Introduction

• The Number One Advantage
  
• From Fifty To the Grave
  An Overview of the Parts and Chapters
  
• Complex Problems and Great Challenges
  
• Getting Started
  
• Getting Going
  
• Getting Financed
  
• Operations to Exit
  

• Change
  

  A Generation of Changes
  

  Downsizing
  

  Baby Boomers
  

  Seniorpreneurs Face the Facts on Change

  
  

• Trends
  

  Determining Trends
  

  Confirmed and Accepted Changes and Trends
  

  Political-Is the Government Listening?
  

  Family - The Waltons are Gone
  

  Education - What Happened to the Basics?
  

  Health - Its Got To Get Better
  

  Environment - From Bad Guys to ...
  

  Economy ??????
  

  The World
  

CHAPTER TWO - A Most Fortuitous Occasion?

What It Takes To Be An Entrepreneur
Hardy, Ambitious Goal Achievers
Characteristics - The Basics

• Achievement
  
• Action Orientation
  
• Commitment
  
• Communication
  
• Energy
  
• Goal Setting
  
• Growth Orientation
  
• Honesty
  
• Innovation
  
• Intelligence
  
• Leadership
  
• Risk Tolerance
  
• Self-confidence
  

• Hard Work
  
• Enthusiasm
  
• Creativity
  
• Flexibility
  
• Empathy
  
• Knowledge
  

• Commitment
  
• Confidence
  
• Freedom
  
• Insider's Knowledge
  
• Objectivity
  
• Reputation
  
• Resiliency
  

The Beginnings of a National Challenge
The Perception is Changing
Old Perceptions Die Hard
Problems Turned to Myths

• Set in Their Ways, Inflexible, Unable to Change
  
• Being Opinionated
  

• Generation X Is Upon Us
  
• How They're Perceived
  
• The Value They Contribute
  
• How To Relate

• Prudence
  
• Delayed Gratification
  
• Patience and persistence
  
• Money Smarts
  
• Contacts
  
• Customer service
  
• Success wisdom
  
• Work ethic
  

CHAPTER FOUR - Senior Entrepreneurial Opportunities Abound

Small is Back
Make Time to See the World Through Different Eyes

• The Revolution is Coming in Double Time
  Seniorpreneuring - The Basic Challenges
  
• Opportunity Testing Marketing Guides
  
• Be First
  
• Five Quick Seniorpreneuring Marketing Tips
  
• Three Quick Seniorpreneuring Competitive Strategy Tips
  
• Senior High-tech Qualifiers
  
• Two Approaches
  
• Market Opportunity
  
• Technical Approach
  
• Partnering Strategically
  
• Acquisitions Make Them Larger
  
• Seniorpreneurs Can Do It Faster and Cheaper
  
• Confirm Two Points
  
• Using a Senior Advantage in Making the Opportunity Decision
  

• Basic Feasibility
  
• Competitive Advantages
  
• Buyer Decisions
  
• Marketing
  
• People
  
• Control
  
• Finance
  
• Benefits From This Checklist
  

CHAPTER FIVE - Should You Start, Buy, or Franchise?

Starting A Business

• Pioneering Can Be Tough
  
• Seek Longer-Term Opportunities
  
• Find a Gap
  
• Don't Guarantee
  
• Think Diversity
  
• And Contemplate These Points
  

• Four Golden Rules for Buying a Business
  
• Six Advantages of Buying
  
• Where to Find A Business to Buy
  

• Start with Classified Ads
  
• Expand with Professionals
  

• Sales People
  
• Bankers
  
• SBA
  
• Cold Calls
  
• Other Government Sources
  
• Business Incubators
  
• Business Brokers
  
• Venture Capital Groups
  

• Due Diligence Checklist
  
• Marketing Checklist
  

• The Scientific Approach
  

  Valuations Based On Assets
  

  Actual Book Value
  

  Adjusted Book Value
  

  Liquidation Value
  

  Replacement Value
  

  Valuations Based On Earnings
  

  Future Earnings Projections
  

• What Else Goes Into a Work of Art?
  Cash Flow Projections
  Comparable Sales Value
  Excess Earnings Method
  Income Capitalization
  Additional Miscellaneous Methods
  

• Negotiation Is an Art
  
• Qualify Yourself Quickly
  
• Don't Discuss Price or Terms
  
• Getting into the Nitty-Gritty
  
• Getting the Deal Done
  

• New Franchise "Watch-Points"
  
• Some Basics
  
• Ideal Characteristics of a Franchise
  

CHAPTER SIX - Building The Inside Seniorpreneurial Team

One or More Seniorpreneurs?

