“Angels also often want to contribute more than money to a young company. Angels have the experience, and inclination, to be great mentors and valuable directors.”

“Today, the optimum financial strategy for most technology entrepreneurs is to raise money from angels and plan an early exit to a large company in just a few years for under $30 million.”

“As VCs invest more and more money in each company, they have to wait longer and longer before they can exit.”

“Every company needs an exit strategy and an exit plan. Ideally, the exit strategy should be agreed upon by the founders before the first dollar of investment goes into the company.”

“VC bias toward swinging for the fences means companies that could have exited easily in the $20 to 30 million range will end up being 'ridden over the top' and eventually worth much less—or possibly nothing at all.”

“In the vast majority of exits where shareholders receive a good price for their company, there is an experienced business broker or M&A advisor.”

“In the most successful exits, the company should be delivering its peak performance for the months leading up to the final price negotiations and closing.”