| Introduction | 1 |
| About This Book | 1 |
| Follish Assumptions | 3 |
| How This Book Is Organized | 3 |
| Icons Used in This Book | 5 |
| Where to Go from Here | 5 |
Part I | First-Stage Financing: Seed Capital and Start-up | 7 |
Chapter 1 | It Takes Money to Make Money | 9 |
| Got Cash? Figuring Out How Much Money You Need | 10 |
| Getting Your Financial Ducks in a Row | 13 |
| Debt or Equity Financing: That Is the Question | 14 |
| Different flavors of debt financing | 15 |
| Different flavors of equity financing | 15 |
| Looking for financing in all the right places | 16 |
| Bootstrapping | 18 |
| Choosing a path | 20 |
Chapter 2 | Tapping into Your Personal Resources | 23 |
| Taking a Dip (into Your Savings) | 24 |
| Credit Cards: Not Just for Breakfast Anymore | 25 |
| Turning Your Home into an ATM | 26 |
| Understanding how home equity loans work | 26 |
| Financing your business with a home equity loan | 27 |
| There's Gold in That Retirement Fund | 27 |
| Withdrawing cash from your 401(k) | 28 |
| Using your 401(k) to get a loan | 28 |
Chapter 3 | The Rolodex Round: Family and Friends | 31 |
| Pounding That Rolodex | 31 |
| Family | 31 |
| Friends | 32 |
| Teammates | 33 |
| Fellow members of organizations | 33 |
| School ties | 33 |
| Fellow business travelers | 34 |
| Professional contacts | 34 |
| Understanding What Goes into the Exchange | 35 |
| Making Your Pitch | 35 |
| Being candid: It's refreshing | 36 |
| Going to the end of the line | 36 |
| Finding strength in numbers | 37 |
| Keeping It Fair and Legal | 37 |
| Valuing your business fairly | 38 |
| Managing expectations | 38 |
| Giving special consideration to family and friends | 40 |
| Sample Buy-Sell Agreement | 41 |
Chapter 4 | Angel Investors | 47 |
| Angels: Getting to Know You | 48 |
| Understanding where angels come from | 49 |
| Does your angel measure up? | 50 |
| A Who's Who of Angels | 50 |
| The Outer Limits of Angel Deals | 53 |
| What You Can Expect from Your Friendly, Local Angel | 55 |
| Angels can get you the capital you need | 55 |
| Angels can introduce you to other angels | 55 |
| Angels make great advisors | 55 |
| The 411 on Angels: Where to Find Them | 56 |
| Networking | 56 |
| Lists | 57 |
| Venture capital clubs | 57 |
| The Internet | 58 |
Chapter 5 | Customers and Vendors | 59 |
| The Ins and Outs of Trade Credit | 59 |
| Getting your foot in the door | 61 |
| Do you know your credit score? | 61 |
| Vendor/lenders: The Joys of Financial Incentives | 63 |
| Getting Your Customers to Finance Your Company | 65 |
| Barter: Who Needs Money? | 66 |
| The good news about bartering | 67 |
| Bartering dos and don'ts | 68 |
| Is barter for you? | 69 |
Chapter 6 | Matching Services | 71 |
| Understanding How Matching Services Work | 71 |
| The Tried and True: Offline Matchmaking Services | 72 |
| Getting to know you | 72 |
| Face time | 74 |
| The Internet to the Rescue? | 74 |
| What online matching services can do for you | 75 |
| The good news (and bad) about online matching | 76 |
| Looking into the Future | 78 |
Part II | Second-Stage Financing: Expansion | 81 |
Chapter 7 | Commercial Lenders | 83 |
| A Loan for Every Occasion | 83 |
| Attention: important lending terms ahead! | 84 |
| Different kinds of loans | 86 |
| Doctor Livingstone, I Presume? Exploring Sources of Loans | 87 |
| Commercial banks | 88 |
| Savings institutions | 88 |
| Credit unions | 88 |
| Finance companies | 89 |
| Small Business Administration (SBA) | 89 |
| Qualifying for a Loan | 90 |
| Eight Steps to Getting the Loan You Want | 92 |
Chapter 8 | Placement Agents | 95 |
| A Who's Who of Placement Agents | 96 |
