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Beispiel Case - 5 - Erkenntnisse: Bild
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5. LESSONS LEARNED

In start-up companies in particular, evaluating management with regard to entrepreneurial qualities is extremely important. The entrepreneur's skills are critical to success.

If the requirements fit both within the company and on the part of the stock market climate, it is necessary to react quickly to IPOs.

Raising capital in the first 1.5 years of the company's existence was a basic requirement for going public in March 2000. The opportunities due to the liberalization tendencies in the previously overregulated areas such as financial services, pharmaceutical sales, or gaming had to be recognized and used quickly.

In retrospect, you can argue that you actually bet on the most difficult business model, namely sports betting. Casino and lotteries have more interesting gross profit contributions and the industry also showed that these segments have prevailed.

In the case of Global Equity Partners, the divestment decision was a decisive experience. bwin was not a conventional investment company. For years they had been actively involved financially and personally in the company and its development.

When the decision to sell the investment was made in 2003, this was done on the basis of the business model of VC companies that only hold their investments in the medium term and generate their returns through the exit.

From an ex-post point of view, it was wrong for Global Equity Partners to sell a company in such a strategic position and with the dominant level of participation at such an early stage in a growth phase - and without a control bonus.

On the investor side, the question arose in retrospect what the right exit time would have been for the investment, since the share price developed quite positively in the years that followed the exit.

Beispiel Case - 5 - Erkenntnisse: Text
Beispiel Case - 5 - Erkenntnisse: Kunden
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