Milestone CEO On Why He Aborted the IPO and Chose Canon

Author: John Honovich, Published on Sep 15, 2015

Milestone's CEO just published a 205-page book titled 'Business Magnetism'.

Why? No idea. Would assume he had better things to do...

The first 150 pages are painful, with statements like:

"They realize the rarity of this opportunity, and feel the pressure to succeed, but delving into this unchartered territory is also liberating."

and:

"As I go about my daily life, I try to exemplify Kierkegaard’s idea by never becoming complacent and always challenging the status quo."

One of the ways he did that was:

"In a meeting which is likely to be difficult or tense, I equip the room with a small pillow. When people feel frustrated or angry, I explain, they should feel free to release that tension by yelling loudly into the pillow"

But right after teasing about the original ending of the book, it starts getting very interesting as he explains the issues in the IPO process and why it was aborted in favor of choosing the Canon acquisition, including how Avigilon hurt their IPO prospects.

*********'* *** **** ********** ***-******** ****** '******** *********'.

***? ** ****. ***** ****** ** *** ****** ****** ** do...

*** ***** *** ***** *** *******, **** ********** ****:

"**** ******* *** ****** ** **** ***********, *** **** *** pressure ** *******, *** ******* **** **** *********** ********* ** also **********."

***:

"** * ** ***** ** ***** ****, * *** ** exemplify ***********’* **** ** ***** ******** ********** *** ****** *********** the ****** ***."

*** ** *** **** ** *** **** ***:

"** * ******* ***** ** ****** ** ** ********* ** tense, * ***** *** **** **** * ***** ******. **** people **** ********** ** *****, * *******, **** ****** **** free ** ******* **** ******* ** ******* ****** **** *** pillow"

*** ***** ***** ******* ***** *** ******** ****** ** *** book, ** ****** ******* **** *********** ** ** ******** *** issues ** *** *** ******* *** *** ** *** ******* in ***** ** ******** *** ***** ***********, ********* *** ******** hurt ***** *** *********.

[***************]

Problems **** *******

************* ***** *** ********* *** ** ***. ** ******* ******* ** ****, ******** *** ***:

"********** **** *********, *** * **** **** ******* **** ****** wasn’t ** *****. ** ****’* *********’* *****. ** *** ************ to *** ************ ********** ***** ** ************* **** ** *** built *** ******* ****."

*************

*****, *********'* *** ****** *** ******** ** *** ******:

"[*****] ******, *** ********** ***** ** ****** ************, *** **’* ********** be ***** ******** ** ***********. ** ** ******* ******, ** wasn’t ********* * *** ******* ******* **."

**** ** * **** *******, ** **** ******** *** **** can ****** **. *** **** ****** ** ***** ** **** numbers *** *** ***, ******** *** **** *** *** **** will ****, ******** **** ********** *** ***** ******.

Showing *****

****** *** **, ***** ************ ******** *** ********* *******, *********'* CEO **** ** ** ********* ** *******:

"****’* ** ********, “*** ******** ****** **** **** * *** of *****.” **’* ******* ********* ** *** ** ** ********* in *** *****. *** **** **’* ******* ** **** *** Australians **** ‘**** ***** ********’ – ******* **** *** ****** that ****** ******* ** *** *****."

Avigilon *** ****** **** *********

** *** *** *** ** *******, *********'* ******* *** *********'* valuation, ** *** *** ********:

"**** **** **** ** ******* ******* ** ******** ***** ***** valuation, *** ** **** **** **** ******* ** * ***** American ********** ** **** (***** ***** ***** ** *** **** was ********* *********), *** ******** *** ********. ** **** **** **** **** **** ***** ****** ** lower ***** ********* ** * ****** ** **** ****** ********."

********'* ****** *** ** *** **** *********** *** ********** *** start ** ********'* ******* *** ****** * **** ** ********* the ************** ** * ********* ***, ** * ******* ******** stock ***** ****** ** * ****** ********** *** *********'* *** price.

Lack ** ***

*** ************ ******** ** ********* ******* ** *** **** *** licensing, ***** ***** ** ***** ********* **** ************ **********. *** bankers ****** ** ********* / *** ************ ** **** ********* revenue ***** ********* *** ********* ** **:

"**** ******, *** ***, ****** **** ******, *** ***** *** ground. *** ******* **** ********** **********, ********** **** **** **** going ** *** *** ** ******* **** *********** ***** ‘********* revenue’, *** ** **** *******, **** ***** ****. *******’ ******** *** ** *** ***** **** ** ** ******’* provide **** ***********, **** ** ******’* ***** *** * ****** valuation."