| The first tier: The creme de la creme | 96 |
| The second tier: Early stage experts | 98 |
| The third tier: Regional investment banks | 98 |
| The fourth tier: Boutiques | 99 |
| The fifth tier: Boiler rooms and bucket shops | 101 |
| The new tier: Incubators | 101 |
| Understanding the Role of Placement Agents | 103 |
| What placement agents do | 103 |
| What placement agents don't do | 104 |
| Decisions, Decisions: Do You Need a Placement Agent? | 105 |
| Fees: Coughing Up the Cash | 107 |
| The retainer | 108 |
| The success fee | 108 |
| Due Diligence: Avoiding Rip-Offs and Failures | 111 |
| Qualifying a placement agent | 111 |
| Being realistic about valuation | 112 |
| Sample Agency Agreement | 113 |
Chapter 9 | The Small Business Administration | 119 |
| Choose One from Column A and One from Column B: Exploring SBA Loan Programs | 120 |
| Section 7(a) loan programs | 121 |
| Section 504 program | 123 |
| Microloan program | 124 |
| Maybe Yes, Maybe No: Understanding SBA Requirements | 125 |
| Be Prepared: Applying for an SBA Loan | 127 |
| And Don't Forget Small Business Investment Corporations (SBICs) | 128 |
| Figuring out how SBICs can help you | 128 |
| SBIC investments: Cutting through the red tape | 129 |
Chapter 10 | Private Equity Offerings | 133 |
| Exploring the Regulation D Exemption | 134 |
| Rules, rules, and more rules | 135 |
| Complying with the ban on "general solicitation" | 137 |
| Avoiding nonaccredited investors | 140 |
| Wait, There's More! Important Regulation D Considerations | 140 |
| Presenting tips for Regulation D transactions | 141 |
| The Big Blue Sky: State Regulation | 143 |
| Creating a Winning Private-placement Memorandum | 143 |
| Why prepare a private-placement memorandum? | 144 |
| Preparing the contents of the PPM | 145 |
Chapter 11 | Venture Capital | 157 |
| Back to the Basics: Venture Capital | 157 |
| Understanding VC Lingo | 159 |
| Looking at the term venture capital | 159 |
| Your venture capital decoder ring | 160 |
| Taking a Closer Look at How VCs Work | 162 |
| How individual VCs make their money | 163 |
| How often VCs really turn $100 million into $300 million | 167 |
| On the hunt: How VCs find venture opportunities | 167 |
| Landing a VC | 167 |
| Understanding how VCs get their deals | 168 |
| Gaining access to VCs | 169 |
| Figuring out what VCs want from you | 170 |
| Remembering some tried-and-true rules | 170 |
Chapter 12 | Valuation | 173 |
| Talkin' the Valuation Talk (and Walkin' the Valuation Walk) | 174 |
| Market capitalization | 175 |
| Capitalization rate | 175 |
| Expressing values before and after getting the money | 176 |
| Putting Different Valuation Methods to Work | 177 |
| Comparables: The (ostensibly) simpler method | 178 |
| The venture capital method: A bit more esoteric | 180 |
| Discounted Cash Flow--The Basics | 182 |
| Forecasting Five Years Out: Experienced Hockey Players Are Wary of High Sticks | 186 |
| Nonnumerical factors of forecasting for non-math majors | 187 |
| Using cash flows as the basis of valuation | 187 |
| Other indicators of value | 189 |
Chapter 13 | Lease Financing | 193 |
| Introducing the Basics of Lease Financing | 193 |
| You've got to speak the language: Common terms and conditions | 194 |
| The two most common types of leases | 195 |
| Does your equipment qualify? | 196 |
| Some Good Things about Lease Financing | 197 |
| Some Not-So-Good Things about Lease Financing | 198 |
| Making the Lease-Buy Decision | 199 |
| Lease Financing--Where to Look | 202 |
| Captive leasing companies | 202 |
| Banking institutions | 202 |
| Independent leasing companies | 203 |
