Venture Capital Valuation / Wiley Finance Editions (PDF)

Acknowledgments Introduction What You Don't Know About Valuation Will Cost You Money Chapter 1 Using Facebook, Twitter and LinkedIn to Explain VC Valuation Gains and Losses How VCs, Angels, Founders and Employees Give Up Investment Cash Flow Everyday Did Valuation Ignorance Cost ConnectU (and the Winklevosses) $50MM? An Expert Doesn't Need a 409a Valuation When They Have a Certificate and Basic Math Valuating Facebook's Common Stock Compared to Preferred Stock in Minutes What the Winklevosses Would Have Seen in Any 409a Valuation Report Deriving a Discount for Lack of Marketability for Valuations Facebook at $80 Billion Valuation versus Enron at $80 Billion Valuation Deal Terms, Waterfalls and the Pre-money Myth The Pre-Money Myth Summary Chapter 2 Should Venture Backed Companies Even Consider A DCF Model? Introducing the Life Science Valuation Case: Zogenix Zogenix: Company Background Summary and Highlights Leaping Forward Just 20 Months, the Company Files for an IPO Order of Valuations Presented In This Case Chapter 3 Valuation Methods versus Allocation Methods regarding Zogenix Separating Enterprise Value from the Allocation of That Value Valuing Total Equity Using Future Value (FV) and Present Value (PV) To Value Future Cash Flows Today Summary Chapter 4 Applying the Typical DCF Model to a Venture Backed Company Hardly Ever Works The Gordon Growth Model High Growth Limits the Gordon Growth Model Dividend Irrelevance and Capital Structure Irrelevance Using Comparables (Generally Market Multiples) to Generate a Terminal Value Actual Differences between Angels and VCs versus Perceived Differences Applying Valuation Methods and Allocation Methods at Inception Summary Chapter 5 "Enterprise Value" + "Allocation Methods" = Value Destruction Undervaluing Companies and Overvaluing Employee Options Most 409a Valuations Undervalue the Company and Simultaneously Overvalue Employee Stock Options Did Auditors Drive Valuators to Overvalue Employee Stock Options? Most 409a

LORENZO CARVER, MS, MBA, CVA, CPA, is CEO of Liquid Scenarios, a technology-based financial business intelligence solution company that provides services to investors, practitioners, entrepreneurs, and academics on how to measure and realize high-growth venture value. Carver has a twenty-year track record of helping thousands of clients understand how to measure and realize high-growth venture value. He is the author and developer of BallPark Business Valuation, the #1 selling, award-winning small-business valuation solution software covered by Bloomberg Businessweek, Entrepreneur, CPA Software News, The Kim Komando Show, and business journals worldwide.

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