Verfügbarkeit: Venture capital handbook

Venture capital handbook: an entrepreneur's guide to raising venture capital

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Bibliographische Detailangaben
Hauptverfasser:	Gladstone, David 1942- (VerfasserIn), Gladstone, Laura (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	London [u.a.] Financial Times Prentice Hall 2002
Ausgabe:	Updated and rev. ed.
Schlagworte:	Risicokapitaal Venture capital > United States > Handbooks, manuals, etc USA
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	XXI, 424 S. graph. Darst.
ISBN:	0130654930

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245	1	0	\|a Venture capital handbook \|b an entrepreneur's guide to raising venture capital \|c David Gladstone ; Laura Gladstone
250			\|a Updated and rev. ed.
264		1	\|a London [u.a.] \|b Financial Times Prentice Hall \|c 2002
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Datensatz im Suchindex

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adam_text	Contents Introduction xix Acknowledgments xxi Chapter 1 anypne can raise venture Capital 1 I ll Back You 3 What is Venture Capital? 5 When Did Venture Capital Begin? b Types df venture Capital 9 Private Limited Partnerships 9 Publicly Traded Funds 1 D Corporate Venture Capital 1 D Angel Investors 1 2 v QH\| Venture Capital handbook Where Can You Find Venture Capital? l 3 How Dd Venture Capital Companies Invest in Businesses? 1 A What Types of Business Do VCs Back? 1 5 Start-Up Stage dr First-Round Financings 1 5 Development Stage or Second-Round Financings 1 S Expansion Stage or Third-Round Financings 1 6 Growth Stage or Fourth-Round Financings 1 7 V Leveraged Buy-Out Financings 17 Turnaround Situations 1 B Public Offerings 1 B Which Industries Do Venture Capitalists Prefer? 1 B y What Types of Products or Services dd Venture Capitalists Prefer? 2D How Much Venture Capital Is Available? 22 Opportunities Available for Entrepreneurs 22 Can You Raise Venture Capital? 23 How Much Money Should You Seek? 24 What Type of Funds Are You Seeking? 26 Common Stock 26 Preferred Stock 26 Convertible Debenture 27 Loan with Warrants 27 How Will the Venture Capitalist Be Involved? 27 How to Select a Venture Capital Company 29 Should You Phone the Venture Firm? 3O Dther Questions for the Venture Capitalist 34 How Long Does it Take to Bet the Money? 35 Myths About venture Capital 3 7 Myth 1 37 Myth 2 3 7 Myth 3 3B Myth 4 3S Cdntents J^^J\| Myth 5 39 Myth 6 4O Myth 7 4D Objective 4 1 Chapter2 summary presentation 43 What Does a summary Lddk like? 44 Why Is the Venture Capitalist Interested? 46 Hdw td Complete a Summary 47 Company 47 Contact 47 Type df Business 4B Business Summary 48 Management 48 Product/Service and Competition 49 Funds Requested 49 Collateral 49 Use of Proceeds 5D Financial History 5D Financial Projections 5D Exit 5D Structure 51 What Kind df Cover Letter Is Needed? 5 1 Strategic Use of Summary 53 Another Kind of Venture Capital 54 What Makes It Exciting? 56 Perspective for Your Summary 57 What Do Venture Capitalists Think About Summaries? 5B Confidentiality of Your Great Idea 59 Objective 6O Chapter3 the proposal e - Shduld You Use a Broker or Consultant? 63 Most Important Quality of a Business Proposal 64 Part 1 : Summary 66 Part 2: Business and Its Future 66 ^^^^\| venture Capital Handbook Part 3: The Management 76 Part 4: Description df the Financing 79 Part 5: Risk Factors B3 Part 6: Return on Investment and Exit B5 Part 7: Analysis of Operations and Projections B6 Part B: Attachment: Financial Statements BB Part 9: Attachment: Financial Projections B9 Part ID: Product Literature, Brochures, Articles, and Pictures 9D Dd Ydu Really Need All df This? 9O What Is the Venture Capitalist Really Looking For? 9 1 Uniqueness 9 1 I Management 9 1 Projections 92 Exit 93 How to Package Your Proposal 93 Copies 94 Style of Type 94 Graphs and Pictures 94 Copying Articles 95 Cover 95 Binding 95 How Many Venture Capitalists Should Be Contacted? 