• Administrative and General Management
  
• Operations Management
  
• Financial Management
  
• Marketing Management
  
• Engineering and R and D Management
  
• Personal Management
  
• Legal Management
  

• Step One - Company Review
  
• Step Two - Planning
  
• Step Three - Research
  
• Step Four - Recruitment and Evaluation
  
• Step Five - Documentation of Results
  
• Step Six - Interview Cycle
  
• Step Seven - The Hire
  
• Step Eight - Termination of Search
  

• Your Attitude
  
• Meeting the Candidate
  
• Give the Facts
  
• Asking Questions
  
• What You Want to Learn
  
• Interview Guide
  

• The Difference Between Good and Bad Boards
  
• Determine the Outsider's Role
  
• An Informed Board is a Helpful Board
  
• What to Expect From a Board of Directors
  
• Do Not Run the Company
  
• Do Not Develop Strategy
  
• Enhance Company Performance
  
• Experts in Their Fields
  
• Must Attend Meetings
  
• Directors Get Paid
  
• Directors Can Get Sued
  
• Makeup of the Board
  
• Committees of the Board
  

Chapter Seven - Assembling the Outside Seniorpreneurial Team

Consultants and Advisors
What Consultants Are Really For

• Consultants Can Come from Anywhere
  
• Hire When Ready!
  
• Consultants Are Not Always Necessary
  
• How Much Should You Pay?
  
• Some Advice on Advisers
  

• Compilations, Reviews, Audits
  

  Compilations
  

  Reviews
  

  Audits
  

• Be Prepared
  
• Seniorpreneurial Considerations with Regard to Audit Accountants
  

  Familiarity Is a Must
  

  GAAP Must Be Observed
  

  Time Costs Money
  

• The Difference between Large and Small Legal Firms
  
• Getting Along
  
• Specific Questions to Ask Prospective Attorneys
  
• What Lawyers are Selling, and How They Charge
  
• Other Forms of Payment
  
• Double Check the Cost
  
• The Multiple Counsel Approach
  

Chapter Eight - Planning the Seniorpreneurial Venture

The Primary Purposes of Your Business Plan
Incorporate the Nine Guiding Principles Into Your Plan

• Make It Easy To Read
  
• Be Sure Your Approach Is Market Driven
  
• Qualify the Competition
  
• Present Your Distribution Plan
  
• Exploit Your Company's Uniqueness
  
• Emphasize Management Strength
  
• Present Attractive Projections
  
• Zero In On Possible Funding Sources
  
• Close with a Bang
  

• Cover Sheet
  
• Table of Contents
  
• Executive Summary
  
• History
  
• Product or Service
  
• Market Description and Analysis
  
• Marketing Strategy
  
• Operations Plan
  
• Research and Development
  
• Schedule
  
• Management
  
• Risks and Problems
  
• Use of Proceeds
  
• Finances
  
• Appendix
  

• Choosing the Right Structure: Legal and Tax Advantages
  
• Several Points of Caution
  
• Looking Forward to Limited Liability Companies
  
• Previewing Valuations
  
• Previewing Ratios
  
• Expense Ratios
  
• Profitability Ratios
  
• Utilization Ratios
  
• Liquidity Ratios
  
• Debt Ratios
  
• Coverage Ratios
  

• Seed or Concept
  
• Start-up
  
• First Stage
  
• Second Stage
  
• Third Stage (also Mezzanine)
  
• Harvest Stage
  

Accounts Receivable Financing

Conditional Sales Contracts

Equipment Loans

Lines of Credit

Plant or Property Improvement Loans

Time-Sales Finance

Unsecured Term Loans

• Commercial Banks
  
• Commercial Financing Companies
  
• Factors
  
• Leasing Companies
  
• Savings and Loan Associations
  
• Small Business Administration
  
• Small Business Investment Companies
  

  Minority Enterprise Small Business Investment Companies
  

• Industrial Revenue Bonds
  
• Life Insurance Companies and Pension Funds
  
• Government Sources
  
• Other Grants
  
• Leveraged Buyouts
  
• Credit Enhancement
  
• Trade Credit
  

• What's an Angel Look Like?
  
