Предприниматель | Информационно-аналитический журнал - Part 59

10 things you can not write a business plan

1. Description of existing products and services. Homework should be done – but do not overdo it! Too many business plans are unreasonably large. If a potential investor does not “go down” in the subject in the first few pages, the next fifty will not help.

2. information about “members of the management team,” which in fact it does not include. People either work with you and come into the team or not. Be careful with the “consultants” – investors often express a desire to communicate with them, so make sure they are aware of your business. And one more thing: Contrary to popular belief, potential investors are often at first reading the biography, not an analytical report, as they invest in people, not in the business plans . So try to characterize his team members fairly.

3. Phrases such as lack of competition,” “product (service), which is unparalleled,” “a huge market», ease of implementation. Competition is always present, the chances of the existence of similar products or services. Huge market can be only a short time, and the implementation of the business project is never easy.

4. Marketing plans, suggesting that your idea is ready to buy anyone, anytime and at any price . Build on realistic assumptions!

5. Inflated or false biography founders, board members, etc. Be truthful!

6. Expressions such as funding promised or discussed. Either you have already agreed on the financing (and received the funds), or not. No middle ground.

7. Financial projections, broken only by years . Make a monthly forecast for the first year, showing separately the initial financing and operating costs, and then by quarter for 3-5 years. Show how and when will ensure a return on investment in the project’s success. Investors interested in return on their investment, rather than your income. Show when the invested money back to them.

8. Enough accurate market analysis. If you can not evaluate the market in quantitative terms, in terms of prospects, customers, market share, etc., then you are not completely familiar with the situation in this market.

9. Estimated operating costs. If you are going to produce and sell a product or service yourself, you need to figure out all the costs – direct, indirect, fixed and variable, as well as the cost of outsourcing, if you plan to involve other organizations.

Finally, the main point, which in no case be included in a business plan.

10. Financial indicators, which form a curve in the shape of the hockey stick. J shaped curve of revenue, the incident at the beginning of the project and the growing indefinitely in the future, seems unrealistic and say that you’re not fully understand the features of the competitive environment, market situation and balance of power. If your idea is so good, someone certainly try to copy it. Consider that! Customers will come and go, the competitors – to appear and disappear, and your earnings will not grow indefinitely. It’s a nice dream, but life does not happen!

The audit plans

I really like the story, which likes to tell the auto company founder, “Rolf” Sergei Petrov – one of his acquaintance, who lives in the village. When Petrov visited by this man, he begins to talk about the situation in the world and gives bold advice on how to build Russia’s foreign policy. Petrova is more concerned with something else: why can not establish a familiar private well, which is absolutely impossible to use.

Moral Petrova, people in Russia do not want to deal with the case. The founder of “Rolf” calls to forget the ambition to improve and even that is up to you at arm’s length. For this approach is often criticized businessman and even blamed the fact that he does not appreciate the Russian tradition. But Petrov is a strong argument – improving step by step the company, he built a business that until the crisis had revenues under $ 4 billion

When I read the business plans submitted to the contest Skolkovo Challenge, I always thought of Petrov. Many projects began with the words “Our technology will allow to overcome the problem of such and such on the planet” (or something of that spirit.) Further, very vaguely described the essence of technology and even more vague – a way to extract profit from it. All such projects, I, as a member of the jury, put a low score, because I believe that the ability to clearly express their thoughts and realistically assess the potential – the most important quality of a businessman. Excessive ambition, even worse miscalculation of profits. They are – a consequence of a system failure, lack of connection with reality.

I will not argue with the fact that Russia would not appear Tsiolkovsky and Mendeleev, if not moved them crazy idea – to fly into space or to explain the structure of the world on the same page. But let’s face it: most people do not shine to repeat their achievement. Their business – something more prosaic than the periodic table of chemical elements. Explain the nature of your technology. Assess the scale of the project soberly. Repair, at last, well.

Business plan automotive manufacturer mirrors

The business plan is needed not only to start a new project or investment in existing production. Its presence may be subject to a contract with a major client or at least the competitive advantage of firms in the eyes of the customer.

For example, the history of Nizhny Novgorod of “Sikora.” In 2008, she developed a business plan for a project to increase the production of mirror elements for exterior car mirrors. One of the initiators of the business plan – Oleg Zaitsev, head of the company “Autocomponent” basic consumer products, “Sikora.”

“Autocomponent” delivers avtozerkala and other components for GAZ, AvtoVAZ and Renault to build and Fiat. For two years the company is cooperating with the “Toyota Engineering Corporation” and introduce yourself in Japanese methods of production management. Among the measures to improve the production process including the development of capacities of suppliers. “As consumers we are interested to see next to a developing suppliers, – says Oleg Zaitsev. – Based on the business plan, we understand how the changing market situation affects not only us but for our supplier, it is for us, “transparent.” The business plan spelled out even small things: for example, existing “Sikora” electrical power in excess of current consumption. For Zaitseva important is that by examining the financial model of the firm’s business, he understands the basic tools for the development of the supplier can reinvest profits, almost without resorting to expensive loans.

Business plan for a “Sikora” developed investment and consulting company “Marchmont Capital Partners” was founded in 2005 in Sarasota (USA). The central office of the Russian representative office in Nizhny Novgorod. “As you develop, I believe we have significantly deepened the understanding of our customer market and its prospects, as well as an understanding of the financial business model – said the developer of a business plan Constantine Pigalle, director of consulting” Marchmont Capital Partners. ” – Flexibility developed a financial model to calculate quickly the new scenario as conditions change. ” “The evaluation, development of business plan risk analysis helps us to overcome the less painful the consequences of force majeure” – confirms Zaitsev.

With the permission of both parties, customer and developer, we are publishing as a model a real business plan «Sikora». It is composed by all the rules: it describes the market and competitive advantages, the proposed funding scheme and the main stages of the project, scenarios and risks. Hopefully this information will be helpful in developing your own business plan.