96 Syndications 9B Objective 1 CO Chapter4 a thousand questions idi What Are the Major Questions? 1 D2 Uniqueness 1 O2 Management Team 1 D3 Projections and Return on Investment 1 D4 i Exit 1 D5 Business Proposal Questions 1 D5 Part 1 : Summary 1 D6 Part 2: Business and Its Future 1 D6 Part 3: Management 117 contents ^^^\| Part 4: Description of the Financing 1 22 Part 5: Risk Factors 1 27 Part 6: Return on Investment ; and Exit 13 1 Part 7: Analysis of Operations and Projections 1 33 Part S: Financial Statements 1 34 Part 9: Financial Projections 1 35 Part ID: Product Literature, Brochures, Articles, and Pictures 1 35 Other Information the Venture Capitalist Will Need 1 36 References on the Business 1 36 References on Key Employees 1 36 Bankers, Lawyers, Accountants, and Consultants 1 36 Largest Suppliers 1 37 Largest Purchasers 1 37 Backlog 1 37 Aging of Accounts Receivable 1 3B Aging of Accounts Payable 1 3B Debts and Terms Summarized 1 3B Leases 1 3B Tax Returns 1 39 Other Government Data 1 39 Union Contract 139 Personal Financial Statements 1 39 Long Resume 1 39 Will the Venture Capitalist Ask All These Questions? 1 4O Objective 1 4D Chapters meetings and negotiations i 4i The Office of the Venture Capitalist 1 42 What Do Venture Capitalists Look Like? 1 42 How Long Will the Meeting Last? 1 43 What Is the Object of the Meeting? 1 44 What Happens in a Typical Meeting With a Venture Capitalist? l 45 ^^HH venture Capital Handbook What Type df Presentation Should Be / Made? 1 46 What is The Primary Characteristic The j Venture Capitalist is Seeking in an Entrepreneur? 1 47 What Are the Dther Characteristics of the Entrepreneur? 1 48 Honesty 1 4B Desire td Win 1 49 Energy 1 49 Intelligence 1 5D Knowledge 1 5D Leadership 1 5 1 Creativity 15 1 Know Your Stuff 1 52 Things You Do Not Say td the Venture Capitalist 1 53 Big Plans 1 53 Make Money 1 54 Honesty 1 55 Things Not td Do in the Meeting 1 56 Do Not Avoid Answering Questions and Do Ndt Give Vague Answers 1 57 Da Not Hide Significant Problems 1 57 Da Not Bring Your Lawyer to the Negotiations 1 5B Do Not Press for an Immediate Decision 1 5B Da Not Be Rigid in Pricing 1 59 How to Negotiate in the First or Subsequent Meetings 1 59 How to Cut the Deal 1 6 1 Ownership by the Venture Capitalist 1 62 Haw Da Venture Capitalists Price Investments? 1 63 Entrepreneur s Investment 1 64 Upside Potential 165 Downside Risk 1 69 Additional Funds 1 72 Public Offering or Exit 1 73 AFTER THE NEGOTIATIONS 1 75 OBJECTIVE 1 75 CONTENTS ^^^^\| Chapter 6 the commitment letter i w Commitment Letters 1 79 What Is In the Commitment Letter? 1 BD Section 1 : Terms df the Investment 1 B 1 Section Z: Collateral and Security 1 B6 Section 3: Conditions of the Investment 1 BB Section 4: Representations 1 94 Section 5: Conditions of Commitment 1 9B Comments on the Commitment Letter 2DD What Is An Investment Memorandum or Term Sheet? 2D1 Sectidn 1 : Term of the Investment ZQ1 Section 2: Collateral and Security ZOZ Section 3: Conditions of the Investment ZO3 Sectidn 4: Representations ZO4 Sectidn 5: Conditions of the Commitment ZD6 Consulting Agreement 2D6 Voting Trust ZD7 Nonlegal Commitment Letter 2OB Arguing Dver Minor Points 2Q9 Items You Should Not Sign in the Commitment Letter 2D9 Objective 2 1 D Chapter 7 due diligence 21 1 What to Expect From a Visit to Your Business 2 1 2 How to Give a Good Cook s Tour 2 1 2 Additional Questions About the Proposal Zl 5 Additional Questions About the Business 21 6 Additional Questions About Management 21 V INVESTIGATING THE INDIVIDUALS 2 1 9 Venture Capitalists Are Paranoid 22D Other Aspects of the Background Check 222 Do They Have a Test for Entrepreneurs? 