The Handbook of Financing Growth: Strategies, Capital Structure, and M&A Transactions / Edition 2

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Overview

Over the past two decades, access to capital for emerging growthand middle-market companies—firms with revenues ranging fromzero to $500 million—has fluctuated based on broad stockmarket performance and the liquidity or tightness of the creditmarkets. Today, despite the current economic turbulence, there isarguably the greatest amount of capital ever focused on emerginggrowth and middle-market companies. But the hurdles to accessingthis capital have never been higher.

The Second Edition of The Handbook of Financing Growthhas been designed to help leaders and advisors gain a solidunderstanding of the financing strategies, sources, andtransactions that will allow them to excel in such an unpredictableenvironment.

Written by an experienced group of practitioners who operatewithin this dynamic market—and fully updated to reflect newmarket realities—this reliable resource outlines the fullspectrum of funding alternatives currently available to emerginggrowth and middle-market companies and presents the practicalstrategies and techniques you need to be aware of when consideringthe capitalization, growth, or sale of your, or your client's,company.

New material found in this Second Edition includesdetailed discussions of positioning a business for value creationbefore the transaction and how your financing strategy fits intothe overall plan for growing and raising capital as well ascreating an exit. Among various techniques, the authors addressbuyouts and recapitalizations as two alternatives to createshareholder liquidity and potentially finance future growth. A newchapter on M&A addresses the acquisition process and how tofund acquisitions and external growth initiatives, while additionalcase studies highlight bank financing alternatives and growthequity.

In recent years, the capital markets for emerging growth andmiddle-market companies have quickly evolved. This practical guidewill help you adapt to the changes and put you in a better positionto succeed in building your business and creating value.

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Editorial Reviews

From the Publisher
"The Handbook of Financing Growth, Second Edition remains the most important book on financing to be published in far more than a decade. If there is a way to do a business finance deal, it is covered in this book. Not only does the book explain how to do most all types of financing, it tells you why some companies succeed while others fail. The book is a true reference book that you can turn to when you need an answer, or when you need inspiration."
Marilyn J. Holt, Founder of Holt Capital
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Product Details

  • ISBN-13: 9780470390153
  • Publisher: Wiley
  • Publication date: 9/8/2009
  • Series: Wiley Finance Series, #482
  • Edition number: 2
  • Pages: 672
  • Sales rank: 814,912
  • Product dimensions: 6.40 (w) x 9.10 (h) x 2.10 (d)

Meet the Author

Kenneth H. Marks is the founder and Managing Partner of HighRock Partners, Inc. He has been involved as a manager, advisor, andboard member with over two dozen emerging growth and middle-marketcompanies. Marks was a member of the Young Presidents' Organization(YPO) while growing his first company. He teaches in executiveprograms at Loyola University Chicago and North Carolina StateUniversity. Marks obtained his MBA from the Kenan-Flagler BusinessSchool at the University of North Carolina in Chapel Hill and is aCertified Merger & Acquisition Advisor.

Larry E. Robbins is a founding partner of Wyrick RobbinsYates & Ponton LLP, a premier law firm located in NorthCarolina. He is a leading attorney in North Carolina middle-marketfinancing and M&A transactions. Robbins received his BA, MBA,and JD from the University of North Carolina at Chapel Hill. He wasalso a Morehead Scholar at UNC.

Gonzalo Fernández is a partner with High RockPartners, Inc. and a retired vice president and controller of ITT'stelecom business in Raleigh, North Carolina. He received a BA inaccounting from Havana University, Cuba, and wrote the book,Estados Financieros (Financial Statements, ThirdEdition).

John P. Funkhouser has been a partner with two venturecapital funds and operated as chief executive officer of fourcompanies in a variety of industries. He worked in commercialbanking with Chemical Bank of New York, in investment banking withWheat First Securities, Inc., and in venture capital with HillcrestGroup. Funkhouser has an undergraduate degree from PrincetonUniversity and an MBA from the University of Virginia, GraduateSchool of Business.

D.L. Williams is a managing partner of High RockPartners, Inc. As a CEO for over twenty-five years, he led threeglobal manufacturing/technology companies through majortransitions—two of which he led the buyout of, working withprivate equity firms. As an advisor, he has worked with companiesin numerous industries on growth, operational, and turnaroundstrategies to create value and implement change. Williams obtainedhis MBA from the Kenan-Flagler Business School at the University ofNorth Carolina in Chapel Hill.

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Table of Contents

Foreword.

Preface.

Acknowledgments.

About the Authors.

PART I The Financing Process.

Chapter 1 Introduction.

Chapter 2 Planning and Alignment (Begin with the End inMind).

An Overview of the Planning Process.

Strategic Planning.

Updated Forecast.

Business Valuation.

Chapter 3 Acquisitions, Recapitalizations, and Exits.

Acquisitions.

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 orInstitutions).

Angel Investors.

Commercial Banks.

Asset-Based Lenders.

Commercial Finance Companies.

Leasing Companies.

Private Equity.

Venture Capital Funds.

Mezzanine Funds.

Buyout Funds.

Hedge Funds.

Strategic or Industry Investors—Corporate VentureCapital.

Merchant Banks.

Community Development Initiatives and Government Agencies.

Micro-Cap Public Entities.

Royalty Financing.

Chapter 6 Equity and Debt Financings: Documentation andRegulatory Sources of Capital and What to Expect.

Basic Definition of Debt and Equity.

Debt Instruments.

Loan Documentation.

Equity Instruments.

Equity Investment Documentation.

Compliance with Securities Laws.

Chapter 7 Expert Support—The Players and TheirRoles.

Counsel.

Board of Directors.

Investment Bankers.

Accountants.

Consultants/Advisers.

Summary.

Chapter 8 Closing the Deal.

Process Check-in.

Final Perspective.

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 ofCreditors.

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 ofCompany.

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 / PartnerExit.

Case Study 17 Private Equity, Restructuring.

Case Study 18 Private Equity, Acquisition with ManagementParticipation.

Case Study 19 Private Equity, Public to PrivateTransaction.

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.

Glossary.

Notes.

Index.

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Sort by: Showing all of 2 Customer Reviews
  • Posted September 26, 2009

    more from this reviewer

    The 2nd Edition Provides Access to an Updated Online Database

    This handbook comes with access to its online funding sources database ...with search features based on your criteria. The database includes over 800 firms that provide a variety of debt and equity financing for emerging growth and middle-market companies.

    The Handbook of Financing Growth is a practical guide and reference for CEOs, CFOs, Board Members, Managers and Advisors of growth and turnaround companies as well as a solid text for educators, students and others interested in how to fund a company as it progresses through various stages; all with a focus on creating value.

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  • Anonymous

    Posted April 21, 2010

    No text was provided for this review.

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