The angel investor's handbook: how to profit from early-stage investing
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Princeton, N.J.
Bloomberg Press
2001
|
| Ausgabe: | 1. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXII, 351 S. |
| ISBN: | 1576600769 |
Internformat
MARC
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| 100 | 1 | |a Benjamin, Gerald A. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The angel investor's handbook |b how to profit from early-stage investing |c Gerald A. Benjamin ; Joel Margulis |
| 250 | |a 1. ed. | ||
| 264 | 1 | |a Princeton, N.J. |b Bloomberg Press |c 2001 | |
| 300 | |a XXII, 351 S. | ||
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| 650 | 4 | |a Angels (Investors) |z United States |v Handbooks, manuals, etc | |
| 650 | 4 | |a Investments |z United States |v Handbooks, manuals, etc | |
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Datensatz im Suchindex
| _version_ | 1804128808299659264 |
|---|---|
| adam_text | CONTENTS
Acknowledgments xv
Preface xvu
Introduction l
An Overview of the Angel Capital Market 9
Defining Angel Capital and Pre IPO Investments 9
Trends Increasing Private Equity Investment 10
How Angel Capital Has Provided an Infrastructure for
Today s Economy 13
Inefficiencies in the Marketfor Early Stage Company
Equity 14
Government Attempts to Facilitate Pre IPO Investments 16
The Roles of Traditional Venture Capital and Angel Investors
in the Early Stage Capital Market 19
The Pre IPO Investment Opportunity Defined 24
How Angel Investors Add Value Beyond Capital 25
Introduction to the Pre IPO InvestmentProcess 27
Key Factors in Successful Angel Investing 29
Why Angel Investing Is Attractive 29
Specifics on Private Equity Classes 31
Demographics of Angel Investors 32
Required Skills for Successful Angel Investing 34
Developing Angel Investment Criteria 38
Structuring an Angel Investment Plan 41
Harmonizing Financial and Psychological Returns 43
Commonsense Guidelines for Successful Asset Allocation
Decisions 49
Guiding Principles for Prospective Angel Investors 52
Understanding and Managing Risk 55
Disadvantages of Angel Investing 57
AssessingRiskinaPotentialInvestment 58
Differentiating between Indirect and Direct Venture Invest¬
ment 60
Assessing Your Own Risk Tolerance Level 63
Managing Risk with Proven Hedging Strategies 65
Types of Angel Investment Strategies 69
Defining Angel Investment Strategy 69
How Demographics Affect the Choice of Active or Passive
Angel Investment Strategies 70
Variations in Angel Investment Strategies 73
ActiveAngellnvestmentStrategies 78
Lead Angel Investment Strategy 78
Manager Investment Strategy 80
Corporate Investment Strategy 81
Acquisition Investment Strategy 85
Professional Services Business Development Investment
Strategy 88
Passive, Indirect Angel Investment Strategies 88
Angel Consortium Coinvestment Strategy 89
Barter Investment Strategy 90
Socially Responsible Investment Strategy 91
Fund Based Investment Strategy 9 2
Deal Flow Development:
Surfacing Angel Investment Opportunities 95
How Angels Historically Have Located Deals 95
Satisfaction with Traditional Deal Flow Development
Techniques 96
Developing Your Angel InvestmentGoalsand Objectives 97
Shiftingfrom Informal to More Formal Deal Flow
Development 100
The Essential Elements in aFormal Deal FlowDevelopment
Strategy 102
Targeting, Positioning, and Defining Investment Size 104
Organizing Investor Identity Materials and Deal Flow
Tracking Systems 108
Criteria for Selecting the Most Appropriate Communication
Channels to Attract Deal Flow 110
Advertising 112
ListinginPrintedDirectories andPrivate Equity
Databases 112
Participating in Venture Forums 114
Joining Computer Matching Networks 115
Participatingin Internet Networks 117
Subscribingto Angel and Private Equity Newsletters 117
Joining Venture Capital Clubs 119
Public Relations 121
Sponsoring or Speaking at Venture Related Seminars,
Workshops, Clinics, and Conferences 121
Volunteering for Advisory Boards of Incubators 123
Publishing Articles 124
Joining Target Market Trade and Industry Associations
124
Participatingin Research Studies 125
