Knowledge Peers

Vast amounts of time and money are wasted by companies when they have to chase other companies to get paid. Gerry Hill looks at the issue in more detail, and explains how Direct Debit can assist tackling this "Payments Game". He tackles these questions: -Why is getting paid to agreed terms such a major problem in the UK, and how big is the problem? -In advance of issuing an invoice, what instruments/methods can you put in place to ensure you get paid? -How does “direct debit” help you get paid? ...

Lucci Dammone is a partner at Hammonds, and an expert in commercial matters and dispute resolution. Lucci provides an overview of the impact on customers when credit insurance is withdrawn, covering:

• What it means for the customer and their commercial relationship with the supplier
• What options they have, including legal options, to protect their business

Lucci Dammone is a partner at Hammonds, and an expert in commercial matters and dispute resolution. Lucci provides an overview of the impact on suppliers when credit insurance is withdrawn, covering:

• What it means for the supplier and their commercial relationship with the customer
• What options they have, including legal options, to protect their business

Lucci Dammone is a partner at Hammonds, and an expert in commercial matters and dispute resolution. Lucci provides an overview of what credit insurance is, including:

• Types of companies and transactions where cover is applicable
• Economic basis for paying for cover
• Whether cover can be withdrawn and why

Paul Russell a divisional director in commercial risks at Priest & Company, a Lloyds Broker based in the city of London.

In this interview Paul discusses:

• What D & O insurance is
• What D & O insurance covers
• How much it costs
• The dangers of not taking out D & O insurance

Paul Russell a divisional director in commercial risks at Priest & Company, a Lloyds Broker based in the city of London.

In this interview Paul discusses:

• How the insurance market works
• How to find the best deals

Paul Russell is a divisional director in commercial risks at Priest & Company, a Lloyds Broker based in the city of London.

In this interview Paul discusses:

• The current availability of credit insurance as at April 2009
• How the market has been affected by the downturn
• How a company can go about getting credit insurance after being refused

Paul Russell a divisional director in commercial risks at Priest & Company, a Lloyds Broker based in the city of London.

In this interview Paul discusses:

• What credit insurance is
• What companies pay for it and what it covers
• How much it costs

Martin Kennard has many years of experience in asset leasing and now runs Innervision, a company specializing in managing lease portfolios for larger corporate clients. In this interview he gives general advice to companies considering lease finance for an asset including:

• Making sure you get the correct type of lease
• Understanding the commercial terms of a lease
• Separating the purchase decision from the financing decision
• Pitfalls to avoid

Martin Kennard has many years of experience in asset leasing and now runs Innervision, a company specializing in managing lease portfolios for larger corporate clients. In this interview he discusses obtaining lease finance in the current environment including:

• The current state of the asset lease market
• Where to get lease financing today

Martin Kennard has many years of experience in asset leasing and now runs Innervision, a company specializing in managing lease portfolios for larger corporate clients. In this interview he discusses optimizing an existing asset lease portfolio including:

• How can a company make cost savings on a lease portfolio?
• Getting the commercial terms of the lease right from the start
• Typical problems that corporates encounter in asset leasing

Nick McChesney is a Partner at PricewaterhouseCoopers and an expert on indirect taxes. Here he discusses:

• The nature of the back-claim deadline of 31 March 2009
• Claiming back overpaid VAT from periods before 1997
• Examples of overpayments (eg in relation to unclaimed VAT on capital transactions, such as acquisition and IPO)
• General guidance on the ability to back- claim after 31 March 2009
• The basis on which HMRC can challenge past VAT claims

Victoria Leigh is a lawyer who specialises in commercial matters and dispute resolution. Here Victoria looks at how to deal with customers who won’t pay your bills, covering:

• The general steps you should take to manage the debt position of your business
• How to maximise your negotiating position with a non payer
• The options if you have to “go legal”, and associated costs
• Other aspects you should consider before taking action

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An investor's view Investing via ...

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Introduction How mysupermarket.co...

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Introduction How mysupermarket.co...

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Introduction How mysupermarket.co...

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Introduction Accretion Capital

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Introduction Accretion Capital

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Introduction Accretion Capital

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Introduction Accretion Capital

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Introduction Accretion Capital

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Introduction How does Go4Venture work...

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Introduction Growing PrivatSea

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Tax credits Misconceptions <...

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Tax credits Misconceptions <...

Mark Hoban was appointed Financial Secretary to the Treasury after the General Election in 2010, having been the Shadow Financial Secretary since December 2005. Mark spoke to us about what the Government is doing to help small and medium sized companies, who he sees as the drivers of the economic recovery.

Here Mark introduces himself and explains that the Government's priority has to be to identify the barriers to business expansion and people starting up businesses. Small and medium siz...

Mark Hoban was appointed Financial Secretary to the Treasury after the General Election in 2010, having been the Shadow Financial Secretary since December 2005. Mark spoke to us about what the Government is doing to help small and medium sized companies, who he sees as the drivers of the economic recovery.

Bank and capital finance are extremely important for growing businesses. Business angels are one source of this investment, and the Business Growth Fund launched by Britain's biggest ba...

Mark Hoban was appointed Financial Secretary to the Treasury after the General Election in 2010, having been the Shadow Financial Secretary since December 2005. Mark spoke to us about what the Government is doing to help small and medium sized companies, who he sees as the drivers of the economic recovery.

Scrapping NI for new start-ups, and making changes to NI to make it easier to recruit low and medium pay members of staff. Reducing capital gains under £5 million for entrepreneurs prov...

Mark Hoban was appointed Financial Secretary to the Treasury after the General Election in 2010, having been the Shadow Financial Secretary since December 2005. Mark spoke to us about what the Government is doing to help small and medium sized companies, who he sees as the drivers of the economic recovery.

The key to help businesses is to keep the prices price of borrowing low and ensure that capital is available. The Government is working to create the right climate for this by tackling ...

Mark Hoban was appointed Financial Secretary to the Treasury after the General Election in 2010, having been the Shadow Financial Secretary since December 2005. Mark spoke to us about what the Government is doing to help small and medium sized companies, who he sees as the drivers of the economic recovery.

