[下载]Angel.Capital.How.to.Raise.Early-stage.Private.Equity.Financing

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[下载]Angel.Capital.How.to.Raise.Early-stage.Private.Equity.Financing
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《书名》Angel.Capital.How.to.Raise.Early-stage.Private.Equity.Financing

作者: GERALD BENJAMIN;JOEL MARGULIS

ISBN: 0-471-69063-5
页数: 413
出版社: John Wiley & Sons, Inc

Contents

CHAPTER 1
    The Challenge 3
    Introduction 3
    The Challenge 3
    The Angel Investor 7
    Structure of the Private Investor Market 8
    Making Sense of the High-Net-Worth Market 10
    Investor Activity in Early-Stage Deals 12
    Angels: A Golden Capital Source 13
    Investors Worth Accessing 14
CHAPTER 2
    The Solution: The Private Placement 17
    The Private Placement 17
    Selecting the Right Capital Source 20
    Is Your Deal Financeable? 22
    Are You Financeable? 29
    Is Your Risk Financeable? 32
    The Benefits and Disadvantages of Equity 33
    Making Your Search for Investors More Efficient 35
    The Problems with Conventional Wisdom 36
vii
CHAPTER 3
    The Solution: A Strategy That Works 39
    An “Inefficient” Market Defined 39
    A Strategy That Works 41
    Build a Capitalization Strategy 41
    Focus on Management, Not Documents 44
    Budget for the Financing Program 47
    Anticipate Due Diligence 49
    Build Relationships with Prospective Investors 52
    Line Up Precommitment 54
    Aggressively Manage Database Development 56
    Go Directly to Qualified Investors 58
    Sell 64
    Manage the Close 68
    Dreamers and Dream Makers 71
PART TWO
UNDERSTANDING THE ANGEL INVESTOR
CHAPTER 4
    Alternative Sources of Capital 77
    The Impact of Economic Trends on the Accessibility of Capital 77
    Alternative Sources of Capital and How They Affect Early-Stage Investment 80
    Corporate Investment and Strategic Alliances 80
    Lease Financing 81
    Licensing 81
    Franchising 82
    Research and Development Arrangements 82
Venture Capital Firms 82
Cash Management and Tax Strategies 83
Private Placement (Exempt Offerings) 83
Government Financing (Loans and Grants) 83
Bartering 84
Commercial Finance Companies 84
Banks 85
Initial Public Offerings 85
International Sources of Capital 85
Employee Stock Ownership Plans 85
Management Buyout 86
viii CONTENTS
Incubator-Based Financing 86
Asset-Based Loans and Factoring 87
Self-Finance 87
Community Development Corporations 87
Small Corporate Offering Registration 88
Business Angels as the Best Source of Capital, Especially
for Early-Stage Investment 89
The Appropriateness of Your Venture for a Direct,
Private Placement 90
Stages of Development Defined 91
Professional Venture Capital as a Funding Resource
for Early-Stage Companies 95
Comparison of Angel Investors with
Professional Venture Capitalists 97
Professional Venture Capital: Help or Hindrance
to Your Funding Success? 102
CHAPTER 5
Angel Capital in America: A Study 105
Introduction 105
Methodology 105
Results of the Study 106
Concluding Remarks 113
CHAPTER 6
What Do Private Investors Look for in a Deal? 115
The High-Net-Worth Investor Market 115
The Informal, High-Risk Investor Profile 118
Advantages and Disadvantages of Direct Venture Investing 121
The Private Investor’s Criteria 122
Common Reasons Why Angels Reject an Investment 126
Variations in Preferred Level of Involvement
after Investment 127
How Angel Investors Can Help Beyond Capital 129
Private Investor Motivation 130
The Allocation Decision 134
CHAPTER 7
Types of Private Investors 141
Introduction 141
The Value-Added Investor 143
Contents ix
The Deep-Pocket Investor 150
The Consortium of Individual Investors 162
The Partner Investor 165
The Family of Investors 167
The Barter Investor 168
The Socially Responsible Private Investor 172
The Unaccredited Investor 174
The Newest Breed of Angel : The Manager Investor 176
PART THREE
RESOURCES FOR ENTREPRENEURS RAISING CAPITAL
