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Venture Capital - Elements of a Term-Sheet

Venture Capital - Elements of a Term-Sheet
By C. Worrall

If you have successfully sold your business concept to a venture capitalist, the next step will be the term sheet. This is basically the offer letter stating how much the VC will buy, at what price, and under what terms. Term sheets can be incredibly simple, one to two page documents or incredibly complex and lengthy.

If you receive an incredibly complex and lengthy term-sheet, reconsider that VC as a potential investor. If this is the first document you are getting from them, imagine how complex the actual investor rights and subscription agreements will be. This will mean an expensive legal bill which, by the way, will be sent to you.

Basics of the offer:

Closing date - an estimated date upon which they expect to have the legal work wrapped up and you will receive your money.

Investors - who will be joining the party. You may have more than one venture capital firm invest in your company (especially at later stages).

Amount raised - how much they will be giving you. Price per share - what they plan on paying you per share.

Pre-money valuation - what they deem your company is worth without their money. Capitalization - this is often split into pre- and post-valuation terms. It states how many shares there are outstanding prior to the investment and how many shares will be outstanding after the investment.

Basics of the terms:

Dividends - the stock that the venture capitalist will want will either be preferred or participating-preferred. At some point when your company is successful, the VCs will want to convert their stock to common stock - for sales purposes. They want to make sure that they have the same dividend rights that common stockholders have. In some cases, they want to have dividend rights that the common stockholders don't have (nice, huh?). This will also be listed here - try to negotiate away from cumulative dividends as this is an unpaid dividend that accumulates to the preferred shareholder and is payable upon liquidation or redemption. It's a way to give a higher valuation to you feel good, but actually get more of your company without putting in any more money.

Liquidation preference - This is what happens when you either (1) liquidate the company or (2) sell it/IPO. In general, you would think that the VC owns 40% of your company, they would get 40% of the profit. Well, if they have straight preferred, this is true, but they have come up with a special construct to make sure they get a little bit more: participating preferred. See the example below for an explanation.

Liquidation Preference Example:

In the old days, VCs would invest $5 million in a company worth $5 million pre-investment and get 50% of the company of preferred shares.

At the time of sale, the VCs would get money back in this way:

1. Sale price: $7 million. VC's get their $5 million back, the founders get $2 million. (This is the preferred part - they get their money back before the common shareholders get a payout.)

2. Sale price: $10 million. VCs convert to common and the VCs get half and the founders get half (each $5 million).

In this case the company has to be sold for over $10 million for the VCs to make any return.

In the days of the internet boom... VCs realized they were throwing their money behind some pretty crappy stuff, thus some clever MBA financial engineer introduced the participating preferred shares. Same example: VCs invest $5 million in a company worth $5 million pre-investment and get 50% of the company of preferred shares. However, the participating part means they get their money back before the rest is split up according to ownership.

1. Sale price: $7 million. VC's get their $5 million back, then the founders and the VCs split the remaining $2 million 50/50. In this case, founders get $1 million.

2. Sale price: $10 million. VC's get their $5 million back, then the founders and the VCs split the remaining $5 million 50/50. Founders get $2.5 million.

In this case the company has to be sold for over $5 million for the VCs to make any return - a much lower hurdle.

The multiplier part is the amount the VCs want to get back before any gets split between the shareholders. In the above case, if the investment was 1.5x participating return, the VCs would require $7.5 million be paid to them first, then the remaining amount would be split between the VCs and the founders.

Voting rights - this lays out how the VC is allowed to vote his shares. Usually, they set it up so that even if they have a minority share, they have the majority of the votes when it comes to anything important ("protective provisions").

Protective Provisions - the VC wants to make sure that they can protect their investment. They will want the right to be able to say whether they sell the company or not, whether there is any conversion to common, add board members, borrow money, etc.

Anti-dilution Provisions - another tool for the VC to protect his investment. Let's say the VC owns 40% worth $4M and you own 60% worth $6M. You need to raise more money ($4M), but you can only find a pre-money valuation of $8M. If dilution was allowed, the end result would be VC2 gets 33.3%, your share would be reduced to 40%, VC1's share would be reduced to 26.6%. If anti-dilution provisions are in place, the end result would be VC2 gets 33.3%, your share would be reduced to 26.6%, VC1's share would stay at 40%. Ouch.

