30+mba-第16部分

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any　loss　incurred　by　those　buying　the　shares。　
Term　sheet　
A　term　sheet　is　a　funding　offer　from　a　capital　provider。　It　lays　out　the　amount　
of　an　investment　and　the　conditions　under　which　the　new　investors　expect　
the　business　owners　to　work　using　their　money。　
The　first　page　of　the　term　sheet　states　the　amount　offered　and　the　form　
of　the　funds　（a　bond；　mon　stock；　preferred　stock；　a　promissory　note　
or　a　bination　of　these）。　A　price；　either　per　￡1；000　unit　of　debt　or　per　
share　of　stock；　is　quoted　to　set　the　cost　basis　for　investors　‘ge。。ing　in’　on　
your　pany。　Later　that　starting　price　will　be　very　important　in　deciding　
capital　gains　and　any　taxes　due　at　acquisition；　IPO　（initial　public　offering）　
or　shares/units　transferred。　
Another　key　ponent　of　the　term　sheet　is　the　‘post…closing　capitalization’。　
That　is　the　proposed　cash　value　of　the　venture　on　the　day　the　terms　
are　accepted。　For　example；　investors　may　offer　￡500；000　in　Series　A　preferred　
stock　at　50　pence　per　share　（1　million　shares）　with　a　post…closing　cap　
of　￡2　million。　This　translates　into　a　25　per　cent　ownership　stake　in　the　firm　
（￡500；000　divided　by　￡2　million）。　
The　next　section　of　the　term　sheet　is　typically　a　table　that　summarizes　the　
capital　structure　of　your　pany。　Investors　generally　start　with　preferred　
stock　in　order　to　gain　a　priority　of　distribution；　should　the　enterprise　fail　
and　the　liquidation　of　assets　occur。　The　typical　way　to　handle　this　is　to　have　
the　preferred　stock　be　convertible　into　mon　stock　on　a　1　：　1　ratio　at　the　
investors’　option；　such　that　the　preferred　position　is　essentially　a　mon　
stock　position；　but　with　priority　of　repayment　over　the　founders’　own　
mon…stock　position。　
Other　terms　included　on　the　sheet　could　cover　rents；　equipment；　levels　
of　debt　vs　equity；　minimum　and　maximum　time　periods　associated　with　
Finance　65　
the　transfer　of　shares；　vesting　in　additional　shares；　and　option　periods　for　
making　subsequent　investments　and　having　‘right　of　first　refusal’　when　
other　rounds　of　funding　are　sought　in　the　future。　
Public　capital　
Stock　markets　are　the　place　where　serious　businesses　raise　serious　money。　
It’s　possible　to　raise　anything　from　a　few　million　to　tens　of　billions；　expect　
the　costs　and　efforts　in　ge。。ing　listed　to　match　those　stellar　figures。　The　
basic　idea　is　that　owners　sell　shares　in　their　businesses　that　in　effect　bring　
in　a　whole　ra。。　of　new　‘owners’　who　in　turn　have　a　stake　in　the　businesses’　
future　profits。　When　they　want　out；　they　sell　their　shares　on　to　other　
investors。　The　share　price　moves　up　and　down　to　ensure　that　there　are　as　
many　buyers　as　sellers　at　any　one　time。　
Going　public　also　puts　a　stamp　of　respectability　on　you　and　your　pany。　
It　will　enhance　the　status　and　credibility　of　your　business；　and　it　will　
enable　you　to　borrow　more　against　the　‘security’　provided　by　your　new　
shareholders；　should　you　so　wish。　Your　shares　will　also　provide　an　a。。ractive　
way　to　retain　and　motivate　key　staff。　If　they　are　given；　or　rather　are　allowed　
to　earn；　share　options　at　discounted　prices；　they　too　can　participate　in　the　
capital　gains　you　are　making。　With　a　public　share　listing　you　can　now　join　
in　the　takeover　and　asset…stripping　game。　When　your　share　price　is　high　
and　things　are　going　well　you　can　look　out　for　weaker　firms　to　gobble　up　