223 Experience Is the Watchword 22-4 ^^^^H Venture capital Handbook Investigating the Entrepreneur and the Team 226 Questions fdr Other Pedple in the Organization 227 Investigating the Business, the Product, and the Industry 22B Industry Study 229 Uniqueness of the Product 23O Questions for Business References 232 When the Venture Firm Finds Something Wrong 237 Questions for the Venture Capitalist 23S Question One—Money td Invest 23B Question Two—Review df Proposal 239 Question Three—Available Time 239 Question Four—Interest in the Industry 239 Question Five—Other Venture Firms To Contact 24D Background Information on the venture Capital Company 24D Timing Questions for the Venture Capitalist 242 Objective 242 Chapter 8 the closing 243 First Closing: Legal Documents For Loans With Options 244 Document One: The Loan Agreement 245 Document Twd in the First Closing: The Note 252 Document Three in the First Closing: The Stock Purchase Dption 252 Other Documents: Exhibits 253 Simple Is Good 254 Unethical Venture Capitalist 254 Second Closing: Legal Documents for the Purchase of Preferred Stock 255 Stock Purchase Agreement 256 Stock Certificate 258 CONTENTS ^^^J Lawyers as Husinesspeople 259 Experienced Lawyers Are Best 26O Legal Fees Keep Going Up 26Q How Lawyers Run Up Ydur Legal Bill 262 Disagree dn Legal Points 262 Rewrite Sections 262 Research Points of Law 263 Legal Style 263 Arguments 263 Questionable Legal Practices 264 Syndications and Lawyers 265 The Cldsing: A Moment of Truth 266 Closing Fees That You Pay 266 What to Remember About Lawyers 2 6V Objective 26B Chapter9 working together 271 Major Policy Decisions Should Be Joint Dnes 273 Monthly Financials 274 Weekly Cash Flow Uses and Forecast of Uses 2V5 A Monthly Report Is Mandatory 276 Hold Board or Investor Meetings at Least Monthly 277 Other Discussion Items for the Venture Capitalist 27B You Are Building Confidence 2BO Warning Signals to the Venture Capitalist 2BD Late Payments 2B1 Losses 2B1 Late Financial Reports 2B2 Poor Financial Reports 2B2 Large Changes in Your Balance Sheet 2B2 Unavailable Entrepreneur 2B3 Large Thefts 2B3 Major Adjustments in Figures 2B3 ^fflfll Venture Capital handbook Why Entrepreneurs Have financial Problems 284 The Financial Control Problem 284 The Undercapitalization Problem 2B5 Why Entrepreneurs Have People Problems 286 Poor Job Definition 2B6 Poor Selection Process 2S6 Poor Incentives to Management 287 Poor Review Program 2B7 Poor Development Program 2B7 The Protean Entrepreneur 28B Problem Solvers 2BB Able to Brow Personally 2B9 Set Internal Goals 2B9 Understand Downside Risk 2B9 Rehearse Coming Actions 29Q When You Have Problems 29O Analysis of the Situation 29 1 What the Venture Capitalist Will Do 292 1 . Fix the Problem 293 2. Sell the Business 294 3. Foreclosure 294 4. Bankruptcy 295 5. Liquidate 296 Ten Things Not to Say 296 Secret of a Successful Relationship 3D2 Venture Capitalist as Board Member 3O4 Degree of Involvement by the Venture Capitalist 3D5 Amount Invested 3D5 Need for Assistance 3D5 Management s Willingness to Accept Advice 3D6 Experience in Certain Areas 3D6 Lead Investor 3O6 Distress of Company 3O6 Relationship with Entrepreneur 3O7 Time Availability 3O7 Venture Capitalist s Objectives 3Q7 Objective 3OE3 Contents ^^^J Chapter 10 the exit 3D9 It s All a Matter of Price 3 1 l First Method: Gding Public 3 1 1 When td Go Public 31 Z Why Ydu Should Have a Public Offering 3 1 3 Why Ydu Should Not Have a Public Offering 314 Underwriter s Fees and the Public Offering 3 1 5 Selection of a Brokerage House for the Public Offering 316 Second Method: Purchase by the Company or Entrepreneur 317 Purchase by Employee s Stock Ownership Trust 3 1 B Exit by Puts and Calls 3 1 9 1. Price/Earnings Ratio 