Based on the business analysis it is now time for Vencap to make the final decision whether to make the investment or not. If the management of Vencap is confident, it prepares an internal memorandum for the Advisory Board to process. External experts and advisors may also be heard at this stage. The Advisory Board will critically review the memorandum and express their views on the business of the target company and the planned structure. A positive conclusion by the Advisory Board will trigger the finalisation of the legal agreements, and the deal will be closed.

This is also the time for the company's management and owners to make their final commitment.