{"product_id":"private-capital-markets-website-isbn-9780470928325","title":"Private Capital Markets, + Website","description":"\u003cp\u003e\u003cb\u003ePraise for Private Capital Markets\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003e\u003ci\u003eValuation, Capitalization, and Transfer of Private Business Interests\u003c\/i\u003e\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003eSECOND EDITION\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"In the years since publication of the first edition of \u003ci\u003ePrivate Capital Markets,\u003c\/i\u003e the concepts and ideas that it presents have been widely accepted by progressive members of the business valuation community. Now with the \u003ci\u003eSecond Edition\u003c\/i\u003e, 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.\"\u003cbr\u003e \u003cb\u003e—Raymond C. Miles, founder, The Institute of Business Appraisers\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"The Graziadio School of Business has used the \u003ci\u003ePrivate Capital Markets\u003c\/i\u003e 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.\"\u003cbr\u003e \u003cb\u003e—Linda Livingstone, Dean of the Graziadio School of Business and Management, Pepperdine University\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"Our international association of independent M\u0026amp;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\u0026amp;A advisors, investors, and other decision-makers in the private capital markets.\"\u003cbr\u003e \u003cb\u003e—Mike Nall, founder, Alliance of M\u0026amp;A Advisors\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003eA practical road map for making sound investment and financing decisions based on real experiences and market needs\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eNow fully revised and in a second edition, \u003ci\u003ePrivate Capital Markets\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003eThis landmark resource covers: \u003c\/p\u003e\u003cul\u003e \u003cli\u003ePrivate business valuation\u003c\/li\u003e \u003cli\u003eMiddle market capital sources\u003c\/li\u003e \u003cli\u003eThe business ownership transfer spectrum\u003c\/li\u003e \u003cli\u003eAnd much more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003ePrivate Capital Markets, Second Edition\u003c\/i\u003e surveys the private capital markets and presents the proven guidance you need to navigate through these uncharted waters. \u003c\/p\u003e\u003cp\u003eForeword xv\u003c\/p\u003e \u003cp\u003ePreface xix\u003c\/p\u003e \u003cp\u003eAcknowledgments xxiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Capital Markets 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMarket Structure 2\u003c\/p\u003e \u003cp\u003eInformation 2\u003c\/p\u003e \u003cp\u003eWhy Are Markets Segmented? 8\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Middle-Market Finance 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMiddle-Market Finance Theory 18\u003c\/p\u003e \u003cp\u003eTriadic Logic 19\u003c\/p\u003e \u003cp\u003eMiddle-Market Finance Theory in Practice 19\u003c\/p\u003e \u003cp\u003eOwner Motives 27\u003c\/p\u003e \u003cp\u003eAuthority 28\u003c\/p\u003e \u003cp\u003eTriangulation 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE Business Valuation\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Private Business Valuation: Introduction 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrivate Investor Expectations Drive Private Valuation 36\u003c\/p\u003e \u003cp\u003ePrivate Business Valuation Can Be Viewed through Value Worlds 39\u003c\/p\u003e \u003cp\u003eValuation as a Range Concept 51\u003c\/p\u003e \u003cp\u003eTriangulation 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Market Value 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLevels of Private Ownership 61\u003c\/p\u003e \u003cp\u003eTriangulation 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Asset Subworld of Market Value 