Books to Finance Your Business
Your Guide to Financing Business
Growth by Selling a Piece of the Pie
What's involved in going public; crowdfunding;
employee share ownership plans
and franchising in Canada
Revised 2017-2018 Edition
By: Iain Williamson
ABOUT THIS BOOK
This 2017/2018 edition has undergone a major revision and will be invaluable if you are prepared to sell a portion of the ownership in your business in return for money.
This book shows you how to finance business growth by selling a piece of the pie. Find out what’s involved in selling shares to the public in an Initial Public Offering (IPO). It covers the types of shares that are publicly traded and the preparations for going public.
This book reviews all the Canadian exchanges. It covers the listing requirements for the Toronto Stock Exchange (TSX), the Toronto Venture Exchange (TSXV) and the Canadian Stock Exchange (CSE). It includes a section on private placements and on stock options as they relate to the Toronto Venture Exchange. It also covers London’s Alternative Investment Market (AIM) and listing on the NASDAQ exchange in the U.S. It also points out the advantages together with the disadvantages of being publicly listed.
The chapter on equity crowdfunding has been completely updated to reflect many recent developments together with some of the challenges that face this method of raising money.
Learn how employee share ownership plans work and how they can be used to raise capital; together with the advantages and disadvantages. Find out how some of the provincial governments can help.
Take a look at franchising as a method for financing growth. Consider some of the factors that you will need to take into account.
This book is essential reading if you are an entrepreneur or business owner who wants your company to grow by giving up part of the ownership.
Author, Iain Williamson, is an entrepreneur, business consultant and seminar leader. His views have appeared in many newspaper articles. He has also been the guest speaker on a recent CBC Radio phone-in show on starting a business in a recession. In addition, he has appeared on television shows such as: CBC TV’s Venture; TVO’s MoneysWorth, and Canada Tonight of BCTV and CHCH Television.
Iain spent five years as a financial analyst in the stockbrokerage business and knows the underwriting process. For fourteen years he operated his own businesses in importing, high technology and manufacturing. He now operates Entrepreneurial Business Consultants of Canada and also owns a book publishing business. He holds degrees from Oxford University and from St. Andrew’s, Scotland.
Your Guide to Financing Business Growth by Selling a Piece of the Pie: What's involved in going public; crowdfunding; employee share ownership plans and franchising in Canada: 2017-2018 Edition; by Iain Williamson; 162 pages; softcover; ISBN 978-1-55270-777-0; ISSN 1191-0488; published in July 2017; Canadian $54.95.
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Chapter 1 - Introduction
The Concept of Equity
The Importance of Limited Liability
The Publicly Traded Company
Giving up a Piece of the Pie
Chapter 2 Going Public: The Initial Public Offering (IPO)
The Meaning of "Going Public"
How Large Does A Company Have to Be to Go Public?
Keen Competition Among the Exchanges
Chapter 3 Types of Shares and the Payouts
Splits and Consolidations
What is Going Short?
Liable for Any Dividends Payable
If Shares are "Called"
Short Covering Rallies and a "Short Squeeze"
Are Shares Available to be Borrowed?
Abandonment of the "Uptick" Rule
Banning Short Sales in Parts of Europe
Short Selling by Hedge Funds
Net Long/Net Short
Dividend Tax Credits
Dividend Payout Ratio
Cumulative Preferred Shares
Dividend Re-Investments Plans (DRIPS)
Preferred Shares with "Re-sets"
Income Unit Trusts
Real Estate Investment Trusts (REITs)
American Depositary Receipts (ADRs)
Master Limited Partnerships (MLPs)
Chapter 4 The Rules of the Game
A Decentralized System of Governance in Canada
The Provincial Securities Commissions
Canadian Securities Administrators (CSA)
The Investment Industry Regulatory Organization of Canada (IIROC)
Quotation and Trade Reporting System (QTRS)
The U.S. Securities and Exchange Commission (SEC)
The UK Financial Services Authority (FSA)
Chapter 5 The Underwriting Process
The Sale of Shares
Selecting an Underwriter
The "Due Diligence" Process
Management Time Commitment
The Bought Deal
All or Nothing
Best Efforts Basis
Timing of the Issue
Time Required to Underwrite an Issue
The Cost of Going Public
Proceeds From the Issue
Chapter 6 Stock Exchanges
Restructuring of the Canadian Exchanges
The Toronto Stock Exchange (TSX)
The TSX Venture Exchange (TSXV)
Ways to List on the TSX Venture Exchange (TSXV)
Private Placements on the TSX Venture Exchange
Challenges Presented by Policy 4.1
Stock Options on the TSX Venture Exchange
NEX: A Separate Board of TSX Venture Exchange
Canadian Securities Exchange (CSE)
Alternative Trading Systems (ATSs)
TriAct Canada Marketplace
Aequitas NEO Exchange
Instinet Canada Cross (ICX)
SIGMA X MTF
CFID/Perimeter Markets Inc.