The private sector is expected to lead the economic recovery, especially in the wake of public sector spending reductions. Mark accepts that the recovery is likely to be choppy, but the...

Richard Anson is the Co-founder of independent and impartial review website Reevoo. Prior to starting Reevoo he was a senior strategy consultant at KPMG covering the technology space.

In this interview Richard discusses raising finance, this includes:

• how he financed Reevoo in its early stages
• finding angel investors that had the right fit with the business
• moving on to second round funding
• managing investor relationships.

David Mansfield, a Director at Ingenious Media and serial non executive director, talks about the current investment climate within the media world.

In this interview David covers:

• what Ingenious Media does
• what Ingenious Media is currently looking for in its investments
• the continued involvement that Ingenious Media has with its investments
• the most common issues that it finds with its investments
• the opportunities that the current business climate could brin...

Coming soon. Many privately backed businesses have achieved significant commercial success. But at some point, management and investors will need to address the question: "What Next?". That might include raising further growth capital, selling the business, or buying out external investors. This Guide evaluates all of the options.

Coming soon. “Outsourcing” simply means using an external company to deliver a service to your business rather than doing it yourself. It can be a good option for organisations that want to concentrate resources on their primary business purpose, without being distracted by other issues. But when it comes to choosing what and how much to outsource, there are lots of options available, each with unique implications for cost, people and service levels. This Guide looks at the practical issu...

Coming soon. Most entrepreneurs, indeed, most business owners, will want to capitalise on their investment at some stage. One route is via a trade sale, but what makes a company saleable in the first place? Based on a range of case studies, this Knowledge Peers Guide provides some of the answers.

Coming soon. Once you have raised funds from other private individuals, how can you make sure that the relationship keeps on working? Smaller growth companies have lots of ups and even more downs, which can put a lot of pressure on the relationship between entrepreneurs and their backers. This Guide identifies how to get the best out of the relationship whatever the underlying performance of the business, focusing on angel-backed businesses.

Coming soon. The main source of capital for smaller growth companies is friends, families and wealthy individuals, collectively known as 'Angel' investors. But there are thousands of early stage companies competing for such funds, leading to a success rate of below 5%. If you are looking for £100,000 to £1,000,000 of equity backing, how do you go about ensuring you have a decent chance of securing funding? This Knowledge Peers Guide provides insight into the process of securing angel fund...

The credit crunch has had a dramatic impact on the supply of funding for larger, growing companies. Is it feasible to find equity backing in this environment, and how should you go about doing it? Is the funding there, and at what price? What are private equity investors looking for and what do they expect in return for their investment?

Based on the recent experience of those involved in the private equity market, including companies seeking funds, this Talking Guide helps executives...

Private Equity investors look for high returns on their investments, as they accept that they'll have a few failures along the way. This means they expect the business to be driven hard, something that can put considerable strain on the relationship between investors and management. When the investment has been made in the "good times", that relationship is really put to the test when the going gets tough. This Guide, based on a number of case studies, provides guidance on how to make a real...

Jill Franklin, the Managing Director of Franklin Rae PR, talks about PR client engagement models and how PR results can be measured.

In this interview Jill covers:

• the pros and cons of the retainer model, one-off model and results based models
• how the current economic climate is changing some clients’ approach to PR
• how PR can be measured on a quantitative and/or qualitative basis.

Anne Beitel is the managing director at Executives Online. She has more than 10 years experience marketing in high-growth environments. She played a crucial role in the company’s recent management buy out.

In this interview Anne covers:

• Keeping everyone onside when they're getting nervous
• The importance of having the right advisors
• Unexpected hurdles that had to be overcome
• Lessons learned: the need for urgency from the start.

Mike Simson is a founding partner at Buckingham Corporate Finance who specializes in advising on disposals, acquisitions, financing and fund raising.

In this interview Mike covers:

• Processes and hurdles of getting an MBO financed
• An overview of a recently completed deal.

Roger Wilson is Chairman of telecoms company Adept Telecom, a telecoms company which has made 16 acquisitions during the past three years. In this interview he discusses:

• Structuring the deal so that you only buy the assets you want
• Negotiating a price
• Working with the vendor before and after the deal

Roger Wilson is Chairman of Adept Telecom, a telecoms company which has made 16 acquisitions over the last three years. Here he discusses what Adept has learnt about successfully integrating acquired businesses, including:

• Having a clear idea about the assets that you are buying in advance
• Technology, people and process issues

Gareth Kervin, an Employment Partner with Kingsley Napley, provides an overview of TUPE.

In this interview Gareth explains:

● what TUPE is and when it applies
● what it involves
● under what circumstances difficulties can arise.

Olivia Gillan, Partner at PricewaterhouseCoopers, explains how she performs commercial due diligence on companies, particularly in the retail sector.

In this interview Olivia explains:

● what commercial due diligence is
● the key factors looked for by due-diligence assessors
● what the due-diligence assessors will have done and know before they start
● how companies can prepare and why they should always be honest and open
● the differences across industry sectors.

Generally, people consider that acquiring a business and acquiring a company are the same thing, but there can be major legal and tax implications arising from the differences between the two. Rob Bratby, Partner, Olswang discusses how they differ and how to evaluate which is the best of the alternative routes.

In this interview Rob explains:

● the legal differences
● the significance of historic liabilities and assets
● how to evaluate which is more suitable, if you have a c...

Andrea London, Partner and Head of Employment with Rosenblatt Solicitors, advises on employment liabilities the purchaser needs watch out for when buying a company in administration.

In this interview Andrea covers:

● TUPE and when it applies
● information that the purchaser should request as part of its due-diligence
● staff liabilities that will be inherited from the former employer
● liabilities relating to employees of 3rd party service providers
● making changes to...

Jennifer Bartlett, an Employment Solicitor with Kingsley Napley, discusses the staff liabilities that you may inherit when purchasing a business in administration.

In this interview Jennifer covers:

• the staff liabilities that you may inherit when buying a business in administration
• what information you can reasonably ask for in your due-diligence
• whether you can change contracts of transferred staff to align them with your own contracts.