How to please investors

Since autumn 2008 cobstvenniki SME began more actively to seek opportunities “alternative” – without the loans, at the expense of shareholders’ equity – finance their business.

I would single out four main motive of investment transactions of the crisis period:

  • Output of the founding fathers of the business(«wait out the storm in the Canaries”). The owners of many of today’s mid-cap businesses started his business 15 years ago at the age of 30-35 years. Today they are already under fifty. 15 years of hard work have brought some fruit. It’s time for them to eat while there is still an appetite. Previously, they had planned to sell the business in five years or ten, but the crisis has pushed them to a more rapid decision making.
  • Mergers, Acquisitions, redistribution of the market («It’s time to trample someone else’s backyard chickens”). These are businessmen who have survived the forces, resources and desire to “fight” on. Market share, and even falling, never cost so little.
  • «New speculators»(«It’s simple … Buy the gift of three business-for-one”). These are the few who believes that the crisis – a great place to start.
  • Forced to deal («Business in tears, the purchase of debts”). Buying troubled assets at below market prices. First, a bank liquidity crisis, then the devaluation of the ruble, then the sharp decline in demand for durable goods and investment use. All this adds grist to the mill forced to deal with the sale of the property.

As you can see, the reasons for investors to find many, but only one way – “and prepare to go cap in hand to fist.” In any of the above cases, the process of preparing a long and painstaking. Not for nothing in investment circles it is often compared with the wedding (marriage).
What stage is this process? Almost the same as in ordinary life: familiarity (“first date”), grooming (“sighs, groans, walk under the moon and gather the necessary information”), sentence (“send matchmakers”), a dowry. Refinement of the estimates and agreement of terms (“a marriage of convenience”), making the marriage contract (“if that – that divorce and mother’s maiden name”), marriage (“Wedding, rings exchanged, the registration of a wedding banquet.”)

But, you know, hard times have made some changes in the behavior of the future newlyweds. If the marriage takes place, it is likely to be uneven. Therefore, the bride (who is looking for an investor) should be prepared with particular care to introduce yourself capricious bride at its best. We recommend that owners do before investment negotiations:

1. To clarify the relationship of owners and to agree on joining the process of attracting investments.

2. To ensure transparency of the company.

  • to clean up the ownership structure
  • to clean up the organization and management of the formal documents
  • restore order in managerial accounting and finance

3. Develop and formalize a long-term (five years) financial strategy and business model.

4. Develop a strategy to attract investment.

  • Rate current and future business value
  • Decide the type of investors attracted
  • Think about ways the structure of the transaction

5. Carry out pre-investment “package” business “: to prepare the corresponding presentation documents (proposal investor), in which very clearly state your business idea, the need for investment, the method and the size of the investor profit from them, the key competence team.We must take into account that the next few years, the investment market for small and medium business will be “buyer’s market.” The main groups of potential investors today:

  • Those who had accumulated before the crisis a “fat” in the highly profitable industries, and not got into debt
  • Those who successfully realized its investment assets before the crisis
  • Professional players – private equity funds
  • Investment structure with access to public money, including state-owned corporation (MER, Rusnano, etc.), regional public-private funds, support

The main characteristics of today’s investors:

  1. Actively investing in new project structures now significantly less than before the crisis .
  2. Saveof investment funds for many important high yield .
  3. Most professional investors screening system works projects to hit even on a preliminary review.
  4. They have criteria for evaluating the cost and the investment attractiveness of the business (market, competitive position, financial condition and experience of the management team).
    They
  5. versed in the fundamentals of finance and are able to calculate their benefits under specific terms (IRR, NPV, PBP)
  6. They are not very
  7. believe in promises, especially oral. They need documented arguments and confirm the facts.
  8. They know how to assess risks and will apply the discount / premium to your assessmentprices of the purchased shares.
  9. They want all touch hands . They will evaluate the entire system of governance, including an assessment of the professionalism of key managers and current business owners.
  10. They need long-term plan , expressed in market and financial performance
  11. They have experienced lawyers for the structuring of the legal component of the transaction

Like the investor is not easy. But chances are there: a qualitative prepared for investment projects in the market for some time to be a bit, since most transactions will be forced nature and those who are more fully prepare for the proposed transaction would have significant advantages.

Author – Director of consulting company “Marchmont Capital Partners.”

How to Write a Business Plan: The main sections, rules and principles

Properly preparing a business plan has three important tasks. First, it means managers share common goals. Second, when thoughts put down on paper, it is possible to look closely and reflect on the feasibility of the project. “The business plan – a kind of rehearsal, a chance to realize the potential problems, not losing money,” – said Mike McKeever, author of “How to write a business plan.” Finally, the business plan needs to attract professional investors who only have time to skim their proposed projects.

Creating a clear business plan requires thought, time and money. You can order it from a third party (in Ukraine firms specializing in business plans, ask for 1 000$). Most often, entrepreneurs are consultants to the document on pages 30-40, which does not disclose even the most basic questions: What does business and where does the profit.

Investors of such business plan is unlikely to please. “If after reading the first few lines the essence of the business plan remains unclear, it is a bad sign,” – says Jim Caspari, CEO of The Venture Alliance, which advises start-ups wishing to attract the attention of venture capital funds. It is not only a coherent concept. “You have a few sentences, explain what competitive advantages in their field has this project because I need to know exactly how you’re going to succeed. Most business plans do not do “- continues Caspari.
The effective business plan must be said, what is the value of the project, why people would want to pay for that product or service, how much money will it take to start, what are the opportunities for growth, what are the risks and how the entrepreneur plans to deal with them, who are competitors who are partners who the team members. Must include a detailed description and all sources of income and expenses. An important question: how much profit it will bring? And more importantly: when the company begins to generate revenue? Therefore, in the business plan needs a section containing the latest financial figures (if the company is active) or predictions.