Redemption Rights - what happens if your company becomes one of the living dead. If you build a decent company and you're making a nice living, but the company is not growing at a rate that will attract a buyer or make possible an IPO,the VC is eventually going to want his money back. This gives them the right to get it back (plus any dividends accrued). This usually kicks in after the fifth year and is payable over a few years.

Representations and Warrantees - the escape clause. They will say that you have represented certain things to them, such as revenue growth, customers, etc. After you have signed the term sheet, they will comb through your books and records and if they don't like what they see, they will back out.

Conditions to closing - another escape clause. This should note that the offer is made predicated on beliefs that may change after they look after you books. It also contains some legalese about meeting appropriate filing and legal requirements.

This pretty much covers the basics of the easy term-sheet. A more extensive term-sheet is likely to contain the investor rights terms which continues on in the protective vein, making sure that the VC has the first shot of their shares being sold if the company goes public, that the company (not the VC) pays for the registration of shares, what sort of information rights the VC has, whether the VC has the right to participate in future rounds, what requires investor approval, and any required non-disclosure and non-compete provisions.

The term-sheet will also most likely contain an expiration date and a no-shop provision to ensure that you are unable to find another term-sheet to have as a comparison. You goal in this case is to have several potential investors who all give you term-sheets at the same time.

Your job is to negotiate your deal to your best advantage. Do not spend too much time worrying about the valuation, but instead pay attention to the control provisions and negotiate those.

Good luck!

Please visit my website for more small business finance advice: http://cfoyourself.com

Article Source: http://EzineArticles.com/?expert=C._Worrall
http://EzineArticles.com/?Venture-Capital---Elements-of-a-Term-Sheet&id=884879

Working Capital - The Life Blood of Business

Working Capital - The Life Blood of Business
By Suzanne Macguire

Successful business thrives on smooth cash flow. This is no jargon but a simple truth oft repeated and realized by the financial managers around. The top priority of any small business is to stay solvent and ensure the availability of adequate working capital. This is utilized for the payment of rent, payroll, and other operating costs as is involved in the various stages of production and services. Irrespective of the success of any business, there is always a possibility of scarcity of funds on account of some unexpected circumstances. Herein arises the need for securing adequate fund to manage all your business obligations and provide enough financial security for the future as well.

Lack of adequate expendable cash makes it difficult for an organization to meet day-to-day expenses. Since businesses always run the risk of unexpected expenses, it becomes even more important to secure some fund in order to avoid unpleasant circumstances. Such phases of financial setbacks can be dealt by availing the benefit of this type of advance.

The quantity of it required for a business varies with its nature. The needs and circumstances of organizations also differ from each other. In quite a number of cases, current liabilities can be deducted from current assets to figure out the amount needed. In an effort to remain solvent, organizations are always on the look out for a positive working capital. Every company needs to manage its working capital well so as to reduce the burden of borrowing. Not just for small businesses, even large organizations need proper management so as to ensure better returns on investment.

An advance helps the business to continue its operations. The advanced sum can be repaid through future credit card receivables. Since the money is repaid through future credit card receivables, there is no fixed repayment schedule. Availing them is easier as no personal guarantee and collateral is required. One of the greatest advantages of availing them is the absence of any penalty for delayed repayment of the sum. This is very beneficial indeed for businessmen who are passing through a lean phase in their career.

This advance, thus makes business operation run smoothly. Be it for construction, leasehold improvements, or renovation; purchase of machinery or equipment; down payment for the purchase of real estate, working capital allows you to invest your money in your desired business. However, the success of an organization would be judged by the surplus invested to generate returns. In other words, it serves as the parameter to judge the cash flow of a company.

Suzanne Macguire is a business loan expert. This article dwells on some of the necessary aspects of working capital loan. For further information, you can also check out: http://www.cashdirectone.com

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http://EzineArticles.com/?Working-Capital---The-Life-Blood-of-Business&id=891522

Business Tips for Improving Your Working Capital

Business Tips for Improving Your Working Capital
By Tl Kleban

The lifeblood of a business is its cash flow. A business owners main goal is keep that cash flowing and to use it for generating profit. When a business running smoothly and taking in profit, then it will undoubtedly have cash surpluses. If these things are not happening for you and your business does not have this cash surplus, expect to run out of cash and go out of business.

