管理人员角色认知培训（PPT55页)

RAISINGCAPITALSECONDEDITION01RC-FM-0412/15/044:17PMPagei01RC-FM-0412/15/044:17PMPageiiThispageintentionallyleftblankRAISINGCAPITALSECONDEDITIONGettheMoneyYouNeedtoGrowYourBusinessANDREWJ.SHERMANAmericanManagementAssociationNewYork•Atlanta•Brussels•Chicago•MexicoCity•SanFranciscoShanghai•Tokyo•Toronto•Washington,D.C.01RC-FM-0412/15/044:17PMPageiiiSpecialdiscountsonbulkquantitiesofAMACOMbooksareavailabletocorporations,professionalassociations,andotherorganizations.Fordetails,contactSpecialSalesDepartment,AMACOM,adivisionofAmericanManagementAssociation,1601Broadway,NewYork,NY10019.Tel.:[phone].Fax:[phone].Website:©2005AndrewJ.Sherman.Allrightsreserved.PrintedintheUnitedStatesofAmerica.Thispublicationmaynotbereproduced,storedinaretrievalsystem,ortransmittedinwholeorinpart,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise,withoutthepriorwrittenpermissionofAMACOM,adivisionofAmericanManagementAssociation,1601Broadway,NewYork,NY10019.Printingnumber10987654321Thispublicationisdesignedtoprovideaccurateandauthoritativeinformationinregardtothesubjectmattercovered.Itissoldwiththeunderstandingthatthepublisherisnotengagedinrenderinglegal,accounting,orotherprofessionalservice.Iflegaladviceorotherexpertassistanceisrequired,theservicesofacompetentprofessionalpersonshouldbesought.LibraryofCongressCataloging-in-PublicationDataSherman,AndrewJ.Raisingcapital:getthemoneyyouneedtogrowyourbusiness/AndrewJ.Sherman.—2nded.p.cm.Includesindex.ISBN0-8144-0856-71.Newbusinessenterprises—UnitedStates—Finance.2.Venturecapital—UnitedStates.I.Title.HG4027.6.S5342005658.15’224—dc22200402229801RC-FM-0412/15/044:17PMPageivFORMYWIFEJUDYANDMYCHILDREN,MATTHEWANDJENNIFER;THEYAREMYNEVER-ENDINGSOURCEOFSUPPORTANDINSPIRATION.INLOVINGMEMORYOFHELENHUNTERANDGARYGOLDMAN.01RC-FM-0412/15/044:17PMPagev01RC-FM-0412/15/044:17PMPageviThispageintentionallyleftblankviiContentsACKNOWLEDGMENTSixPREFACExiPARTIGETTINGREADYTORAISECAPITAL1CHAPTER1Capital-FormationStrategiesandTrends3CHAPTER2UnderstandingLegalandGovernanceStructures25CHAPTER3TheRoleYourBusinessPlanPlays47PARTIIEARLY-STAGEFINANCING63CHAPTER4Start-UpFinancing65CHAPTER5TheArtandScienceofBootstrapping87CHAPTER6PrivatePlacements101CHAPTER7CommercialLending119CHAPTER8Leasing,Factoring,andGovernmentPrograms137PARTIIIGROWTHFINANCING161CHAPTER9VentureCapital163CHAPTER10AnatomyofaVenture-CapitalTransaction187CHAPTER11PreparingforanInitialPublicOffering197CHAPTER12TheMechanicsofanInitialPublicOffering22701RC-FM-0412/15/044:17PMPageviiPARTIVALTERNATIVESTOTRADITIONALFINANCING255CHAPTER13Franchising,JointVenture,Co-Branding,andLicensing257CHAPTER14MergersandAcquisitions291CHAPTER15CapitalFormationBusinessGrowthResourcesDirectory321APPENDIX337INDEX437viiiCONTENTS01RC-FM-0412/15/044:17PMPageviiiixAcknowledgmentsTherearealwaysmanymorepeopletoacknowledgethanspaceper-mits,andforRaisingCapital,SecondEdition,thisisnoexception.Iamgratefultomyclientsfortrustinginmyadvice,tomypartnersfortheirsupport,andtomyfamilyandfriendsfortheirloveandpatience.Aspecialthankstomymentorsandsoundingboards,VenneHarnishatGazelles,MarkStevensatMSCO,BillPostenatEagleRockPartners,JohnMayatNewVantagePartners,RalphCrozieratCaseDesign,MichaelKeller,JasonLevinson,MaryMacPherson,VirgilKlunder,MilledgeHart,NancyCass,andJimBlasingame—TheSmallBusinessAdvocate.IwantespeciallytothankAlSchaefferandDebraHamsonforbeingthereandfortwentyyearsbeingthebestpartnersthatany-onecouldeverexpect.ThesamegoesforJoLynch,myassistantandrightarmformorethanfouryears.Onceagain,theteamatAMACOMwasexcellentandapleas-uretoworkwith,leadbyJacquieFlynnandthemasterfuleditingofDougPuchowskiandJimBessent.01RC-FM-0412/15/044:17PMPageix01RC-FM-0412/15/044:17PMPagexThispageintentionallyleftblankxiPrefacetotheSecondEditionSINCETHEPUBLICATIONOFTHEFIRSTEDITIONofRaisingCapitalinearly2000,somuchhaschanged,yetthefundamentsofcreatinganeffectivecapitalformationstrategyhaveremainedthesameandaretimeless.ThetextofRaisingCapital’sfirsteditionwaswrittenin1998and1999—theheydayofthedot-comboom,apeakingofNasdaqatnearly5200,andanenvironmentwherevir-tuallyanybodywithadraftofabusinessplancouldraiseventurefunding.Sinceearly2000,wehaveseentheplungeoftheNasdaq,theattacksofSeptember11th,2001,andthecorporatescandalsinvolvingWorldCom,Enron,andmanymorepubliccompanies,thesubsequentpassageofSarbanes-Oxley,andthewarsinAfghanistanandIraq.Asapleasantsurprise,wehavealsobeguntoexperiencewhatappearstobearecovery,oratleastastabilizationofthecap-italmarkets.Whatdoesthismeanforemerging-growthcompanieswhoaredevelopingcapitalformationstrategies?Itmeansthatbusinessplansandproposalsforfinancingmustemphasizethestrengthsandcompensate(andexplain)fortheweaknesses.Itmeansthatthestrongestcompanieswillattractfinancingcommitmentsonreasonabletermsandweakercompa-nieswillnot.Itmeansthatcapitalformationwilltakelongerandgenerallybeamoreexpensiveandtime-consumingprocessforthegrowingcompany’smanagementteam.Itmeansthatyoumusthavehighlyskilledandhighlyconnectedprofessionaladvisorswhocanmakestra