Book Description Raising Capital helps readers navigate the murky waters of entrepreneurial finance, from traditional sources such as banks, "angels" and private placements to venture capital, initial public offerings, joint ventures, vendor financing and raising capital via the Internet.
Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii
PART 1
Getting Ready to Raise Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Chapter 1: Capital Formation Strategies and Trends . . . . . . . . . . . . . . 3
Understanding the Natural Tension Between Investor and
Entrepreneur • Understanding the Different Types of Investors
• Understanding the Different Sources of Capital • How
Much Money Do You Really Need? • Capital-Formation
Strategies • The Due-Diligence Process
Chapter 2: Selecting the Best Legal Structure for Growth . . . . . . . . . 25
Proprietorship • Partnership • Corporation • Limited Liability
Company • Evaluating Your Selected Legal Structure
Chapter 3: The Role Your Business Plan Plays . . . . . . . . . . . . . . . . . . 41
The Mechanics of Preparing a Business Plan • Common
Business-Planning Myths
PART 2
Early-Stage Financing
Chapter 4: Start-Up Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Financing the Business With Your Own Resources • Heaven
on Earth—Finding an Angel Investor • Other Sources of
Seed and Early-Stage Capital
Chapter 5: The Art and Science of Bootstrapping . . . . . . . . . . . . . . . 81
Ten Proven Bootstrapping Techniques and Strategies
Chapter 6: Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Federal Securities Laws Applicable to Private Placements
• State Securities Laws Applicable to Private Placements •
Preparing the Private Placement Memorandum • Subscription
Materials • Compliance Issues • Accepting Subscription
Agreements and Checks • Changing or Updating the PPM
Before Completion of the Offering • After the Closing
Chapter 7: Commercial Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
The Basics of Commercial Lending • Preparing for Debt
Financing • Understanding the Legal Documents • Periodic
Assessment of Banking Relationships
Chapter 8: Leasing, Factoring and Government Programs . . . . . . . . 131
Leasing • Factoring • SBA Programs
PART 3
Growth Financing
Chapter 9: Venture Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
Primary Types of Venture Capitalists • Preparing to Meet
With Venture Capitalists • Central Components of the Venture
Capitalist’s Investment Decision • Due-Diligence Is a Two-Way
Street • Balancing Your Needs and the Venture Capitalist’s
Wants • Negotiating and Structuring the Deal
Chapter 10: Anatomy of a Venture-Capital Transaction . . . . . . . . . . 179
Understanding the Legal Documents
Chapter 11: Initial Public Offerings . . . . . . . . . . . . . . . . . . . . . . . . . 185
Advantages of Going Public • Disadvantages of Going Public
• The Hidden Legal Costs • Preparing for the Underwriter’s
Due Diligence • Selecting an Underwriter • Selecting an
Exchange • Alternatives to Using a Traditional IPO
Chapter 12: The Mechanics of an Initial Public Offering . . . . . . . . . 215
An Overview of the Registration Process • The Registration
Statement • The Road Show • The Waiting Period • Valuation
and Pricing • The Closing and Beyond
PART 4
Alternatives to Traditional Financing
Chapter 13: Franchising, Joint Ventures,
Co-Branding and Licensing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245
Business Format Franchising • Joint Ventures • Co-Branding
• Licensing
Chapter 14: Mergers and Acquisitions . . . . . . . . . . . . . . . . . . . . . . . 277
Develop an Acquisition Plan • Analyzing Target Companies
• Selecting the Target Company • Conducting Due Diligence
• Valuation, Pricing and Sources of Acquisition Financing •
Financing the Acquisition • Structuring the Deal • Preparing
the Definitive Legal Documents • Post-Closing Matters
Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299
Subscription Agreement • Confidential Purchaser
Questionnaire • Purchaser Representative Questionnaire •
Form D • Sample Security Agreement • Promissory Note •
State Small-Business Loan Programs • Sample Term Sheet
• Sample of Representations and Warranties • Venture
Capital-Style Series A Preferred Stock Charter Amendments
• Employment and Confidentiality Agreement • Lock-Up
and Registration Rights Agreement • Checklist for a Typical
Underwriter’s Due Diligence Request • Topics Covered in
Legal Audit Questionnaire • Confidential Questionnaire for
Directors and Officers • Data to Gather When Implementing
a Franchising Program
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421
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