In today's world of business, cash has once again become king. Actually, cash is earnings and worth more than inventory to many businesses as their financial managers try to maximize it whenever and wherever it is possible. Here are a few ways you can improve your business through gaining working capital:

• Proper cash flow forecasting is what working capital management is all about. Yours should include the impact of unforeseen events, fluctuating market cycles, loss of a large customer, and your competition. Unforeseen demands and its effect on your business all need to be factored in.
• There is nothing wrong with putting together a contingency plans just in case of unexpected events. It's true that market leaders manage uncertainty much better than in years past, but you really should have risk management procedures for your company as insurance. Base it on both an objective and realistic view of how working capital is used in your business.
• There is definitely an advantage to addressing working capital on a corporate-wide basis. The cash you generate at one business location is often times better used at another provided one is more profitable than another. However, for this type of internal business exchange to work you must have certain practices already in place. Your business better have efficient banking channels and an open line of communication between production and billing as well as an internal systems to move cash to and from the locations.
• A new and different approach can be used to make use of the combination of operational and financial skills provides an encompassing outlook of your business's overall operations. It also has shown to improve the identifying and implementing strategies used to generate short term cash. Only businesses with executives willing to personally define targets and performance levels make this happen. They need to be held accountable for delivering what they promise as well as pushing everything into motion as agents of change.
• As a business owner, you need procedures in place that properly deal with dispute management. You want your customers to basically go away during disputes and free up that locked up cash. Not only that but it can also improve your overall customer service by using that energy towards sales, order entry, and cash collection. You'll be pleasantly surprised how much of an increase you'll see in your business's efficiency on top of a reduction in operating costs.
• Contact a few of your best customers and ask them what can be done to improve your operations. Many businesses tend to focus solely from their point of view instead of seeing how others perceive it. One recent study showed that by listening to their customers, a wholesale company saved a great deal of money through inventory reduction levels.

Merit Capital Advance looks at the big picture by offering a financing program that provides small businesses with fast business cash. It is the most convenient way to get a small business cash advance when you need it most. Visit Merit Capital Advance at www.meritcapitaladvance.com.

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http://EzineArticles.com/?Business-Tips-for-Improving-Your-Working-Capital&id=900254

10 Ground Rules For Your New Start-Up

10 Ground Rules For Your New Start-Up
By Ilana Shoval

So you got a great idea. You certain it is going to change the face of the earth, make the world a better place and you a very riche person. Congratulations! However, before you start celebrating here are 10 ground rules that will help you make this dream become a real success:

1. Think about your future customers When you start building up your business - don't think only about the money you are going to make from your new venture, idea or creation. Think about the contribution you are going to make to your future customers life. Remember: creating and selling a new product out of honest intention to help and improve the life of others usually produce the best results.

2. Believe in what you sell. If you won't believe in what you created or in what you wish to sell - why should other people do? Remember: people are no fools. Eventually they will find out you are trying to fool them.

3. Don't be afraid of rejection.There will always be people who will tell you "no", because your idea is too dumb, too ineffective, completely unnecessary or some other excuse. Do not let them discourage you. Just go to the next person. Eventually you will find the one who will say "yes".

4. Set yourself specific and realistic goals>. It's very difficult to work without a plan or specific goals for the next month, quarter or year. Define your goals, write them down, so that you will become more committed to them, but make sure they ate achievable and realistic. However, check your list of goals every once in awhile and make sure it still relevant. If not - make the necessary alterations.

5. Always be honest and fair. If you want your customers to return to you or send their friends to buy what you sell - keep at all times your integrity. Do not cheat, deceive or promise things you have no control of. Remember: your most valuable asset in business is your reputation!

6. Keep improving yourself. So what if you already have a few dozens happy customers. There is always a room for further development, improvement and learning lessons from previous mistakes. Make sure you never repeat the same mistake, and always try to get better at what you do.

7. Give your customers more then you promised, never less. Always promise some - and fulfill a lot more. Surprise your customers and serve them way beyond their expectations.

