1. Strategic Reasons for Exit Stewart Millington www.avondale.co.uk

2. Personal Stages Employed www.avondale.co.uk

3. Personal Stages Employed Self Employed www.avondale.co.uk

4. Personal Stages Employed Self Employed Entrepreneur www.avondale.co.uk

5. Personal Stages Employed Self Employed Entrepreneur Employer www.avondale.co.uk

6. Personal Stages Employed Self Employed Entrepreneur Employer Exit www.avondale.co.uk

7. Personal Stages Employed Self Employed Entrepreneur Employer Exit www.avondale.co.uk Retire Entrepreneur Advisor/ Mentor Advisor/ Mentor Investor Chairman/ NED Chairman/ NED

8. Business Stages www.avondale.co.uk Turnover/Profit £

9. Business Stages www.avondale.co.uk Turnover/Profit £ Seed

10. Business Stages www.avondale.co.uk Turnover/Profit £ SeedStart UpGrowthRefinePlateau EstablishedTime

11. Business Stages www.avondale.co.uk Turnover/Profit £ SeedStart UpGrowthRefineTime

12. Business Stages www.avondale.co.uk Turnover/Profit £ SeedStart UpGrowthRefineTime

13. Business Stages www.avondale.co.uk Turnover/Profit £ SeedStart UpGrowthRefinePlateau EstablishedTime

14. Business Stages www.avondale.co.uk Turnover/Profit £ SeedStart UpGrowthRefinePlateau EstablishedTime Refine & Invest Decline

15. Succession MBO MBI Trade Sale Floatation Business Stages www.avondale.co.uk

16. Personal Personal stage Founder fatigue How much do you need? Timing www.avondale.co.uk Strategic Considerations Personal vs Commercial

17. Commercial Business stage/performance Timing Earn out Key management Economic outlook Competition Strategic Considerations Personal vs Commercial www.avondale.co.uk