319 Z. Book Value 3ZD 3. Percentage of Sales 3ZD 4. Multiple of Cash Flow 32 1 5. Multiple of Sales 321 6. Appraised Value 322 7. Prearranged Cash Amount 3Z3 Third Method: Sale of the Company to Another Company 324 Selling Stock for Cash 3Z4 Selling Stock for Notes 3Z4 Selling Stock for Stock 325 Selling Assets for Cash 326 Selling Assets for Notes 326 Selling Assets for Stock 327 Other Forms of Payment 3ZV Negotiating the Sale of Your Company 3Z9 Buy-Sell Arrangement 33D Fourth Method: Finding a New Investor 33 1 Corporate Partners 33 1 New Venture Capital Partner 333 Fifth Method: Liquidation of the Company 333 Negotiating with the Venture Capitalist 335 Objective 335 VmH Venture capital Handbook Chapter 11 using brokers 337 Accountants: How to Use Them 34D Investment Bankers: What They Can Do 34 1 Lawyers: Are They D.K. as Financial Brdkers? 342 Independent Financial Brokers: What Dd They Want? 343 Qualities td Look for in a Broker 344 Experience 345 Professional 345 Credentials 345 Operator of a Small Business 346 Special Knowledge 346 Agreement with the Broker 346 Define the Service 347 Time Frame 34V Termination Clause 347 Amount of the Fee 347 Reports dn Progress 34B Ownership of Work Completed 348 Nondisclosure Clause 34B Indemnification 34B Complete Agreement 349 Some Tips on Dealing with Brokers 349 Amount and Type of Fees 349 Who Should Present the Plan to the Venture Capitalist? 35 1 Objective 352 Chapter 12 advice from us to you 353 Keeping Up With Venture Capitalists 3 54 Selecting a Venture Firm 355 Venture Capital Process 356 Venture Capitalists as Human Beings 3 5V Problem Companies Looking for Financing 357 Financing for Your Job or Your Ego 35B Too Much Information 359 Contents g^^^J Da You Understand Credibility? 36O Ten Commandments for an Entrepreneur 36D Thdu Shalt Be Truthful td Thyself 36 1 Thdu Shalt Recognize Reality 362 Thdu Shalt Maintain Credibility 363 Thdu Shalt Be Ldyal to Those Who Have Helped Ydu 363 Thou Shalt Be Prepared 364 Thou Shalt Be Positive 364 Thdu Shalt Never Give Up 365 Thou Shalt Be Straight 365 Thou Shalt Be Lucky 365 Thdu Shall Pray a Ldt 366 Parting Shot 366 Glossary 3 6 7 Appendix actual documents 373 Commitment Letter 374 Legal Document 1 3BD Loan Agreement 3BQ I. Parties 3BD II. Loan 3BD III. Use df Proceeds 38 1 IV. Collateral 3B1 V. Representations and Warranties 3BZ VI. Affirmative Covenants 3B5 VII. Negative Covenants 3BB VIII. Investment Cdvenant 3B9 IX. Fees, Expenses, and Indemnification 3B9 X. Unlocking 39D XI. Put Rights 39O XII. Default 39D XIII. Notice 394 XIV. Entire Agreement 394 XV. Controlling Law 395 XVI. Headings 395 Legal Document 2 396 Promissory Note 396 Default and Acceleration 396 BffmH Venture Capital Handbook Legal Document 3 4DO Stock Purchase Warrants 4QQ I. Grant 4OD II. Expiration 4DO III. Exercise Price 4OO IV. Effect df Redemption 4DQ V. Exercise Procedure 4O1 VI. Sale or Exchange of Company or Assets 4-D 1 VII. Sale of Warrant or Shares 4D1 VIII. Transfer 4D2 IX. Replacement of Warrant 4D2 X. Loan Agreement 4D2 XI. Unlocking 4O3 XII. Put Rights 4D3 XIII. Registration 4Q3 XIV. Covenants of the Company 4D5 XV. Investment Covenant 4O6 XVI. Laws Governing 4D6 Legal Document A 4O7 Legal Document 5 4 15 Schedule A: Exhibits To Stock Purchase Agreement 415 Index a i v