ICE Futures Canada
Bourse de Montréal Inc
The London Stock Exchange (LSE)
AIM (Alternative Investment Market)
Over-the-Counter (OTC) Markets
Chapter 7 Listing Requirements For the Toronto Exchanges
Listing Requirements for the Toronto Stock Exchange
Listing Requirements for the TSX Venture Exchange
Ways to Become Listed on the CSE
Chapter 8 Other Considerations in Going Public
Advantages of Going Public
Disadvantages of Going Public
Costs Associated with Maintaining a Listing
The Need for a National Stock Savings Plan
Chapter 9 Equity Crowdfunding
What is Crowdfunding?
Where Equity Crowdfunding Fits into the Big Picture
Establish Presence on the Internet: Set up a Website and Add a Video
The American Jumpstart Our Business Startups Act (JOBS Act)
Accredited Investors in the U.S.
Dwindling Number of Accredited Angel Investors in the U.S.
Title II: The Removal of the Gag Has Enabled Crowdfunders to Solicit Accredited Investors
Patch Of Land Real Estate Lending Platform
Title III: The Most Momentous Securities Exemption Since 1933
Title III Regulation Crowdfunding Rules
The Desperate Need for Access to Equity Crowdfunding in Canada
Accredited Investors in Canada
Accredited Investor Exemption
Non-Accredited Investor Exemption
Offering Memorandum Exemption
Saskatchewan was the First Province to Adopt an Equity Crowdfunding Exemption
Six Provinces Agreed to Start-up Crowdfunding Exemption Rules
Alberta and Nunavut Go Their Own Ways
The Ontario Securities Commission (OSC) and Crowdfunding Exemptions
Exempt Market Dealer (EMD)
TSX Private Markets (TSX PM)
It's Not Clear Whether the Secondary Marketplace is Working in Canada
National Crowdfunding Association of Canada (NCFA Canada)
The Canada Revenue Agency (CRA) Position With Respect to Crowdfunding
Canada's Draconian Anti-Spam Laws Could be a Crowdfunding Killer
The UK's Regulatory Framework
The Brits Drop the Ball
Equity Based Crowdfunding is Growing
Crowdfunding in the UK is Already Providing Badly-Needed Capital for Start-ups and Small Businesses
UK Investment Enterprise Scheme
Tax Credits Could Boost Interest in Crowdfunding
Small Business Failure Rates
Crowdfunding Investors Are at Risk
Chapter 10 Employee Share Ownership Plans
Allowed by Securities Acts
How Can ESOPs Help?
Types of ESOPs
Advantages of an ESOP from the Viewpoint of the Business
Disadvantages of an ESOP from the Viewpoint of the Business
Disadvantages of ESOPs from the Employee's Point of View
Points to Consider When Establishing an ESOP
The ESOP Association of Canada
The ESOP Association
Chapter 11 Government Encouragement for ESOPs
Saskatchewan Employee Investment Program
British Columbia's Employee Share Ownership Program (ESOP)
Chapter 12 Franchising as a Method of Financing Growth
What is Franchising?
Franchising as a Method of Financing Growth
Planning for Franchising
Marketing of the Franchise
Chapter 13 Some Factors to Consider in Franchising
Some Factors that Have to be Examined
The Logo and Image
Location and Territory
Equipment and/or Premises
Accounting and Business Controls
The Franchise Contract
Franchising and the Law
Chapter 14 Is Franchising for You?
Is Your Business Franchisable?
Chapter 15 Self-Financing and Financing From the Public & Private Sectors
Self-Financing and Preparations
You Have to Prepare Yourself
Ways to Raise Venture Capital
Ways to Raise Debt Financing for Your Business
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