When investors talk about their need to see a real business plan, what they mean is this: we want to understand the fundamental strategy, logic and assumptions of how a business is going to invest capital and generate cash or value at a rate of return that will be consistent with the investor’s objective. We want to see the words and not just the numbers.Continue reading “The Business Plan Investors Like to See – The 4 Key Elements”
Your first thought may be that, because I have been a renewable energy lawyer or investor for 38 years, my biggest concern for future generations is the health of our planet. Of course, it is surprising that it has taken 38 years for the human race to start to overcome its denial of the logic of science. Continue reading “My Number 1 Concern for Future Generations”
I’ve had several great mentors throughout my academic and professional careers, including three world-class mentors at Yale — Maynard Mack, George Lord and Yaroslav Pelikan (the eminent historian of the Eastern Orthodox Church) — and Archibald Cox at Harvard Law School. But the most important mentor in my life was my first — Sister Clementine from my primary grammar school, St. Dominic’s in New Orleans, LA. Continue reading “The Importance of Mentorship at a Young Age”
There are several important distinctions to be made when discussing private equity. The first is the difference between venture capital and private equity.
Venture Capital is a uniquely American invention. The founder of American venture capital is often considered to be Laurance Rockefeller from the 1930’s, although there are others who also deserve a great deal of credit such as John Hay Whitney. Continue reading “What is Private Equity?”
In my career of closing over 60 mergers and acquisitions and another 11 IPO’s, it has been my consistent experience that everyone thinks they are closer to closing a deal sooner than, in fact, they are. There is a universal denial of how long it takes to put together all the details of a successful transaction, as we always seem to underestimate the complexities of achieving traction and coordination. And the most complicated moving parts are usually human. Yet I have closed 100% of all transactions that reached a signed letter of intent. Continue reading “The Golden Rules of Closing a Deal”