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Venture Capital Investing: The Complete Handbook for Investing in Private Businesses for Outstanding Profits (Financial Times Prentice Hall Books)by Laura Gladstone
Synopses & ReviewsPublisher Comments:In his classic bestseller Venture Capital Handbook, leading venture capitalist David Gladstone showed thousands of companies how to get funding and work with early stage investors. Now, in his revision of the classic, Venture Capital Investing he looks at venture capital through the eyes of the investor. Gladstone shows all of you VC investors and angels exactly how to weed through scores of business proposals and find the gem that will deliver outstanding returns, especially in these soft economic times. You will learn what to look for in a business proposition; how to assess entrepreneurs and their management teams; how to evaluate financial statements, market niches, competitive environments, and product innovations; how to investigate a business that's already operating; and how to build effective partnerships with existing portfolio companies. Synopsis:Now, in his revision of the classic, "Venture Capital Investing," Gladstone looks at venture capital through the eyes of the investor. He shows VC investors and angels exactly how to weed through scores of business proposals and find the gem that will deliver outstanding returns, especially in these soft economic times.
Synopsis:Venture capital and buyouts from the investor's perspectiveStart-to-finish advice on identifying winning business opportunitiesEvaluating management, finance, products/services, growth opportunities, and exit strategiesEssential reading for every VC, leveraged buyout (LBO) funds professional, angel, and private investor High risk, spectacular return...that's the idea behind VC investing. But smart investors reduce unnecessary risks and maximize return at every step. You will discover realistic guidance for identifying hidden opportunities...assessing products and markets...evaluating entrepreneurs and managers...negotiating and closing deals...and much more. "Venture Capital Investing" also includes insider's tools for expert investing: everything from sample due diligence questions to psychological assessments of entrepreneurs. Whatever your role in investing in new companies, this book can help you reduce your misfires--and supercharge your profits. "Venture Capital Investing" shows VC investors and angels exactly how to weed through scores of business proposals and find the gem that will deliver outstanding returns. You'll learn how to assess entrepreneurs and their management teams, and systematically evaluate every facet of the opportunity they may or may not present. The authors walk you through assessing financial statements, market niches, and competitive environments; appraising the real value of new product and service innovations; and investigating businesses that are already operating. They also offer expert guidance on improving your odds by building effective partnerships with your portfolio companies. The authors' best-seller "Venture Capital Handbook"is the top book for entrepreneurs seeking funding. Now, in "Venture Capital Investing," they've created a classic for everyone who invests in small- and medium-sized businesses. Due diligence, in detail Expert, start-to-finish guidance on assessing VC investment opportunities Will it fly? How high? Just how good is that business concept? Do they have what it takes? Clear-eyed assessments of entrepreneurs and managers Everyone has competition--no matter what they say Hard-headed competitive evaluations: uncovering today's realities and tomorrow's Negotiation and close: making a winning deal Where the rubber meets the road Finding your next great investment Hidden sources of great investment opportunities Adding value, improving your odds Building winning partnerships with the companies you've invested in
About the AuthorDAVID GLADSTONE founded Gladstone Capital and serves as its CEO and Chairman. He previously served as Chairman of American Capital Strategies, the largest public-traded leveraged buyout fund, and was past Chairman of Allied Capital, the largest public-traded mezzanine debt fund. With Laura Gladstone he wrote the classic book on obtaining financing for small- and medium-sized businesses, Venture Capital Handbook: An Entrepreneur's Guide to Raising Venture Capital. David Gladstone holds an MBA from Harvard Business School. LAURA GLADSTONE is a Principal of Gladstone Capital. Before joining the firm, she worked in equity research at ING Barings and Salomon Smith Barney, and she was a Syndication Lender at HSBC. She has also served as Marketing Director for Allied Capital Corporation. Table of ContentsIntroduction.
1. Keys to Successful Investing.
What Are the Basic Items to Look for in a Business Proposition? It's Not an Investment, It's a Partnership. Prepare a Written Summary before You Begin to Invest. What Does A Summary Look Like? Some Words about Franchising. Summary—Quick Standards of Venture Capital Investing.
2. Analysis of Management.
The Study of Entrepreneurs. Characteristics of Entrepreneurs. How We See Entrepreneurs. Interviewing Entrepreneurs. Assessment of Entrepreneurs. What Venture Capitalists Look for in Entrepreneurs. Characteristics of Small Business Managers versus Entrepreneurs. Conclusions on Entrepreneurs. Developing Background Information. Final Judgment.
3. Reviewing Personnel and Compensation.
How Is the Company Organized? How Are People Compensated? What Employment Contracts Exist? What Is the Workforce Structure? What Personnel Records Are Maintained? Major Strengths and Weaknesses.
4. Analysis of Marketing and Sales.
Who Are the People Who Market and Sell? What Are They Selling? Who Buys the Product or Service? What Is Said to the Customer? What Is the Marketplace for the Product or Service? How Is Price Determined? What Internal Reports Are Made? What External Information Is Available? Basic Information. What Are the Strengths and Weaknesses?
5. Investigating Production.
The Facility. Equipment. Production Capacity. Production Employees. Regulatory Agencies. Subcontracting Work. Inventory. Quality Control. Production Costs. Production Levels. Back to Capacity. Strengths and Weaknesses of the Production Process. Purchasing Process. Receiving. Shipping. Customer Service. Research and Development. Basic Information. Conclusions about Production.
6. Analysis of the Financial Statements and Projections.
Personnel. Analysis of the Numbers. Budgeting and Control. Past Financings. Use of Proceeds. Projections. Basic Information. Conclusions on the Financial Area.
7. Reference Information.
Corporate Identification. Corporate Structure. Management Questions. Professional References. Credit Information. Conclusions on Reference Information.
8. Negotiating the Deal and Commitment Letter.
Pricing the Deal. Commitment Letters. An Investment Memorandum. Conclusions about the Commitment Letter.
9. The Legal Closing.
First Type of Closing: Loan with Options. Second Type of Closing: Legal Documents for the Purchase of Stock. Lawyers as Investors or Business Owners. Experienced Lawyers Are Best. Procedures for Reviewing Documents. Legal Fees Keep Going Up. How Lawyers Run up Your Legal Bill. The Closing: A Moment of Truth. What to Remember About Lawyers. Documentation.
10. Monitoring the Investment.
Involvement. Major Policy Decisions. Monthly Reports. Board Meetings/Investor Meetings. Other Discussion Items. Maintaining Good Records. Warning Signs. Why Entrepreneurs Have Financial Problems. Why Entrepreneurs Have People Problems. What to Do with Problems. Secret of a Successful Relationship. Degree of Involvement by the Venture Capitalist. Venture Capitalist Objectives.
11. The Exit.
Exit One: Going Public. Exit Two: Sale to a Strategic or Financial Buyer. Exit Three: Sale Back to the Company. Exit Four: Sale to Another Investor. Exit Five: Reorganizing the Company. Exit Six: Liquidation. When You Are in a Workout. Save Your Investment.
12. Finding Good Investments.
Developing an Investment objective. Originating Investment Opportunities. Proactivity. Handling Investment Opportunities. Using Brokers. Final Word.
Appendix A: Questions Used in Venture Capital Investigations.
Appendix B: Actual Documents.
Appendix C: List of Traits for Analysis of People.
Appendix D: Evaluation of an Entrepreneur by an Industrial Psychologist.
Index. What Our Readers Are SayingBe the first to add a comment for a chance to win!Product Details
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