Headlines

7/18/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Fri, 18 Jul 2025 21:34:02 GMT

A NEW M&A TECHNIQUE HAS TAKEN HOLD IN SILICON VALLEY

An interesting development in VC M&A (esp in AI) has emerged- the HALO transaction.

The HALO is a cousin to the "Acquihire" (where a usually struggling startup would be bought whole for the purpose of getting the talent), The HALO transaction (Hire And License Out) has evolved to allow tech companies to acquire talent and write a big check back to the startup that they came from to "license" the IP from the previous company. This cash, in theory, is then used to take care of the vested employees left behind by paying or dividending the cash back to them and the cap table.

Why would an acquirer like Google, OpenAI or Meta do this?

1) This (for now) avoids anti-trust scrutiny because the company remains intact and the deal can get done very quickly

2) The IP around AI is changing so quickly that the emphasis is on the talent being able to evolve and build at scale in the AI space. The IP (and cashflow) is almost beside the point.

3) Culturally, there is still an appetite to make venture company employees "whole" and to keep the cap table happy. This may change over time (and informs the big push by VC to move companies from DE to NV — which is becoming very permissive)

FYI- this is a pretty tax inefficient way to pay the company founders especially in the new QSBS environment.

6/27/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Mon, 30 Jun 2025 14:31:18 GMT

Secure Your Wealth

Who is representing the players in the NBA DRAFT?

Interesting to see how the representation shakes out (and how "full service agenting" is becoming even more of a thing. h/t Darren Heitner

- The first contract for these players is usually pre-determined by the collective bargaining agreement, so there isn't a lot to negotiate there.
- But the player's second and third contracts are where the agents earn their keep. The understanding of the teams' cap (and team cash flow/luxury tax and desire to "win now") situation are where agent information resources show their value.
- Having deep information about the moving chess pieces amongst players and coaches are equally helpful as a player's "playing lifestyle" becomes important.
- Finally, players have much deeper understanding and appreciation for outside income activities. Their experience often starts before high school! With the onset of NIL, players are much more savvy about their value.
-On the back end, superstars experience in venture partnerships and other investment activities have opened the eyes of many players (sometimes mirroring or in tandem with other family offices) .- agents have had to adapt to these information and service needs too.

6/20/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Fri, 20 Jun 2025 18:41:07 GMT

6/13/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Sat, 14 Jun 2025 10:30:00 GMT

6/6/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Fri, 06 Jun 2025 20:52:40 GMT

5/30/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Fri, 30 May 2025 19:27:52 GMT

5/23/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Fri, 23 May 2025 21:08:18 GMT

Democratization of Alts

5/9/25: Weekly Recap of Headlines We Found Interesting

Next Vantage — Fri, 09 May 2025 18:30:00 GMT

An Interesting Conversation on the Potential Repeal of the Estate Tax