Rob Bratby, Partner of Olswang, discusses how companies can check and retain the value of the critical intangible assets in a business to be acquired, such as a telecoms/technology business.

In this interview Rob covers:

● why intangible assets are so important
● the special nature of software assets: the copyright law; implications of the use of contractors; implications of the use of open source software
● permits, authorisations and compliance for a telecoms company
● r...

Rob Bratby, Partner of Olswang, discusses the due diligence aspects of acquiring a business.

In this interview Rob covers:

● what due diligence is and what the legal aspects are
● why is due diligence needed when acquiring a business
● what disclosure is – why is it necessary?
● how disclosure differs from due diligence.

Joe Ryan, Partner at PwC, talks about the pre-deal due diligence process.

In this interview Joe explains what due diligence is and why it’s important to companies acquiring others; what it covers, and what happens if management disagree with the outcome.

Christopher Jenkins, senior partner at Wingrave Yeats, discusses the comparative advantages of doing a management buyout. In this interview Christopher covers:

- Main differences between an MBO and other forms of corporate transaction
- What the acquiring management team needs to do to prepare for the buyout
- What are pitfalls to watch out for.

Envestors is one of the larger, commercially funded, Angel Networks. The business completes about 50 deals per year in the sub £2m funding level. Bob Taylor, partner, talks about their involvement with the company post deal, including:
• Tracking the need for further investment
• Representing investor interest on the Company Board
• Passive v “Engaged” angel investors

Mike Weaver has worked in the Angel Investment arena for many years. Here he identifies some emerging trends in the availability of fresh equity for small businesses, including the absence of VC funds in the sub £2m market, and the partial replacement by an increasing level of direct investment.

Roger Coghill is a serial entrepreneur. Asphalia was formed three years ago, and its core product is a food supplement that helps you get a good night’s sleep. It is now sold 400 retailers across the UK alone. Here Roger covers:

• The often accidental nature of business success
• The strictures attached to securing grant funding
• The benefits of going to a well established Angel network
• The need to keep a check on professional fees.

Mike Weaver has worked in the Angel Investment arena for many years. Here he gives his key tips for individuals going out to seek finance for the first time, including:

• Some of the basic regulatory issues
• The different types of Angel Networks
• Comparison between Angel Networks that have Government funding and those that have purely commercial models

Frank Joshi has generated wealth through building and selling his own businesses. Here he explains why he was motivated to invest in other entrepreneurs’ businesses as an “Angel” and why he has recently pulled out of such activity.

“To be successful at Angel Investing, in my view it’s a full time occupation involving a portfolio of investments”.

Matrix Model Group is a FSA regulated investment advisor. Part of their business is about presenting private company investment opportunities to their client network.

Mike and his team have a lot of experience in getting business “investment ready”, but have learnt that the entrepreneur still has to be open and responsible for the direction of the business.

Econotherm is a leading UK based manufacturer of Waste Heat Recuperators, Condensers and Heat Pipes. In the past two years it has raised finance in a number of ways, including Angel Finance. Mark Boocock gives an honest answer to the question “How much money should you look to raise?

Econotherm is a leading UK based manufacturer of Waste Heat Recuperators, Condensers and Heat Pipes. In the past two years it has raised finance in a number of ways, including grants, debt finance and angel finance via two separate angel networks. Mark Boocock explains the importance of maintaining effective channel of communication with the various interest groups.

Econotherm is a leading UK based manufacturer of Waste Heat Recuperators, Condensers and Heat Pipes. In the past two years it has raised finance in a number of ways, including grants, debt finance and angel finance via two separate angel networks. Mark Boocock explains how funding was achieved, and some of the challenges that had to be overcome. The ability to do a live presentation of an impressive product to potential investors was a big help.

UTalkMarketing.com was established in 2007, and is the leading user generated content site for the marketing industry. It is funded via a mix of Angel Investment and small VC backing. Here, Niall McKinney discusses why he was successful in raising funds, which involved the support and guidance of London Business Angels Network.

“Part of the support package was that we received presentation skills training”

Matrix Model Group is a FSA regulated investment advisor. Part of their business is about presenting private company investment opportunities to their client network. This model involves:

• Pre-assessing investment opportunities
• Carrying out due diligence
• Securing investment from a wide group of individuals
• Staying with the investee company post deal.

DegreeArt.com , which was founded in 2003, is an innovative company selling, commissioning and renting the finest artwork created by the students and recent graduates emerging from the most prestigious art establishments. Having developed a successful business model, the founders are currently raising £500,000 to support overseas expansion. Elinor Olisa, Director and founder, covers:

• Working with Princes’s Trust
• Accessing specialist funding, such as Aspire (which supports women led...

GlimpseOnline.com was born with the intention of connecting artists and designers with both trade and private buyers under one multi-brand umbrella. The idea behind the business model was transferred from another successful on-line business, and received Angel backing from an early stage. The founders, Elinor Olisa and Isobel Beauchamp, talk about their experience of working with an Angel backer, and some of the adjustments they have to make as a team.

Paul Catherall, CEO Theraglass Limited, talks describes the process of raising angel capital.

In this interview Paul Catherall covers:

• Why choose angel investment
• How to use different networks to meet angel investors
• The different types of angel investor
• Getting the pricing right

Paul Catherall, CEO Theraglass Limited, describes the relationship between angel investors and management.

In this interview Paul Catherall covers:

• The information requirements of angel investors
• The alignment of interests
• The advantages of hybrid angel structures and having lead investors

UTalkMarketing.com was established in 2007, and is the leading user generated content site for the marketing industry. It is funded via a mix of Angel Investment and small VC backing. Here, Niall McKinney looks at why legal advisors can play a vital part in agreeing legal documentation that supports the interests of the busy entrepreneur.

UTalkMarketing.com was established in 2007, and is the leading user generated content site for the marketing industry. It is funded via a mix of Angel Investment and small VC backing. Here, Niall McKinney discusses how he ensures the different shareholder groups stay aligned from the start.