For start-up companies with limited resources are critical statements of cash flows, which reflect the accounts receivable and payable for each quarter. “People misunderstand the movement of funds”, – says Tim Berry, president of Palo Alto Software, which develops software for business planning. “They think that if the company is profitable, then they will come money. But most companies are killed, while remaining profitable, because the profit – it’s not cash. ”

Grind your plan to perfection, do not send it gather dust on a long box. “The business plan – this is only the beginning of the process – Berry warns. – Plan activities that the company will still keep a ship at sea: you have to constantly adjust the exchange rate. The plan itself is of little value. It is important to go back to him and see where you were wrong, and what it cost you. ”

title page and contents

Start with the essential: the company name, address, telephone number and contact information of all the founders, as well as the contents of the document. The volume of the business plan should not exceed 30-40 pages with all the necessary applications.

Introduction

No more than two pages list all of the most important. First, tell us what is the value of the project: what will the your company, how much profit have and why people would want to pay for your product or service. If you send your plan to investors, report the capital, you’ll need and how you plan to use it. To highlight the essence, we must imagine the whole picture, so this part is better to start after the completion of the entire plan.

Market Opportunity

Market opportunities

Market opportunities

Explain who you will sell your product or service and why this group of customers for you attractive. Need to answer several key questions. How big is the market? How fast it grows? What are the growth opportunities and potential threats? How will you deal with them?

Most of this information can be found through industry websites and the media, the official statistics, analyst reports and even other businesses. Be sure to include the source of information – in case you are asked to confirm your statements or to update your information.

Market Overview

Market Overview

Market Overview

Make no mistake, your business is not unique. Try to look sober view and assess the contenders. Who are they? What sells? Which part of the market is occupied? Why buyers choose your product or service and not them? What obstacles can arise when entering this market? Do not forget the indirect competitors that are still working on another segment, but have similar capabilities and can make you compete later.

Team

Team

Team

Performance almost as important as the idea itself. Therefore, investors are interested in who you are as a team. Attach a summary of all the founders, partners and managers: what are their skills and achievements. If the firm a few shareholders, explain why you chose these partners (all resumes should be attached).

Business Model

Business Model

Business Model

This section includes a detailed description of all sources of income (sale of products or services) and cost structure of the company (payroll, rent, operating costs). Make sure that you have mentioned and justified all the possible revenues and costs. Also include the names of the major suppliers and customers. In fact this section – the production plan for the future of the company.

Financial performance and forecasts

Financial performance and forecasts

Financial performance and forecasts

If you operate a business, attach a statement of profit and loss account, balance sheet and statement of cash flows for the year. Then make a prediction for all three parameters for at least three years ahead. Also provide an analysis that shows how to quickly pay off the starting investment.

Risks

Risks

Risks

Do not wait for trouble to find out how to cope with it your business. Work through the possible scenarios: worst, best and average. Make sure you have enough money to survive any storm.

Sources of funds and their use

Sources of funds and their use

Sources of funds and their use

If you are trying to get money from investors, they will want to know how you plan to dispose of the capital. In this section, you must specify the projected cost of the launch: building, buying new equipment, design, logo, etc. Most entrepreneurs underestimate the cost of starting a new business. So spend a study in advance of treatment to the investors.

Applications

Applications

Applications

A good business plan only briefly describes the foundations of the enterprise, so in the end to make all the necessary documents. This may include summary information about the creditworthiness, market survey, scheme, plan promotion, copies of contracts, including leases, letters from prospective clients, the certificate of registration of patent and trademark, the partnership agreement, certificate of registration of a company.

How to ask for money

In order to find a worthwhile project, venture investors have to search through a huge number of applications. For example, a venture capital fund Bessemer Venture Partners (BVP), which manages $ 2 billion, a number of projects coming to 150, every year fund chooses companies to invest 20-30. According to the BVP partner Jeremy Levine, in order to select a worthwhile project, he and his colleagues have to listen to year, thousands of presentations. Esther Dyson, president of the venture fund EDventure Holdings, invested in the initial stages of 23andMe, and Flickr, for example, even difficult to say how many candidates for the investment it has to communicate every week. “Somebody just e-mail reply,” Thank you, no, “but with someone have to meet to find out whether my project criteria,” – said in an interview with Forbes Esther Dyson. And Igor Taber, director of Intel Capital fund in the CIS, says he gets 10-20 offers a week. With half of applicants met personally. As a result, investment will be only one (only since 1991, Intel Capital has invested more than $ 9.5 billion in 1050 companies in 47 countries). Investor’s important to understand whether it can get your money back with a vengeance, working it in this niche, with this entrepreneur, it is with this team. Often, it becomes clear in the first conversation. Forbes asked the five partners of the world’s leading venture capital funds that, that costs and what not to say , presenting his project. Here are their tips.

Igor Taber, director of Intel Capital fund in the CIS

1. Do not try to give accurate financial forecasts, because in reality no one can predict what will be the company’s revenue in three years. Much more important to show what assumptions you use, and predicted earnings and costs in their business model. Stating that the company needs $ 20 million investment, but without revealing the key assumptions in your financial model, you very few people are interested in your project.

2. Show that you have significant experience in the field, which you do, that you understand your market, know the key people on it. Show that your team believes in you, that you are the entrepreneur who must lead this company.

3. Do not try to prove that you know everything. Failures are as important as successes. All things being equal, I am more likely to uphold an entrepreneur who has been a failure and who understands its causes, than someone who has never made a mistake and thinks that all knows.

4. Be honest. Project, based on misleading consumers, it is better not to show. If you are disingenuous with customers, why should a potential investor to believe that you do not do unto them as well?

