Deal Terms - The Finer Points of Venture Capital Deal Structures, Valuations, Term Sheets, Stock Options and Getting Deals Done
Author: Alex Wilmerding, Aspatore Books Staff, Aspatore.com
List Price: $49.95
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ISBN: 1587622084
Publisher: Aspatore Books (01 January, 2003)
Sales Rank: 3,055
Average Customer Rating: 4.4 out of 5
Customer Reviews
Rating: 5 out of 5
Direct to the Deal Terms
This book has a few sample drafts of term sheets and other legal documents. That is not the primary focus of this book. You can hire that kind of talent (legal drafting) on a per hour basis. This book helps the owners make the BUSINESS decisions necessary to avoid hamstring their new venture during this difficult passage. Included is information about what to pay your independent directors, advisory board members and senior management. Also included is what percentage of the company the founders should expect to keep, how to avoid excessive dilution during an unfortunate down round and how to present your opportunity to potential investors. All of these BUSINESS decisions are beyond the discretion of attorneys in this area, they typically instruct the entrepreneur to reflect upon the topic and then the attorney will draft it to suit. Wilmerding interviews individuals that are representative of players an entrepreneur will encounter in getting his business funded. These real world examples of how business (strategy) items are handled or viewed by third parties are the best part of his book.
Rating: 5 out of 5
Very Useful Reference Guide
As a corporate attorney specializing in the area of venture capital and private equity I just completed reading "Deal Terms." I found the book to be insightful and a good resource, particularly in areas that are outside of my traditional bailiwick as a lawyer. A recommend this book for those new to the venture capital area as well as experienced investors, entrepreneurs and professionals.
Rating: 5 out of 5
Very Insightful...Read Before Your Next Deal
Mr. Wilmerding's book is a great reference for every venture capitalist, entrepreneur, and investment banker. I was very impressed with the analysis of actual deal sheets, and the recommendations on specific points within a deal.Also of particular value is the focus on the preferred and convertible stocks. The in-depth analysis of both the simple and complex types of offerrings brings to light a lot on the topic, and what to watch out for with new laws and regulations regarding these documents.
This book is a must read for anyone doing financial deals of any type. Although I have been doing deals for over 20 years, there were a couple of points in particular that I took away from this book that I now use in all the deals I do. We also had one of our portfolio entrepreneurs read it, who took away a lot and now uses this book as their "standard" for the types of deals they do.
Want to know what venture capitalists really think about deals and how they structure them? It's in this book.
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