No, launched by Endeavor, a data shows the expectation of the ecosystem: 79% of the founders of technology companies They plan to hold a liquidity event in the next two years.
To bring these numbers life, Endeavor has gathered big names of entrepreneurship in a series of exclusive interviews. Among them, who shared, in an exclusive interview, the learning of their own liquidity trajectory.
Read the following interview.
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Infomoney: For entrepreneurs who start a business today, in what situations is IPO the best liquidity strategy?
Guilherme Benchimol: Opening capital has many good things and others not so much, it is important for the entrepreneur to know where he is stepping before taking the next step – the good thing is that you access capital, gains visibility, has a net currency and improves your governance. However, the not so good side is that your company is analyzed by the smartest people in the financial market and much of investors and this makes you stop flying below radar, after all your information becomes public, your competitors get to know more about your business and in a broader way, everything you do is much more scrutinated.
Therefore, I always argued that IPO must be the “Z plan” of any entrepreneur, only when there is no other way out, this movement should be taken below. In my opinion, making an IPO only makes sense if the company has size, governance, clarity and effectiveness for the use of capital and understanding exactly what it loses in this whole process. Otherwise, it is better to look for private investors.
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IM: M&A and secondary gain space. In your view, how does this impact the entrepreneur’s long -term mindset?
GB: I always wanted to build something “Built to Last” (made to last). The way I always liked to generate liquidity was through dividends and not selling my actions. However, I also understand that it is important for entrepreneurs to have access to some liquidity in the short term so that they can have a more financial life from the financial point of view. In my logic, rounds or M&S – should be mostly primary, that is, made to strengthen the company, bring better partners and increase the cash to make Business better, more diverse and resilient.
Often the entrepreneur sees the IPO or the round as something finalistic. I respect this decision, after all one has an ambition in life, but that limits the long -term vision. Those who can remain committed, even after liquidity, take advantage of the power of compound interest and create even more extraordinary companies in the long run.
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IM: What do the founders need to know about the weight of an IPO in the company’s culture?
GB: The entire quarter your company will be analyzed and scrutinated, the oscillation of the price of paper can make your team make shorter torn decisions and there may be loss of focus of the C-Level to meet shareholders and fulfill all the governance that a listing requires.
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IM: Giveback is traditionally linked to Silicon Valley, which has a great promotion of innovation. What is missing for Brazil to reach this giveback level by entrepreneurs?
GB: Building and perpetuating a business is a huge challenge, before thinking about starting new business or getting involved in philanthropy projects, is 100% focused on your business and making it as resilient and diverse as possible.
Losing focus on the entrepreneurial journey is the easiest thing you have and it can often be the difference of remaining alive or not. Everything has your time. It is important for entrepreneurs to have this awareness.
At the right time, you will have so many good people by your side and money left, that everything will be natural and its much greater impact
IM: According to Endeavor’s study, the IPOS window is closed by 2030 at B3. How much is it due to a delay in the Brazilian capital market?
GB: The market is cyclical and uncontrollable. The only thing that is controllable is the consistency and quality of your company. For me, the focus should never be “when IPO will be”, but to build a healthy, profitable business, with well -defined processes, competent people, strong culture, satisfied customers and so on. IPO happens as a consequence of all this and when there is the right conjunction of macroeconomic factors. To think that there is a fixed deadline – 2030, for example – does not change the essence of what I said: who builds something solid, will always be ready to enjoy when the window opens.
