Archive for james scott
Picking A Corporate CPA Or Accountant – It’s More Than Just Numbers
Posted by: | CommentsI was recently on a conference call with a new client and their accountant who insisted on meeting with me because he wanted to pre qualify me. After a few questions when I was setting up the call I could tell right away that this accountant was a pure amateur and was trying to look like the ‘big dog’ to his clients, being one who invites and enjoys confrontation I took on the meeting. I love negotiating and debating on topics in which I’m well versed so I knew this would be fun.
The call started with the accountant jumping in to take control of the conversation and asked me if I wouldn’t mind explaining what I am planning to do for this client. From beginning to end, this individual was completely out of his element as he’s never had direct contact with an IPO or Global strategies facilitator or someone with international legislative contacts to put to work on behalf of the client to expedite growth and revenues.
After my brief 30 second presentation there was silence on the other end of the line which typically means the opposing party cant intellectually formulate a response due to the sheer lack of experience in this field. So then I continued but instead of a presentation, I became concerned that I was getting involved in a project that had flees and I may need to step away if too many unqualified people were involved.
I proceeded to ask him the following questions that any consultant should ask of a person who claims to be an insider with your client. “How big is your accounting practice”…2000+ clients he boasts. My next question was “Wow! Great then please give me the breakdown of the inter-client base strategic partnerships you have created on behalf of this client to speed up their growth and increase their revenues?” He couldn’t respond because he didn’t know what strategic alliances were. I continued, being that this company has been trying to raise capital for over a year, with 2,000 clients obviously you have access to accredited investors, how much money have you raised and what SEC approved vehicle did you use to distribute shares for equity?” again, there was silence on the other end of the line. This was the way the entire call went which demonstrated to my client that they will obviously have to break out of that relationship for and experienced accounting firm who understands how to work with clients in expansion mode.
When you hire an accountant to do the books for your company, of course you want to make sure that they can perform the general tasks of numbers but you also need to evaluate their current client base and their track record for setting up partnerships between their clients? An accountant who doesn’t network his client base isn’t worth the fee. In this economic environment you need to choose your accounting professionals based off of strict criteria.
You don’t need a number cruncher. You need a number crunching networking executive with a strong and influential contact base to set up round table meetings, make introductions and help grow your company. Anyone with a general comprehension of tax law, book keeping and QuickBooks can be an accountant but few are able to facilitate all the additional services needed for an expanding corporation. You should pick an accounting firm based off of 10% expertise, 30% fees and 60% contacts and track record for helping expanding companies. Don’t settle for anything less.
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Micro Cap Company – James Scott – Micro Cap Fund – OTC Bulletin Board
Posted by: | CommentsAs the economy worsens and banks continue to crash and the US dollar is losing its place as the world currency American entrepreneurs need alternative funding solutions that cater to ongoing capital needs that take advantage of the international finance stage as opposed to domestic institutional lenders.
Many companies, for the first time, are considering going public as a viable option but where does one start on this trek? How much does it cost? What type of lawyer and consultants do I need? Who sells my stock? Etc.
The reality is, going public is fairly straight forward if you have a product or service that lends itself to an invest-able option to global financiers. The process of a start-up or small/medium size business going public usually begins with the basic business plan (50 to 100+ pages in length) and a Private Placement Memorandum (Regulation D Rule Exemptions 504, 505 or 506).
The company would then do an initial round of funding with accredited investors with a mini/maxi built into the offering circular that makes it possible to reach a simple benchmark that would allow the company to start using the investment cash for growth via public offering using OTCBB (over the counter bulletin boards); this is the quickest and cheapest way to go public being that 99.9% of companies don’t have the liquidity and time in business to qualify for an IPO. There are several things that a company can do to make your capital raise a pleasure and not a nightmare. Start with a solid market maker that will commit to putting forth a dominating effort to sell your shares. The next thing you need to do is put a face and a voice to the company. Hire a publicist and pick an executive, usually the CEO or CFO, set up, daily interviews on radio and TV to promote the company and as you do this you will begin to see instant results. Another thing is to send out articles and press releases focusing on every single positive point, contract and strategic partners, feed that publicity machine. Branding is another powerful aspect to raising capital. Make your brand and image something that people see on online and in magazines. A solid publicist will do wonders for you. Get your press releases going on the wire to broker dealers and market makers and other stock promoters.
Fund raising has been complicated by unethical companies that are looking to create capitalization angles for themselves whether they are the business raising capital or the broker dealer buying and selling their stock. Done honestly, there is no reason a company with a viable business concept can’t be successful in raising capital quickly and easily being sold on the public market.
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Franchising Consultant – Master Franchise
Posted by: | CommentsMany companies have a unique service or product but either lacks the capital or know-how to go public. Going public slams open the doors to massive global capital possibilities and massive partnering and strategic growth capabilities. A financially broke company should never try to go public to raise money to stay afloat as you’ll only attract the fee based predatory consultants who make their money on individual fee oriented services without the ability to bring it all together in a turn-key solution so in the end there is no accountability.
