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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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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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Product Details

Author:	Alex Wilmerding
Paperback:	106 pages
Publisher:	Aspatore Books
Publication Date:	January 01, 2006
ISBN:	1587620685
Package Length:	8.3 inches
Package Width:	5.4 inches
Package Height:	0.5 inches
Package Weight:	0.3 pounds
Average Customer Rating:	based on 23 reviews

Customer Reviews

Average Customer Review: 4.5

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Ok, but could have been much better Apr 15, 2008
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.

0 of 1 found the following review helpful:

This is a god start. Dec 23, 2007
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.

Short, concise & useful Aug 20, 2007
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.

11 of 11 found the following review helpful:

Good Content, Bad Format Mar 06, 2007
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.

Just what I needed Jun 28, 2006
This book is a quick read and addressed the outages in my understanding of how to value companies and structure rounds of funding.