Equity Investment Guide - Cmpa

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EQUITYINVESTMENTGUIDEPREPARED BY

TABLE OF CONTENTSWHAT IS EQUITY INVESTMENT ?3WHAT IS DEBT ?4WHAT IS A GROWTH STRATEGY ?5EXPANSION STRATEGIES & RISKS6WHO ARE THE INVESTORS ?8Do I need it ? Do I want it ?Do I need it ? Do I want it ?Debt vs EquityMergers, Acquisitions & Joint VenturesProducts & MarketsFig.1: Ansoff’s Expansion GridRisk ManagementFig. 2: Expansion Strategies & Related Risks34456677Love MoneyCASE STUDY : Mi Famiglia ProductionsAngel InvestorCASE STUDY : Hot Rod PicturesCrowdfundingStrategic InvestorCASE STUDY : Tiny Screen ProductionsVenture Capitalist (VC)CASE STUDY : Johnny Bros. FilmsInitial Public Offering (IPO)9101112131415161718WHAT IS A VALUATION ?19Comparable company analysisRatiosRevenue and profitAssetsValuationAPPENDIXI. Investment tableII. Canadian Equity Investment FundsIII. Funds listings : Canadian FundsIV. Funds listings : International FundsV. Disclaimer / Acknowledgment19192020202223252930

WHAT IS EQUITY INVESTMENT ?Equity investment is a processthat results in an injection ofnew capital in your companyin exchange for participationor a share in your company’sownership. Often, when peoplerefer to equity investment,they are speaking to the saleor trade of shares in a publiccompany on the stock market.However, the new capital thatresults from equity investment can come from a varietyof sources that typically rangefrom “silent investors” who buyshares in the company purelyas an investment opportunityto “active / strategic investors”who wish to become partners inthe company and participate inits management activities.Fundamentally, equity investment is intended to expanda company’s capabilities toproduce or finance new activities, in order to support itsgrowth.DO I NEED IT ? DO I WANT IT ?Equity investment is different from project investment(which is how television andfilm productions are usuallyfinanced in Canada). In general, equity should not be usedto finance projects; unless ofcourse a project has a very highlevel strategic goal and a scopewhose outcome will greatly en-hance the size and standing ofthe company.Equity is ideally used to addto the company by investingin new staff, equipment or activities that will : (a) create orlead to new revenue streams ;or (b) enhance productivity ina way that will result in financial gains or cost savingmeasures at some time in thefuture. Simply put, equity investors part with their moneywhen they see a potential torecoup their capital investment and make a profit ; therefore, the investors will expecttheir investments to result inbusiness growth.Whether you need the moneyto expand your activities or tofinance ongoing activities canbe a very important gauge ofwhat type of investment is appropriate and if it is indeed appropriate. Depending on whatyour needs are, equity investment might not be the rightanswer. Depending on whatyour objectives are, some typesof equity investment might bewrong for you.There is also the matter of timing. A rule of thumb for startup companies is to borrowwhen the company is small andavoid dilution to the percentage of ownership the foun-3ders retain as long as possible. When your company hasreached a certain size and isready to grow exponentially,perhaps that is the momentwhen investors should be tapped in order to raise capitalthrough equity financing.When deciding if equity investment should be pursued, it isfundamental to understandone’s own goals and objectives,the importance of embracinga growth strategy, and yourplan to grow your company’srevenues. In this guide we provide :A — information to help pro-ducers understand differenttypes of investment and whatthey entail ;B — strategic insights to helpproducers make informeddecisions around companygrowth and valuation ; and,C — mini case studies ofcommon equity investmentscenarios for media production companies.These should help providecontext and hopefully provideinsights on how to proceed asyou go forth in your efforts toraise capital.

