Circles, Lifecycle of a New Venture

By R. Ellis, Garth Saloner, Amanda Silverman
2008 | Case No. E298
In the tenth year of their business, Circles’ co-founders, Janet Kraus and Kathy Sherbrooke, had completed a successful exit for their company. They had worked closely for years, building their early venture into a leading provider of concierge services with over $40 million in annual revenues. In preparing the company for exit, the two not only had to package the the business for sale, but also prepare themselves for the next phases of their careers. Sherbrooke would move on to a corporate role with the acquirer, Sodexho, as the CEO of Circles, and Kraus would take on leading an early stage company, Spire, a Cicles spinoff. The transition would not be just one for the company, but also one for their relationship as co-founders and true business partners.
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