“Being adaptable is key”

Beer & Partners claims to be the largest of Angel Networks in terms of deal flow and completion. The business completes over 50 deals per year, sometimes including single Angel investments of £1m plus. Mike Weaver talks in more detail about their business model, including:

• Types of investors they have in their 1600 strong network, and investor checks
• Filtering of investment opportunities (in particular, what proposals get swiftly rejected)
• Guidance given to Management Team, an...

Envestors is one of the larger, commercially funded, Angel Networks. The business completes about 50 deals per year in the sub £2m funding level. Bob Taylor, partner, talks in more detail about their business model, including:

• Types of investors they have in their network
• Filtering investment opportunities (in particular, what proposals get swiftly rejected)
• Due Diligence issues
• Deal type and size
• Challenges of deal closure and the role Envestors play
• How Envest...

The term “Angel Networks” ignores the fact that there are some very different business models involved, including:
• Angel Networks that operate as quasi venture capital houses
• Government backed Agencies
• Web based offerings and bulletin boards

Closing out an Angel backed investment deal can be just as complex as larger private equity backed deals. Bob Taylor discusses a recent example where bank deadlines created particularly significant pressure, in a deal where he also invested cash.Envestors is one of the larger, commercially funded, Angel Networks. The business completes about 50 deals per year in the sub £2m funding level.

Bill Morrow, founder of Angels Den, is a prominent figure in the Angel Investment Community. Bill discusses the impact of the Credit Crunch on Angel Investment.

Anoushka McLernan-Cardis talks about Silverback Media Solutions’ experience of working with an Angel Investor

Angels Den have helped raise finance for over 150 growth companies. How?

Anoushka McLernan-Cardis talks about Silverback Media Solutions’ experience of raising Angel Finance

Richard Anson is the Co-founder of independent and impartial review website Reevoo. Prior to starting Reevoo he was a senior strategy consultant at KPMG covering the technology space.

In this interview Richard discusses raising finance, this includes:

• how he financed Reevoo
• finding investors
• managing investor relationships.

Carol Savage is the founder and Chief Executive of MyDish.co.uk, a web business for people who love to cook and network with similar minded people. Carol has recently raised 1st and 2nd stage finance from Angel Investors, and here she talks about her experience of raising capital:

• how the business was created
• finding Investors, and getting noticed
• meeting and presenting
• valuing the business
• investor relations.

Paul Grant sits on the Knowledge Peers panel of experts and is the director of British Angel Capital, a private venture capital company introduing private investors to small and early stage business. He is also the founder of The Funding Game, a seminar dedicated advising how to finance early stage business.

In this interview Paul explains:

• how to find Angel investors
• how to attract investment
• how to get help and advice on Angel investment.

Paul Pyle, managing director of Vivid Prepress, talks about his approach to raising capital in order to buy new machinery for his printing business.

In this interview he discusses the various sources of funds that he tapped into including government grants, financing by equipment supplier, additional investment by partners and bank finance.

Will Gibson is a serial “Angel” Investor, and here he discusses the importance of the relationship between the investor and the management team.

In this interview Will covers:

• the level of interaction and openness between investors and management
• board processes
• shareholders Agreement
• reporting levels
• the relationship when things don’t to plan
• the importance of adaptability.

Will Gibson is a serial “Angel” Investor, and here he discusses Exit Strategy.

In this interview Will covers:

• the importance of a clear exit strategy/intention from the outset
• timescales
• businesses that become unsalable
• ensuring interests are common between investor and management.

Will Gibson is a serial “Angel” Investor, and here he discusses his approach to the initial selection and investment in a business opportunity.

In this interview Will covers:

• the type and level of investment
• sourcing of investment targets
• what makes for an attractive investment
• what puts an investor off investing
• valuation and expected returns.

Knowledge Peers Guides draw on our comprehensive research with business leaders and specialist advisors to present accessible advice on some of the most pressing challenges facing growth business leaders. This report is the first in a series looking at options for financing growth in the new economic climate.

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About The Café in the Park Op...

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Introduction to Angel Capital Ang...

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Introduction to Mobile Flow Fundi...

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Introduction The pre-investment p...

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The business model The typical an...

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Richard small, Managing Partner of Actuation Partners, talks about how investors view the management team.

In this interview Richard explains:

● what makes a management team appealing to an investor
● how to test out the team
● the response to strong individuals
● the influence of an investor on the management team.

Ben Pegg, Portfolio Manager at Aldersgate Investment Managers, talks about how companies can attract an angel investor like him.

In this interview Ben explains:

● the companies he gets involved in
● what makes a company attractive to an angel investor
● the time scale of an angel investment
● how to get the best deals.

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Introduction Advice needed <...

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Jouko Ahvenainen, technology entrepreneur and a Partner at financing services company Replicon, discusses the growing role of angel investors in the technology sector.

In this interview he explains:

● the current funding environment for technology companies
● the new ways in which angel investors are getting involved in the technology sector
● what angel investors look for in an investment opportunity.

Carol Savage is the founder and Chief Executive of MyDish.co.uk, a web business for people who love to cook and network with similar minded people. Carol has recently raised 1st and 2nd stage finance from Angel Investors, and here she talks about her experience of raising capital:

• how the business was created
• finding Investors, and getting noticed
• meeting and presenting
• valuing the business
• investor relations.

In this audio podcast the term “Angel Networks” ignores the fact that there are some very different business models involved, including:
• Angel Networks that operate as quasi venture capital houses
• Government backed Agencies
• Web based offerings and bulletin boards

In this audio podcast UTalkMarketing.com was established in 2007, and is the leading user generated content site for the marketing industry. It is funded via a mix of Angel Investment and small VC backing. Here, Niall McKinney discusses how he ensures the different shareholder groups stay aligned from the start.

In this audio podcast UTalkMarketing.com was established in 2007, and is the leading user generated content site for the marketing industry. It is funded via a mix of Angel Investment and small VC backing. Here, Niall McKinney discusses why he was successful in raising funds, which involved the support and guidance of London Business Angels Network.

