
The Mature Person’s Guide to Starting a Successful Business
Author - James B. Arkebauer -- Publisher - McGraw-Hill - 253 pages - $16.95
Send e-mail to: arkebauer@ventureA.com
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(This section is approximately 12 pages)
DETAILED TABLE OF CONTENTS
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
CHAPTER ONE - Complex Problems and Great Opportunities
Changes and Trends
- 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
Coming Full Circle
Do You have What It Takes to be an Entrepreneur?
The Challenges Ahead
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
Success Qualities
- Hard Work
- Enthusiasm
- Creativity
- Flexibility
- Empathy
- Knowledge
Differentiating Factors
Entrepreneur - Seniorpreneur
An Age-old Debate
Risk is Back
There are Four Generations of Risk-Takers
Seniorpreneurs Build a Mixed Team
Passion
Successful Senior Entrepreneurs
It Takes All Kinds
Senior Assets
- Commitment
- Confidence
- Freedom
- Insider's Knowledge
- Objectivity
- Reputation
- Resiliency
Resourcefulness Seniors Are Better Qualified for Entrepreneurship
Why Seniors are Taking to Entrepreneuring
CHAPTER THREE - The Problems (As They Are Perceived)-and Advanatages in Senior Entrepreneuring
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
The Generation Gap
- Generation X Is Upon Us
- How They're Perceived
- The Value They Contribute
- How To Relate
Adopting to Technology
Advantages of Age
- Prudence
- Delayed Gratification
- Patience and persistence
- Money Smarts
- Contacts
- Customer service
- Success wisdom
- Work ethic
Conclusions
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 Questions Checklist
- Basic Feasibility
- Competitive Advantages
- Buyer Decisions
- Marketing
- People
- Control
- Finance
- Benefits From This Checklist
Taking Aim at the Future
Reviewing the Opportunity
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
Buying A Business
- Four Golden Rules for Buying a Business
- Six Advantages of Buying
- Where to Find A Business to Buy
Where to Start the Search
How to Find Out Information on an Industry
How to Get a Deal Flow Going
- Start with Classified Ads
- Expand with Professionals
Where Else to Go
- Sales People
- Bankers
- SBA
- Cold Calls
- Other Government Sources
- Business Incubators
- Business Brokers
- Venture Capital Groups
Some Deal Flow Closing Thoughts
Due Diligence
- Due Diligence Checklist
- Marketing Checklist
Valuations - The Discussion Goes On
- 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
Fashioning the Art
Negotiation
- Negotiation Is an Art
- Qualify Yourself Quickly
- Don't Discuss Price or Terms
- Getting into the Nitty-Gritty
- Getting the Deal Done
Franchising
- New Franchise "Watch-Points"
- Some Basics
- Ideal Characteristics of a Franchise
Seniorpreneurs Love Their Job
CHAPTER SIX - Building The Inside Seniorpreneurial Team
One or More Seniorpreneurs?
Staff
Hire the Well-Qualified
Seniorpreneurial Management Types
Getting Intimate with the Management Team Requirements
- Administrative and General Management
- Operations Management
- Financial Management
- Marketing Management
- Engineering and R and D Management
- Personal Management
- Legal Management
Five Basic Management Functions
Seniorpreneurial Hiring
The Search Process
- 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
Seniorpreneurial Interviewing Techniques
- Your Attitude
- Meeting the Candidate
- Give the Facts
- Asking Questions
- What You Want to Learn
- Interview Guide
Your Board of Directors
- 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
The Board of Advisors
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
Accountants
- 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
Attorneys
- 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
Conclusion
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
The Next Step: Obtain Critical Reviews
Outline For a Business Plan
- 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
Your Plan Is a Lot of Work
The Seniorpreneurial Difference
Grooming a Management Team
Purchase "Key Man" Insurance
Consider the Effects of Change
Seniorpreneurial Structuring and Valuations
- 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
Investor Equity Valuation
A Valuation Example
Creating a Special Executive Summary
Making the Transition from Business Plan to Operating Plan
Seniorpreneurial Plans Take Your Best Effort
Chapter Nine - Securing Seniorpreneurial Debt Financing
There Are Several Types of Financing
Your Two Basic Choices for Financing: Debt and Equity
Advantages of Self-Funding
External Funding is More Complicated
Seniorpreneurs Use Combinations
So Debt or Equity?
Understanding the Stages of Seniorpreneurial Development
- Seed or Concept
- Start-up
- First Stage
- Second Stage
- Third Stage (also Mezzanine)
- Harvest Stage
Identifying Debt Financing: Forms and Sources
Understanding the Forms of Debt Financing
- Accounts Receivable Financing
- Conditional Sales Contracts
- Equipment Loans
- Lines of Credit
- Plant or Property Improvement Loans
- Time-Sales Finance
- Unsecured Term Loans
You May Have to Sweeten the Deal
Subordinated Debt: An Alternative
Understanding the Sources of Debt Financing
- 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
Chapter Ten - Securing Seniorpreneurial Equity Financing
Seed Stage Financing
You're Looking for Angels
- 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
Understanding Traditional Professional Venture Capital
- A Brief History
- Venture Capital in General
- Traditional Venture Capital
- Here Is Some More Insight
There are Three Categories to Consider
- Revolutionary
- Evolutionary
- Substitute
Corporate Venture Capital
- What Corporate Venture Capital Seeks
- Why They Need Big Projects
- The Negatives of Dealing with Corporate Venture Capital
- Watch Out For Management Changes
How to Find a Venture Capital Firm
How to Qualify a Venture Capitalist
How to Get in the Door
How to Present to Venture Capitalists
- 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
Due Diligence: A Complete Checkup
- 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
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
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Principal Contact - James B. Arkebauer
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