Referral Based Networking 126
Caveats: Deal FlowDevelopment Approaches to Avoid 128
Managing the Due Diligence Process 131
Why Due Diligence Is So Important in Today s Angel
Market 131
Beware of Dead Ends on the Road to Riches: Case Studies
from the Dark Side of Early Stage Investing 135
Greed and the Entrepreneur s Loss of Ethics 138
Government Regulation and Legislation 141
Screening Opportunities with the Investor Oriented
Executive Summary 143
Why You Should Require a Business Plan 146
Investigating the Entrepreneur and ManagementTeam 149
Separating Fact from Fiction in Venture Documentation 152
KnowingWhentoSay No 160
Who Pays Due Diligence Expenses? 162
The Preinvestment Audit 165
The Analytical Research Approach to the Preinvestment
Audit 165
The Preinvestment Audit Questionnaire 167
Management 167
Products or Services 170
Industry 171
Market, Sales, and Distribution 172
Competition 173
Human Resources 17 A
Suppliers 175
Production 176
Research and Development 178
Analysis of Financial Projections 178
Can Management Reach the Forecast Objectives? 179
Interrelationships of Financial Projections 180
What Are the Company sExpectedFinancial Needs? 182
HowMuchFundinglsSought? 182
Questions about Projections 182
Evaluating the Company s Stated Capital Needs 183
Questions about Capital Requirements 183
Analyzing the Forecast Balance Sheet 184
Description of the Balance Sheet 184
Questions/orthe Balance Sheet 185
Liabilities 186
Questions about Liabilities 186
Shareholders Equity and Net Worth 187
The Income Statement or Statement of Operations 188
The Income Statement 189
Questions/orthe Income Statement 189
Cash Flow Forecast 190
The Forecasted Cash Flow Statement 191
Questions for the CashFlow Statement 192
Use of Proceeds 192
Questions for Use of Proceeds 192
FinancialAssumptions 193
Company Investors, Directors, Advisers, and Resources: Lists
for Reference Checks 194
Miscellaneous Documents Required for Analysis 194
Negotiating and Structuring the Deal 197
Definition of Negotiation 197
MarketlnefficienciesMake Negotiation a Must 198
Negotiating the Transaction 199
Negotiation Mistakes Made by Angel Investors 199
Simple Guidelinesfor Professional Angel Investment
Negotiations 201
The Private Placement 202
Choice of Securities for Angel Investors 204
The Role of Legal Documentation in Private Equity
Transactions 206
Misuse of Business Plans as Investment Documentation 207
Overview of Legal Documents Used in Venture Investment
Transactions 208
Using a Term Sheet to Structure the Angel Investment 211
Introduction 211
Valuation of the Company 212
Type of Security 212
Vesting 214
Dilution 214
Representation on the Board ofDirectors 215
Employee Stock Purchases 216
Model Term Sheet Checklist 217
Valuation of the Early Stage Company 219
Pricing as Goodjudgment, Not Formulae 219
Factors in Valuing Potential Investments 222
Macroeconomic Forces in Valuation 223
The Stock Market 223
Money Supply and Capital Demand 223
InterestRates 224
Subjective Determinants ofValuation 224
Risk Profile of the Investor 225
Company Specific Risk 225
DealStructure 227
Investor Involvement 227
Dilution 228
Fundamentals ofValuing Start Up Ventures 229
Correlating Rate of Return with Time to Liquidity 230
DiscountingProjections 231
Multiples 232
Dilution Factor 234
TrackingFollow onRounds ofFinancing 236
SweatEquity: The Investor s Perspective 236
Overseeing and Advising Postinvestment 239
Definition of Monitoring the Investment 239
Why Monitoring Is Required in Angel Investments 240
Passive Monitoring and Evaluation Techniques 243
Periodic Review ofFinancial Performance Information 243
Board of Directors Participation 244
Active Monitoring and Evaluation Techniques 246
Direct Involvement in the Venture 246
Harvesting Returns: Exit Routes to Liquidity 249
PlanningfortheAngellnvestor sFinancialReward 249
A Contrarian Perspective on Liquidity in Public versus Private
Markets 250
The Importance of Identifying Exit Strategy before Investing
253
Reasonable Expectations for InvestmentRe turn andHold
Time 254
EvaluatingYourReturns 255
Realistic Exit Routes 256
Grasping the Exit Opportunity 256
Initial Public Offerings 257