adam_txt	Contents Introduction xix Acknowledgments xxi Chapter 1 anypne can raise venture Capital 1 I'll Back You 3 What is Venture Capital? 5 When Did Venture Capital Begin? b Types df venture Capital 9 Private Limited Partnerships 9 Publicly Traded Funds 1 D Corporate Venture Capital 1 D Angel Investors 1 2 v QH\| Venture Capital handbook Where Can You Find Venture Capital? l 3 How Dd Venture Capital Companies Invest in Businesses? 1 A What Types of Business Do VCs Back? 1 5 Start-Up Stage dr First-Round Financings 1 5 Development Stage or Second-Round Financings 1 S Expansion Stage or Third-Round Financings 1 6 Growth Stage or Fourth-Round Financings 1 7 V Leveraged Buy-Out Financings 17 Turnaround Situations 1 B Public Offerings 1 B Which Industries Do Venture Capitalists Prefer? 1 B y What Types of Products or Services dd Venture Capitalists Prefer? 2D How Much Venture Capital Is Available? 22 Opportunities Available for Entrepreneurs 22 Can You Raise Venture Capital? 23 How Much Money Should You Seek? 24 What Type of Funds Are You Seeking? 26 Common Stock 26 Preferred Stock 26 Convertible Debenture 27 Loan with Warrants 27 How Will the Venture Capitalist Be Involved? 27 How to Select a Venture Capital Company 29 Should You Phone the Venture Firm? 3O Dther Questions for the Venture Capitalist 34 How Long Does it Take to Bet the Money? 35 Myths About venture Capital 3 7 Myth 1 37 Myth 2 3 7 Myth 3 3B Myth 4 3S Cdntents J^^J\| Myth 5 39 Myth 6 4O Myth 7 4D Objective 4 1 Chapter2 summary presentation 43 What Does a summary Lddk like? 44 Why Is the Venture Capitalist Interested? 46 Hdw td Complete a Summary 47 Company 47 Contact 47 Type df Business 4B Business Summary 48 Management 48 Product/Service and Competition 49 Funds Requested 49 Collateral 49 Use of Proceeds 5D Financial History 5D Financial Projections 5D Exit 5D Structure 51 What Kind df Cover Letter Is Needed? 5 1 Strategic Use of Summary 53 Another Kind of Venture Capital 54 What Makes It Exciting? 56 Perspective for Your Summary 57 What Do Venture Capitalists Think About Summaries? 5B Confidentiality of Your Great Idea 59 Objective 6O Chapter3 the proposal e -\ Shduld You Use a Broker or Consultant? 63 Most Important Quality of a Business Proposal 64 Part 1 : Summary 66 Part 2: Business and Its Future 66 ^^^^\| venture Capital Handbook Part 3: The Management 76 Part 4: Description df the Financing 79 Part 5: Risk Factors B3 Part 6: Return on Investment and Exit B5 Part 7: Analysis of Operations and Projections B6 Part B: Attachment: Financial Statements BB Part 9: Attachment: Financial Projections B9 Part ID: Product Literature, Brochures, Articles, and Pictures 9D Dd Ydu Really Need All df This? 9O What Is the Venture Capitalist Really Looking For? 9 1 Uniqueness 9 1 I Management 9 1 ' Projections 92 Exit 93 How to Package Your Proposal 93 Copies 94 Style of Type 94 Graphs and Pictures 94 Copying Articles 95 Cover 95 Binding 95 How Many Venture Capitalists Should Be Contacted? 96 Syndications 9B Objective 1 CO Chapter4 a thousand questions idi What Are the Major Questions? 1 D2 Uniqueness 1 O2 Management Team 1 D3 Projections and Return on Investment 1 D4 i Exit 1 D5 Business Proposal Questions 1 D5 Part 1 : Summary 1 D6 Part 2: Business and Its Future 1 D6 Part 3: Management 117 contents ^^^\| Part 4: Description of the Financing 1 22 Part 5: Risk Factors 1 27 Part 6: Return on Investment ; and Exit 13 1 Part 7: Analysis of Operations and Projections 1 33 Part S: Financial Statements 1 34 Part 9: Financial Projections 1 35 Part ID: Product Literature, Brochures, Articles, and Pictures 1 35 Other Information the Venture Capitalist Will Need 1 36 References on the Business 1 36 References on Key Employees 1 36 Bankers, Lawyers, Accountants, and Consultants 1 36 Largest Suppliers 1 37 Largest Purchasers 1 37 Backlog 1 37 Aging of Accounts Receivable 1 3B Aging of Accounts Payable 1 3B Debts and Terms Summarized 1 3B Leases 1 3B Tax Returns 1 39 Other Government Data 1 39 Union Contract 139 Personal Financial Statements 1 39 Long Resume 1 39 Will the Venture Capitalist Ask All These Questions? 1 4O Objective 1 4D Chapters meetings and negotiations i 4i The Office of the Venture Capitalist 1 42 What Do Venture Capitalists Look Like? 1 42 How Long Will the Meeting Last? 1 43 What Is the Object of the Meeting? 