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Product Description
Book Description
"This primer should be required reading for every entrepreneur. It is short, authoritative and worth its weight in gold." - Murray B. Low, Executive Director, Columbia Business School, Eugene M. Lang Center for Entrepreneurship
"An invaluable resource for executives and financial professionals." - Graham D.S. Anderson, General Partner, Euclid Partners
From the Publisher
"In the venture capital community, a term sheet outlines the terms for a deal; it serves as a letter of intent given to a company seeking investment by a venture firm in order to outline the proposed terms for an investment transaction between the two parti" Read the first page
Concordance
Front Cover | Copyright | Table of Contents | Excerpt | Back Cover
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Most helpful customer reviews
5.0 out of 5 stars
The Book Every Management Team, VC & Lawyer Should Have,
By A Venture Capitalist in NY (New York, NY) - See all my reviews
This review is from: Term Sheets & Valuations: A Line by Line Look at the Intricacies of Term Sheets & Valutions (Paperback)
This is by far the most widely used title by every venture capitalist. I would highly recommend this book to every vc, lawyer, and management team member (especially) of every company looking to obtain venture financing. You could not find better advice on negotation points, changes to wording or overall guidance on a term sheet than Wilmerding's advice in this book. Especially look at Chapter 3 where Wilmerding goes through line by line what every parapraph means on a term sheet. Also check out Wilmerding's other book, Deal Terms, or Raising VC From a Tier 1 Firm (which includes the entire text from Term Sheets & Valuations and Deal Terms).
5.0 out of 5 stars
Advice from a seasoned financial professional....,
By A Customer
This review is from: Term Sheets & Valuations: A Line by Line Look at the Intricacies of Term Sheets & Valutions (Paperback)
After having this book referred to me by about 7 of my venture capital friends I decided to take a look. Well, I was very impressed as this is the first venture capital book I have seen to provide a true insider's perspective. This book literally tells you exactly the wording you need to use to make the section applicable to you - whether you are a:Venture Capitalist Entrepreneur Lawyer Etc. Look at the below section and the detail it provides (you should note the book itself goes on to explain what this entire section means and what each section specifically does): (4) Conversion: [Investor Favorable, Middle of the Road and Company Favorable are the same.] The holders of the Series [A] Preferred shall have the right to convert the Series [A] Preferred, at any time, into shares of Common Stock. The initial conversion rate shall be 1:1, subject to adjustment as provided below. (5) Automatic Conversion: Investor Favorable: The Series [A] Preferred shall be automatically converted into Common Stock, at the then applicable conversion price, (i) in the event that the holders of at least two thirds of the outstanding Series [A] Preferred consent to such conversion or (ii) upon the closing of a firmly underwritten public offering of shares of Common Stock of the Company at a per share price not less than [3 times the Original Purchase Price] per share and for a total offering with net proceeds to the Company of not less than $40 million (a "Qualified IPO"). Middle of the Road: The Series [A] Preferred shall be automatically converted into Common Stock, at the then applicable conversion price, (i) in the event that the holders of at least two thirds of the outstanding Series [A] Preferred consent to such conversion or (ii) upon the closing of a firmly underwritten public offering of shares of Common Stock of the Company at a per share price not less than [2 times the Original Purchase Price] per share and for a total offering with gross proceeds to the Company of not less than $25 million (a "Qualified IPO"). Company Favorable: The Series [A] Preferred shall be automatically converted into Common Stock, at the then applicable conversion price, (i) in the event that the holders of at least a majority of the outstanding Series [A] Preferred consent to such conversion or (ii) upon the closing of a firmly underwritten public offering of shares of Common Stock of the Company at a per share price not less than two times the Original Purchase Price (as adjusted for stock splits and the like) and for a total offering of not less than $5 million, before deduction of underwriters commissions and expenses (a "Qualified IPO").
5.0 out of 5 stars
The Industry Standard for Term Sheets in the VC Industry,
By A Customer
This review is from: Term Sheets & Valuations: A Line by Line Look at the Intricacies of Term Sheets & Valutions (Paperback)
As a VC, I can tell you this is THE book every VC, lawyer, investment banker and entrepreneur has on their desk regarding term sheets. It is a great overall reference and the line by line explanations are extremely important for anyone doing deals. I would also highly recommend Wilmerding's second book "Deal Terms" and "Executive Reports: Raising VC From a Tier 1 Firm" which includes this entire book, Deal Terms, Ways of the VC and a list of top VC Firms. I am also told this book specifically is available as a CD-Rom (sold separately), in a Word document, that you can use for your own dealings.
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