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Term Sheets & Valuations - A Line by Line Look at the Intricacies of Venture Capital Term Sheets & Valuations (Bigwig Briefs)
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List Price:
$14.95
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$13.45
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Manufacturer: Aspatore Books
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Average Customer Rating:  
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Binding: Paperback
Dewey Decimal Number: 657
EAN: 9781587620683
ISBN: 1587620685
Label: Aspatore Books
Manufacturer: Aspatore Books
Number Of Items: 1
Number Of Pages: 106
Publication Date: 2006-01-01
Publisher: Aspatore Books
Studio: Aspatore Books
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Editorial Reviews:
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Term Sheets & Valuations is the first ever in-depth look at the nuts and buts of terms sheets and valuations. The book, written by leading venture capitalist Alexander Wilmerding of Boston Capital Ventures, covers topics such What is a Term Sheet, How to Examine a Term Sheet, A Section-by-Section View of a Term Sheet, Valuations, What Every Entrepreneur & Executive Needs to Know About Term Sheets, Valuation Parameters, and East Coast Versus West Coast Rules. In addition, the book includes an actual term sheet from a leading law firm with line by line descriptions of each clause, what can/should be negotiated, and the important points to pay attention to. A must have book for any executive, entrepreneur, or financial professional. Praise for Term Sheets & Valuations: "This primer should be required reading for every entrepreneur. It is short, authoritative and worth its weight in gold." - Murray Low, Executive Director, Columbia Business School, Eugene M. Lang Center for Entrepreneurship "An invaluable resource for executives and financial professionals." - Graham D.S. Anderson, General Partner, EuclidSR Partners "A valuable resource for entrepreneurs..." - Jeffrey Donohue, Esq.
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Spotlight customer reviews:
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Customer Rating: 
Summary: A Big Disappointment
Comment: This book addresses a critical need in the market: a practical, clause-by-clause guide to term sheets and valuations for venture capital and other private equity investments. As a former securities lawyer and investment banker, now the Chairman of a private energy company, I had great hopes for this book. Unfortunately, the author fails to deliver. The book is poorly written and superficial. While it is possible to get some basic information from the book, it is little more than a sample term sheet coupled with superficial commentary. Moreover, as with all books published by Aspatore, it is horribly edited. I think these guys just take the author's copy from a Word file and send it to the printers without actually reading it. All in all, a major disappointment.
Customer Rating:
Summary: Ok, but could have been much better
Comment: First off, I agree with the other reviewer who said that the author and publisher could have made this book much more useful by adding the 3 term sheets to the book (Investor Favorable, Middle of Road, Company Favorable), instead of jumbling all the information in one term sheet and dispersing it within the body of the text.
Furthermore, this book is very poorly edited - the content is good, but it reads like a second draft rather than a completed product.
A few paragraphs repeat themselves practically word for word within the space of a few pages (bothersome, considering this is a 100 page book), and the author sometimes glosses over valuation numbers, ownership percentages and the like in his explanation of redemption rights, dilution terms and subsequent rounds of investment.
It is not tightly written at all, and it prompted me to email the author for clarification - unfortunately, the email address given in the book is out of date. It is still useful to read, but the imprecise use of numbers in his explanations really kills the value of this book.
Customer Rating:
Summary: This is a god start.
Comment: The fundamental information is here, but if you want to understand how to negotiate terms on specific projects this doesn't help much. This book is worth the money, but it isn't the answer to all your questions.
Customer Rating:
Summary: Short, concise & useful
Comment: This short text is concise, easily read and a most useful tool. If you need to understand term sheets, the short time it will take to read and digest this volume will be well invested.
Term Sheets & Valuations is also an excellent source of reference. It gives an accurate and authoritative view of the subject to hand.
Customer Rating:
Summary: Good Content, Bad Format
Comment: Term Sheets and Valuations analyzes the finer details of VC term sheets within a framework of what are "investor favorable", "middle-of-the-road", or "company favorable" elements. While this format is helpful, the excerpts are sometimes a bit hard to follow. Not being an attorney, I found this a somewhat arduous read, especially for such a short book.
A better format would have been to include three separate term sheets properly marked up to highlight key differences. This would have required four documents: the book and three separate term sheets. Despite the increased printing costs, it would have been well worth it.
Another problem with the book is the lack of valuation information. Given the title, I would have expected extensive valuation examples. There really aren't any, sadly. This appears to have been done for extreme brevity.
The author does deserve credit for distilling a subject into a rather brief text. Given the limited population that would truly be interested in the nuances of term sheets, his attempt at this book was rather admirable.
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