8.Do not be ashamed to ask questions. Knowledge is power. Never be too shy or ashamed to ask what you don't know, in order to know more. We live in a world full of information resources. All you have to do is reach out and get it. Remember: those who already know everything never learn anything.

9. Adjust your products to your customer's needs. Be always aware of what your customers need and want, and make sure your products, ideas or services are fulfilling exactly that.

10. Encourage and appreciate others. Make sure you encourage and appreciate people who work for you, help you on your way up or support you in what you do. Remember: saying "thank you" is free of charge - but always worth a fortune!

Elana Shoval, a single mother who raised two daughters on her own, was a journalist and an editor in chief in two Israelis leading daily newspapers. Three years ago she became a web entrepreneur and an advisor. She has written several articles about life coaching, self improvement and leading successful life. Her website is aimed towards people who want to make life changes, and who are in the process of transforming the way they think and take action in their lives. The website provides valuable advice, free tools, useful information and resources.

Visit her website at http://www.life-coach-magazine.com

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http://EzineArticles.com/?10-Ground-Rules-For-Your-New-Start-Up&id=908287

Different Variations of Business Financing

Different Variations of Business Financing
By Aazdak Alisimo

One of the major parts of a business plan, especially during startup, is financing. There are several different variations of business financing you can use to get up and running.

There are very few business ventures that are not in need of extra capital during the startup stages or during the early part of the business operation. The need for a business loan does not vanish even after a successful start up as expansion or changing conditions might make extra capital a necessity at any time. There are several different types of business loans available and knowledge of them is essential to the acquisition of needed capital.

The most common and best known type of business loan is called a secured loan. This type of loan makes use of some type of collateral. In most cases, the value of the collateral exceeds the actual cash value of the loan making the loan totally secure. In other cases, the total value of the collateral can be less than the loan balance assuming that the personal credit history of the borrower is adequate.

The non-secured loan does not have collateral to back it up, or very little collateral. It depends almost entirely on the credit worthiness of the applicant. Non-secured loans are much more difficult to negotiate and in most cases the amounts will be less. However, when these are possible, they have the advantage of keeping the collateral free from the liens that would otherwise exist in a secured loan.

Government loans are available for business purposes as well. These loans are very common in business start ups and can come from State government as well as the Federal Government. Many government loan programs are geared toward small business owners, women, or minorities. The Small Business Administration is a well known sponsor of loans for the small businessman. Although these loans are secured by the government, personal credit still plays an important part in the approval process.

Banks and other lending institutions are common sources of the different types of business loans. The most important thing is a sound business plan. The loan companies view themselves as partners in your enterprise and they are going to want to understand your plans. Well organized business plans are a must for favorable business loan consideration. The Government loans are often looking for a business venture that will not only be profitable for its owner, but will benefit the community served.

Aazdak Alisimo writes about how to apply for a business loan for HowtoApplyforaBusinessLoan.com.

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http://EzineArticles.com/?Different-Variations-of-Business-Financing&id=912543

Emergency Small Business Financing

Emergency Small Business Financing
By Aazdak Alisimo

Many times a small business will face a short term financial emergency. Emergency small business loans are a way, but often they will make the problem worse and not better.

A good business operating plan should include some kind of provision for emergency cash flow situations. A line of credit is a very good method to deal with short time emergencies, and a cash reserve is even better. However, this is really much like telling someone that locking the barn door is a good idea after the horse has already escaped. Emergency situations, by definition, are just those times when preplanning has failed. So, what is the best source of emergency small business loans?

The place to start would be your normal lending institution. Banks are not unfamiliar with emergency situations regarding small business. The fact that you might be facing a cash flow problem is not going to make the bank loan officer really comfortable, but if your explanation and your overall business prospects are both good, he might be willing to take the risk. This is a time when a secured loan might be best, so if you have some collateral that can be offered that might ease the way to approval.

Government loans are usually not going to be much help for short term emergencies. The approval process is normally too drawn out to help quickly. There are also lenders such as the thriving pay day loan industry that seem to offer a quick out. These need to be approached with a great deal of caution. Some people compare coping with short term cash flow problems by taking on very high interest loans with a short repayment schedule to be not unlike treating brush fires by spraying them with gasoline.