5. Focus. The report, which lists all the steps that the company intends to undertake in the hope that at least one of them will work, is unlikely to be interested. It is not necessary to list alternatives, he make out of their own.

Giuseppe Tsokko, a partner at Index Ventures Fund

1. Do not argue about who afterwards you could sell your business. investor interest to invest in a company that focuses on development and not for sale .

2. Do not say that your business can scale up to infinity. It is not.

3. Do not tell me about a dozen possible sources of income. Effectively manage them too hard, you should focus on.

4. You do not need to pronounce each item in detail on the slide.

5. Speak clearly. Show your product and tell us about its features at the beginning of the presentation. It is advisable to do this in two or three sentences.

6. Explain why your product is vital, why your team should do this project. Let this be an impressive history.

Jeremy Levine, a partner at venture capital fund Bessemer Venture Partners

1. Do not send VC thick “business plan» . If your concept is so complex that its meaning can not be present in the 15-page presentation, it is unlikely that idea like a venture investor.

2. Focus on three key issues most interest to investors: the team, market size, the uniqueness of your product. If you can not clearly explain these three things, the investor does not make sense to spend time on you .

3. Do not use corporate jargon. All of these phrases create a feeling of ‘somewhere I’ve heard, “even if the idea is really innovative.

4. During the call, do not dwell on the “Privacy”. Believe me, the benefits of free exchange of ideas outweigh the risk that someone will steal your ideas. Ideas are cheap, and their expression in life – much more expensive. It is better that you presented the investor trustworthy man – he can be a guarantee that the investor will not deceive you. Check whether to invest in a competing venture fund development.

5. Before you sell your project investor, examine portfolio of venture capital fund . Appropriate reference to the company, in which the fund has invested, increases the chances that he interested in and your development. If the project does not correlate with any of the investment portfolio of the fund, you probably should look for another investor.

Alexander Galitsky, a managing partner of venture fund Almaz Capital Partners

1. Clearly define the problem, you decide. Find out who she cares – representatives of a particular industry or a particular social group. The creators of startups are too often carried away the beauty of global problems.

2. Show what the originality of the solution. It is important to demonstrate its competitive advantage not only in technical terms, but also in terms of business efficiency. Choose as competitors of similar size companies, do not go on the warpath with Microsoft or Google .

3. An assessment of the market should be well founded. Investor wants to get a high return on invested capital. The market should be large enough so that the company was able to expand into adjacent niches.

4. Describe the business model to gain market share. No need to paint a lot of market opportunities, and all groups of potential customers is important, “threw out” the most efficient way, the least expensive way to enter the market and prove the possibility of monetization ideas. Show investors that you have all figured out.

5. Tell us about your team and about whom it is lacking. That team determines the success of the project , it is important that it be balanced. The entrepreneur must soberly assess their capabilities.

6. Tell me, as you need money and they will be used . On this question of the most difficult to achieve startups answer. Need not be complex calculations – it is important to demonstrate an understanding of when and on what money is needed.

Esther Dyson, president of the venture fund EDventure Holdings

1. The venture capitalist is not just looking for a place to invest. We take a company and help it grow. So for me it is important to you, what the company was interesting to me. In the U.S., are projects related to health in Russia range of my interests is wider. I really like to invest in companies that focus on solving real problems, whether it is logistics or health, and offer people new opportunities. I have to understand what happened to me this company will be able to achieve more than without me.

2. One of the biggest mistakes – when the contenders for the investment does not even bother to learn about other companies in which I invested, I wonder if they are equal, and my criteria. If it was difficult to make inquiries about me, do not have enough energy to develop their business.

3. The belief that the business is enough to start a good idea, wrong. Most of the ideas can be copied. So it must be the best in the embodiment of his idea. And to change the business to changing market demands.

4. To get my attention, you need to know exactly what problem your project and who needs it.

5. Be sure to look for information on the team – who is it that these people have done before. Interesting not only successes but also the errors from which they could extract valuable experience.

6. Describe the market, product or service you offer, the competition.

7. I need some financial information. I never believe these numbers – the numbers have never not confirmed. But these calculations help to a perception of cost, income and liabilities of the founders. Need to know, for example, how many people need and what level of …

The logic of the investor

Once Patricia Cloherty, chairman of the board of directors of Delta Private Equity Partners, agreed to a deal on a plane en route from New York to Moscow after a conversation with a fellow traveler about his business – she liked how it relates to business and the team. In Cloherty professional flair to companies that can grow up: she was 40 years of venture capital investments around the world and serves on the boards of 70 companies, including the New York Stock Exchange.

In Russia, Patricia Cloherty since 1994. Her company operates here by two private equity funds. In an interview with Forbes, she told, than the relationship of entrepreneurs with investors differ from its experience in other countries, which industries seem to her perspective and ideas of where to look for new business.

What do the investors are now in a crisis?

Now, many difficulties and no new transactions – enough cases so that there is. We also focused on the existing portfolio. It is important to be sure that all companies go through a crisis. We adjust their strategy development, cleaning up the balance sheet, we try to restructure the debts of all, what is possible. And, of course, reduce costs. It is a matter of survival. But we do so in every crisis.

«They talk too much about the price»

Where would you advise entrepreneurs to find the money now?

I am 40 years in business and confident that we can always find the capital – from family and friends, foundations, other businesses or the banks. The problem of entrepreneurs is that they spend a lot of time in negotiations on a price.

We are more greedy?

No more than anywhere else. This is a typical mistake of an entrepreneur who first began his work. He prefers to have a big piece of something small and not a little piece of something big. This obsession – most have the control – a game of losers, those who do not understand that raising capital may increase by several times. Capital contributes to growth and to take the risk, and therefore entitled to share in the business. Many companies never would have grown into global leaders, if not for investors, which the owners have given their time in the majority.