The prototypical company that will succeed in going public is either a profitable and mature company or a start-up with contracts in place for capitalization and patented and/or proprietary technology or systems that give it a massive edge over competitors. The decision to go public should be based in the desire for rapid growth and capitalization. The qualities of a company that will succeed on the public forum is one with a solid executive staff, experienced board of directors and a service that is recession proof (Yeah I know, what business is recession proof?), and finished with the actual developmental stage with a solid product or service and identified partners and distribution sources.
If you realistically have a chance at going and staying public you’ll attract consulting firms and/or broker dealers and market makers and many times law firms that focus on taking companies public in return for minor upfront fees and a solid equity position. Be careful not to sign on with a company that does not offer a ‘one stop shop’ or turn-key solutions which includes everything if you are going to be paying an upfront fee and equity. Many solid firms will ask for both fee and equity compensation and it’s worth it if they are truly capable of delivering a full range of services.
You should have a polite yet rigorous interview process with the firm before signing on. The ideal situation for a company going public is to partner with a consulting firm or broker dealer who offers absolutely everything you will need to succeed in the pre-IPO and post-IPO market. Expect to pay a fee for corporate structuring, business plan, private placement memorandum and Direct Public Offering to the firms database of investors (if they do not offer an introduction service to investors you should not take them seriously as a full service consulting firm as they are only offering you a sandwich without the bread).
Parts that a consulting firm will partner on if they can truly take your company public from A to Z is the initial Direct Public Offering to an in house group of investors who will invest the capital needed to pay for the audit (though many times this will have to come out of your pocket even if you team of with the best firms in the business), S1 filing and comments, SEC and FINRA approval and ultimately to the point where a market maker or broker dealer is selling your securities to the public. Sometimes it’s good to just hire a company that is strictly fee based for your ‘going public’ ambitions but be prepared to pay hefty fees. If you are a solid corporation with a realistic chance at going public, you’ll be able to tell by the tone that consulting firms have with you when you engage them in the initial phone consultation. If you’re ready to go public, a proper consultant will be able to identify your position in the market place to fill in the blanks.
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Taking Company Public: Are You Sick Of Being The Governments Gimp?
Posted by: | CommentsAs the unfortunate recipients of a bastardized economy whose immediate future is as grim as the past two years there is a massive economic shift. Banks are crumbling towers of cards and executives in charge of this so called ‘rebound’ effort are about as qualified as a blind, deaf, mute, quadriplegic trying to win the iron man. In short, at this rate we’re in big trouble.
How ca a global economy prosper when we have intellectual midgets at the helm as nothing more than marionettes dancing to strings attached to the fingers of bureaucratic madmen controlled by power, greed and the need to dominate? The answer in short, take the control out of their hands and put it in the hands of the people. Companies need to stop looking to the government and bailout legislation for assistance.
“What the government Giveth It Will Surely Taketh Away”. The government gives only to receive ten fold. Banks and institutional finance are under the thumb of the Federal Reserve, a private organization keeping the citizens of this country in debt with fractional reserve lending and FDIC criteria that turns well intentioned banks into armed henchmen.
The only way to step out and take control of our economic fate is to step out of the institutional mainstream and all things associated with the traditional ’system’. The best way a company can do this is by going public. Taking your company public allows you to take control of your financial destiny and take advantage of the OTCBB (Over The Counter Bulletin Board), London Exchange and Frankfurt Exchange. The NASDAQ and NYSE are great but flawed by institutional over involvement.
Align yourself with globalization consultants that can take our mid size regional company and transform it into a well oiled, economically viable international powerhouse. Going public can offer you the financial means to eliminate the fragility that automatically transcends into your business model when held hostage to the institutional mainstream. You have a great product or service, you have customers, go public and then go global. Nothing is holding you back from there. Your future is bright! Now get out there and make it happen.
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Shell Merger – Reverse Merger – Reverse Merger Blog
Posted by: | CommentsPrivate Placement Memorandum authoring and the process of taking one’s company public are services that require extensive experience and the ability to look at a deal objectively and peripherally to evaluate all the angles to enhance the ability of the client to achieve funding in a timely manner.
Many times, when I’m hired to structure a company before funding, they will be under the impression that my evaluation is a mere formality and they are ready to go. Often I’m the bearer of bad news when I have to break it to the client that their company has more holes than Swiss cheese and 30 to 60 days away from starting the fund raising process.
They will often get a second and then third opinion and usually run into the same thing before they eventually find their way back to our firm. As they call around to consulting firms they perpetually experience the ‘hard sell’ by firms who ‘need’ the business because they lack the rewards and referrals that come with cultivating each client relationship because they take on and spit out deals so fast they hardly remember their client’s name during the transaction.
This mentality dominates the larger firms because of their gargantuan overhead while the boutique firms can take a more personal approach because they have a steady flow of business and referrals because they are not stressed about bringing in the next big deal so they can meet payroll and keep their lights on. The smaller companies that focus on turnaround consulting, private placement memorandum authoring, top tier business plan writing and taking companies public usually take a one on one approach to the consulting process and will rarely pressure clients to sign on because their phone is ringing off the hook with previous clients who want to hire them for the next stage in the evolution of their company’s growth.
This business is all about relationships. Ditch the consultant that applies the high pressure sales tactics and seek out the smaller, more personalized groups that don’t ‘need’ your business but will cultivate and value it.
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