This is the first of three articles by UK-based law firm MJ Hudson looking at how to ensure you make smart exits for your portfolio companies.

After a promising start to the year, global merger and acquisition (M&A) deal values fell by 12.7% from the third to the fourth quarter of 2013, according to the Mergermarket M&A Trend Report 2013, one of many indicators that the market remains difficult and unpredictable…