There is some specificity of interaction of the investor and entrepreneur?

The big problem – lack of business transparency for investors. If I put my money into the project and energy, are entitled to full information on it. Now, in a crisis, we demand from companies who have invested in more accountability. We collect reports on quarterly, monthly, sometimes even more often. It always happens in a crisis. Your businesses is not easy – there is no such tradition.

Now do not have enough mutual trust between managers, investors, regulators. No one is honest. Owners of private companies started in the 1990s. Survive and grow rich while you can, just to avoid taxes. In developed economies, where the entrepreneur does not pay taxes, he faces heavy fines. Even the property can be confiscated. And so the majority of businessmen honestly pay.

What do you look for when taking a decision whether to invest in the business of an entrepreneur?

He has a realistic look at things. Big deal – the business plan. Realistic. Executable. Preparation of this plan is very important.

A look at the charisma?

I do not believe in the magic of charisma. A good entrepreneur can be a bore. The main thing is that it performs the stated plan. Important to me that it was a business man. And it does not matter whether it is a good company with which I was pleased to have dinner.

«Now is a good time to start a business»
Can you remember your favorite investment?

I can not identify some of the 55 companies that our funds. All investments have been successful. Superpribylnymi been investing in media, for example. We sold a stake in ITS at a price four times the investment. The package of NCN, cable operators – three times more expensive package in TV3 – almost 13 times more expensive.

If we talk about international companies, more than anything else, I’m proud of investment in pharmaceutical firm Agouron Pharmaceuticals in San Diego, USA. A team of scientists developed a drug for the treatment of HIV infection. I went into this project in 1988. Invested about $ 20 million in research, clinical trials – first in animals and then in humans receiving the certificates (in the pharmaceutical industry tests are time consuming, it all dragged on for nine years). Now the company – the world leader in the production of medicines for HIV-infected patients. I came out of the investment in 1995, having sold the share for $ 2.2 billion, matched a lot of factors: the great scholars, diligent managers and worthy mission – to combat HIV.

Do you personally in the crisis became more time?

No. I have not had much free time, all these 40 years. And I like it. Even when flying in an airplane, always looking for new ideas for business. It is a habit. I get a lot of information from the financial reports of companies in which I am a member of the board of directors, research analysts’ reports. I read magazines, including Forbes. There is much information available that can be useful in business.

Which industries will grow faster than others after a crisis or may even grow during the recession?

I believe in your consumer market – there are not many products are not developed many of the services. It is interesting to invest in media, telecommunications and financial services. Entrepreneurs can not invent something of their own – take the idea to other countries, see what works, what does not adapt to the market and run. Look for Internet Business. Another set of services, developing successfully in Europe, USA and Asia, does not exist in Russia and former Soviet states.

And in what company you would not have to invest?

In a company where the husband and wife own the business: there are too many emotions. I had a similar experience. Also in Russia – as yet – in some countries can not invest in a business related to intellectual property, it simply is not protected. This is a big obstacle to investment in new technologies. Worldwide, venture investors interested in precisely such companies because there is a real opportunity to increase the value of the company many times, if the technology will be globally competitive. Intelligence – the largest resource for market capitalization growth companies. It was formed by him added value.

Among the many talented Russian developers. Because of the “Soviet of the brain”, many companies are successful in Israel, Europe and America. The same PayPal created a Russian. And I’m in the U.S. has invested in the development of two Russian guys who had been studying semiconductors. I bought for $ 12 million 24% of the company. And IBM has sold the stake to 20 times more expensive. But for such investments it is necessary that intellectual property was protected.

Are you ready for new deals?

Yes, we are looking at new business in conjunction with a team of UFG Private Equity. I have set a goal to enter into one or two deals a year. But we take calculated risks as investing savings of U.S. citizens and Western Europe.

Are you interested depreciating assets?

Many people now look at the assets of the companies that are having problems. But we must understand that most likely there were serious errors, since the business came to a standstill. Everything can be neglected too.

Can I start a business now?

Now is a good time to start a business, so it does not require much capital: wages and rent lower prices for many materials and services fell. The main thing that was a good idea and the ability to generate profits immediately.

The man with the ruble

Be nice to the rich and famous. One negative — must begin to curl around people hankering for your money. It is not even a tax, but the enterprising fellow citizens who believe they have developed a formula for success. What is missing is the initial investment. Your investment.

By David Yakobashvili, co-owner of the largest juice and dairy company, business proposal from unfamiliar people are dense flow — one or two a day. Most e—mail. Although sometimes people dialing into the chairman’s “Wimm-Bill-Dann” (WBD), breaking through the waiting room. Or do him fit — at conferences, concerts and ceremonies, where it is Yakobashvili. “I am ready to consider any suggestions — says the businessman. — But you have to at least hearing it seemed interesting. And there are — one out of ten, but the majority — “the children of Lieutenant Schmidt.”

Once, for instance, to get through Yakobashvili person employed taxi driver. He offered “a unique distribution system,” which, apparently, and bribed the secretariat businessman. But after 15 minutes of conversation it became clear that we are talking about elementary delivers the goods, taking into account traffic jams (such routes calculates the logistics department). The conversation was over. The driver was lucky he managed to explain the idea. If the answer to what the sentence answer: “It’s not a phone conversation” — Yakobashvili usually hangs up. But if the idea in the first statement of it seems sensible, he always calls back: “Suddenly people something to really know.”

If you feel that the project perspective, giving him his Yakobashvili professionals. They begin to delve into the details. Recently, for example, some entrepreneurs offered to invest in the invention of the installation against the Colorado potato beetle. But when the question began to study managers Yakobashvili, it turned out that the invention, firstly, is not unique, and, secondly, the technology is not refined and not tested — just to complete the pilot plant was required to add $ 1 million invested in their $ 10 000. David Yakobashvili invest in the project did not.

