Topic : An entrepreneur had the idea, but not the experience to make it happen
Author : Stephen Foale - Fletcher Foale
An entrepreneur became aware of some new disruptive software being developed in North America that made use of the ever expanding ownership of mobile phones in the UK and Europe to solve a previously cumbersome everyday activity for drivers, but he needed a team around him to make it happen.
As part of that team this FinanceHead incorporated and set up a company, applied for and achieve EIS advanced assurance, assisted with three rounds of equity raising, helped negotiate an exclusive and perpetual European licence for the use of the software in return for an equity stake in the UK company for the software owners, maintained its statutory and financial records, and, under a retainer, acted as its part time CFO attending all board and strategy meetings and liaising with all its funders, bankers and other retained professionals.
The company grew significantly over a five year period, winning major contracts with local authorities and nationwide operators, achieving substantial revenues and profit, and was subsequently sold, with the aid of the FinanceHead, to a FTSE 250 company, returning a well above average multiple to its investors.
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