WELCOME || 2018 FEX Symposium Resource || 1 The Changing Value of Partners Dave Simpson Richard Ivey School of Business || 2018 FEX Symposium Resource || 2 Dave’s Law $ or lack of $ = Loss of Memory …..write it down || 2018 FEX Symposium Resource || 3 Perspective || 2018 FEX Symposium Resource || 4 || 2018 FEX Symposium Resource || 5 || 2018 FEX Symposium Resource || 6 = || 2018 FEX Symposium Resource || 7 || 2018 FEX Symposium Resource || 8 || 2018 FEX Symposium Resource || 9 The “Band” 1962 1970-75 ‐founding concert -Brian Jones dies “Rollin Stones” and is replaced ‐Mick Jagger by Mick Taylor 1963 ‐Keith Richards -Mick Taylor quits 1993 (Rolling Stones) in 1974 ‐Brian Jones -Bill Wyman -Mick Jagger ‐Dick Taylor -Ron Wood joins retires -Keith Richards ‐Ian Stewart in 1975 -Daryl Jones -Brian Jones “hired” -Bill Wyman -Lisa Fischer -Charlie Watts “hired ‘89 tour” -Ian Stewart (became road -Chuck Leavell manager by 1965) “hired ‘82 tour” || 2018 FEX Symposium Resource || 10 Rolling Stones Partnership Netherlands based companies Record Music Product Touring Sales Rights Licensing Film rights, $1‐2 Billion Over 200 Radio Play Logo t‐shirts Since 1989 million albums Corporate:Microsoft Underwear 350 Employees paid $4 million for during tour Start me up Jackets || 2018 FEX Symposium Resource || 11 Today’s Show Revenues Tickets 10,000,000 Video Merchandise 500,000 ‐Jagger ‐Richards CD Sales 135,000 ‐Watts ‐Wood Food Bev 600,000 ‐Fischer Advertising Rights 250,000 ‐Jones ‐Leavell 11,485,000 || 2018 FEX Symposium Resource || 12 Key Documentation • What are the assumptions in our partnership and what do we value • When things change, how will we revisit these assumptions • Which mechanisms can we agree to utilize –shotgun, buy, sell, valuations formula, etc. • Do our wills reflect our operating assumptions • How do we finance changes (insurance) || 2018 FEX Symposium Resource || 13 THANK YOU! www.family-enterprise-xchange.com || 2018 FEX Symposium Resource || 14.