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VC Secrets: What the Business Plan Books Don't Tell You
VC Secrets: What the Business Plan Books Don't Tell You
By William F.(Bill) McCready, www.VenturePlan.com
Most business plan books and software do a thorough job of
teaching you to describe your business from an entrepreneur's
perspective, focusing on your product or service.
Unfortunately, if you wrote your plan in order to obtain
funding, it's vital to write it from an INVESTOR's point of
view.
HOW INVESTORS READ a BUSINESS PLAN
A potential investor will initially spend only 5 minutes with
your plan. The following areas will be evaluated, each area
taking about 1 minute!
1. Determine the characteristics of (1) the industry and
(2) this particular company.
- What other publicly held similar companies are there?
- Is there a larger company that is extremely successful?
- Is the company in a 'glamour field'? (important to ensure
a good public offering)
2. Determine the terms of the deal.
- How much of the company is being sold for what price?
- What is the form of debt or equity being requested?
- How will the funds be used?
o To retire old debt (bad idea)?
o To undertake new activities that will, in turn,
increase profitability?
3. Review the bottom line with special emphasis on years three
through five.
- Earnings or potential earnings are reviewed to determine
company's valuation.
- Sensitivity analysis, or what if analysis to see how the
business model adjusts to changing prices, expenses and
competition.
4. Determine the caliber of the people in the deal. (The most
important aspect of the business plan!)
- What is the track record of the founders and managers?
- How much balance and experience does the inner management
team possess?
- How long have the members worked together?
- Who are the banker and accountant, and what are their
credentials?
5. The marketing plan is reviewed with careful consideration
to current and future threats.
- Is the product or service in demand now or will it be in the
near future?
- What is the Unique Selling Proposition for the product?
- What other company or companies are already in this space
that could leap frog this business?
- Can the customer be easily identified and marketed to
successfully?
*** =============== SAMPLE BIZ PLANS =============== ***
High Tech and Traditional Business Plans
We find that few entrepreneurs have actually seen the
“real deal”. Find out how you can order a sample
business plan to use as a guide as you prepare your
own. Go to http://www.ventureplan.com/business_plans.html.
*** ================================================ ***
QUESTIONS
ANSWERED BY THE BUSINESS PLAN
1. How much can I make?
2. How much can I lose? (including loan guarantees,
opportunity cost, and non-financial considerations)
3. What is unique, innovative or technologically different?
4. What is the perceived value of your product versus what
your product actually does?
5. Why will everyone need your product or service?
6. What will happen to your customers if they don't buy your
product or service?
7. Who says this is a good investment?
BUSINESS PLAN DO's AND DON'Ts
1. DO keep the business plan as short as possible without
compromising the description of your venture and its
potential. Venture investors are NOT patient readers.
2. DON'T over-diversify your venture. Focus attention on one
or two key products or services.
3. DON'T have unnamed, “mysterious” people on your management
team. A 'Mr. G. who is CFO of XYZ, Corp.' who will join
your company later.
4. DON'T describe technical products or manufacturing
processes with jargon that only an expert can understand.
5. DON'T estimate your sales on the basis of what you can or
would like to produce.
6. DON'T make ambiguous, vague or unsubstantiated statements.
Be precise about market size, rates, etc.
7. DO involve your management team in the preparation of the
business plan.
8. Do disclose any current or potential problems with your
venture.
While a well prepared business plan is never a guarantee that
your business will be funded, it can increase the odds in your
favor.
*** ============= PowerPoint Biz Plans ============= ***
These PowerPoint BUSINESS PLAN templates
have raised MILLIONS!
o Five PowerPoint Business Plan Presentations
o PowerPoint Guide for Your VC Pitch
o BONUS - Sample Executive Summary
Click here and go to the *order* button at the bottom
of the page: http://www.ventureplan.com/powerpoint2.html
NOTE: This is a special offer for readers of this article.
*** ================================================ ***
Please feel free to pass this article, in its entirety,
along to your associates.
Copyright 2002, Venture Planning Associates, Inc.
ciates, Inc.
ABOUT THE AUTHOR
Bill McCready is CEO/Founder of Venture Planning Associates,
Inc., a firm specializing in all areas of entrepreneurial
finance: venture capital, alternative funding strategies,
private placements, financial modeling, deal structuring,
entrepreneur coaching, business plan evaluation, mergers
and acquisitions, and turnarounds. The VPA website,
http://www.VenturePlan.com, provides online
resources to entrepreneurs in 105 countries.
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