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For your liquidity scenarios, it's not necessary to distinguish between M&A and IPO. Build your liquidity scenario based on the exit value. In other words, if a high exit is $1b in your model, just put a footnote that it could be derived...

For your liquidity scenarios, it's not necessary to distinguish between M&A and IPO. Build your liquidity scenario based on the exit value. In other words, if a high exit is $1b in your model, just put a footnote that it could be derived via an M&A or an IPO.