Preface
Private capital markets rely on a holistic body of knowledge that describes the valuation, capital structure formation, and transfer of private business interests. Far from the noise of Wall Street, this book focuses on Main Street and its business dilemmas and opportunities.
Private companies, particularly those with annual sales of $5 million to $350 million, have unique capital market needs. The key to understanding private capital markets is to realize that valuation, capitalization, and business transfer rely on each other for definition and support. Only by understanding each of these areas, and their connections, or triangulation, is it possible to use this body of knowledge.
This book is written with three groups of readers in mind:
1. It is a useful road map for owners of middle-market businesses.
2. It can guide professional advisors of middle-market business owners.
3. It may be used by academics who currently have no other book dealing with these large and dynamic markets.
Other potential readers include lawyers, trade association members, CPAs, estate planners, appraisers, intermediaries, investment bankers, capital providers, and various management consultants.
Owner-managers of private companies are the primary audience for this book. These people have built substantial businesses based on their market knowledge, their ability to manage operations, and lots of hard work. After dealing with owner-managers for more than 25 years, I recognize that they are ...