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSteps to Derive Net Asset Value 73\u003c\/p\u003e \u003cp\u003eTriangulation 73\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Financial Subworld of Market Value 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSpecific Investor Return 82\u003c\/p\u003e \u003cp\u003eSpecific Industry Return 84\u003c\/p\u003e \u003cp\u003eGeneral Investor Returns 87\u003c\/p\u003e \u003cp\u003eTriangulation 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Synergy Subworld of Market Value 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSynergies 97\u003c\/p\u003e \u003cp\u003eCapitalization of Benefit Streams 104\u003c\/p\u003e \u003cp\u003eDiscounting of Benefit Streams 104\u003c\/p\u003e \u003cp\u003eSeller\/Buyer Market Valuation 105\u003c\/p\u003e \u003cp\u003eNonenterprise Market Valuations 108\u003c\/p\u003e \u003cp\u003eTriangulation 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Fair Market Value 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppraisal Organizations 113\u003c\/p\u003e \u003cp\u003eBusiness Appraisal Standards 114\u003c\/p\u003e \u003cp\u003eFair Market Value Process 115\u003c\/p\u003e \u003cp\u003eKey Steps to Derive Fair Market Value 125\u003c\/p\u003e \u003cp\u003eDoes the Fair Market Value Process Make Sense? 126\u003c\/p\u003e \u003cp\u003eTearing Down the Buildup Models 129\u003c\/p\u003e \u003cp\u003eTriangulation 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Fair Value 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDissenting and Oppressed Shareholders 133\u003c\/p\u003e \u003cp\u003eTriggering Events 134\u003c\/p\u003e \u003cp\u003eDetermination of Fair Value 137\u003c\/p\u003e \u003cp\u003eTriangulation 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Incremental Business Value 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNature of Incremental Business Value 144\u003c\/p\u003e \u003cp\u003eProblems with Using Traditional Methods 146\u003c\/p\u003e \u003cp\u003eValue-Based Approaches 146\u003c\/p\u003e \u003cp\u003eNet Present Value 146\u003c\/p\u003e \u003cp\u003eIncremental Business Value 148\u003c\/p\u003e \u003cp\u003ePrivate Cost of Capital Model 151\u003c\/p\u003e \u003cp\u003eRamifications of Using PCOC 155\u003c\/p\u003e \u003cp\u003eInvestment 156\u003c\/p\u003e \u003cp\u003eProject Decision Making 158\u003c\/p\u003e \u003cp\u003eProblems with Incremental Business Value 158\u003c\/p\u003e \u003cp\u003eValue-Creation Strategies 158\u003c\/p\u003e \u003cp\u003eIncrease Recast EBITDA 159\u003c\/p\u003e \u003cp\u003eReduce Risk 160\u003c\/p\u003e \u003cp\u003eEmploy High-Yielding Capital 160\u003c\/p\u003e \u003cp\u003eIncremental Business Value versus Market Value 161\u003c\/p\u003e \u003cp\u003eTriangulation 162\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Insurable Value 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk and Insurance 165\u003c\/p\u003e \u003cp\u003eBuy\/Sell Agreements 167\u003c\/p\u003e \u003cp\u003eValuation Mechanics 168\u003c\/p\u003e \u003cp\u003eTriggering Events 170\u003c\/p\u003e \u003cp\u003eKey Person Insurance 172\u003c\/p\u003e \u003cp\u003eBusiness Interruption 174\u003c\/p\u003e \u003cp\u003eTriangulation 177\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 FASB Value Worlds 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFASB Fair Value (ASC 820, Formerly FAS 157) 179\u003c\/p\u003e \u003cp\u003eBusiness Combinations (ASC 805, Formerly FAS 141R) 184\u003c\/p\u003e \u003cp\u003eImpaired Goodwill (ASC 350-20) 186\u003c\/p\u003e \u003cp\u003eValuation 189\u003c\/p\u003e \u003cp\u003eTriangulation 192\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Intangible Asset Value 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSubworlds 197\u003c\/p\u003e \u003cp\u003eIntellectual Property 201\u003c\/p\u003e \u003cp\u003eIntellectual Capital 204\u003c\/p\u003e \u003cp\u003eTriangulation 206\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Other Value Worlds 