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Such sales are no substitute for an acquisition or IPO exit, but it can help a company retain key employees, satisfy stakeholders and delay exit by perhaps a year or more.
We also find that forced exit, retirement, and deals covary rather than substitute for one another as modes of CEO turnover.
Substitute for potatoes.
Spain could substitute for Gujarat.
"A tolerable substitute for beer".
Debt could substitute for wages.
The Hyatt was a last-minute substitute for the luxurious and more expensive downtown Marriott, its cancellation a final indignity in a campaign that was out of money and in need of a cheap and rapid exit.
Trust is not a substitute for testing.
Humor: always a good substitute for rage.
There's no substitute for it.
Tone and tact substitute for depth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com