–　and　all　you　have　to　do　is　to　offer　them　more　of　your　shares　in　return　for　
theirs。　You　do　not　even　have　to　find　real　money。　But　of　course　this　is　a　twosided　
game　and　you　also　may　now　bee　the　target　of　a　hostile　bid。　
You　may　find　that　being　in　the　public　eye　not　only　cramps　your　style　but　
fills　up　your　engagement　diary　too。　Most　CEOs　of　public　panies　find　
that　they　have　to　spend　up　to　a　quarter　of　their　time　‘in　the　City’　explaining　
their　strategies；　in　the　months　preceding　and　the　first　years　following　their　
going　public。　It　is　not　unusual　for　so　much　management　time　to　have　been　
devoted　to　answering　accountants’　and　stockbrokers’　questions　that　there　is　
not　enough　time　to　run　the　day…to…day　business；　and　profits　drop　as　a　direct　
consequence。　
The　City　also　creates　its　own　‘pressure’　both　to　seduce　panies　onto　
the　market　and　then　by　expecting　them　to　perform　beyond　any　reasonable　
expectation。　There　have　been　a　number　of　high…profile　examples　of　panies　
that　have　floated　their　shares　on　a　stock　market　then　changed　their　
minds　and　withdrawn；　buying　out　all　outside　shareholders。　The　rationale　
for　taking　a　pany　private　is　that　the　buyer　feels　that　they　can　run　the　
pany　be。。er　without　the　need　to　justify　their　decisions　to　other　shareholders；　
or　the　plex　and　burdensome　regulations　that　public　panies　
must　ply　with。
66　The　Thirty…Day　MBA　
The　Saga　saga　
The　name　that　is　synonymous　with　providing　holidays　exclusively　for　
the　over…50s　is　undoubtedly　Saga’s。　The　business；　started　in　1951　with　the　
daunting　name　of　‘Old　People’s　Travel　Bureau’；　was　an　experiment　by　
Folkestone　hotelier　Sidney　De　Haan。　He　believed　that　older　holidaymakers　
would　appreciate　a　quieter　off…season　break　by　the　sea；　charging　just　￡6。10s；　
including　travel；　full　board　and　three　excursions。　Over　the　next　decade　the　
pany　chartered　trains；　planes　and　finally　bought　its　own　charter　boat；　
the　Saga　Rose。　Along　the　way　it　launched　a　magazine；　insurance　business　
and　a　clutch　of　FM　radio　stations。　Over　a　third　of　the　UK’s　over…50s　are　on　
Saga’s　database；　which　holds　7　million　individuals　of　whom　over　2　million　
actively　buy　from　Saga　each　year。　By　January　2007　the　pany　was　making　
￡158。2m　in　profits　and　employing　3；800　people　worldwide。　
The　pany’s　financing　history　has　been　something　of　a　rollercoaster。　
Initially　financed　using　family　money　and　bank　debt；　the　firm　was　floated　
on　the　stock　market　in　1978。　Saga　was　not　a　hit　with　investors　though；　
partly　because　of　the　weakening　UK　holiday　market。　The　De　Haan　family　
took　the　group　private　in　1990；　buying　out　all　the　other　investors。　By　2004　
the　pany　was　preparing　to　go　back　onto　the　stock　market　when　the　
private　equity　firm；　Charterhouse　Capital　Partners；　paid　￡1。35　billion　to　
take　control　of　the　group　and　they　pulled　their　IPO　at　the　last　minute。　The　
acquisition　was　by　way　of　a　buyout；　with　Charterhouse　taking　an　80　per　
cent　stake　and　the　management　the　remainder。　Charterhouse　funded　the　
acquisition　of　Saga　with　￡500　million　of　equity。　The　remainder　was　funded　
with　debt；　which　it　has　since　refinanced。　
In　January　2007；　just　three　years　later；　the　pany；　then　thought　to　be　
worth　between　￡2。5　billion　and　￡3　billion；　was　again　exploring　its　financing　
strategy。　A　sale　or　flotation　could　value　the　20　per　cent　stake　held　by　
staff　and　senior　management　at　￡500　million；　with　the　8　per　cent　stake　of　