209\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Value World 209\u003c\/p\u003e \u003cp\u003eOwner Value World 210\u003c\/p\u003e \u003cp\u003eCollateral Value World 212\u003c\/p\u003e \u003cp\u003eEarly Equity Value World 215\u003c\/p\u003e \u003cp\u003eBankruptcy Value World 216\u003c\/p\u003e \u003cp\u003ePublic Value World 217\u003c\/p\u003e \u003cp\u003eTriangulation 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 Private Business Valuation: Conclusion 223\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrivate Investor Return Expectations 223\u003c\/p\u003e \u003cp\u003eValue Worlds 225\u003c\/p\u003e \u003cp\u003ePrivate Business Valuation Is a Range Concept 230\u003c\/p\u003e \u003cp\u003eTriangulation 231\u003c\/p\u003e \u003cp\u003eFinal Thoughts on Valuation 232\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO Capital Structure\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 16 Capital Structure: Introduction 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePublic Capital Markets 235\u003c\/p\u003e \u003cp\u003ePrivate Capital Markets 240\u003c\/p\u003e \u003cp\u003ePepperdine Private Capital Market Line 244\u003c\/p\u003e \u003cp\u003eKey Issues Regarding the Pepperdine Private Capital Market Line 249\u003c\/p\u003e \u003cp\u003eCapital Structure Treatment 250\u003c\/p\u003e \u003cp\u003eTriangulation 252\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 17 Bank Lending 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypes of Facilities 255\u003c\/p\u003e \u003cp\u003eInterest Rates 259\u003c\/p\u003e \u003cp\u003eInterest Rate Hedges 262\u003c\/p\u003e \u003cp\u003eLoan Covenants 265\u003c\/p\u003e \u003cp\u003eHow Banks Deal with Covenant Violations 266\u003c\/p\u003e \u003cp\u003eLoan Costs 266\u003c\/p\u003e \u003cp\u003eRisk Ratings 270\u003c\/p\u003e \u003cp\u003eNegotiating Points 270\u003c\/p\u003e \u003cp\u003eTriangulation 274\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 18 Government Lending Programs 275\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIndustrial Revenue Bonds 276\u003c\/p\u003e \u003cp\u003eBusiness and Industry Loan Program 279\u003c\/p\u003e \u003cp\u003eSmall Business Administration Programs 281\u003c\/p\u003e \u003cp\u003e7(a) Loan Guaranty Program 282\u003c\/p\u003e \u003cp\u003eCertified Development Company 504 Loan Program 286\u003c\/p\u003e \u003cp\u003eCAPLines Loan Program 289\u003c\/p\u003e \u003cp\u003eExport Working Capital Program 291\u003c\/p\u003e \u003cp\u003eNegotiating Points 294\u003c\/p\u003e \u003cp\u003eTriangulation 294\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 19 Equipment Leasing 297\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypes of Leases 297\u003c\/p\u003e \u003cp\u003eLease Rate Factors 301\u003c\/p\u003e \u003cp\u003eLessor Types 302\u003c\/p\u003e \u003cp\u003eComparison of Leasing and Purchasing 306\u003c\/p\u003e \u003cp\u003eNegotiating Points 310\u003c\/p\u003e \u003cp\u003eTriangulation 312\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 20 Asset-Based Lending 315\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Asset-Based Lending Works 315\u003c\/p\u003e \u003cp\u003eAsset-Based Lenders 320\u003c\/p\u003e \u003cp\u003eTier 1 Asset-Based Lenders 322\u003c\/p\u003e \u003cp\u003eTier 2 Asset-Based Lenders 325\u003c\/p\u003e \u003cp\u003eTier 3 Asset-Based Lenders 328\u003c\/p\u003e \u003cp\u003eNegotiating Points 331\u003c\/p\u003e \u003cp\u003eTriangulation 333\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 21 Factoring 335\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Factoring Works 335\u003c\/p\u003e \u003cp\u003eMechanics of Factoring 337\u003c\/p\u003e \u003cp\u003eFees and Terms 338\u003c\/p\u003e \u003cp\u003eNegotiating Points 343\u003c\/p\u003e \u003cp\u003eTriangulation 345\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 22 Mezzanine Capital 347\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLoan Structure 347\u003c\/p\u003e \u003cp\u003eMezzanine Investors 351\u003c\/p\u003e \u003cp\u003eTargeted Investments 353\u003c\/p\u003e \u003cp\u003ePricing 354\u003c\/p\u003e \u003cp\u003eDebt Mezzanine Capital 354\u003c\/p\u003e \u003cp\u003eEquity Mezzanine Capital 356\u003c\/p\u003e \u003cp\u003eOther Deal Terms 358\u003c\/p\u003e \u003cp\u003eNegotiating Points 360\u003c\/p\u003e \u003cp\u003eTriangulation 363\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 23 Owners, Angels, and Venture Capitalists 365\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStages of Private Equity Investor Involvement 366\u003c\/p\u003e \u003cp\u003ePrivate Placements 368\u003c\/p\u003e \u003cp\u003eFinancial Barn Raisings 368\u003c\/p\u003e \u003cp\u003eWithin Existing Business Relationships 369\u003c\/p\u003e \u003cp\u003eWhy Private Placements Fail 369\u003c\/p\u003e \u003cp\u003ePre- and Postmoney Valuation 379\u003c\/p\u003e \u003cp\u003eNegotiating Points 380\u003c\/p\u003e \u003cp\u003eTriangulation 383\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 24 Private Equity 385\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStages of Private Equity Investor Involvement 386\u003c\/p\u003e \u003cp\u003eHedge Funds 392\u003c\/p\u003e \u003cp\u003eFamily Offices 394\u003c\/p\u003e \u003cp\u003eTerm Sheet 396\u003c\/p\u003e \u003cp\u003eNegotiating Points 397\u003c\/p\u003e \u003cp\u003eTriangulation 399\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 25 Capital Structure: Conclusion 401\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCapital Providers Manage Risk and Return in Their Portfolios 401\u003c\/p\u003e \u003cp\u003eThe Pepperdine Private Capital Market Line Comprises Expected Returns 402\u003c\/p\u003e \u003cp\u003ePrivate Cost of Capital Emanates from the Private Capital Markets 404\u003c\/p\u003e \u003cp\u003eHigh Cost of Capital Limits Private Company Value Creation 405\u003c\/p\u003e \u003cp\u003eIntermediation Is Relatively Ineffective in the Middle Market 406\u003c\/p\u003e \u003cp\u003eTriangulation 407\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Business Transfer\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 26 Business Transfer: Introduction 411\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePublic Manager and Owner Motives 411\u003c\/p\u003e \u003cp\u003ePrivate Business Ownership Transfer Spectrum 413\u003c\/p\u003e \u003cp\u003eEmployee Transfer Channel 415\u003c\/p\u003e \u003cp\u003eCharitable Trusts Transfer Channel 416\u003c\/p\u003e \u003cp\u003eFamily Transfer Channel 417\u003c\/p\u003e \u003cp\u003eCo-Owner Transfer Channel 418\u003c\/p\u003e \u003cp\u003eOutside, Retire, Transfer Channel 418\u003c\/p\u003e \u003cp\u003eOutside, Continue, Transfer Channel 419\u003c\/p\u003e \u003cp\u003eGoing Public, Going Private Transfer Channel 419\u003c\/p\u003e \u003cp\u003eExit Planning 420\u003c\/p\u003e \u003cp\u003eTriangulation 421\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 27 Employee Stock Ownership Plans 423\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 424\u003c\/p\u003e \u003cp\u003eLeveraged ESOPs 429\u003c\/p\u003e \u003cp\u003eESOPs in S Corporations 431\u003c\/p\u003e \u003cp\u003eSetting Up an ESOP 431\u003c\/p\u003e \u003cp\u003ePoints to Consider 436\u003c\/p\u003e \u003cp\u003eBottom Line on ESOPs 438\u003c\/p\u003e \u003cp\u003eTriangulation 438\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 28 Management Transfers 441\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferences between Management Buyouts and Management Buy-Ins 443\u003c\/p\u003e \u003cp\u003eLikely Deal Structures 444\u003c\/p\u003e \u003cp\u003eDeals 447\u003c\/p\u003e \u003cp\u003ePoints to Consider 456\u003c\/p\u003e \u003cp\u003eTriangulation 459\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 29 Charitable Trusts 461\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStructure of Charitable Trusts 461\u003c\/p\u003e \u003cp\u003eCharitable Remainder Trusts 461\u003c\/p\u003e \u003cp\u003ePoints to Consider for CRTs 466\u003c\/p\u003e \u003cp\u003eCharitable Lead Trusts 468\u003c\/p\u003e \u003cp\u003ePoints to Consider for CLTs 471\u003c\/p\u003e \u003cp\u003eComparison of CRTs and CLTs 473\u003c\/p\u003e \u003cp\u003eTriangulation 473\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 30 Family Transfers 475\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStock Gifts 476\u003c\/p\u003e \u003cp\u003ePrivate Annuities 480\u003c\/p\u003e \u003cp\u003eSelf-Canceling Installment Notes 482\u003c\/p\u003e \u003cp\u003eGrantor-Retained Annuity Trusts 483\u003c\/p\u003e \u003cp\u003eFamily Limited Partnerships 487\u003c\/p\u003e \u003cp\u003eIntentionally Defective Grantor Trusts 489\u003c\/p\u003e \u003cp\u003eComparison of Family Transfer Methods 492\u003c\/p\u003e \u003cp\u003eRole of Insurance in Family Transfers 493\u003c\/p\u003e \u003cp\u003eTriangulation 493\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 31 Co-Owner Transfers 495\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBuy\/Sell Agreements 495\u003c\/p\u003e \u003cp\u003eBuy\/Sell Types 497\u003c\/p\u003e \u003cp\u003eTriggering Events 499\u003c\/p\u003e \u003cp\u003eFunding Techniques 501\u003c\/p\u003e \u003cp\u003eWays to Handle Deadlocks 502\u003c\/p\u003e \u003cp\u003eWhen No Buy\/Sell Agreement Exists 502\u003c\/p\u003e \u003cp\u003eTriangulation 503\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 32 Outside Transfers: Retire 505\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreparation for a Transfer 506\u003c\/p\u003e \u003cp\u003eTransfer Players 507\u003c\/p\u003e \u003cp\u003eMarketing Processes 508\u003c\/p\u003e \u003cp\u003eNegotiated Transfers 509\u003c\/p\u003e \u003cp\u003ePrivate Auctions 512\u003c\/p\u003e \u003cp\u003eTwo-Step Private Auctions 517\u003c\/p\u003e \u003cp\u003eClosing the Deal 519\u003c\/p\u003e \u003cp\u003eAfter the Transfer 521\u003c\/p\u003e \u003cp\u003eTriangulation 521\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 33 Outside Transfers: Continue 523\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConsolidations 523\u003c\/p\u003e \u003cp\u003eRoll-Ups 526\u003c\/p\u003e \u003cp\u003eBuy and Build or Recapitalizations 528\u003c\/p\u003e \u003cp\u003eRecapitalization Points to Consider 533\u003c\/p\u003e \u003cp\u003eTriangulation 533\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 34 Going Public, Going Private 535\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDirect Public Offerings 536\u003c\/p\u003e \u003cp\u003eWhich Companies Are Public? 538\u003c\/p\u003e \u003cp\u003eInitial Public Offering Team 539\u003c\/p\u003e \u003cp\u003eIPO Process 541\u003c\/p\u003e \u003cp\u003eAdvantages of Going Public 544\u003c\/p\u003e \u003cp\u003eDisadvantages of Going Public 544\u003c\/p\u003e \u003cp\u003eGoing Public Key Points to Consider 545\u003c\/p\u003e \u003cp\u003eGoing Public on Foreign Exchanges 546\u003c\/p\u003e \u003cp\u003eReverse Mergers 547\u003c\/p\u003e \u003cp\u003eGoing Private 548\u003c\/p\u003e \u003cp\u003eGoing Private Key Points to Consider 549\u003c\/p\u003e \u003cp\u003eTriangulation 551\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 35 Business Transfer: Conclusion 553\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSegmented Transfer Activity and Arbitrage 553\u003c\/p\u003e \u003cp\u003eOwner Motives Choose the Range of Values 556\u003c\/p\u003e \u003cp\u003eCreating Value in a Private Business Requires Planning 560\u003c\/p\u003e \u003cp\u003eTriangulation 566\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 36 Conclusion 569\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTheme 1 569\u003c\/p\u003e \u003cp\u003eTheme 2 570\u003c\/p\u003e \u003cp\u003eTheme 3 571\u003c\/p\u003e \u003cp\u003eTheme 4 571\u003c\/p\u003e \u003cp\u003eTheme 5 572\u003c\/p\u003e \u003cp\u003ePrivate Capital Markets 573\u003c\/p\u003e \u003cp\u003eWhat We Do Not Know 575\u003c\/p\u003e \u003cp\u003eA Final Thought 