Book Categories

Description of Private Capital Markets

Praise for Private Capital Markets

"Until now, professional literature has included very little on the subject of valuing larger, closely held businesses. This book meets a long–standing need for a scholarly, yet practical, way of addressing the values of nonpublic enterprises. It should be read by everyone who is involved in appraising, buying, selling, or financing privately owned businesses."
–– Raymond C. Miles
Founder and Technical Director
The Institute of Business Appraisers

"Since CPAs are involved with most financial aspects of private companies, we need resource materials that are comprehensive in nature. This book, without a doubt, offers the single most integrated approach to valuation, capital structure formation, and business transfer issues available. It is an essential guide for practitioners who represent middle–market private clients."
–– Norman F. Manley, CPA
Partner, Tax
BDO Seidman, LLP

"This is the first book that surveys the private capital markets. It is an important addition to the literature since it is both well–written and easy to understand. Finally, academics and practitioners have a book that provides financial education to those who own, work, or are interested in establishing their own companies."
–– Dr. Edward M. Mazze
Dean and the Alfred J. Verrecchia—Hasbro Inc. Leadership Chair in Business
College of Business Administration, University of Rhode Island

"Although lawyers routinely counsel private business owners on a wide variety of business topics, including financial matters, law schools currently provide very little, if any, grounding with respect to practical private business finance. This book will equip all professional advisors with a theoretical and practical underpinning of the private capital markets."
–– John Morrice, Esq.
Johnston, Allison & Hord, PA

"At last, a book that deals with the financial needs of Main Street companies! The ideas and frameworks contained in Private Capital Markets will definitely help business owners make better financing and investment decisions."
–– L. Kerry Vickar
Chairman
CorrFlex Display and Packaging, LLC

Title Information

ISBN:

9780471656227

Pages:

478 pages

Format:

Paperback

Product Code:

18155

Publisher:

John Wiley & Sons Ltd

Published:

28/05/2004

Write a review of this book

Customer Reviews from Amazon

About Robert T. Slee

Robert T. Slee, CBA, is President of Robertson & Foley, a middle–market investment banking firm. He has published more than seventy–five articles on private finance topics in a variety of legal and business journals, including the Business Journal, Lawyers Weekly, Business Appraisal Practice, Ventures, M&A Today, and Valuation Strategies. He is a board member of numerous professional organizations and private companies. In addition to being a Phi Beta Kappa graduate of Miami University, he received a master’s degree from the University of Chicago and an MBA from Case Western Reserve. He can be contacted at rob@robertsonfoley.com.

Contents of Private Capital Markets

Acknowledgements

Foreword

1. Private Capital Markets

Part 1: Business Valuation

2. Private Business Valuation: Introduction
3. World of Market Value
4. Asset Sub World of Market Value
5. Financial Sub World of Market Value
6. Synergy Sub World of Market Value
7. Fair Market Value
8. Fair Value
9. Economic Value
10. Insurable Value
11. Impaired Goodwill
12. Intangible Asset Value
13. Other Values
14. Private Business Valuation: Conclusion

Part 2: Capital Structure

15. Capital Structure: Introduction
16. Bank Lending
17. Government Lending Programs
18. Equipment Leasing
19. Asset Based Lending
20. Factoring
21. Mezzanine Capital
22. Private Equity
23. Capital Structure: Conclusion

Part 3: Business Transfer

24. Business Transfer: Introduction
25. Employee Stock Ownership Plans
26. Management Transfers
27. Charitable Trusts
28. Family Transfers
29. Co-Owner Transfers
30. Outside Transfers: Retire
31. Outside Transfer: Continue
32. Going Public, Going Private
33. Business Transfer: Conclusion
34. Conclusion

Private Capital Markets
What We Don't Know
A Final Thought

Appendix A: Corporate Finance Theory: Application to the Private Capital Markets
Appendix B: Principle of Substitution
Appendix C: IBA Standards: Business Appraisal Standards
Appendix D: Private Equity Securities
Appendix E: Sample Preferred Stock Offering Term Sheet
Appendix F: Private Placements
Appendix G: Sample Management Buyout Letter of Intent

Glossary

Index