He refused to invest in and develop the world’s only deposits of rhenium, a rare metal used in special alloys, usually produced by military orders. It is the military component and spooked. “We decided not to mess” — says Yakobashvili. In addition, there was no guarantee that will get the stated amount of the metal.

And if you are satisfied with the businessman and he’s ready to give money to? Then he discusses the project with partners. For example, the largest shareholder in WBD Gabriel Yushvaev with it invested in the production of grain and bread in the Volgograd region, a dairy farm near Moscow and development projects. If the project does not inspire partners, Iakobashvili prepared to act alone. So he invested 250 million rubles in the production of mortar and gypsum in Kabardino—Balkaria. On Yakobashvili once went Kabardian entrepreneur — suggested kiln gypsum own design. He promised that the company will pay for the year. “The idea seemed interesting — we’ve seen unfolded in Russia Knauf, — recalls Yakobashvili. — If the plant was in Moscow, I would long ago have been in profit. But we are there for six years have not seen a dime. ” What is it? Having problems with a stove, and with the staff and the local administration. To correct technical flaws in the plant to invest another $ 2 million, but Yakobashvili refrains — “as long as the President of the Republic of safeguards do not agree.”

In general, examples of successful investments in the projects proposed by the, not so much, and those are mostly associated with the purchase of land or real estate. Farm near Moscow Makarovo or flour mill № 4 in Moscow, which is now in place will build a business center and housing project “City 2”. “Since the end of construction projects without turning, but offer what sites have what we can find themselves”, — complains Yakobashvili. Or have recently come to offer: roundwood export unprofitable, it is interesting to process the wood. “That I already know, — said a businessman. — If I could have sent the draft, writing, from raw materials to take, much more profitable to transport goods, which are taxes on what stage of the project … ”

But they still come across the treatment worked less than good ideas — one in a hundred. For Yakobashvili also important that the author himself was willing to engage in the project, rather than move to a third party. Businessman recalls just one example, when the initiators of the project themselves and realized it — is the production of protective hoods (masks) “Phoenix”.

Over the past 15 years, co-owner of IAP was featured on the money — at least a little — more than 200 projects. Most often, time and money has been wasted, it is recognized Yakobashvili. So, 10 years ago he invested $ 240 000 in the detection system to a certain point in the city (there were not GPS) — with the help of this system could look for stolen cars. The developers have demonstrated records of success stories. But in practice the system was not as accurate as would an investor: not “see” the car, standing in the garage, and gave a hundred meters of deviation. “We just zamorochili head,” — says an investor.

However, it remains ready to explore the coming proposals: “The door is always open.” After all, the idea of pouring the juice in the early 1990s also was not born with him. Two young entrepreneurs, Michael Dubinin and Sergey Plastinin, then rented a small production line, but they lacked the money for development. Yakobashvili Yushvaev and expressed interest. The result? The current capitalization of “Wimm-Bill-Dann” — $ 3.66 billion.

20 of the most important issues for business

Entrepreneurs can not fully protect your business from the vagaries of the market. What can they do, it is to deal with fundamental issues that determine the fate of any business. Seek answers to these questions – a tedious task, requiring intellectual and, and emotional honesty. Well, if you start to think about them long before the money is spent, goods are released, and customers are lost. But the real work – not stop to answer these questions. As the business grew, new opportunities and threats, and yesterday’s answers may already be enough. Ceaseless pondering weighty issues – that helps Microsoft, Wal-Mart, Hewlett-Packard and Google to keep on top. Taking into account the need for this fight, we represent the 20 most important questions that must answer an entrepreneur, and continue to respond over and over again to build a thriving business.

What is the value of your proposal?

If you can not explain in simple words in three sentences, why people need your product, you have no value proposition and, consequently, you have no business. Point.

Will the demand for your product?

Character series “Seinfeld” was convinced that his key to riches – creating a bra. He did not conduct any research to prove that his goods are in demand. Do not think that you will be able to create demand where it did not exist. Do not sell the regular men’s bra.

What distinguishes your product from your competitors?

Starbucks made people believe that they need the caffeine brew for $ 4, and Louis Vuitton persuaded them to lay out $ 1,500 for denim handbags. But it’s not just marketing. If you want to succeed in business, you need to offer tangible value, which others do not. For example, the lowest possible price (Wal-Mart), the original design (Apple), exceptional ease (FedEx). Find out why your product, and beat at this point.

your business scalable?

The difference between the conservative state, and obscene wealth lies in the scale. Well, when the release of each subsequent product you have spent less and less cost. Take, for example, software. After Microsoft paid for development of the code, the marginal cost of production of each additional copy of Windows is negligible. And some models do not scale. For example, in the service sector, where, together with revenues growing need for personnel.

How do you personally committed to their cause?

Do you have a family with two children. Are you ready to work 100 hours a week over the next two years to promote your startup? If you want to control everything, be prepared to sacrifice everything – at least to begin with.

What is your strength?

Google is powerful search algorithms, Steinway works wonders with wood, Cisco sniffing and buys a promising new technology. Understand what you do well, and do just that. The obvious point, but a lot of passionate entrepreneurs in this burned. In a world of many possibilities.

What is your weakness?

Know what you do well and what is bad. For example, Apple does not make the camera to the iPhone, and buy them on the side. Countless online stores bought third-party developers to Web sites and payment systems. Spend resources to get mediocre results – suicide. Do what you know how, and find reliable partners to manage the rest.

How many will pay your customers?

Why do people pay for Vanish twice more than the generic bleach? Determine the upper limit of the price the buyer is willing to pay for the goods, whether it be an iPhone or a bottle of bleach – then get one of the most powerful levers for profits. Consultants get paid big money for help in determining the correct price.

what authority have your customers?

