We examine how VCFs' forecast of an IPO exit affects their breadth of advising and the likelihoodof founder–CEO replacement shortly after they invest in a new venture. Moreover, we examine
how the expected time-to-exit moderates these relationships. Our findings show that the
likelihood of founder–CEO replacement upon receiving venture capital funding is significantly
greater if a VCF perceives this company as a potential IPO as opposed to a trade sale, and this
likelihood increases if the forecasted time-to-exit is short. We also illustrate how the breadth of
advice varies as a function of the forecasted IPO and time-to-exit.