT • SUPPORTING MESSAGES • Our 5-year financial assumptions are sound • We know what we need from investors • Investors get a great deal if they come in now YOUR BUSINESS PLAN… Explains what you will spend investment money on and when it will be needed (multiple phases required) Explains the approach to using investors money for CAPEX vrs. OPEX and sunk assets COMPETITION MARKETING OPS TEAM FINANCE

50. MARKET KEY MESSAGE Everyone involved is going to get rich PRODUCT • SUPPORTING MESSAGES • Our 5-year financial assumptions are sound • We know what we need from investors • Investors get a great deal if they come in now • YOUR BUSINESS PLAN… • Explains valuation calculation at time of investment (including discount rate) • Explains valuation calculation at time of exit (including additional funding rounds) • Explains the exit plan (to whom - if trade sale, how much, and when) • Explains comparable exits as baseline COMPETITION MARKETING OPS TEAM FINANCE