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Sam Mortensen, founder and CEO for example hols a number nonprofit board positions. Dr. Steve Sherill, VP of Technology, has more than 25 years of software industry experience and comes from a CIO and VP position in Engineering. President Brian Carlson also previously held financial and IT positions, and VP of Sales and Marketing Brad Nelson comes from a sales management background. Finally, Jon Liberman, VP of Business Development, has experience in both start-up and established companies.
All members of the management team therefore bring a large amount of experience and maturity to the Q&E Auctions venture.
Key Diligence Items: (Key risks / questions to be answered)
A. Customers / Competition:
1.
More information is needed regarding potential competitors.
2.
Existing customers have been mentioned, but what are the strategies to gain more customers?
3.
Who are potential customers to be targeted?
B. Financials / Burn Rate analysis:
1.
More information is needed regarding expenditures.
2.
How will the investment be applied to optimize the strengths of the company?
3.
How will these strengths be used to provide a positive return on investment?
C. Technology:
1.
More information is needed regarding the maturity level of the existing technology.
2.
What future solutions are envisioned to optimize the functioning of the venture?
3.
More information is needed regarding the technology used for the learning institution.
D. Exit:
1.
There does not seem to be any information regarding an exist strategy.
2.
What is the exit strategy for existing investors?
3.
What will the exit strategy be for potential investors?
E. Management:
1.
Is there any potential for future development for management personnel?
2.
Is there a management strategy to match the projected growth of the company?
3.
How do managers interact with the rest of the company's personnel to optimize the...
"Conduct pre-meeting conference call."
While the growth to date and general maturity of the Q&E Auctions appear to be extremely favorable, there are some key questions that need to be addressed before a meeting can be arranged. The most important of these relate to the exit strategy for current and potential investors -- does the company have an exist strategy in place for investors? Secondly, while it appears that the company is indeed unique in the auction market, the potential for competition should never be taken lightly. The question in this regard is: Are there any current or potential future competitors that could enter the market? Finally, some clarification will be required regarding the current and potential future technology to be used. What is the current maturity level of the existing technology? What is the potential for future development? What technology is currently used for the learning institution?
Once these questions are satisfactorily addressed, the likelihood is high that a meeting can be arranged with the company prior to the decision to invest.
Appendix A
VOS
Industry/Market
Market size potential
3
Venture growth rate
3
Market share (year 3)
3
Entry barriers
1
Pricing/Profitability
Gross margins
3
After-tax margins
3
Asset intensity
2
Return on assets
2
Financial/Harvest
Cash flow breakeven
3
Rate of return
3
IPO potential
1
Founder's control
2
Management Team
Experience/expertise
3
Functional areas
3
Flexibility/adaptability
2
Entrepreneurial focus
3
Total points by ranking:
30
8
2
Overall Total Points (OTP)
40
Average Score
2.5
Appendix B
Market Maturity
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