{"product_id":"advising-entrepreneurs-isbn-9780471389477","title":"Advising Entrepreneurs","description":"\u003cp\u003eThis valuable book helps financial advisors address the needs of their entrepreneurial clients. Most people opening their own businesses are experts in their fields. But when it comes to the vital intricacies of running a successful business, many entrepreneurs find themselves struggling to survive.With more and more people starting their own small businesses, a growing need has developed for expert guidance to help today's entrepreneurs face their new legal, tax, and financial challenges. Advising Entrepreneurs helps financial advisors address the special needs of their entrepreneurial clients. It provides a comprehensive approach to growing wealth, shielding business assets from liabilities, lowering taxes, and much more by promoting prudent risk-taking.\u003c\/p\u003e \u003cp\u003eMarc Lane (Chicago, IL) is a business and tax attorney. He is a Master Registered Financial Planner, Registered Financial Consultant, and Certified Investment Specialist. He has authored thirty books, is an Adjunct Professor of Business at the University of Illinois College of Business Administration's Institute for Entrepreneurial Studies, and an Adjunct Professor of Law at Northwestern University.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One The Financial Advisor’s Role 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 The Regulatory and Ethical Environment 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDuties of a Fiduciary 4\u003c\/p\u003e \u003cp\u003eInitial Interview 6\u003c\/p\u003e \u003cp\u003eCompensation Approaches 7\u003c\/p\u003e \u003cp\u003eEngagement Letter 9\u003c\/p\u003e \u003cp\u003eConflicts of Interest 10\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Financial Management and Planning 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePre-Start Analysis 14\u003c\/p\u003e \u003cp\u003eEntrepreneur as Manager 16\u003c\/p\u003e \u003cp\u003eEvaluating the Enterprise 19\u003c\/p\u003e \u003cp\u003eEventual Harvest 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Shaping the Venture’s Financial Structure 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Using the Tools of the Accountant 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBreak-Even Analysis 29\u003c\/p\u003e \u003cp\u003eForecasting Models 31\u003c\/p\u003e \u003cp\u003eAnalyzing Financial Statements 32\u003c\/p\u003e \u003cp\u003eManaging Cash 37\u003c\/p\u003e \u003cp\u003eManaging Receivables 41\u003c\/p\u003e \u003cp\u003eManaging Inventory 43\u003c\/p\u003e \u003cp\u003eManaging Liabilities 44\u003c\/p\u003e \u003cp\u003eManaging Capital Assets 46\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Entity Design Choices 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTax Considerations 50\u003c\/p\u003e \u003cp\u003eSole Proprietorship 51\u003c\/p\u003e \u003cp\u003ePartnership 52\u003c\/p\u003e \u003cp\u003eCorporation 56\u003c\/p\u003e \u003cp\u003eLimited Liability Company 64\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Private Placements 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFederal Exemptions 70\u003c\/p\u003e \u003cp\u003ePrivate Placement Memorandum 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Venture Capital 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eVenture Capital Marketplace 78\u003c\/p\u003e \u003cp\u003eBusiness Plan 79\u003c\/p\u003e \u003cp\u003eThe Venture Capitalist’s Valuation Process 80\u003c\/p\u003e \u003cp\u003eVenture Capital Agreement 82\u003c\/p\u003e \u003cp\u003eEmployment Agreement 83\u003c\/p\u003e \u003cp\u003eShareholders’ Agreement 84\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Bank Loans and Debt Alternatives 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCharacteristics of Debt 87\u003c\/p\u003e \u003cp\u003eSources of Debt Financing 88\u003c\/p\u003e \u003cp\u003eCreditworthiness 90\u003c\/p\u003e \u003cp\u003eTypes of Loans 91\u003c\/p\u003e \u003cp\u003eLeasing 92\u003c\/p\u003e \u003cp\u003eWorking Capital Funding 92\u003c\/p\u003e \u003cp\u003eSelecting a Banker 95\u003c\/p\u003e \u003cp\u003eNegotiating a Bank Loan 97\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Government Funding 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFederal, State, and Local Funding Sources 102\u003c\/p\u003e \u003cp\u003eSmall Business Administration 104\u003c\/p\u003e \u003cp\u003eOther Federal Opportunities 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Joint Ventures and Strategic Alliances 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAlliance Strategies 112\u003c\/p\u003e \u003cp\u003eLicensing 114\u003c\/p\u003e \u003cp\u003eIdentifying a Strategic Partner 115\u003c\/p\u003e \u003cp\u003eWorking