Book description
Praise for Private Capital Markets
Valuation, Capitalization, and Transfer of Private Business Interests
"In the years since publication of the first edition of Private Capital Markets, the concepts and ideas that it presents have been widely accepted by progressive members of the business valuation community. Now with the Second Edition, author Rob Slee has included empirical data on capital markets for midsized businesses. This book remains a must for everyone involved in appraising, buying, selling, or financing privately owned businesses."—Raymond C. Miles, founder, The Institute of Business Appraisers
"The Graziadio School of Business has used the Private Capital Markets book for several years with great success. This course, along with the Pepperdine Private Capital Markets Survey project, has helped our students better prepare for careers in middle market companies."—Linda Livingstone, Dean of the Graziadio School of Business and Management,Pepperdine University
"Our international association of independent M&A professionals recommends this text as the most comprehensive foundation for understanding the private capital marketplace. This book is essential reading for middle market M&A advisors, investors, and other decision-makers in the private capital markets." —Mike Nall, founder, Alliance of M&A Advisors
A practical road map for making sound investment and financing decisions based on real experiences and market needs
Now fully revised and in a second edition, Private Capital Markets provides lawyers, accountants, bankers, estate planners, intermediaries, and other professionals with a workable framework for making sound investment and financing decisions based on their own needs and experiences.
This landmark resource covers:
Private business valuation
Middle market capital sources
The business ownership transfer spectrum
And much more
Private Capital Markets, Second Edition surveys the private capital markets and presents the proven guidance you need to navigate through these uncharted waters.
Table of contents
- Cover
- Title Page
- Copyright
- Dedication
- Foreword
- Preface
- Acknowledgments
- CHAPTER 1: Capital Markets
- CHAPTER 2: Middle-Market Finance
-
PART ONE: Business Valuation
- CHAPTER 3: Private Business Valuation: Introduction
- CHAPTER 4: Market Value
- CHAPTER 5: Asset Subworld of Market Value
- CHAPTER 6: Financial Subworld of Market Value
- CHAPTER 7: Synergy Subworld of Market Value
- CHAPTER 8: Fair Market Value
- CHAPTER 9: Fair Value
-
CHAPTER 10: Incremental Business Value
- NATURE OF INCREMENTAL BUSINESS VALUE
- PROBLEMS WITH USING TRADITIONAL METHODS
- VALUE-BASED APPROACHES
- NET PRESENT VALUE
- INCREMENTAL BUSINESS VALUE
- PRIVATE COST OF CAPITAL MODEL
- RAMIFICATIONS OF USING PCOC
- INVESTMENT
- PROJECT DECISION MAKING
- PROBLEMS WITH INCREMENTAL BUSINESS VALUE
- VALUE-CREATION STRATEGIES
- INCREASE RECAST EBITDA
- REDUCE RISK
- EMPLOY HIGH-YIELDING CAPITAL
- INCREMENTAL BUSINESS VALUE VERSUS MARKET VALUE
- TRIANGULATION
- CHAPTER 11: Insurable Value
- CHAPTER 12: FASB Value Worlds
- CHAPTER 13: Intangible Asset Value
- CHAPTER 14: Other Value Worlds
- CHAPTER 15: Private Business Valuation: Conclusion
-
PART TWO: Capital Structure
- CHAPTER 16: Capital Structure: Introduction
- CHAPTER 17: Bank Lending
- CHAPTER 18: Government Lending Programs
- CHAPTER 19: Equipment Leasing
- CHAPTER 20: Asset-Based Lending
- CHAPTER 21: Factoring
- CHAPTER 22: Mezzanine Capital
- CHAPTER 23: Owners, Angels, and Venture Capitalists
- CHAPTER 24: Private Equity
-
CHAPTER 25: Capital Structure: Conclusion
- CAPITAL PROVIDERS MANAGE RISK AND RETURN IN THEIR PORTFOLIOS
- THE PEPPERDINE PRIVATE CAPITAL MARKET LINE COMPRISES EXPECTED RETURNS
- PRIVATE COST OF CAPITAL EMANATES FROM THE PRIVATE CAPITAL MARKETS
- HIGH COST OF CAPITAL LIMITS PRIVATE COMPANY VALUE CREATION
- INTERMEDIATION IS RELATIVELY INEFFECTIVE IN THE MIDDLE MARKET
- TRIANGULATION
-
PART THREE: Business Transfer
-
CHAPTER 26: Business Transfer: Introduction
- PUBLIC MANAGER AND OWNER MOTIVES
- PRIVATE BUSINESS OWNERSHIP TRANSFER SPECTRUM
- EMPLOYEE TRANSFER CHANNEL
- CHARITABLE TRUSTS TRANSFER CHANNEL
- FAMILY TRANSFER CHANNEL
- CO-OWNER TRANSFER CHANNEL
- OUTSIDE, RETIRE, TRANSFER CHANNEL
- OUTSIDE, CONTINUE, TRANSFER CHANNEL
- GOING PUBLIC, GOING PRIVATE TRANSFER CHANNEL
- EXIT PLANNING
- TRIANGULATION
- CHAPTER 27: Employee Stock Ownership Plans
- CHAPTER 28: Management Transfers
- CHAPTER 29: Charitable Trusts
- CHAPTER 30: Family Transfers
- CHAPTER 31: Co-Owner Transfers
- CHAPTER 32: Outside Transfers: Retire
- CHAPTER 33: Outside Transfers: Continue
-
CHAPTER 34: Going Public, Going Private
- DIRECT PUBLIC OFFERINGS
- WHICH COMPANIES ARE PUBLIC?
- INITIAL PUBLIC OFFERING TEAM
- IPO PROCESS
- ADVANTAGES OF GOING PUBLIC
- DISADVANTAGES OF GOING PUBLIC
- GOING PUBLIC KEY POINTS TO CONSIDER
- GOING PUBLIC ON FOREIGN EXCHANGES
- REVERSE MERGERS
- GOING PRIVATE
- GOING PRIVATE KEY POINTS TO CONSIDER
- TRIANGULATION
- CHAPTER 35: Business Transfer: Conclusion
- CHAPTER 36: Conclusion
-
CHAPTER 26: Business Transfer: Introduction
- Appendix A: Corporate Finance Theory: Application to Private Capital Markets
- About the Web Site
- Index
Product information
- Title: Private Capital Markets: Valuation, Capitalization, and Transfer of Private Business Interests + Website, 2nd Edition
- Author(s):
- Release date: May 2011
- Publisher(s): Wiley
- ISBN: 9780470928325
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