Angel Investing: Start to Finish is the most comprehensive practical and legal guide written to help investors and entrepreneurs avoid making expensive mistakes.
Angel investing can be fun, financially rewarding, and socially impactful. But it can also be a costly endeavor in terms of money, time, and missed opportunities. Through the successes, failures, and collective experience of the authors you’ll learn how to navigate the angel investment process to maximize your chances of success and manage downside risks as an investor or entrepreneur.
You’ll learn how:
- Lead investors evaluate deals
- Lawyers think through term sheets
- To keep perspective through losses and triumphs
This book will also be of use to founders raising an angel round, who will be wise to learn how decisions are made on the other side of the table. No matter where you’re starting from, this book will give you the context to become a savvier thinker, a better negotiator, and a positive member of the angel investing and startup communities.
Innehållsförteckning
Part I: Angel Investing Overview
What Angels Do
Startup Fundraising and the Road to Liquidity
The Process of an Angel Investment
Fundraising and Securities Law
Part II: Finding and Evaluating Deals
Finding Opportunities
Evaluating Opportunities
Business Due Diligence for Angel Investments
Legal Due Diligence for Angel Investments
Retaining a Lawyer
Part III: Financings and Term Sheets
Term Sheets and Definitive Documents
Convertible Debt
Preferred Stock
Other Investment Vehicles
General Investment Terms
Part IV: Valuation, Ownership, and Dilution
The Interplay of Valuation, Ownership, and Dilution
Company Setup and Initial Ownership
Dilution From Selling Priced Shares to Investors
Dilution and Conversion
Dilution From the Departure of a Founder
Part V: Corporate Structure and Tax Issues
What Angels Need to Know About Business Entities and Taxes
Tax Credits and Losses
Part VI: Staying Engaged
Boards and Advisory Roles
What To Do When One of Your Startups Is Struggling
Common Wisdoms and Painful Lessons
Final Thoughts
Appendices
Appendix A: Example Documents
Example Convertible Note Term Sheet
Example Series A Preferred Term Sheet
Example Common Stock Term Sheet
Example Revenue Loan Term Sheet
Example Mutual Confidentiality Agreement
Example Investor Side Letter Agreement
Example Observer Agreement
Full Ratchet Side Letter Agreement
Example Minutes of a Meeting of a Board of Directors
0 Annotated Convertible Note
Appendix B: C Corps, LLCs, and S Corps
Choice of Entity
C Corps vs. S Corps
C Corps vs. LLCs Taxed as Partnerships
S Corps vs. LLCs Taxed as Partnerships
Glossary
Om författaren
Pete Baltaxe has played many roles in the startup ecosystem. As a serial entrepreneur, he raised over $25M in seed financing and venture capital, and had two successful exits, an acquisition for 2Market and an IPO for Red Envelope. He has advised startups on fundraising and product strategy, both individually and as part of accelerators like Techstars. Pete has also been an angel investor for ten years. As an executive in many startups over his 25-year career, Pete has seen first-hand how startups succeed and fail. He has felt the angst of the shortening cash runway and the thrill of the successful exit!Fler e-böcker från samma författare (r) / Redaktör
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