toward a Strategic Alliance Agreement 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Protecting the Entrepreneur and His or Her Assets 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Risk Management 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrganizational and Operational Considerations 125\u003c\/p\u003e \u003cp\u003eDeveloping a Risk Management Agenda 127\u003c\/p\u003e \u003cp\u003eInsurance Principles 127\u003c\/p\u003e \u003cp\u003eInsurance Strategy 129\u003c\/p\u003e \u003cp\u003eProperty Insurance 131\u003c\/p\u003e \u003cp\u003eLiability Insurance 133\u003c\/p\u003e \u003cp\u003eInsurance Benefits for Employees 135\u003c\/p\u003e \u003cp\u003eSelf-Insurance 137\u003c\/p\u003e \u003cp\u003eDirector and Officer Liability 139\u003c\/p\u003e \u003cp\u003eIndemnity 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Valuing the Entrepreneurial Venture 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEvaluation Methods 146\u003c\/p\u003e \u003cp\u003eValuing Assets 148\u003c\/p\u003e \u003cp\u003eValuing Liabilities 156\u003c\/p\u003e \u003cp\u003eDetermining the Purchase Price 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 Buy-Sell Designs 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBuy-Sell Agreement 168\u003c\/p\u003e \u003cp\u003eTriggering Events 168\u003c\/p\u003e \u003cp\u003eFunding the Buyout 169\u003c\/p\u003e \u003cp\u003eStock Redemption or Entity Agreement 170\u003c\/p\u003e \u003cp\u003eAvoiding Dividend Treatment 171\u003c\/p\u003e \u003cp\u003eStock Attribution Rules 174\u003c\/p\u003e \u003cp\u003eRedemptions to Pay Death Taxes 176\u003c\/p\u003e \u003cp\u003eAlternative Minimum Tax 177\u003c\/p\u003e \u003cp\u003eAccumulated Earnings Tax 178\u003c\/p\u003e \u003cp\u003eSplit-Dollar Redemption 180\u003c\/p\u003e \u003cp\u003eDisadvantages of Redemption 180\u003c\/p\u003e \u003cp\u003eCross-Purchase Agreement 181\u003c\/p\u003e \u003cp\u003eTrusteed Cross-Purchase 182\u003c\/p\u003e \u003cp\u003ePartnership Cross-Purchase 184\u003c\/p\u003e \u003cp\u003eSplit-Dollar Cross-Purchase 185\u003c\/p\u003e \u003cp\u003eWait-and-See Buy-Sell Agreement 188\u003c\/p\u003e \u003cp\u003eEmployee Stock Ownership Plan 189\u003c\/p\u003e \u003cp\u003eEstate Tax Deferrals 191\u003c\/p\u003e \u003cp\u003ePremium Allocation 192\u003c\/p\u003e \u003cp\u003eValuation 192\u003c\/p\u003e \u003cp\u003eTransfers for Value 195\u003c\/p\u003e \u003cp\u003eCombining the Life Insurance Retirement Plan and the Buy-Sell 198\u003c\/p\u003e \u003cp\u003eS Corporation Buy-Sell Issues 199\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Asset Protection Strategies 201\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEthical Obligations 201\u003c\/p\u003e \u003cp\u003eExempt Assets 203\u003c\/p\u003e \u003cp\u003eGifting Strategies 204\u003c\/p\u003e \u003cp\u003eChoice-of-Entity Implications 205\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Compensation Planning for the Entrepreneur and His or Her Employees 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Cash and Deferred Compensation 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBonuses and Deferred Compensation 214\u003c\/p\u003e \u003cp\u003eConstructive Dividends 215\u003c\/p\u003e \u003cp\u003eCompany Retirement Plans 217\u003c\/p\u003e \u003cp\u003eERISA Compliance 222\u003c\/p\u003e \u003cp\u003eERISA for Deferred-Compensation Plans 235\u003c\/p\u003e \u003cp\u003eERISA for Split-Dollar and Executive Bonus Plans 242\u003c\/p\u003e \u003cp\u003eRelated Issues: Age and Sex Discrimination 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 Equity-Based Compensation 251\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStock Options 252\u003c\/p\u003e \u003cp\u003eIncentive Stock Options 252\u003c\/p\u003e \u003cp\u003eNonqualified Stock Options 254\u003c\/p\u003e \u003cp\u003eRestricted Stock 258\u003c\/p\u003e \u003cp\u003ePhantom Stock Plans and Stock Appreciation Rights 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five Managing Capital Events 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 16 Buying or Selling an Entrepreneurial Business 263\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Client’s Objectives 263\u003c\/p\u003e \u003cp\u003eFinancial Information 266\u003c\/p\u003e \u003cp\u003eGuidelines for Reviewing Standard Accounting Opinion 268\u003c\/p\u003e \u003cp\u003eContracts and Continuing Obligations 271\u003c\/p\u003e \u003cp\u003eLeases and Properties 273\u003c\/p\u003e \u003cp\u003eFederal Taxes 276\u003c\/p\u003e \u003cp\u003eState and Local Taxes 278\u003c\/p\u003e \u003cp\u003eInternet Domain Names, Patents, Trademarks, Trade Names, and Copyrights 280\u003c\/p\u003e \u003cp\u003ePermits, Licenses, and Franchises 281\u003c\/p\u003e \u003cp\u003eLiens, Judgments, and