1 44 What Happens in a Typical Meeting With a Venture Capitalist? l 45 ^^HH venture Capital Handbook What Type df Presentation Should Be / Made? 1 46 ' What is The Primary Characteristic The j Venture Capitalist is Seeking in an ' Entrepreneur? 1 47 What Are the Dther Characteristics of the Entrepreneur? 1 48 Honesty 1 4B Desire td Win 1 49 Energy 1 49 Intelligence 1 5D Knowledge 1 5D Leadership 1 5 1 Creativity 15 1 Know Your Stuff 1 52 Things You Do Not Say td the Venture Capitalist 1 53 Big Plans 1 53 Make Money 1 54 Honesty 1 55 Things Not td Do in the Meeting 1 56 Do Not Avoid Answering Questions and Do Ndt Give Vague Answers 1 57 Da Not Hide Significant Problems 1 57 Da Not Bring Your Lawyer to the Negotiations 1 5B Do Not Press for an Immediate Decision 1 5B Da Not Be Rigid in Pricing 1 59 How to Negotiate in the First or Subsequent Meetings 1 59 How to Cut the Deal 1 6 1 Ownership by the Venture Capitalist 1 62 Haw Da Venture Capitalists Price Investments? 1 63 Entrepreneur's Investment 1 64 Upside Potential 165 Downside Risk 1 69 Additional Funds 1 72 Public Offering or Exit 1 73 AFTER THE NEGOTIATIONS 1 75 OBJECTIVE 1 75 CONTENTS ^^^^\| Chapter 6 the commitment letter i w Commitment Letters 1 79 What Is In the Commitment Letter? 1 BD Section 1 : Terms df the Investment 1 B 1 Section Z: Collateral and Security 1 B6 Section 3: Conditions of the Investment 1 BB Section 4: Representations 1 94 Section 5: Conditions of Commitment 1 9B Comments on the Commitment Letter 2DD What Is An Investment Memorandum or Term Sheet? 2D1 Sectidn 1 : Term of the Investment ZQ1 Section 2: Collateral and Security ZOZ Section 3: Conditions of the Investment ZO3 Sectidn 4: Representations ZO4 Sectidn 5: Conditions of the Commitment ZD6 Consulting Agreement 2D6 Voting Trust ZD7 Nonlegal Commitment Letter 2OB Arguing Dver Minor Points 2Q9 Items You Should Not Sign in the Commitment Letter 2D9 Objective 2 1 D Chapter 7 due diligence 21 1 What to Expect From a Visit to Your Business 2 1 2 How to Give a Good Cook's Tour 2 1 2 Additional Questions About the Proposal Zl 5 Additional Questions About the Business 21 6 Additional Questions About Management 21 V INVESTIGATING THE INDIVIDUALS 2 1 9 Venture Capitalists Are Paranoid 22D Other Aspects of the Background Check 222 Do They Have a Test for Entrepreneurs? 223 Experience Is the Watchword 22-4 ^^^^H Venture capital Handbook Investigating the Entrepreneur and the Team 226 Questions fdr Other Pedple in the Organization 227 Investigating the Business, the Product, and the Industry 22B Industry Study 229 Uniqueness of the Product 23O Questions for Business References 232 When the Venture Firm Finds Something Wrong 237 Questions for the Venture Capitalist 23S Question One—Money td Invest 23B Question Two—Review df Proposal 239 Question Three—Available Time 239 Question Four—Interest in the Industry 239 Question Five—Other Venture Firms To Contact 24D Background Information on the venture Capital Company 24D Timing Questions for the Venture Capitalist 242 Objective 242 Chapter 8 the closing 243 First Closing: Legal Documents For Loans With Options 244 Document One: The Loan Agreement 245 Document Twd in the First Closing: The Note 252 Document Three in the First Closing: The Stock Purchase Dption 252 Other Documents: Exhibits 253 Simple Is Good 254 Unethical Venture Capitalist 254 Second Closing: Legal Documents for the Purchase of Preferred Stock 255 Stock Purchase Agreement 256 Stock Certificate 258 CONTENTS ^^^J Lawyers as Husinesspeople 259 Experienced Lawyers Are Best 26O Legal Fees Keep Going Up 26Q How Lawyers Run Up Ydur Legal Bill 262 Disagree dn Legal Points 262 Rewrite Sections 262 Research Points of Law 263 Legal Style 263 Arguments 263 Questionable Legal Practices 264 Syndications