In this audio podcast: Econotherm is a leading UK based manufacturer of Waste Heat Recuperators, Condensers and Heat Pipes. In the past two years it has raised finance in a number of ways, including grants, debt finance and angel finance via two separate angel networks. Mark Boocock explains how funding was achieved, and some of the challenges that had to be overcome. The ability to do a live presentation of an impressive product to potential investors was a big help.

In this audio podcast: Roger Coghill is a serial entrepreneur. Asphalia was formed three years ago, and its core product is a food supplement that helps you get a good night’s sleep. It is now sold 400 retailers across the UK alone. Here Roger covers:

• The often accidental nature of business success
• The strictures attached to securing grant funding
• The benefits of going to a well established Angel network
• The need to keep a check on professional fees.

Frank Joshi has generated wealth through building and selling his own businesses. In this audio podcast he explains why he was motivated to invest in other entrepreneurs’ businesses as an “Angel” and why he has recently pulled out of such activity.

“To be successful at Angel Investing, in my view it’s a full time occupation involving a portfolio of investments”.

In this audio podcast: Matrix Model Group is a FSA regulated investment advisor. Part of their business is about presenting private company investment opportunities to their client network.

Mike and his team have a lot of experience in getting business “investment ready”, but have learnt that the entrepreneur still has to be open and responsible for the direction of the business.

In this audio podcast: Matrix Model Group is a FSA regulated investment advisor. Part of their business is about presenting private company investment opportunities to their client network. This model involves:

• Pre-assessing investment opportunities
• Carrying out due diligence
• Securing investment from a wide group of individuals
• Staying with the investee company post deal.

UTalkMarketing.com was established in 2007, and is the leading user generated content site for the marketing industry. It is funded via a mix of Angel Investment and small VC backing. In this audio podcast, Niall McKinney looks at why legal advisors can play a vital part in agreeing legal documentation that supports the interests of the busy entrepreneur.

Econotherm is a leading UK based manufacturer of Waste Heat Recuperators, Condensers and Heat Pipes. In the past two years it has raised finance in a number of ways, including grants, debt finance and angel finance via two separate angel networks. In this audio podcast, Mark Boocock explains the importance of maintaining effective channels of communication with the various interest groups.

Econotherm is a leading UK based manufacturer of Waste Heat Recuperators, Condensers and Heat Pipes. In the past two years it has raised finance in a number of ways, including Angel Finance. In this audio podcast, Mark Boocock gives an honest answer to the question “How much money should you look to raise?

Steve Reynolds is Managing Director of TBS Ltd., an enterprise mobility solutions provider. Earlier this year TBS changed its bank, following some changes in terms and conditions that the bank wanted to impose relating to a temporary overdraft facility. Here Steve discusses the reasoning behind his decision, and what the move involved.

This interview was recorded at the Mobile Data Association’s conference, Monetising the Internet in tough times...

Lindsey Rix, Regional Managing Director for Santander Corporate Banking, talks about her bank’s approach to lending in the current environment.

Ian Gotts discusses how and why the directors of a successful, profitable, growing software business were required to sign up to personal guarantees on company loan

Lindsey Rix, Regional Managing Director for Santander Corporate Banking, talks about her bank’s growth ambitions in the UK.

Christopher Jenkins, senior partner at Wingrave Yeats, discusses the advantages of giving your bank a debenture when you are renegotiating your facilities.

"....sophisticated investors will respect you for giving a debenture to your bank."

Rob Stapledon, who is an experienced banker specialising in the mid tier sector (particularly media), provides a banker’s view of the availability of growth finance in 2009. Rob covers:

● The type of finance and clients he/Coutts are supporting
● The importance of a relevant business plan: banks are looking for a different pitch to investors
● The refinancing of existing venture backed deals
● The types of returns banks are looking for
● The need for management to share in ris...

Gavin Isle is national head of Barclays Technology, Media and Telecoms group.

In this interview Gavin explains:

• what bank covenants are, and their purpose
• the importance of avoiding breach, and the need to discuss with your bank if breach might occur
• what a covenant breach entails
• the need for the whole board to understand how covenants link to trading performance.

Paul Grant sits on the Knowledge Peers panel of experts and is the director of British Angel Capital, a private venture capital company introduing private investors to small and early stage business. He is also the founder of The Funding Game, a seminar dedicated advising how to finance early stage business.

In this interview Paul explains:

• what banks are looking for when providing finance
• how to pitch effectively
• where to get help and advice on getting capital from ba...

Gavin Isle is national head of Barclays Technology, Media and Telecoms group.

In this interview Gavin explains:

• the availability of credit during the credit squeeze
• how the credit squeeze is impacting on different companies in the TMT area
• how companies are (and will) have to respond to reduced credit availability.

Paul Taylor, Partner of Fox Williams LLP, talks about some of the different types of bank facilities.

In this interview Paul explains:

● the different types of bank facility
● providing effective documentation
● the outcomes of non-compliance.

Paul Taylor, Partner of Fox Williams LLP, gives advice for borrowers entering into a fixed period loan.

Paul covers:

● the top ten tips for the loan process.

Telecity had a successful IPO on the main London Stock Exchange in 2007. Here Brad Petzer, Group Financial Controller, talks about life as a public company, post-IPO:

● key differences pre- and post-IPO such as reporting
● relationships with institutional investors
● the importance of reporting and performance forecasting
● advice to companies hoping to list.

Telecity had a successful IPO on the main London Stock Exchange in 2007. Here Brad Petzer, Group Financial Controller, talks about the changes to debt financing post-IPO:

● key differences pre- and post-IPO
● relationships with your bankers
● getting things in place pre-IPO.

Telecity had a successful IPO on the main London Stock Exchange in 2007. Here Brad Petzer, Group Financial Controller, talks about some of the keys to success in an IPO:

● preparing the management team
● the learning curve
● tips in presenting to fund managers
● the verification process.

Andrew Edwards has 25 years of experience advising smaller listed companies. Andrew discusses how his firm, Oriel Securities, are adjusting to the current liquidity crisis.

In this interview Andrew covers:

• the type of advice being given
• what planning is worth doing now, in readiness for the re-opening of the AIM market
• the type of finance currently available, in particular pre-IPO finance
• how NOMADs themselves have to adjust to the harsher conditions.

