Small Business Entrepreneurship

Angel Financing for Entrepreneurs: Early-Stage Funding for by Susan L. Preston

By Susan L. Preston

Angel Financing for marketers provide you with the data you want to know how angel traders imagine, in addition to easy methods to determine investor expectancies, comprehend the funding research approach, and get ready for post-investment necessities. Written via Susan Preston, an skilled angel investor, all over the world speaker and advisor on angel financing, and previous Kauffman starting place Entrepreneur-in-Residence, this hands-on source, explains the criteria that ensure how deepest fairness traders spend their cash and what they count on from marketers. For example:- such a lot enterprise capitalists don't put money into seed or start-up financing rounds- traders in general require pro administration, with profitable start-up adventure- traders are searhing for marketers with ardour for his or her rules and the willingness to take and follow sound suggestion- enterprise plans has to be well-written with specified monetary projections that reach 3–5 years- traders are trying to find a transparent route to profitability within the enterprise version- marketers should have constructed a company constitution that's fresh and simple- and lots more and plenty extra

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Meanwhile, Sarbanes-Oxley has caused angels to shy away from serving on boards and thereby raising their perceived liability exposure. If you must retain 100 percent control indefinitely, it may mean forgoing growth or struggling along with limits on potential financing. If you feel you need control in the short term, then convertible debentures may be a solution to your funding needs. While convertible debenture is considered equity for purposes of your capitalization structure and balance sheet, it does not have voting rights for the underlying shares.

Liquidation Preference is one of Private Equity Investing 43 the more important rights. In this clause, preferred shareholders receive an amount equal to the Original Purchase Price before common shareholders receive any distribution. Because this liquidation amount merely makes them whole, investors often require a multiple on the Original Purchase Price—for example, double that price. Along with asking for multiples on the Original Purchase Price, Preferred Stock investors may ask that they have the right to receive further funds through converting their Preferred Stock into Common Stock and then receiving more funds as a Common Stock holder.

These protections are called anti-dilution provisions. Because this book is for entrepreneurs, the example language has company-favorable (or less investor-favorable) terms, but they are still fair and representative terms. The exclusions from the anti-dilution provisions are reasonable for proper operation of your company. For instance, you should be able to issue options to your employees, directors, and consultants without worrying about the implications under a financing round and you should have the ability to issue shares relative to business transactions such as leasing arrangements without making adjustments for your Preferred Stock investors.

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