It might not be a bad idea to make a review of family and friends for the purpose of short term emergency small business loans. They might be the ones with the most confidence in you and your business, and they might be the most willing to extend both generous terms and a longer repayment time.

There are many causes for short term cash flow problems in a small business. If these causes are not serious fundamental flaws in the business operation, but truly fixable emergency situations, an emergency loan should be considered. Still, the best way to deal with a cash flow situation is to improve operations and increase the cash flow. The second best way is to have a line of credit already established or a cash or asset reserve already earmarked for emergencies.

Aazdak Alisimo writes about business loan information for HowtoApplyforaBusinessLoan.com

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http://EzineArticles.com/?Emergency-Small-Business-Financing&id=912546

The Basics of Venture Capital

The Basics of Venture Capital
By Bill Pratt

Venture capitalism would be one of the things, which keeps businesses booming everywhere. It is basically one of the ways, which helps the newer businesses to thrive and flourish, because venture capitalists are always looking for fresh and innovative ventures, which could potentially yield a large return in the long run. They are not really into those businesses, which are already flourishing as they have more interest on the ones, which are just starting out or in need of restructuring.

Venture capital essentially refers to the funds that a venture capitalist provides to a venture or business in exchange for a company's stake. Instead of simply loaning the money, these venture capitalists invest on the business in the hopes that it would be yielding a lot of money eventually. This would mean that whatever future profits and earnings of the company, he or she would have a share in it. This would go the same with any losses.

Venture capitalism is truly a risky business however it has become the source of support of the industry as a lot of start-up companies depend on these forms of investments to be able to keep their business operational and also to make sure that their ideas would materialize. Generally, those people that have great ideas and the knowledge to be able to execute them look for venture capitalists to get funding for their capital. Since they are not yet major players in the industry, these individuals usually do not have access to the traditional resources of capital like banks, private lending institutions and other financial institutions.

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http://EzineArticles.com/?The-Basics-of-Venture-Capital&id=916292

Benefits of Venture Capital

Benefits of Venture Capital
By Bill Pratt

Not all businesses and organizations have the ability to attract venture capital. Basically, venture capital is given by a group of professional investors, which are generally looking for business opportunities that have a high rate of growth that they could invest in. They usually provide the funds that would help you expand your business and in return, they want to have shares in your business.

If you have come up with a brilliant idea, which has a massive growth potential, and you are struggling to be able to raise some money using the regular channels then this direction may work for you. Be ready to start giving away a big chunk of your business and keep in mind that majority of venture capitalists would be wanting to have a say in how to run your business.

This method to raise funds would be a great way as well to be able to get several fresh minds to review your business concept. A venture capital investment company usually invests in fantastic business ideas and is equipped with the knowledge on turning great concepts into reality.

If all you are looking for would be some money to clear the debts that you already have, then do not go to a venture capital company. They would definitely not be interested. They would also not be interested in giving you funds to help you in buying a house or car. This is because they are mainly in the business to make money themselves through the growth of your future company.

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Financing Options for Entrepreneurs and Angel Investors

Financing Options for Entrepreneurs and Angel Investors
By K Y Rands

There are many risks involved when Early-Stage companies begin seeking loans from a bank; however, in order to understand the risks involved, one must understand what a bank really is. A bank is defined as a financial institution that accepts deposits and channels the money into lending activities. The Federal Reserve regulates institutional banks such as Bank of America, Wachovia, local banks etc. Due to these regulations, banks assure fair lending practices, protection of assets for those who have deposited money with them, and rates that can be charged to a borrower. Most people believe that debt financing only comes from banks like this, or institutional lenders, and that equity financing comes from private or institutional investors. With Angel Investing, however, there are many ways to participate.

Private investors can provide capital in a debt vehicle. This allows private investors to play the role of a bank, but without the fiduciary restrictions of operating under Federal Reserve Regulations. These individuals are labeled as investment bankers or dealers/brokers and are governed by the Security Exchange Commission (SEC). In most cases, Early-stage businesses are better off going with an investor governed by the SEC, because to the surprise of many Early-stage businesses, the web of requirements attached to loans guaranteed by the Federal Government quickly become a hassle. In fact, many Early-Stage companies can't even qualify for loans due to an unanticipated shortfall of capital.