Merger/Acquisition/Corporate Buyout 258
Later Stage Private Equity Financing 259
CompanyBuyback 261
Secondary Sales to Third Parties 261
The Living Dead: Copingwith the Marginally Performing
Investment 262
Restricted versus Free Trading Stock 263
Transforming InvestmentLosses into Tax Gains 265
Conclusion 269
Internet Directory 271
Angel Investing Conference/Forum Directory 277
A Model Term Sheet 289
Valuation Case Study 301
Hypothetical Valuation Example 311
Frequently Asked Questions 317
Suggested Reading List 323
Supplementary Reading 325
Glossary 333
Index 341
|
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| id | DE-604.BV013959761 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:55:07Z |
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| isbn | 1576600769 |
| language | English |
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| spelling | Benjamin, Gerald A. Verfasser aut The angel investor's handbook how to profit from early-stage investing Gerald A. Benjamin ; Joel Margulis 1. ed. Princeton, N.J. Bloomberg Press 2001 XXII, 351 S. txt rdacontent n rdamedia nc rdacarrier Capital à risques - États-Unis - Guides, manuels, etc Investissements - États-Unis - Guides, manuels, etc Investisseurs directs - États-Unis - Guides, manuels, etc Angels (Investors) United States Handbooks, manuals, etc Investments United States Handbooks, manuals, etc Venture capital United States Handbooks, manuals, etc Business Angel (DE-588)4603006-2 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf USA Business Angel (DE-588)4603006-2 s DE-604 Risikokapital (DE-588)4124067-4 s Finanzierung (DE-588)4017182-6 s Margulis, Joel Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009553279&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Benjamin, Gerald A. Margulis, Joel The angel investor's handbook how to profit from early-stage investing Capital à risques - États-Unis - Guides, manuels, etc Investissements - États-Unis - Guides, manuels, etc Investisseurs directs - États-Unis - Guides, manuels, etc Angels (Investors) United States Handbooks, manuals, etc Investments United States Handbooks, manuals, etc Venture capital United States Handbooks, manuals, etc Business Angel (DE-588)4603006-2 gnd Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4603006-2 (DE-588)4124067-4 (DE-588)4017182-6 |
| title | The angel investor's handbook how to profit from early-stage investing |
| title_auth | The angel investor's handbook how to profit from early-stage investing |
| title_exact_search | The angel investor's handbook how to profit from early-stage investing |
| title_full | The angel investor's handbook how to profit from early-stage investing Gerald A. Benjamin ; Joel Margulis |
| title_fullStr | The angel investor's handbook how to profit from early-stage investing Gerald A. Benjamin ; Joel Margulis |
| title_full_unstemmed | The angel investor's handbook how to profit from early-stage investing Gerald A. Benjamin ; Joel Margulis |
| title_short | The angel investor's handbook |
| title_sort | the angel investor s handbook how to profit from early stage investing |
| title_sub | how to profit from early-stage investing |
| topic | Capital à risques - États-Unis - Guides, manuels, etc Investissements - États-Unis - Guides, manuels, etc Investisseurs directs - États-Unis - Guides, manuels, etc Angels (Investors) United States Handbooks, manuals, etc Investments United States Handbooks, manuals, etc Venture capital United States Handbooks, manuals, etc Business Angel (DE-588)4603006-2 gnd Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Capital à risques - États-Unis - Guides, manuels, etc Investissements - États-Unis - Guides, manuels, etc Investisseurs directs - États-Unis - Guides, manuels, etc Angels (Investors) United States Handbooks, manuals, etc Investments United States Handbooks, manuals, etc Venture capital United States Handbooks, manuals, etc Business Angel Risikokapital Finanzierung USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009553279&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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