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Lecture Entrepreneurship: Chapter 9 - William D. Bygrave, Andrew Zacharakis, Sean Wise

Chapter 9 Building your pro-forma financial statements. The topics discussed in this chapter are: Relate venture capital methods to more formal equity valuation methods, understand how valuation and percent ownership are related, calculate the amount of shares to be issued to secure a fixed amount of funding, understand the impact of subsequent financing rounds on the structure of the current financing round, construct multiple-scenario valuations and unify them in a single valuation. | Entrepreneurship Canadian Edition William D. Bygrave, Andrew Zacharakis, Sean Wise 1 BUILDING YOUR PRO-FORMA FINANCIAL STATEMENTS Chapter 9 2 3 Learning Objectives Common Mistakes Learning Objective 9.1 Identify common mistakes in entrepreneurs’ business proposals. Financial Statement Overview Learning Objective 9.2 Provide an overview of the three standard financial statements. Building Your Pro Forma Financial Statements Learning Objective 9.3 Prepare pro-forma financial statements. Comparable Method Learning Objective 9.4 Use the comparable method to validate pro-forma financial statements. Building Integrated Financial Statements Learning Objective 9.5 Prepare integrated financial statements. Putting It All Together Learning Objective 9.6 Prepare an overview of completed financial statements. 3 Today’s Key Concepts Reasons for 5-year pro forma financial statements Financial statements vs. financial model Pro forma financial statements Common Mistakes in pro from financial statements building Steps to build pro forma financial statements Three standard pro forma financial statements The comparable method of validation Why assumptions matter Top down vs. bottom up forecasts Build up vs. comparables method 4 What Are Pro Forma Financial Statements Future oriented best guesses as to what the company’s financial state could look like 3-5 years for startups Reasonable not Right Why create them? Prove market is big enough Show investors ROI potential Demonstrate business acumen Confirms margins are enticing Although they take less than 5% of the business plan then take more than 50% of your time to make 5 6 Common Entrepreneurial Mistakes Not understanding the revenue drivers Underestimating costs Underestimating time to generate revenues Lack of comparables Top-down versus bottom-up forecasting Underestimating time to secure financing Not listing and justifying assumptions made Not including sources of data No competition Not matching stage of company with source of | Entrepreneurship Canadian Edition William D. Bygrave, Andrew Zacharakis, Sean Wise 1 BUILDING YOUR PRO-FORMA FINANCIAL STATEMENTS Chapter 9 2 3 Learning Objectives Common Mistakes Learning Objective 9.1 Identify common mistakes in entrepreneurs’ business proposals. Financial Statement Overview Learning Objective 9.2 Provide an overview of the three standard financial statements. Building Your Pro Forma Financial Statements Learning Objective 9.3 Prepare pro-forma financial statements. Comparable Method Learning Objective 9.4 Use the comparable method to validate pro-forma financial statements. Building Integrated Financial Statements Learning Objective 9.5 Prepare integrated financial statements. Putting It All Together Learning Objective 9.6 Prepare an overview of completed financial statements. 3 Today’s Key Concepts Reasons for 5-year pro forma financial statements Financial statements vs. financial model Pro forma financial statements Common Mistakes in pro from financial .