CHAPTER 8
Alternative Funding Resources in Accessing Angel Capital 183
History of the Development of Alternative
Funding Resources 183
Overview of Alternative Funding Resources 186
CHAPTER 9
Directory of Alternative Funding Resources 203
Directories, Printed and Software-Based 203
Incubators 204
Entrepreneurial Finance Conferences 204
Investor Education Meetings and Conferences 204
Venture Forums 205
Venture Capital Clubs 208
Offline Investor Networks 210
Online Matching and Search Services 210
Financial Intermediaries 212
CHAPTER 10
Building Your Own Database of Angel Investors 213
Introduction 213
Hurdles 214
Data Entry 217
Backup 218
Cost 218
x UNDERSTANDING THE ANGEL INVESTMENT PROCESS
PART FOUR
UNDERSTANDING THE ANGEL INVESTMENT PROCESS
CHAPTER 11
The Venture Investing Process 223
Introduction 223
Generating Deal Flow 224
Due Diligence 226
Business Valuation 228
Negotiating and Structuring the Deal 230
Risk as a Driving Force behind Deal Structure 231
Definition of Negotiation 233
Elements in Structuring the Private Placement 234
Overview of Deal Terms and Provisions 235
Overseeing and Advising Postinvestment 238
Harvesting Returns: Realistic Exit Strategies 240
CHAPTER 12
Preparing for Due Diligence 245
Introduction 245
Prescreening 246
Management 247
Business Opportunity 249
Industry 250
Products or Services 251
Market, Sales, and Distribution 251
Competition 252
Research and Development 253
Production 254
Intangibles 254
Legal Due Diligence 255
Financial Due Diligence 259
Questions About Projections 259
Questions About Capital Requirements 260
Questions on Assets in the Pro Forma Balance Sheet 261
Questions About Liabilities 262
Questions on Shareholders’ Equity 263
Questions for the Income Statement 264
Questions for the Cash Flow Statement 265
Contents xi
Questions for the Use of Proceeds 265
Questions on Financial Assumptions 266
Lists for Reference Checks 266
CHAPTER 13
Valuation of the Early-Stage Company 269
Introduction 269
Pricing as Good Judgment, Not Formulae 270
Risk 271
Negotiating Valuation 273
Sweat Equity 275
The “Living Dead” 276
Strategies for Circumventing Negotiation Roadblocks 277
Fundamentals of Valuing Start-Up Ventures 278
Macroeconomic Forces in Valuation 279
Risk Profile of the Investor 280
Company-Specific Risk 281
Investor Involvement 283
Correlating Rate of Return with Time to Liquidity 284
Multiples 284
Discounting Projections 286
Valuation Methodology Used in Early-Stage,
Private Equity Transactions 287
Dilution 290
Truisms in the Valuation Process 292
Caveats for the Entrepreneur 294
APPENDIX A
How to Write and Present an Investor-Oriented Business Plan 297
The Target Audience 297
Introduction to the Business Plan 300
What Does Your Business Plan Need to Contain? 300
Creating a Business Plan 300
Executive Summary 301
Mission or Charter 302
Description of the Business 302
Ownership Structure and Equity 303
Description of the Product/Service 304
The Market 305
Description of Industry and Trends 307
Marketing Strategy 309
xii CONTENTS
Marketing Plan 310
Sales Plan 312
Operations, Research and Development
Strategies, and Plans 313
Management, Organization, Personnel, and
Information Systems 316
Objectives and Milestones 318
Financial Projections 320
Supporting Documents 323
Preparation and Delivery of Your Presentation 331
Preparing an Effective Presentation 331
APPENDIX B
Legal Primer on Securities Law Issues for Nonlawyers 335
Contents 335
Foreword 337
Overview 337
Private Offerings—The First Step 344
Public Offerings 345
Disclosure Documents 349
Integration Rules: Timing 350
Restricted Securities and Trading 350
The Internet 352
Federal/State 353
The ’40 Act 354
The Usual 355
Sales—“Agents” (California) 355
Suggested Reading List 357
Glossary 361

本文来自: 人大经济论坛(http://www.pinggu.org) 详细出处参考：https://bbs.pinggu.org/b86i340731.html

[此贴子已经被作者于2008-7-26 8:19:25编辑过]

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