Canon *** * *** *** ** ****

** ********, ***** ******* * ******* ****, ***** **** ***** not **** ** **** ****** *** ***** **** *** **** they **** ***** (****** ****** *** ***** ******** ****** ********** - ************'* **** ********** ********).

******** ****** ******** ** *** *** **** *** ** *** $400 ** $*** ******* *****, ***** ***** ** * ********* ~5x *********'* *******. ** ******, *********'* *** *** *** ******** the ***** *** *********** ***** *** ******** *** **** **** than * **** *****, ** ***** *** ** ********* ** it *** * ****, ********* ****.

The ******

*********'* *** ***** *** **** ******* ***** *** ******. ** our **** ****, ** *********** *** ***** ** '*** ***** ** ****** ********' *** the ***** ******* '*****.*'.

Comments (12)

***, **** ** *********'* *** **** ******* ****:********* ***** ****** *** ****** *********(****).

**** *.*? ** **** * ********* ** **-***, **-***, ***?

********* ** *********'* ***: "******* ********* **** ** ** **** *** ****** * ********. I **** **** **** *.*"** ******* **** **** ** "****** ** *********** ****"

**** ** **** ** *** ****** ** ** **** ****.

* **** ***** *** * ****** ***** *** *** **** to ****** **. ********, *'* **** ** ******** ***** ***** to **** ** ***** *****.

*** **** ***** *** ******** * ****** *** **** *******?? Maybe **'** ****** ***** *** ****** ** *******.

Scream into Pillow

"***** **'** ****** ***** *** ****** ** *******."

******* * ****** ** *** ***** **** ** *** **** RMR?

****'* *** **** ****:

*****'* ***** ******* *****'* **** **** **** ******* ******-********:

** ****** **** *** ****** **** **** ******* ** ********...

***** ***** *** **** **** **** ******* ******** *** ***** pillows? ***** ***** ***** ***** ** **** ****.

****'* *** ****** ** ******* **, *** **** ******* "***********" in *** ****:

*** **** **** **** ** *** ******** *****, * ***** number ** ******** ******** ***** **** ** ********** ** ****,and *** ** *** **** ********* ******** *** *** **** *** *** **** *****. I needed to nip the speculation in the bud as it risked overwhelming the message of the conference, which was the work we were doing with our partners. We put together a statement, approved by our banking team.

**** ** **** * **** *******: “You **** **** ****** **** *****’* **** **** ** *** ******* **** ** *** ** *** ********* ******** ******** ** *** ********. As you can see they are asking a question about us –is Milestone going to IPO? “Milestone is a successful company with a 17-year solid track record in our business. Our primary focus is the continued development of our business but we are also lucky enough to be at a stage in our growth where IPO is one of the options available to us. But it’s just one option and no decision has been made....

****** ******** ***** ********** ** ******** ***********:

****** *** ***** *** ** ******* ******* ******, ********** ***** how **** ****** ** *** ******** ****** **** ********’ ****. So *** ***** **** ****** ** *** ***, *** ******’* populate * ***-****-****’ ******** **** **** ** ********** ****** ** candles.

******** ***** **** **** ****' ******* **** **** ********** *** damming, *** *** *** ****** * ***** **** ** * certain ****** ** *** *****:

“**’** *** ********* *** ** *** **** ****, ** *** weeks ** *** ******.An *** ** *** ** *** ***** ** **** ****. We’re focusing on a lot of things that pertain to our business structure at this time. Period.” Taking advantage of attending MIPS, Thinggaard ********** **** **** **** **** ** ******* ****** ******** *** *** ** *** ***** and that everything a person might read on a certain blog just isn’t true.

********* *** *** ******** * ***** ******* *** *** ****:

*********, ***********, **** ** * ********* **** ** *** ****. It ******** ******** ****** ** *********'* *** ****** **** **:

************ ** *** ** *** **** ****** ** **** ** say *****-*****, ** **** *****-*****. ** ***** ***** ***** ********* software, **** *** ****** ** ** **: ** ***** * distributor, ** ****** ** ** *** ** ***** ********** ***********.They ***’* ****** **** ** ******* ********* ** **** *** ****.

**** **** *** ****, **** ******* **** *** *** **.

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