=2/ A start-up is financed using €1m. The entrepreneur provides €0.2m and obtains 75%

of the shares, and business angels provide the rest of the equity and hold 25% of the capital. Eight months later, the entrepreneur is in a position to sell the company for

€2m. By how much has he multiplied his investment? And the business angels? Redo your calculations, assuming that the shareholders’ agreement in this case states that proceeds from the sale must first be allocated to the business angels until repayment of their investment before being shared among all of the shareholders, pro rata to the number of their shares. State your views.