- Series: Bigwig Briefs
- Paperback: 106 pages
- Publisher: Aspatore Books; Fourth Printing edition (January 1, 2006)
- Language: English
- ISBN-10: 1587620685
- ISBN-13: 978-1587620683
- Product Dimensions: 8.6 x 5.6 x 0.4 inches
- Shipping Weight: 4.2 ounces (View shipping rates and policies)
- Average Customer Review: 47 customer reviews
- Amazon Best Sellers Rank: #43,493 in Books (See Top 100 in Books)
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Term Sheets & Valuations - A Line by Line Look at the Intricacies of Term Sheets & Valuations (Bigwig Briefs) Fourth Printing Edition
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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.
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all, and it prompted me to email the author for clarification - unfortunately, the email address given in the book is out of date.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.
Get this book if you are an entrepreneur or a VC trying to get the best deal for yourself.
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.
This book is a step by step cookbook for navigating the first critical steps in each round of financing a new company will do. Ignore his advice at your own financial peril.