Como determinar o momento certo para sair de uma empresa?

It is impossible to time the market, but usually you can tell when the market is overheated when leverage is abundant and comps begin to trade above historical averages.

Market timing can very tricky and can lead to many possibilities ranging from high value creation or unfortunate value destruction . A few takeaways to consider: 1. Results don't always follow plans, be prepared for surprises, good or bad. Every now and then a sudden life changing event occurs that no research or market signals could have ever predicted. 2. Build cash reserves, information and performance buffers and have contingency plans in place 3. Avoid emotional bias and following trends without deep analysis 4. Seize opportunities when they come, avoid greed. 5. Don't treat long term investments like a tourist; stay invested over long investment cycles as tipping points and the highest returns happen only at specific time intervals.

In my opinion, the ideal time to exit comes at the alignment of various factors, few of them are mentioned below: 1) Stage of initial investment: If you are a Seed or pre-seed investor you might want to exit when a company reaches to Series B/C stage. This gives you enough value appreciation and also releases equity for the company to issue it to late-stage investors without diluting everyone. There are few exceptions to this rule if the company is outperforming but in general, this rule stands tall.

2) Life of the fund/ LP expectation: Every fund carries certain expectations of LPs and regulatory deadlines of the fund. In my opinion, the early stage funds should start giving exits after 5-7 years of the investment cycle. This time period is enough to understand the value of the company and gauge if the company will be a winner or a write-off. So after the 5-7 years of building a company have been passed the fund shall start partially exiting the company in every new primary/ secondary round

3) Sometimes to sell a distressed asset you have to peg it to your high-value asset and sell it to the buyer. No one is interested in buying a distressed asset, however, will be interested in the same if a high-value asset is pegged to it. This strategy is unheard of but works well in certain situations.

Determining the right time to exit a company can depend on various factors. Here are some considerations to help make that decision. Financial performance Market conditions Personal goals Management and leadership Company culture Future prospects Exit strategy Ultimately, the right time to exit a company will vary based on individual circumstances and priorities. It's essential to carefully evaluate the situation and make a decision that aligns with your goals and interests.