hoặc kỹ năng của chủ sở hữu. Nếu, ví dụ, chủ sở hữu chính thức được đào tạo trong cảnh quan và / hoặc làm vườn, các bộ phận quan trọng của các luồng tiền trong quá khứ có thể được gắn trực tiếpBởi vì điều hành huấn | 260 Dot-Com Information Technology always differentiated in business valuation has been tangible asset value and intangible asset value as homogenous components of a collective value to wit hard assets as employed to produce cash flows producing total values. But as any small-business owner or serious-minded smallbusiness buyer seller can attest that handy-dandy loan-to-value ratio of one s friendly banker does not get elevated much over collateralizing what can be touched and felt tangible property . Fair market values of hard assets will continue for some time to call the shots in terms of borrowed capital from the host of banking institutions. But means for borrowing shifted. Why The new kid on the block intellectual property. The online technology era has elevated Angels and Venture Capitalists VC into their full glory. Few traditional lending sources are incorporated to accept the high risks associated with lending on intangible assets and the dreams of would-be entrepreneurs. Differing from traditional lenders Angels and VCs often take ownership stakes in ventures funded. Holding these equity positions gives them the perfect right to get in one s face even when things appear to be going well. The VC is commonly the highly educated and competent financial person but tends to lack hands-on operating skill. On the other hand the Angel is most apt to be the high-net-worth individual with direct hands-on management experience. Unlike traditional lenders VC and Angel alike hasten for quick returns from their vested capital. The exit objective for both is generally five to seven years . impatient capital . Exit strategies target public offerings of stock IPOs or the enterprise s outright sale. From the date of birthing the dot-com founder was forced into maintaining high focus on satisfying investors short-term needs versus long-term operation not that he or she hadn t been interested in the quick-buck-and-out all along too. The arena is now full of the walking .