578\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX A Corporate Finance Theory: Application to Private Capital Markets 579\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX B Principle of Substitution www.wiley.com\/go\/privatecapital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX C IBA Standards: Business Appraisal Standards www.wiley.com\/go\/privatecapital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX D Private Equity Securities www.wiley.com\/go\/privatecapital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX E Sample Preferred Stock Offering Term Sheet www.wiley.com\/go\/privatecapital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX F Private Placements www.wiley.com\/go\/privatecapital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX G Sample Management Buyout Letter of Intent www.wiley.com\/go\/privatecapital\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbout the Web Site  597\u003c\/p\u003e \u003cp\u003eIndex  599\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eROBERT T. SLEE, CBA, CM\u0026amp;AA,\u003c\/b\u003e is President of Robertson \u0026amp; Foley, an investment banking firm that provides valuation, capital raising, and transfer advisory services to middle market companies. He speaks extensively on value creation for private businesses.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePraise for Private Capital Markets\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003e\u003ci\u003eValuation, Capitalization, and Transfer of Private Business Interests\u003c\/i\u003e\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003eSECOND EDITION\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"In the years since publication of the first edition of \u003ci\u003ePrivate Capital Markets,\u003c\/i\u003e the concepts and ideas that it presents have been widely accepted by progressive members of the business valuation community. Now with the \u003ci\u003eSecond Edition\u003c\/i\u003e, 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.\"\u003cbr\u003e \u003cb\u003e—Raymond C. Miles, founder, The Institute of Business Appraisers\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"The Graziadio School of Business has used the \u003ci\u003ePrivate Capital Markets\u003c\/i\u003e 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.\"\u003cbr\u003e \u003cb\u003e—Linda Livingstone, Dean of the Graziadio School of Business and Management, Pepperdine University\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"Our international association of independent M\u0026amp;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\u0026amp;A advisors, investors, and other decision-makers in the private capital markets.\"\u003cbr\u003e \u003cb\u003e—Mike Nall, founder, Alliance of M\u0026amp;A Advisors\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003eA practical road map for making sound investment and financing decisions based on real experiences and market needs\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eNow fully revised and in a second edition, \u003ci\u003ePrivate Capital Markets\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003eThis landmark resource covers: \u003c\/p\u003e\u003cul\u003e \u003cli\u003ePrivate business valuation\u003c\/li\u003e \u003cli\u003eMiddle market capital sources\u003c\/li\u003e \u003cli\u003eThe business ownership transfer spectrum\u003c\/li\u003e \u003cli\u003eAnd much more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003ePrivate Capital Markets, Second Edition\u003c\/i\u003e surveys the private capital markets and presents the proven guidance you need to navigate through these uncharted waters.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989856108773,"sku":"NP9780470928325","price":105.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470928325.jpg?v=1761785691","url":"https:\/\/k12savings.com\/products\/private-capital-markets-website-isbn-9780470928325","provider":"K12savings","version":"1.0","type":"link"}