and Lawyers 265 The Cldsing: A Moment of Truth 266 Closing Fees That You Pay 266 What to Remember About Lawyers 2 6V Objective 26B Chapter9 working together 271 Major Policy Decisions Should Be Joint Dnes 273 Monthly Financials 274 Weekly Cash Flow Uses and Forecast of Uses 2V5 A Monthly Report Is Mandatory 276 Hold Board or Investor Meetings at Least Monthly 277 Other Discussion Items for the Venture Capitalist 27B You Are Building Confidence 2BO Warning Signals to the Venture Capitalist 2BD Late Payments 2B1 Losses 2B1 Late Financial Reports 2B2 Poor Financial Reports 2B2 Large Changes in Your Balance Sheet 2B2 Unavailable Entrepreneur 2B3 Large Thefts 2B3 Major Adjustments in Figures 2B3 ^fflfll Venture Capital handbook Why Entrepreneurs Have financial Problems 284 The Financial Control Problem 284 The Undercapitalization Problem 2B5 Why Entrepreneurs Have People Problems 286 Poor Job Definition 2B6 Poor Selection Process 2S6 Poor Incentives to Management 287 Poor Review Program 2B7 Poor Development Program 2B7 The Protean Entrepreneur 28B Problem Solvers 2BB Able to Brow Personally 2B9 Set Internal Goals 2B9 Understand Downside Risk 2B9 Rehearse Coming Actions 29Q When You Have Problems 29O Analysis of the Situation 29 1 What the Venture Capitalist Will Do 292 1 . Fix the Problem 293 2. Sell the Business 294 3. Foreclosure 294 4. Bankruptcy 295 5. Liquidate 296 Ten Things Not to Say 296 Secret of a Successful Relationship 3D2 Venture Capitalist as Board Member 3O4 Degree of Involvement by the Venture Capitalist 3D5 Amount Invested 3D5 Need for Assistance 3D5 Management's Willingness to Accept Advice 3D6 Experience in Certain Areas 3D6 Lead Investor 3O6 Distress of Company 3O6 Relationship with Entrepreneur 3O7 Time Availability 3O7 Venture Capitalist's Objectives 3Q7 Objective 3OE3 Contents ^^^J Chapter 10 the exit 3D9 It's All a Matter of Price 3 1 l First Method: Gding Public 3 1 1 When td Go Public 31 Z Why Ydu Should Have a Public Offering 3 1 3 Why Ydu Should Not Have a Public Offering 314 Underwriter's Fees and the Public Offering 3 1 5 Selection of a Brokerage House for the Public Offering 316 Second Method: Purchase by the Company or Entrepreneur 317 Purchase by Employee's Stock Ownership Trust 3 1 B Exit by Puts and Calls 3 1 9 1. Price/Earnings Ratio 319 Z. Book Value 3ZD 3. Percentage of Sales 3ZD 4. Multiple of Cash Flow 32 1 5. Multiple of Sales 321 6. Appraised Value 322 7. Prearranged Cash Amount 3Z3 Third Method: Sale of the Company to Another Company 324 Selling Stock for Cash 3Z4 Selling Stock for Notes 3Z4 Selling Stock for Stock 325 Selling Assets for Cash 326 Selling Assets for Notes 326 Selling Assets for Stock 327 Other Forms of Payment 3ZV Negotiating the Sale of Your Company 3Z9 Buy-Sell Arrangement 33D Fourth Method: Finding a New Investor 33 1 Corporate Partners 33 1 New Venture Capital Partner 333 Fifth Method: Liquidation of the Company 333 Negotiating with the Venture Capitalist 335 Objective 335 VmH Venture capital Handbook Chapter 11 using brokers 337 Accountants: How to Use Them 34D Investment Bankers: What They Can Do 34 1 Lawyers: Are They D.K. as Financial Brdkers? 342 Independent Financial Brokers: What Dd They Want? 343 Qualities td Look for in a Broker 344 Experience 345 Professional 345 Credentials 345 Operator of a Small Business 346 Special Knowledge 346 Agreement with the Broker 346 Define the Service 347 Time Frame 34V Termination Clause 347 Amount of the Fee 347 Reports dn Progress 34B Ownership of Work Completed 348 Nondisclosure Clause 34B Indemnification 34B Complete Agreement 349 Some Tips on Dealing with Brokers 349 Amount and Type of Fees 349 Who Should Present the Plan to the Venture Capitalist? 