Andrew　Goodsell；　Saga’s　chief　executive；　worth　about　￡200　million。　Mr　
Goodsell　stated；　‘We’ve　smashed　through　all　of　our　plans；　repaid　large　
amounts　of　debt　and　＇Charterhouse＇　has　achieved　what　it　wanted　to　
achieve。’　Once　again　stock…market　flotation　was　on　the　cards；　but　a　very　
different　opportunity　emerged。　In　June　2007　Permira　and　CVC；　the　two　
private　equity　firms　that　owned　the　bulk　of　the　AA；　approached　Saga’s　
majority　owner；　Charterhouse；　to　ask　it　to　consider　a　merger。　The　result　was　
a　￡6。15bn　surprise　move　that　created　one　of　the　country’s　largest　privateequity…
backed　panies。　
Initial　public　offer　（IPO）　–　criteria　for　getting　a　stock　market　listing　
The　rules　vary　from　market　to　market　but　these　are　the　conditions　that　are　
likely　to　apply　to　get　a　pany　listed　on　an　exchange：
Finance　67　
1。　Ge。。ing　listed　on　a　major　stock　exchange　calls　for　a　track　record　of　making　
substantial　profits　with　decent　seven…figure　sums　being　made　in　the　
year　you　plan　to　float；　as　this　process　is　known。　A　listing　also　calls　for　a　
large　proportion；　usually　at　least　25　per　cent；　of　the　pany’s　shares　to　
be　put　up　for　sale　at　the　outset。　In　addition；　you　would　be　expected　to　
have　100　shareholders　now　and　be　able　to　demonstrate　that　100　more　
will　e　on　board　as　a　result　of　the　listing。　
2。　As　you　draw　up　your　flotation　plan　and　timetable　you　should　have　the　
following　ma。。ers　in　mind：　
–　Advisers：　You　will　need　to　be　supported　by　a　team　which　will　include　a　
sponsor；　stockbroker；　reporting　accountant　and　solicitor。　These　should　
be　respected　firms；　active　in　flotation　work　and　familiar　with　the　
pany’s　type　of　business。　You　and　your　pany　may　be　judged　by　
the　pany　you　keep；　so　choose　advisers　of　good　repute　and　make　
sure　that　the　personalities　work　effectively　together。　It　is　very　unlikely　
that　a　small　local　firm　of　accountants；　however　satisfactory；　will　be　up　
to　this　task。　
–　Sponsor：　You　will　need　to　appoint　a　financial　institution；　usually　a　
merchant　banker；　to　fill　this　important　role。　If　you　do　not　already　have　
a　merchant　bank　in　mind；　your　accountant　will　offer　guidance。　The　job　
of　the　sponsor　is　to　coordinate　and　drive　the　project　forward。　
–　Timetable：　It　is　essential　to　have　a　timetable　for　the　final　months　during　
the　run…up　to　a　float　–　and　to　adhere　to　it。　The　pany’s　directors　
and　senior　staff　will　be　fully　occupied　in　providing　information　and　
a。。ending　meetings。　They　will　have　to　delegate　and　there　must　be　
sufficient　backup　support　to　ensure　that　the　business　does　not　suffer。　
–　Management　team：　A　potential　investor　will　want　to　be　satisfied　
that　your　pany　is　well　managed；　at　board　level　and　below。　It　is　
important　to　ensure　succession；　perhaps　by　offering　key　directors　and　
managers　service　agreements　and　share　options。　It　is　wise　to　draw　on　
the　experience　of　well…qualified　non…executive　directors。　
–　Accounts：　The　objective　is　to　have　a　profit　record　which　is　rising　but；　
in　achieving　this；　you　will　need　to　take　into　account　directors’　remuneration；　
pension　contributions　and　the　elimination　of　any　expenditure　
which　might　be　acceptable　in　a　privately　owned　pany　but　would　
not　be　acceptable　in　a　public　pany；　namely　excessive　perks　such　as　
yachts；　luxury　cars；　lavish　expense　accounts　and　holiday　homes。　
Accounts　must　be　consolidated　and　audited　to　appropriate　accounting　
standards　and　the　audit　reports　must　not　contain　any　maj