Venture capital investing : the complete handbook for investing in private businesses for outstanding profits
著者
書誌事項
Venture capital investing : the complete handbook for investing in private businesses for outstanding profits
(Financial Times Prentice Hall books)
Financial Times Prentice Hall, an imprint of Pearson Education, c2004
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注記
Includes index
内容説明・目次
内容説明
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.
目次
Introduction.
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.
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