• How to Find Your Angel
  
• You're First Task is to Locate Them
  
• The Bottom Line Is Networking
  
• The Best Ways to Approach Angels
  
• Preparing the Scene
  

• A Brief History
  
• Venture Capital in General
  
• Traditional Venture Capital
  
• Here Is Some More Insight
  

• Revolutionary
  

  Evolutionary
  

  Substitute
  

• What Corporate Venture Capital Seeks
  
• Why They Need Big Projects
  
• The Negatives of Dealing with Corporate Venture Capital
  
• Watch Out For Management Changes

• Don't Bring Your Attorney Along
  
• Be Realistic About Your Financials
  
• What To Ask a Venture Capitalist
  
• What To Expect from the Meeting
  
• What Will Happen Next?
  
• The Commitment Letter: Its Five Sections
  

They Will Check Everything

How Long Will the Process Take?

The Marriage
The Ongoing Relationship
Traditional Venture Capital Funds
The Preferred Investment Vehicles
The Selling of Securities
Regulation D
There Are Six Basic Rules
Rule 504
Alternate Exemptions
Regulation A Offerings
Small Company Offering Registration (SCOR)
A Final Exemption Note
Seniorpreneurs Use Both

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PART FOUR - OPERATIONS TO EXIT

Chapter Eleven - Making It Happen Seniorpreneurial Style

The Secrets Are Several
Breaking Out the Planning Process
Getting Clear on the Difference between Administrative and Operational Planning
Operational Planning: Making Your Dreams Come True
The Advantages of Formal Operational Planning
It's Demanding Mental Work
The Seven Criteria of a Good Operational Plan
Why People Fail to Plan
Why Plans Fail

• Lack of Realistic Goals
  
• Lack of Commitment
  
• Failure to Anticipate Obstacles
  
• Lack of Benchmarks and Reviews
  
• Failure to Be Flexible

Seniorpreneurs Street Smarts in Action
Management by Objective

• Alternatives
  
• Managing by Hope
  
• Managing by Crisis
  
• Managing by Subjective
  
• Managing by Extrapolation

Expand Carefully from a Profit Mindset
Gain Eyes, Arms, Ears, and Legs
Lead People; Manage Things
Leadership
You Can't Fight Reality
What You Got When You Got What You Didn't Expect
Management Must Manage
Monitor and Respond
Success and Unsuccess
Causes of Failure
The Big Four

• Marketing Variables
  
• Outside Pressures
  
• Inside Pressures
  

  Building Communication Culture
  

  Building Participation Culture
  

  Building Monitoring Culture
  

  Building Responding Culture

Cashflow: It's Your Lifeblood
Inventory: You Have to Control It
Accounts Receivable: Control Them Also
Here Are Some Cashflow Pointers
The Strategy for Now
Three Approaches
Street Smarts in Action

Chapter Twelve - Selling Out or Succession

Pricing and Terms
Pricing

• Net Worth Methods
  
• Asset Methods
  
• Income Methods
  
• Cashflow Methods
  
• Market Methods
  
• Heuristic Methods
  

Methods Descriptions

• Net Worth Methods
  
• Asset Methods
  
• Income Methods
  
• Cashflow Methods
  
• Market Methods
  
• Heuristic Methods
  

Terms

• Cash Downpayments
  
• Installment Payments
  
• Guarantees of Payment
  
• Stock as Payment
  
• Options
  
• Other Considerations
  

Senior Harvest Choices

• Absentee Ownership
  
• Management Buyouts
  
• Here's How Financing Works
  
  There Are Also Some Negatives
  

  Outright Sales
  

  Employee SDtock Option Plans (ESOPs)
  

  Mergers and Acquisitions
  

People Decisions Are Emotional
Product Integration Becomes Critical Transaction Pricing Affects People
Going Public

• What Is "Going Public"?
  
• Advantages
  
• Disadvantages
  
• But It's Worth It
  

So What's a Senior to Do?

Epilogue

---

Golden Entrepreneuring - The Mature Person's Guide to Starting a Successful Business -
Author - James B. Arkebauer -- Publisher - McGraw-Hill
(250 pages $16.95) ISBN 0-07-003025-1

CLICK HERE for order information on the $15.00 electronic download

Our 33rd year of service CONTACT INFORMATION Principal Contact - James B. Arkebauer Venture Associates - Denver CO (303)-758- 8710 Fax-758-8747
Send e-mail to: arkebauer@ventureA.com

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