What happens if I sell rubber scrapers the only company in town, washing windows? If buyer require large discount for your business come to an end. It is better to advance to expand its customer base.

what authority have your suppliers?

The less you have suppliers, the greater their power. Manufacture of watches antique knotty pine from it may seem a good idea, but what if you have only one source of knotty wood? Answer: you have to pay. On the other hand, beware of hungry vendors willing to work very cheap – they often do not monitor the quality.

How to sell products?

Dell Computer sells its computers directly. General Motors and Coca-Cola relied on distributors. Clothing company, such as Ralph Lauren, using both internal and external distribution channels. And Apple provides branded stores. Whatever sales method you choose, make sure it is consistent with the overall strategy for your business.

How should promote your product?

Tell everyone about your company and not go broke – not an easy task. In the mid-1990s, America Online spent so much money to distribute demo versions of its software, which then had to hide these costs in the balance sheet. Later this accounting method was banned, and millions of your profits are gone.

Is the threat of new entrants?

If your market sector can make money, the competition will be like. If not a direct competitor (recall that Microsoft did with Netscape), the other technology can knock out your rug from under their feet (look at what has made with Kodak digital photo). Long before this happens, build barriers to new entrants – make patent, achieve long-term lease, create a loyal customer base.

How do you protect your intellectual property?

A small addition to the previous item. Let’s say you invented a machine that can reach speeds of up to 240 km / h in only one of solar energy. After a few months, five quick-witted competitors dismantled your model, and now brings to market their own versions. Before showing examples of the public, arrange temporary patent. It will protect your idea for a year, until you finalize the details.

What do you need initial capital?

Any investor who invests in companies at early stages, and any small business consultant will tell you that most startups fails due to insufficient capital. While there are no hard rules, “double its initial estimate of required capital”, – said Jim Peck, the head developer of software for dentists Curve Dental.

How will you finance your business?

You have a choice: a rich aunt, credit cards (dangerous), a business angel, venture capital (if you have a serious matter), a bank loan (good luck in the search) and the most expensive way – the issue of shares. Be careful: the sale of shares leads to an erosion of capital, loss of control and difficulties in management. In general, improve your business if you can. And finally, do not forget to match money from the timing of your assets and liabilities in terms of payment. The discrepancy may be painful.

How much money do you need to survive the first few years?

For those who slept the previous item: Follow the money. A lot of entrepreneurs boasts the financial projections of growth, but their pockets are emptied before, as the good times on the horizon zabrezzhat. (Remember the bankrupt dot-com?) Bear Aeron chairs and the Mac, until you are getting more than you spend.

What are your financial projections?

Movement is impossible if you do not have a destination. Two important milestones: 1) operating return – when your business gets more money than it spends over a certain period, and 2) investment payback, when you finally beat off his initial investment (including adjustment for inflation). Financial projections should be justified. Draw too optimistic a picture – and experienced investors will flee from you. Have you run out of money.

How happy your assistants?

What kind of American Idol without Simon Cowell? Soon we all know, but many think that the show would no longer what it used to. If you happen to find great talent, try to restrain him. Salary – just part of the equation.

What is your ultimate goal?

Want to lose your business to the first comer man with the money? So did the owners of MySpace, but not Facebook. Different objectives require different strategies. Always remember, what you want.

Who hunts for the Korban, and Axelrod, suffered from an explosion in Dnepropetrovsk

Learned the details of the events that preceded the assassination attempt on the life of Dnepropetrovsk businessmen Gennady Korban, Gennady Axelrod and Oleg Levin. The newspaper does not bind together the following facts and attack, but did not rule out that the information is made public today, will be important to analyze the causes of the incident.

Recall, last Friday, all three suffered from the explosion of homemade bomb placed under a sofa in Dnepropetrovsk cafe Pepperonni, where businessmen dined. It turns out two of the businessmen – Gennady Axelrod and Oleg Levin – except close to the structures of the group “Privat”, brings together more and that they were co-founders of OOO “industrial and financial group” Sparta “.

The firm owed a large sum of money and, apparently, is not going to return. This is evidenced by several documents that became available publications, as well as official statements of the company’s creditors.

According to them, “Sparta” in July 2010 filed on itself in court, where required to recognize it bankrupt because unable to pay accumulated debts amounting to a total of 668.7 mln. The court opened proceedings in bankruptcy, appointed executor of the estate trustee and set the last day for which the register of creditors’ claims – September 22, 2010.

As explained by the expert from the law firm ILF Elena Khitrova, bankruptcy will allow indebted firm to avoid the return of the debt. The fact is that since the commencement of bankruptcy proceedings to impose a moratorium on satisfaction of creditors’ claims, penalties shall be suspended pursuant to court orders, says the lawyer. Thus, creditors can not collect debts from the debtor, even on a court decision and must stand in line, wait in the liquidation procedure the receipt of money from the sale of the property and they might quench some of the debt. If the money from the sale of the property will not be enough to repay all the debts, the court simply to write off the lender and left with nothing.

More than others because of bankruptcy, “Sparta” may suffer the bank “Forum”. Half of the debt of the company Dnepropetrovsk (362 mln.) – Is a loan that she took the “Forum” in May of 2006, as well as unpaid interest thereon and penalties.

Resonant attempt to Dnepropetrovsk business acquires more details. As it became known, they are hunted not only killers but also numerous lenders.

Schindler Lifts in Dnepropetrovsk hotel Axelhof Boutique Hotel

Schindler Lifts in Dnepropetrovsk hotel Axelhof Boutique Hotel

Bank “Forum” gave money to “Sparta” for construction of luxury hotel in Dnepropetrovsk “Axelhof Boutique Hotel” (commissioned in September this year), as well as retail and office center “Kudashevsky” (delivery scheduled for early 2011). Both objects through the company “Akselhoff” belong Gennady Axelrod and his associates. The firm “Axelhof” 50% of the share capital of which is the property of “Sparta”, engaged as a third party to the proceedings with the bank “Forum”.

