The Handbook of Financing Growth: Strategies, Capital Structure, and M&A Transactions / Edition 2by Kenneth H. Marks, Larry E. Robbins, Gonzalo Fernandez, John P. Funkhouser
Pub. Date: 09/08/2009
Over the past two decades, access to capital for emerging growth and middle-market companies—firms with revenues ranging from zero to $500 million—has fluctuated based on broad stock market performance and the liquidity or tightness of the credit markets. Today, despite the current economic turbulence, there is arguably the greatest amount of capital… See more details below
Over the past two decades, access to capital for emerging growth and middle-market companies—firms with revenues ranging from zero to $500 million—has fluctuated based on broad stock market performance and the liquidity or tightness of the credit markets. Today, despite the current economic turbulence, there is arguably the greatest amount of capital ever focused on emerging growth and middle-market companies. But the hurdles to accessing this capital have never been higher.
The Second Edition of The Handbook of Financing Growth has been designed to help leaders and advisors gain a solid understanding of the financing strategies, sources, and transactions that will allow them to excel in such an unpredictable environment.
Written by an experienced group of practitioners who operate within this dynamic market—and fully updated to reflect new market realities—this reliable resource outlines the full spectrum of funding alternatives currently available to emerging growth and middle-market companies and presents the practical strategies and techniques you need to be aware of when considering the capitalization, growth, or sale of your, or your client's, company.
New material found in this Second Edition includes detailed discussions of positioning a business for value creation before the transaction and how your financing strategy fits into the overall plan for growing and raising capital as well as creating an exit. Among various techniques, the authors address buyouts and recapitalizations as two alternatives to create shareholder liquidity and potentially finance future growth. A new chapter on M&A addresses the acquisition process and how to fund acquisitions and external growth initiatives, while additional case studies highlight bank financing alternatives and growth equity.
In recent years, the capital markets for emerging growth and middle-market companies have quickly evolved. This practical guide will help you adapt to the changes and put you in a better position to succeed in building your business and creating value.
Table of Contents
About the Authors.
PART I The Financing Process.
Chapter 1 Introduction.
Chapter 2 Planning and Alignment (Begin with the End in Mind).
An Overview of the Planning Process.
Chapter 3 Acquisitions, Recapitalizations, and Exits.
Selling the Company, Creating Shareholder Liquidity.
Chapter 4 Capital Structure and Financing Strategy.
Assimilating the Drivers.
Developing Liability Limits.
Chapter 5 Sources of Capital and What to Expect.
Bootstrapping Sources and Techniques.
Individual Investors (Private Placements Not from Angels or Institutions).
Commercial Finance Companies.
Venture Capital Funds.
Strategic or Industry Investors—Corporate Venture Capital.
Community Development Initiatives and Government Agencies.
Micro-Cap Public Entities.
Chapter 6 Equity and Debt Financings: Documentation and Regulatory Sources of Capital and What to Expect.
Basic Deﬁnition of Debt and Equity.
Equity Investment Documentation.
Compliance with Securities Laws.
Chapter 7 Expert Support—The Players and Their Roles.
Board of Directors.
Chapter 8 Closing the Deal.
PART TWO Case Studies.
Case Study 1 Asset-Based Lender, Receivables Financing.
Case Study 2 Asset-Based Lender, High Risk Loan.
Case Study 3 Asset-Based Lender, Assignment for Benefit of Creditors.
Case Study 4 Asset-Based Lender, Acquisition.
Case Study 5 Asset-Based Lender, Turnaround Funding.
Case Study 6 Asset-Based Lender, Growth Financing.
Case Study 7 Commercial Finance, Trade Financing.
Case Study 8 Angel Investor, Initial Funding and Sale of Company.
Case Study 9 Venture Capital, Early Stage Growth Equity.
Case Study 10 Royalty Financing.
Case Study 11 Venture Capital, Growth Equity.
Case Study 12 Community Development Finance, Growth Funding.
Case Study 13 Debt with Revenue Sharing.
Case Study 14 Mezzanine Investment.
Case Study 15 Private Equity, Acquisition through Exit.
Case Study 16 Private Equity, Management Buyout / Partner Exit.
Case Study 17 Private Equity, Restructuring.
Case Study 18 Private Equity, Acquisition with Management Participation.
Case Study 19 Private Equity, Public to Private Transaction.
Case Study 20 Private Equity, Buy-and-Build Strategy.
PART THREE Financing Source Directory.
Suggested Use of the Directory Section.
APPENDIX A Corporate Finance Primer.
APPENDIX B : Financial Statements.
APPENDIX C Discount Rates.
APPENDIX D How Fast Can Your Company Afford to Grow?
APPENDIX E Notes about Start-Ups.
APPENDIX F Accounting Principles—GAAP and IFRS.
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