A piece of advice for entrepreneurs: Do not sell everything, get a partner

Ioana Filipescu, managing director with Raiffeisen Investment Romania, an investment bank specialised in M&A consultancy, which has been involved in deals worth hundreds of million euros in recent years, advises the entrepreneurs who want to sell during this period not to make a complete exit, but keep a stake in the company. "The best offer in M&A is no longer selling and exiting because you're penalised. But the type of request through which you seek a partner to develop can generate very good results," said Ioana Filipescu in an interview with ZF. Entrepreneurs who have recently only partially exited companies include the three shareholders in Noriel group, who have sold 40% in the business to Axxes Capital investment fund represented by Horia Manda, as well as Eric Kish, one of Dinu Patriciu's first employees in Rompetrol group, who has sold 56% in SmarTree HR services outsourcing company.