Deeds 281\u003c\/p\u003e \u003cp\u003eEmployee Benefit Plans 282\u003c\/p\u003e \u003cp\u003eUnemployment Compensation Rating 282\u003c\/p\u003e \u003cp\u003eStock Certificates, Options, and Records 283\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 17 Succession Planning 289\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFederal Tax Rules 290\u003c\/p\u003e \u003cp\u003eTax-Deferral Opportunities 291\u003c\/p\u003e \u003cp\u003eValuation Strategies 292\u003c\/p\u003e \u003cp\u003eIncome-Shifting Techniques 293\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 18 Initial Public Offering 303\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePublic Life 303\u003c\/p\u003e \u003cp\u003ePreconditions 305\u003c\/p\u003e \u003cp\u003eRegistration Team 306\u003c\/p\u003e \u003cp\u003eRegistration Process 307\u003c\/p\u003e \u003cp\u003eNontraditional Alternatives 310\u003c\/p\u003e \u003cp\u003eIndex 313\u003c\/p\u003e \u003cp\u003e\"The entrepreneur is faced with decisions throughout the life of the company that have significant repercussions on the enterprise as well as on personal financial exposure. Addressed to financial advisers, Advising Entrepreneurs discusses the financial implications and pros and cons of decisions from the start of the business plan, through the formation of an entity, financing, operations, and eventual harvest of the company. The book maintains a useful middle ground between the superficial and the highly technical. Financial advisers will come away with an increased appreciation of entrepreneurial behavior, while entrepreneurs will be able to better manage the risks and financial assets of their businesses.\" (HBS Working Knowledge, Pub. Date: Oct 1, 2001)\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMARC J. LANE\u003c\/b\u003e is a practicing business and tax attorney in Chicago. He is a ­Master ­Registered Financial Planner, Registered Financial Consultant, and Certified Investment Specialist. He has authored thirty books and is an Adjunct Professor of Business at the ­University of Illinois College of Business Administration’s Institute for Entrepreneurial Studies and an Adjunct Professor of Law at Northwestern ­University Law School.\u003c\/p\u003eAlthough many people are taking the entrepreneurial route in today’s market, very few ­understand the inherent responsibilities and intricacies of opening their own businesses. Entrepreneurs who are experts in their fields are still struggling to survive due to the ­complexity of legal, tax, and other financial issues that come with starting a new business. This comprehensive guide focuses on the financial issues that matter most to entrepreneurs and their advisors. \u003cp\u003eThis book gives you the knowledge and insight on how best to advise your entrepreneurial clients through every stage of their journey. From the prestart analysis to the initial public offering of a business, the role of financial advisor is clearly defined throughout each chapter. In breaking down the key elements of starting a new business, \u003ci\u003eAdvising Entrepreneurs\u003c\/i\u003e will teach you how to advise your entrepreneurial clients on: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eThe easiest and cheapest way to start a business\u003c\/li\u003e \u003cli\u003eHow to deal with venture capitalists and locate other sources of financing\u003c\/li\u003e \u003cli\u003eWays to measure different tax treatments\u003c\/li\u003e \u003cli\u003eRisk management and shielding assets\u003c\/li\u003e \u003cli\u003eCompensation for the entrepreneur and employees\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eMarc Lane, an active attorney and expert financial planner, analyzes the profits and pitfalls of starting a business. Strategies for receiving start-up capital, protecting assets, lowering taxes, managing capital events, and much more are all outlined in detail. Leam how entrepreneurs can stand apart from their peers by offering specific compensation packages to management and employees. Protect your clients’ interests by making sure they remain with their company should they decide to sell it. These topics and many more are all discussed so that you, the financial advisor, may advise entrepreneurial clients on what is best for them and their new business venture. \u003c\/p\u003e\u003cp\u003eFinancial advisors and entrepreneurs alike will find this volume an indispensable source of reliable and up-to-date information.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988700020965,"sku":"NP9780471389477","price":54.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471389477.jpg?v=1761781243","url":"https:\/\/k12savings.com\/products\/advising-entrepreneurs-isbn-9780471389477","provider":"K12savings","version":"1.0","type":"link"}