Andrew Edwards has 25 years of experience advising smaller listed companies.

In the context of the current liquidity crisis, Andrew discusses:

• the mid-term outlook
• the moribund state of the IPO market and secondary funding
• the questions his clients are asking, and what advice he is giving
• the need to secure cash and plan for the worst.

Henrietta Marsh, Portfolio Manager of ISIS, talks about the role of a small-cap fund manager.

In this interview Henrietta explains:

● which companies she deals with
● the investment process and time scale
● what she looks for in a company.

Henrietta Marsh, Portfolio Manager of ISIS, talks about making an effective IPO presentation to fund managers.

In this interview Henrietta explains:

● what she looks for in a company
● the research conducted by the investor
● what she expects from a company
● why she sometimes gives companies a hard time
● what catches her eye.

Henrietta Marsh, Portfolio Manager of ISIS, talks about managing the relationship between the company and institutional investors.

In this interview Henrietta explains:

● how often she likes to see investees
● the importance of brokers after IPO
● how she likes to invest
● the challenges managers face dealing with existing institutional shareholders
● how to keep investors onboard.

Donald Stewart, Partner of Faegre and Benson LLP, talks about the roles of the advisory team in the IPO process.

In this interview Donald outlines:

● who makes up the advisory team
● what their roles are
● tips for choosing a NOMAD.

Donald Stewart, Partner of Faegre and Benson LLP, talks about the responsibility of a director during the IPO process and how to limit and manage personal risk.

In this interview Donald explains:

● the responsibilities of a director involved in an IPO
● the consequences of discovered inadequate disclosure
● the management of personal risk during the IPO process.

Donald Stewart, Partner of Faegre and Benson LLP, talks about due diligence and verification during the IPO process.

In this interview Donald explains:

● the due diligence process
● the verification process.

Oliver Wynn-James, Director of Panmure Gordon, talks about the role of the equity analyst report in the IPO process.

Oliver Wynn-James, Director of Panmure Gordon, talks about the role of the equity analyst during the IPO process.

In this interview Oliver explains the role of the analyst; how analyst independence is maintained; and why a company must be realistic about its targets and its valuation. He also talks about when the AiM market can be a good one to use.

Chris Dines, CEO of Knowledge Peers Plc, gives advice on conducting a successful IPO process.

Chris Dines, CEO of Knowledge Peers Plc, explains his personal experience of going through the IPO process.

In this interview Chris describes:

● why his company went to the IPO process
● the advisory team he used
● his preliminary estimation of costs
● the services his NOMAD offered
● what had to be done pre-IPO
● the road show.

Shaun Dobson, Managing Director of Landsbanki, talks about the role of a NOMAD during the IPO process.

In this interview Shaun explains:

● what a NOMAD is
● the contract between company and NOMAD
● how he meets companies and competes to be a NOMAD
● the cost of the NOMAD.

Shaun Dobson, Managing Director of Landsbanki, talks about choosing a nominated advisor for the IPO process.

In this interview Shaun gives advice on:

● how a company can choose the right NOMAD for them
● at what point to discuss valuation
● how to help the NOMAD
● the process of due diligence.

Shaun Dobson, Managing Director of Landsbanki, talks about the role of the NOMAD after the IPO process.

In this interview Shaun explains:

● the responsibilities of the NOMAD
● how to maintain liquidity in a stock
● changing NOMAD/advisor
● consolidation among NOMADs
● the future of the AiM market.

James Longfield, partner of Hogarth, talks about financial PR and why any listed company, or one moving to IPO, should consider using a corporate/financial PR firm.

In this interview James explains:

● the objectives and necessity for financial PR
● which types of companies Hogarth deals with, and what they do
● the relationship with the company post listing
● what can go wrong with bad corporate PR.

Ben Pegg, Portfolio Manager at Aldersgate Investment Managers, talks about the role of a hedge fund manager.

In this interview Ben explains:

● the companies and sectors he deals with, and how he meets them
● how a hedge fund differs from a long-only fund
● how he valuated the companies
● how brokers manage the news flow and liquidity in the secondary market.

Neil Garner, CEO of software vendor Proxama, talks about his personal experience of selling a stake in his business to a larger US-based company. In this interview, Neil covers:

• Finding a good match between buyer and seller
• Striking the right balance between autonomy and having funds to invest in growing your business

This interview was recorded at the Cambridge Wireless International Conference 2009

John Melotte is Director of Corum Group, a M&A house specialising in the sale of software and IT Services companies, and formerly CEO of a software company and a VC.

In this interview he discusses the process of selling a software company. He considers:

• Timing of a sale: how to get it right for optimal value and why companies generally do not
• How long the process takes, normally, and the implications of selling in a hurry
• Ways of finding buyers, with or without the us...

Dr Chas Sims is Co-Founder and Director of The Technology Partnership (TTP), a company which has de-merged a significant number of businesses over the years. In this interview Chas discusses:

• What are the reasons for de-merging a business from its parent company?
• Critical success factors
• Typical challenges faced by the management of newly spun-out ventures

This interview was recorded at the Cambridge Wireless Internat...

John Melotte is Director of Corum Group, a M&A house specialising in the sale of software and IT Services companies, and formerly CEO of a software company and VC.

In this interview he discusses the art of valuing a software company from the perspective of vendors and buyers. He considers:

• the usefulness of the vendor valuation
• the different metrics and ratios employed
• differences between sectors
• cycles of valuation in the marketplace as market conditions change.

John Melotte is Director of Corum Group, a M&A house specialising in the sale of software and IT Services companies, and formerly CEO of a software company and VC.

In this interview he discusses the value of patenting IP in a growing software company at the different stages in its lifecycle.

Mike Simson is a founding partner at Buckingham Corporate Finance who specialise in advising on disposals, acquisitions, financing and fund raising.

In this interview Mike covers:

• How to find a buyer in a difficult market
• Financing deals in the absence of debt finance
• Managing vendor and buyer expectations.