35 1 Objective 352 Chapter 12 advice from us to you 353 Keeping Up With Venture Capitalists 3 54 Selecting a Venture Firm 355 Venture Capital Process 356 Venture Capitalists as Human Beings 3 5V Problem Companies Looking for Financing 357 Financing for Your Job or Your Ego 35B Too Much Information 359 Contents g^^^J Da You Understand Credibility? 36O Ten Commandments for an Entrepreneur 36D Thdu Shalt Be Truthful td Thyself 36 1 Thdu Shalt Recognize Reality 362 Thdu Shalt Maintain Credibility 363 Thdu Shalt Be Ldyal to Those Who Have Helped Ydu 363 Thou Shalt Be Prepared 364 Thou Shalt Be Positive 364 Thdu Shalt Never Give Up 365 Thou Shalt Be Straight 365 Thou Shalt Be Lucky 365 Thdu Shall Pray a Ldt 366 Parting Shot 366 Glossary 3 6 7 Appendix actual documents 373 Commitment Letter 374 Legal Document 1 3BD Loan Agreement 3BQ I. Parties 3BD II. Loan 3BD III. Use df Proceeds 38 1 IV. Collateral 3B1 V. Representations and Warranties 3BZ VI. Affirmative Covenants 3B5 VII. Negative Covenants 3BB VIII. Investment Cdvenant 3B9 IX. Fees, Expenses, and Indemnification 3B9 X. Unlocking 39D XI. "Put" Rights 39O XII. Default 39D XIII. Notice 394 XIV. Entire Agreement 394 XV. Controlling Law 395 XVI. Headings 395 Legal Document 2 396 Promissory Note 396 Default and Acceleration 396 BffmH Venture Capital Handbook Legal Document 3 4DO Stock Purchase Warrants 4QQ I. Grant 4OD II. Expiration 4DO III. Exercise Price 4OO IV. Effect df Redemption 4DQ V. Exercise Procedure 4O1 VI. Sale or Exchange of Company or Assets 4-D 1 VII. Sale of Warrant or Shares 4D1 VIII. Transfer 4D2 IX. Replacement of Warrant 4D2 X. Loan Agreement 4D2 XI. Unlocking 4O3 XII. "Put" Rights 4D3 XIII. Registration 4Q3 XIV. Covenants of the Company 4D5 XV. Investment Covenant 4O6 XVI. Laws Governing 4D6 Legal Document A 4O7 Legal Document 5 4 15 Schedule A: Exhibits To Stock Purchase Agreement 415 Index a i v
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spelling	Gladstone, David 1942- Verfasser (DE-588)124446477 aut Venture capital handbook an entrepreneur's guide to raising venture capital David Gladstone ; Laura Gladstone Updated and rev. ed. London [u.a.] Financial Times Prentice Hall 2002 XXI, 424 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Risicokapitaal gtt Venture capital United States Handbooks, manuals, etc USA Gladstone, Laura Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016441322&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Gladstone, David 1942- Gladstone, Laura Venture capital handbook an entrepreneur's guide to raising venture capital Risicokapitaal gtt Venture capital United States Handbooks, manuals, etc
title	Venture capital handbook an entrepreneur's guide to raising venture capital
title_auth	Venture capital handbook an entrepreneur's guide to raising venture capital
title_exact_search	Venture capital handbook an entrepreneur's guide to raising venture capital
title_exact_search_txtP	Venture capital handbook an entrepreneur's guide to raising venture capital
title_full	Venture capital handbook an entrepreneur's guide to raising venture capital David Gladstone ; Laura Gladstone
title_fullStr	Venture capital handbook an entrepreneur's guide to raising venture capital David Gladstone ; Laura Gladstone
title_full_unstemmed	Venture capital handbook an entrepreneur's guide to raising venture capital David Gladstone ; Laura Gladstone
title_short	Venture capital handbook
title_sort	venture capital handbook an entrepreneur s guide to raising venture capital
title_sub	an entrepreneur's guide to raising venture capital
topic	Risicokapitaal gtt Venture capital United States Handbooks, manuals, etc
topic_facet	Risicokapitaal Venture capital United States Handbooks, manuals, etc USA
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016441322&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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