Part III | Third-Stage Financing: Acquisition | 205 |
Chapter 14 | Investment Banks | 207 |
| What Investment Bankers Do to Earn Those Big Bucks | 208 |
| Underwriting, yes; overwriting, no | 209 |
| Serving as placement agents | 211 |
| Trading on their own accounts | 212 |
| Playing an advisory role | 212 |
| Functioning as a retail brokerage | 213 |
| Managing buyout and venture capital funds | 214 |
| Your Money Is Safe--Probably | 215 |
| Gaining Access to an Investment Bank | 216 |
| Being a customer | 216 |
| Get bankers to call on you | 216 |
| Work your connections | 217 |
Chapter 15 | Initial Public Offering (IPO) | 219 |
| The ABCs of IPOs | 220 |
| Deciding Whether an IPO Is Right for You | 221 |
| The good news about IPOs | 222 |
| And the bad news about IPOs | 223 |
| Preparing for an IPO: A Step-by-Step Guide | 226 |
Step 1 | Assembling your team | 226 |
Step 2 | Completing registration forms | 228 |
Step 3 | Selecting accounting principles | 230 |
Step 4 | Preparing the prospectus | 231 |
Step 5 | Presenting soft information | 234 |
Step 6 | Embarking on your road show | 234 |
Step 7 | Pricing and closing | 236 |
| The Road Show Never Ends | 236 |
Chapter 16 | Mergers | 239 |
| Defining What a Merger Is | 239 |
| Taxable versus tax-postponed: Selling out and paying taxes later | 241 |
| Acquisitions not involving mergers: Asset versus stock purchase | 242 |
| The tax-postponed merger | 245 |
| Exercising Appraisal Rights in Forced Merger | 246 |
| Selling Less than All the Assets: Do Shareholders Have a Vote? | 247 |
| Equitable Constraints in Corporate Reorganizations: Mergers | 248 |
| Business judgment rule: The entire fairness standard and enhanced scrutiny | 249 |
| The Revlon Rule: Duty to auction | 249 |
| Fairness opinions | 250 |
| Protecting directors with the disinterested directors committee | 250 |
| Majority of the minority | 252 |
| Closing the Deal | 252 |
| Disclosing the deal to your staff and the public | 256 |
Part IV | The Part of Tens | 259 |
Chapter 17 | Ten Best Sources of Fast Cash | 261 |
| Borrowing from Family and Friends | 261 |
| Utilizing Credit Cards | 262 |
| Taking Out a Home-equity Loan | 263 |
| Considering an Uncollateralized Personal Loan | 264 |
| Refinancing a First Mortgage | 265 |
| Selling Some Assets | 265 |
| Borrowing Against a Life Insurance Policy | 266 |
| Factoring Your Receivables | 266 |
| Borrowing Against 401(k) | 267 |
| Playing the Lottery | 268 |
Chapter 18 | Ten Creative Ways to Raise Capital | 271 |
| Getting Advance Payment from Customers | 271 |
| Extending Your Payables | 272 |
| Swapping Stock for Payables | 272 |
| Seeking Assistance from State, Regional, and Federal Programs | 273 |
| Establishing Strategic Alliances | 273 |
| Exploring Investment Partnerships | 274 |
| Setting Your Sights Offshore | 274 |
| Finding the Right Placement Agent | 274 |
| Networking at Industry Conferences | 275 |
| Hooking Up with Angel Investors | 275 |
Chapter 19 | Ten Steps to Improve Your Cash Flow--Now! | 277 |
| Requiring Payment Immediately (If Not Sooner!) | 278 |
| Don't Pay Bills Any Sooner than You Have To | 278 |
| Invoicing Frequently | 279 |
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Raising Capital For Dummies, While raising capital has never been easy, it has become a lot more difficult over the past few years. The dot-com debacle has made investors skittish, especially when it comes to financing early-stage start-ups. As a result, more and more entrepreneurs a, Raising Capital For Dummies to your collection on WonderClub
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