Tessa Laws is a partner at Rosenblatts, a full-service commercial law firm. Specialising in business development, Tessa’s experience lies in setting up contracts within the fields of law, financial services and accountancy to service inward and outward client requirements. She has represented many institutional, corporate and individual clients of the firm in their M & A, IPO and venture capital activities.

In this interview Tessa covers issues surrounding the negotiations of sales and pu...

Elizabeth Larkins is a solicitor at Rosenblatts, a full-service commercial law firm. Working in the corporate department, Elizabeth specialises in mergers and acquisitions, corporate finance, joint ventures, MBOs and general corporate transactions and advice.

In this interview Elizabeth covers issues in the due diligence/disclosure process including:

● an overview of the process
● answering the Due Diligence questionnaire
● whether an Information Memorandum (IM) is always nee...

Olivia Gillan, Partner at PricewaterhouseCoopers, gives advice to companies looking to sell, or raise capital, who are to have commercial due diligence performed on them.

In this interview Olivia covers:

● the key factors looked for
● how companies can prepare for the process and what they should not do
● why it’s worth making an effort before the process begins and why you should be as open and honest as you can.

Tessa Laws is a partner at Rosenblatts, a full-service commercial law firm. Specialising in business development, Tessa’s experience lies in setting up contracts within the fields of law, financial services and accountancy to service inward and outward client requirements. She has represented many institutional, corporate and individual clients of the firm in their M & A, IPO and venture capital activities.

In this interview Tessa covers issues concerning due diligence including:

●...

Andrew Harrington, Principal at Finance Advisor AHV Associates, talks about the basics of selling a business, or part of it.

In this interview Andrew explains:

• the basics: where to start
• timescales and documents needed
• the role of the finance advisor
• what strategies will serve to maximise the likely valuation
• likely pitfalls.

Andrew Harrington, Principal at Finance Advisor AHV Associates, talks about identifying potential buyers of a business, or part of it.

In this interview Andrew comments on:

• first steps
• the potential for using a corporate finance advisor
• auctions and preferred buyers
• approaching competitors.

Andrew Harrington, Principal at Finance Advisor AHV Associates, talks about the art of valuation when selling a business, or part of it.

In this interview Andrew explains:

• who makes the valuation and what they will consider
• what will serve to enhance the valuation
• implications of taking stock or cash from the buyer
• why a control premium is not relevant
• common ways buyers try to push down prices.

Andrew Harrington, Principal at Finance Advisor AHV Associates, talks about special considerations when selling a business, or part of it, in a hurry.

In this interview Andrew explains:

● how quickly it can be done – and when timescales are too short
● how to avoid getting lowest prices
● who to approach
● the potential of overseas buyers
● pitfalls to avoid

Ian Leaman, Director of Buckingham Corporate Finance Limited, talks about key factors in preparing for a trade sale.

In this interview Ian explains:

● the key points to think about before selling
● the business strategies to employ prior to sale
● how your business will be valued.

Barney Battles, Managing Director of Balgownie Ventures, talks about creating an exit strategy and planning for a sale.

In this interview Barney explains:

● early preparations for a trade sale
● managing shareholder expectations
● identifying likely purchasers
● how exit objectives affect business strategy
● how to assess the value of your company.

Ian Leaman, Director of Buckingham Corporate Finance Limited, talks about maximising value when selling a business.

In this interview Ian outlines:

● how to protect the business from commercial risks
● the buyer’s changing mentality during the trade sale process
● how the process helps to avoid problems when selling the business.

Joe Ryan, partner of PwC, talks about surviving the due diligence process.

In this interview Joe explains:

● the importance of due diligence and how it can make a deal fall apart
● why preparation is absolutely key to success
● how those doing due diligence can quickly assess whether a company is well prepared for the review or not - and whether it will be a successful deal.

Ian Gotts is the CEO of Nimbus Partners, a global software company specialising in business process management. In this interview Ian talks about how he financed his business, and gives his view of the current private equity market.

Julian Spooner has had regular appointments as a Chairman of business, including those with private equity backing. Here, Julian gives some insight into the pressure that a Chairman faces when involved with a company that is in financial stress, and why being crystal clear on the different options for the business is vital.

Dr Daniel Farb has invested US$2m of his own cash in developing Leviathan Energy, a business focused on generating clean power from Waves, Wind and Hydro. Here he talks about the challenges of building and financing the business, not least the mismatch between his naturally inventive nature and the more focused requirements of VC backers.

Stephen Rosen specialises in providing legal advice on private equity deals. Here he looks at how the credit squeeze has impacted on private equity deals including:

• Time taken to complete deals
• Greater volume of information, due diligence and repeated updates during the deal process
• Uncertainty on pricing leading to delays and more complex deal structures, include ratchets
• Uncertain market valuations creating as much of a deterrence as lack of debt finance
• Existing d...

In less than 10 years Michael Whitfield and his team have built a high growth, high profit business delivering employee benefits packages over the web. To help this growth, Michael raised c.£3m of private equity backing

• How was this done, and what did Michael learn (for good and bad)?
• How has the relationship with his backers developed?

Nimbus, a successful software company, has three separate private equity backers. Ian discusses what he has learnt about managing a complex set of interests.

Ian Gotts discusses how and why Nimbus, a software company, successfully raised over £2m in private equity in early 2009.

Richard Anson is co-founder of the independent consumer-review website, Reevoo, which has backing from two venture companies: Banexi and Eden Ventures. In this interview he discusses

• how the economic downturn has affected his business
• the implications of this when operating with venture finance backing
• the implications in terms of raising new finance for Reevoo and for other companies.

Andrew Bud is Executive Chairman of mBlox, a mobile solution provider, and Chairman of the Mobile Entertainment Forum. Andrew talks about how mBlox has raised funds from private equity investors, including during the tech sector downturn of 2000. In this interview he covers:

• Identifying prospective investors
• Pitching to investors
• Managing the relationship with existing investors when you are seeking expansion funds

Richard Anson is the co-founder of the independent consumer-review website, Reevoo, which has backing from two venture companies: Banexi and Eden Ventures. In this interview he discusses the implications of operating with venture finance:

• what they provide over and above finance
• managing different expectations

Richard Anson is the co-founder of the independent consumer-review website, Reevoo, which has backing from two venture companies: Banexi and Eden Ventures. In this interview he discusses

• finding VC backers
• what he believes makes for a good and suitable venture capital/PE company to work with
• valuations, deal structures and term
• what else VC backers can bring to the table, in non-monetary terms

Stephen Rosen specialises in providing legal advice on private equity deals. Here he tells us how current market uncertainties have meant that many existing PE deals are being revisited to ensure that risk and reward are re-balanced in the light of new market conditions.

