by Alex Wilmerding, Aspatore Books Staff, Aspatore.com
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Product Description
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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Average Customer Review:
0 of 0 people found the following review helpful:
 Good read and valuable resource, 2009-09-11
Recommend reading this if you're doing a deal and want to get up-to-speed on terms sheets and valuation. by Kenneth H. Marks, lead author of the The Handbook of Financing Growth: Strategies, Capital Structure, and M&A Transactions (Wiley Finance)
1 of 1 people found the following review helpful:
Indispensible for entrepreneurs, 2009-03-04
Entrepreneurs encountering the language of venture capital terms sheets for the first time face a daunting array of terms and concepts which aren't a part of standard business contracts. If pari parsu, play to play, and liquidation preferences aren't part of your lexicon, this is the book for you.
Although not a long book, it is invaluable. It takes you through each key part of a term sheet, and then illustrates it with real world examples on each topic that are either investor friendly, neutral, or entrepreneur friendly. The author lays each point out with great clarity.
This is followed by a section on valuations (the weakest part of the book), and then a strong close on key things every entrepreneur should keep in mind.
This book belongs on every entrepreneur's shelf. I reach for it every time I look at any kind of financing.
0 of 0 people found the following review helpful:
Great book , 2009-03-01
To learn about term sheets and valuations, this is probably the best book out there. I have been working with a lot of VCs preparing for an upcoming competition and this is the book they all recommend. It lays out a good deal of terms and explains them in a investor favorable, neutral and company favorable terms it is great and so helpful. I would more than recommend it to anyone.
1 of 2 people found the following review helpful:
 A Big Disappointment, 2008-12-10
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.
1 of 1 people found the following review helpful:
 Ok, but could have been much better, 2008-04-15
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.
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