As the CEO of medical technology company ZELTIQ, Mark Foley was on the front lines of a major business transformation. Venrock’s Bryan Roberts talks to Foley about turning the company around by changing the business model and swapping out the majority of leadership, culminating in the successful acquisition by Allergan for $2.4 billion in April 2017. But the exit wasn’t all smooth sailing. Foley shares details on the initial failed bids that rocked the company’s culture, how he managed morale during this tricky time, and what led to the successful deal in the end. He also shares how investors can recover after an initial stumble, and how he made the transition from VC to CEO successfully.