Growing up with University Games: 20 Years and Still Playing

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Case

Reference no. E210

Subject category: Entrepreneurship

Authors: Jim Ellis (Stanford Graduate School of Business, Stanford University); Joshua Spitzer (Stanford Graduate School of Business, Stanford University); Patrick Arippol (Stanford Graduate School of Business, Stanford University)

Published by: Stanford Business School

Originally published in: 2007

Version: 1 December 2006

Length: 23 pages

Data source: Field research

Topics: Exit strategy; Entrepreneurial finance; Entrepreneurship; Entrepreneurial management; Management crises; Company culture; Shareholder relations

Share a link: https://casecent.re/p/86695

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Abstract

The case chronicles the board game company''s early formation and growth, and culminates in two issues often faced by business owners: (1) what to do about the over-dependence that the company has developed on its founder / CEO; and (2) what are the possible exit options worth pursuing. Describes University Games'' founding by two friends after graduating, its internal and market-facing growing pains, periods in which each of the two founders left the company, a buy-back of shares from a venture capital (VC) investor, and culminates in the emergence of exit opportunities. The narrative concludes with the CEO questioning whether he should court a financial investor or strategic acquirer, or even consider the options of a public offering and of a leveraged re-capitalization for the company.

Location:

United States

Industry:

Board games