Alex Meisl talks about some of the challenges of running a struggling business (not Sponge Group), funded by two quite different private equity backers.

Rob Stapledon, who is an experienced banker specialising in the mid tier sector (particularly media), provides a banker’s view of the availability of growth finance in 2009.

Rob covers:

● The type of finance and clients he/Coutts are supporting
● The importance of a relevant business plan: banks are looking for a different pitch to investors
● The refinancing of existing venture backed deals
● The types of returns banks are looking for
● The need for management to shar...

Andy Hogarth, executive Chairman and CEO of Staffline and non-executive Chairman of Carnell, discusses how they dealt with the downturn through an efficiency drive and changing of staff mix.

Wol Kolade has worked in the private equity sector for many years, and was Chairman of the BVCA – British Private Equity and Venture Capital Association, in 2007. Here he looks at:

• The importance of entrepreneurs and private equity in the UK economy
• How the credit squeeze and recession has impacted on the private equity sector
• The role of Government
• His expectations for the future

Mark Curtis is CEO of Flirtomatic, a UK-based mobile and web flirting service which has proved to be immensely popular with users and has successfully expanded overseas. Here Mark discusses:

• Securing funding at different stages of the venture
• Working with venture capital investors
• Effects of the current downturn on the advertising market
• Current priorities as the company moves towards its goal of becoming profitable.

This interview was recorded at the

Tom Carless is CFO of a business that received investment from a venture capital house in late 2007. Here he looks at some of the relationship adjustments (bank, board, equity backers) brought about by the credit squeeze of 2008/9, providing some tips on how a CFO can respond to changing pressures.

Chris Wade is Executive Chairman of Mobile Acuity, a provider of visual location technology, and an experienced technology sector executive and entrepreneur. In this interview Chris discusses what it takes to secure external financing for a start-up company.

This interview was recorded at the Cambridge Wireless International Conference 2009.

Andrew Hodgson is an experienced “lead advisor” on corporate M&A. In this brief interview he looks at how the tactics for approaching VC’s during a downturn needs to change.

Andrew Hodgson is an experienced “lead advisor” on corporate M&A. In this interview he looks at how venture backed management teams can come under pressure when trading is difficult, and how important a good FD is when the going gets tough.

Andrew Hodgson is an experienced “lead advisor” on corporate M&A. In this interview he looks at how “earn-outs” tend to become a key feature of transactions in a downturn.

He covers:

• What an earn-out is, and why they are more prevalent in a downturn
• Provides examples of recent earn outs
• Some of the challenges and conflicts that arise from an earn-out agreement, and how important a basic level of trust between buyer and seller is.

Tom Raymond is an expert in commercial due diligence, typically working on MBO’s and MBI’s that are financed by private equity. Here Tom provides a perspective on what type of deals secure finance (and then complete) at a time when bank lending is in short supply. He covers:

• Types of business that attract funding
• Deal structures
• Pricing
• Availability of finance, including bank finance
• Handling existing deals that have too much debt

Matthew Honey, former CFO of Unique Broadcasting, is in the process of securing funds for a Management Buy In (MBI). Here he discusses some of the challenges he has dealt with, including:

• Developing the pitch
• Putting an MBI team together
• Identifying sources of finance
• Dealing with a lack of responsiveness on the part of finance houses
• Keeping the vendor onside during a long process

Andrew Harrington advises on Mergers and Acquisitions and Capital Raising in the mid market. Here Andrew looks at the availability of finance in the £1m to £50m valuation market, covering:

• VCT and Private Equity funds
• Bank funding for deals and the cost thereof
• Which banks are in the market
• Changing nature of deal structures
• New entrants to the supply of finance, including Government
• Application of the Government Loan Guarantee Schemes in the mid market.

Abstract

Dharmesh Mistry is co-founder and Chief Technology Officer at Edge IPK. He has experience in leading product development and professional services.

In this interview Dharmesh covers:

• How Edge IPK raised capital
• The challenges he faced
• Finding potential investors

David Mansfield, a Director at Ingenious Media and serial non executive director, talks about the current investment climate within the media world.

In this interview David covers:

• what Ingenious Media does
• what Ingenious Media is currently looking for in its investments
• the continued involvement that Ingenious Media has with its investments
• the most common issues that it finds with its investments
• the opportunities that the current business climate could brin...

Andrew Harrington, Principal at Finance Advisor AHV Associates, talks about the basics of raising money from banks, PE firms or other finance houses.

In this interview Andrew explains:

● the basics: where to start
● timescales
● the role of the finance advisor
● the importance of having the right FD
● likely pitfalls.

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Jay Patel, Executive Director of SPARK ventures, talks about what a VC investor looks for in a company.

In this interview Jay explains:

● what a company like SPARK likes to invest in
● the factors to consider when seeking VC funding
● what a company can expect from the VC investor
● what to consider when planning an exit strategy.

Peter Stephens, Director of Tristel plc, talks about the criteria for an investment opportunity, some lessons learnt, and what a company can expect, and should look for, from a VC.

In this interview Peter highlights:

● what he looks for in an investment opportunity
● what companies can expect from a VC investor
● what a company should look for in a VC investor.

Barney Battles, Managing Partner of Balgownie Ventures, talks about what makes a business attractive to a venture capital investor.

In this interview Barney explains:

● what he finds attractive in a business
● what should be assessed during the due diligence stage
● why the management team is as important as the busines plan.

Tom Carless, CFO of 7City Ltd, talks about how VC funding can affect the recipient.

In this interview Tom describes:

● his personal experience of raising VC funding
● the changes to the company that VC backing can make
● the relationship between organisation and VC investors.