According to the press service of the bank “Forum”, repayment of loans was shopping center “Europa” on the street in Central, 10 in Dnepropetrovsk. Its market price, according to the latest assessment on January 27, 2009, amounted to 318 million UAH. “According to currently available information from the bank, shopping center” Europa “was sold by the borrower to bypass all the registers of the prohibitions, and then resold several times,” – reported in the financial institution. In addition, according to the press service of the “Forum”, the former owners of the borrower’s bank to secure repayment of the loan were laid 50% of property rights to share in the authorized capital of LLC “Axelhof.” The hotel itself “Axelhof” never give a mortgage to the bank so the bank has no knowledge of what the market price of the hotel and whether it is the property of “Axelhof.” What assets are available today from OOO “Axelhof”, the bank is also unknown.

How to avoid debt

The fact that “Sparta” she appealed to the court of bankruptcy, the debtor’s good for the fact that he alone is in charge of the bankruptcy at an early stage. As explained by attorney Helen Khitrova, in which case the company itself initiates the assignment manager of the property, clearly planning to date, when opened bankruptcy proceedings and has the ability to carry out all necessary operations to withdraw the assets until it is opened.

In its petition for bankruptcy, filed in July of this year, lawyers ‘Sparta’ indicated that the company has no property assets sufficient to meet the full demands of all creditors. “Calculation of some creditors, the debt to which there will lead to inability to meet its obligations to the debtor’s other creditors, which violates the rights of the past” – said in the lawsuit document. Immediately indicate the total amount of monetary liabilities – 668.7 mln. – And given the amount of assets of the business today – 356.8 mln.
As stated in court documents, the chances of returning the loan to the bank “Forum” reduces the spring ruling by the International Court of Arbitration International Arbitrage Company Ltd. As stated in court documents, in March this year ownership of the securities, which should serve as collateral for the loan was in favor of otsuzheno offshore company “Fanfard Trade and Investment Corp.” (Virgin Islands).
Borrowers

Throw up

Gennady Korban, crisis management, the group Privat

Gennady Korban, crisis management, the group Privat

It should be noted that in March, just days before a court decision Gennady Axelrod, Oleg Levin and Myron Sosnowski left the founders of the “Sparta”, keep in touch with the company only through its associated company, including the company “Axelhof.” Instead, the owner of the firm hundreds of millions of indebted, was the ex-predpravleniya of “Private-Intertrading” Vitaly Timshin. This may indicate that despite the change of ownership, the company remained in the interests of “Private”. “Neither the new owner of the borrower, it – the general director or former owners, Oleg Levin, Gennady Axelrod and Myron Sosnowski, who are guarantors of the borrower, and, besides, they are also indebted to the bank more than $ 3 million each, in their unwillingness to with the bank any negotiations (hangs up phone) – According to the press service of the bank “Forum”. – In parallel, through the decisions of the courts themselves arranging sham marriages to the civil purpose of breeding with bank mortgages of personal property. ”

It is also worth noting that “Sparta” filed a counterclaim against the bank “Forum”, which requires breaking the General Loan Agreement with the bank and pay damages from underfunding of $ 52 million

List of victims

In addition to the bank “Forum” financial-industrial group “Sparta” is a debtor has about a dozen companies. For example, 50 million USD. PFG is debt “Sparta” handball club “Motor” from Zaporozhye. Among the creditors are also Fantan trading limited (Nicosia, Cyprus), “Forstoun Networks LLP” (Wales, UK), Ltd. “Yukun” (Kiev), Inc. “Slavutich-Leasing” PE “Akvitens” PE “Rent- Service Plus. ”

Get comment from representatives of industrial and financial group “Sparta” failed. In the Main Directorate of Ministry of Internal Affairs of Dnepropetrovsk region also does not comment on the possible versions of an explosion in a cafe Pepperonni, including a possible link between debt, “Sparta” and the attempt on the life of her former owners. “The criminal case was filed, the investigation continues,” – said the Department of Public Relations of Ministry of Internal Affairs of Dnepropetrovsk region.

Comments

Debtors do not go to the contact

Press office of the bank “Forum»: In this connection arose in mid-2009 to financial difficulties of the LLC PFG “Sparta” Bank “Forum” offered to the borrower for debt restructuring is quite acceptable to itself. Bank attracted a consulting company Roland Berger Strategy Consultants, which in the fall of 2009, has developed a program of restructuring. It was this: in the amplification of the borrower collateral mortgage TC “Atrium” banks to offer installment loans with repayment of the body and reducing the fees for the loan to a symbolic one per cent. This program was approved by shareholders, but incomprehensible to the bank at that time because (December 2009) was not accepted by the owners of the borrower.

Later, in August of 2010, the bank became aware that the borrower in order to disguise the sale changed mailing address is in the bank’s mortgage shopping center “Europa” and sold it to an offshore company. All that the bank “Forum” in late 2009 – early 2010, it was not known, and in every way he tried to persuade a borrower to go for restructuring.

Only in April 2010, the bank learned about a complete change of ownership of borrower (Oleg I. Levin, Axelrod Gennadiy Ilich and Sosnowski Myron Jaroslavovich surrendering their shares in the authorized capital of a certain Timshinu Vitalii Ivanovich, who became 100% owner of the borrower), realized the futility of further negotiations, and April 27, 2010 filed a lawsuit to recover the debt from the borrower.

PFG Ltd “Sparta”, in order to delay the trial, the bank filed a counterclaim alleging the bank causing losses to society in an amount much greater than the size of the loan.

According to our forecasts, taking into account the existence of a counterclaim against the bank and the borrower’s bankruptcy case the borrower, the review of the dispute between the parties will take at least one year, but realistically 2-3 years.