When a young company seeks traditional commercial loans early on, then important revenues and profit margins are used to service the loan instead of fueling the growth of the company. Therefore, it's very important for Early-Stage companies to funnel all of that capital towards the growth of the business instead. If this is not done, then the consequences impact negatively on the company who is trying to grow and reach new milestones in its trek to attract private equity investments. Angel Investors can expect returns sooner through the form of debt than by making straight equity acquisitions. Private investment in the form of debt can earn a return of 10 to 40 percent, which works out incredibly well for the entrepreneur and the private investor.

Karen Rands is President and CEO of Kugarand Holdings LLC, a company that connects entrepreneurs with Angel Investors. Karen got involved in the world of angel investing in 2001. She left corporate world to join one of her clients as their VP and to help them raise their last bit of go-to-market capital. What she did discover is a whole new world of investing. As Karen Rands got more involved in the world of angel investing, she had requests from high net-worth men and women and their money managers to recommend training so they could learn How to be an Angel Investor. In 2003, Karen launched the Learn to Be an Angel Investor (http://www.howtobeanangelinvestor.com) ebook series. Thousands opted in to receive the original drafts. Finally, the first 5 books of that series are available to purchase at http://www.kyrmedia.com Karen Rands' involvement in the world of angel investing grew with the acquisition of the Network of Business Angels & Investors (http://www.nbai.net) in 2005.

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http://EzineArticles.com/?Financing-Options-for-Entrepreneurs-and-Angel-Investors&id=912798

Business and Funding - Effective Ways of Funding Different Parts of The Business Life Cycle

Business and Funding - Effective Ways of Funding Different Parts of The Business Life Cycle
By K Y Rands

As with anything in life there are cycles involved, the same goes for business. The Business Life Cycle has four stages: Seed Stage, Start-up Stage, Early Stage and Later Stage. Businesses decide one of the following three types of firms: Lifestyle Firms, Middle-Market Firms and Market-Maker Firms. The last two can be classified as Entrepreneurial Endeavors, whereas a Lifestyle Firm is primarily begun in order to produce a reasonable living for the founder(s).

In order for a company to become more than a Lifestyle Firm, one must take the first step in the process of laying down the foundation. Lifestyle firms typically grow by bootstrapping and begin seeking Commercial Lending in their later stages. Entrepreneurial Endeavors, however, will pursue Private Equity funding in order to fuel expansion into the larger market. There usually comes a point for Entrepreneurial Endeavors where growth can be accelerated with an influx of cash, and their greatest asset may be the value of their business or the equity.

Since banks are not set up to loan money with equity as the collateral, investors fill the gap. Investors provide growth capital between Bootstrapping at the early stage and Commercial Lending at the later stages. Funding sources include the following: W2 Income, Savings, Personal Credit, Minimization of Expenses, Customer Revenue, Venture Capital and Commercial Lending. So as you can see, there are several effective ways of funding a business. It all depends on where the company is in the Business Life Cycle. It is critical that the entrepreneur understand that his financing options are dependent where the business is within the Business Life Cycle.

Karen Rands is President and CEO of Kugarand Holdings LLC, a company that connects entrepreneurs with Angel Investors. Karen got involved in the world of angel investing in 2001. She left corporate world to join one of her clients as their VP and to help them raise their last bit of go-to-market capital. What she did discover is a whole new world of investing. As Karen Rands got more involved in the world of angel investing, she had requests from high net-worth men and women and their money managers to recommend training so they could learn How to be an Angel Investor. In 2003, Karen launched the Learn to Be an Angel Investor (http://www.howtobeanangelinvestor.com) ebook series. Thousands opted in to receive the original drafts. Finally, the first 5 books of that series are available to purchase at http://www.kyrmedia.com Karen Rands' involvement in the world of angel investing grew with the acquisition of the Network of Business Angels & Investors (http://www.nbai.net) in 2005.

Article Source: http://EzineArticles.com/?expert=K_Y_Rands
http://EzineArticles.com/?Business-and-Funding---Effective-Ways-of-Funding-Different-Parts-of-The-Business-Life-Cycle&id=912821