WHAT IS DEBT ?Debt is money that one party borrows from another.There are many types of debtthat can be used for differenttypes of financial operations :bridge loans to finance cashflows and cover payment delays, mortgage or auto loans toacquire assets, banks loans toacquire equipment, credit carddebt, credit margins, all theway to more complex financialinstruments such as bonds orobligations that let public companies borrow money on stockmarkets.DO I NEED IT ? DO I WANT IT ?One thing that is interestingto note, is that markets tendto dislike companies that carrylittle or no debt. This is counterintuitive, as people tend tothink that carrying no debt isbetter as you’re not makingpayments and paying interest.However, if the new activitiesyou finance using debt bringin more money than your principal and interest payments,you’re still making money.Furthermore, investors in public markets like to see companies maintaining a debt toasset ratio (the total quantityof debt divided by the total value of the company’s assets) of30-60 %. The reason for this isthat investors will assume thata company that does not takeadvantage of its debt capacityis letting opportunities pass by.Basically, if your company carries no debt, investors may deduce that you are not seizingall available opportunities andnot growing as rapidly as youcould if you acquired debt andinvested in new activities.DEBT VS EQUITYIn order to grow, entrepreneursneed to finance new activities and this can be done witheither debt or equity (or verylarge profit margins if you’relucky). Although it varies andoften depends on the context,entrepreneurs will sometimesprefer acquiring debt ratherthan raising capital throughequity financing. The reasonsbeing that : selling off a piece of yourfirm implies dilution, whichis what happens when yourpercentage of ownership ofthe company lowers ; interest on debt is tax deductible, so there is a taxshield advantage to holding debt ; debt repayments are fixedand predictable ; and/or4 the lender does not getvoting rights in your company, so there is no loss ofcontrol.However there are also disadvantages : unlike equity, debt must berepaid ; interest and principal capital repayments raise thebreak-even point of a firm ; debt instruments oftencome with strings attached,preventing the company’smanagement from raisingother financing options ; the company will generallyhave to pledge assets of thecompany as collateral, andthe owner might be askedto personally guarantee repayment of the loan.In the end, the method withwhich you finance your company and the amounts youraise have to be aligned withyour growth strategy and howmuch revenue you plan to makein the future.

WHAT IS A GROWTH STRATEGY ?A growth strategy is a chosen path to grow your business, whetherby entering into new business lines or expanding the activities you’realready engaged in. Once you’ve decided you want a growth strategy,you need to identify what type of strategy you plan to exploit in order to evaluate the associated costs and the risks involved. Below wegive a few indicators on how to think about and engage with growthstrategies.MERGERS, ACQUISITIONS & JOINT VENTURESOne way of growing a firm is to take advantage of the synergies andnew opportunities provided by uniting two or more companies together.This can take the form of : a merger (combining one firm’s activities and assets with those ofanother company) an acquisition (buying the operations and assets of another firmand exploiting them independently from your own activities or integrating them into your own operations) or a joint venture (entering into a new commercial partnership withanother firm).The end goal is to take advantage of the capabilities of another entityby joining them with your own.5

EXPANSION STRATEGIES & RISKSPRODUCTS & MARKETSThere are strategies that involve creating growth opportunities byworking on the products and services you provide and the markets inwhich you provide them. Called the product/market fit, it is a way ofvisualizing where you want to take your business.Below we provide a tool to help you think about how to develop agrowth strategy. The expansion grid1 divides growth strategies alonga product and market axis, with one end of the spectrum representingexisting possibilities and the other end representing new opportunities.The objective is to identify the quadrants that hold the best andmost realistic opportunities for your company’s growth. The fourquadrants of the matrix are described below.NEWFIG. 1 : ANSOFF’S EXPANSION GRIDMARKET DEVELOPMENTDIVERSIFICATION EXISTINGMARKETS Sell produced shows to a new geographicmarket.Sell existing services in a new market.Sell existing IP to be developed by a 3rdparty in a new market.Partner-up with a company in a new marketto develop your existing IP.Acquire a company offering similar servicesin a new market.MARKET PENETRATIONPRODUCT DEVELOPMENT Reboot existing IP in the current market.Acquire or merge with a company thatmakes a similar type of content or offerssimilar types of services in your market.EXISTING1 Develop a new show or new IP to be sold ina new market.Acquire a company that offers differentservices in a new market. Develop a new show or new IP in yourcurrent market.Acquire or merge with a company thatoffers different services or different typesof products.PRODUCTS & SERVICESThe expansion grid was developed by Igor Ansoff and is also called the Ansoff Matrix6NEW

RISK MANAGEMENTWhen selecting a growth strategy, you should take into account therisks involved with each option. For instance, selling a successful showin a new but similar market or developing a new show based on provenIP in a known market are inherently less risky strategies than developing untested content in an unknown market.If your chosen strategy is to develop new IP in a new market, perhapsa way to mitigate the risks involved is to find a partner who knowsthat market. Taking advantage of a strategic investor’s marketknowledge gives your company a competitive advantage.Whichever growth strategy you choose, the objective is to balanceopportunities with the risks involved. Once the risks are identifiedand mitigated, you can evaluate the potential revenues and profits andbegin looking at financing options.Those options may include bringing in new investors and acceptingequity financing.FIG. 2 : EXPANSION STRATEGIES & RELATED RISKSMARKET PENETRATIONSell existing products or servicesin existing markets.MARKET DEVELOPMENTEnter new markets with existingproducts or services.PRODUCT DEVELOPMENTLaunch new products or servicesin an existing market.DIVERSIFICATIONLaunch new products or servicesin a new market.The risk related to this strategy is to cannibalise your own market shareif you’re expanding faster than the rate at which the market is growing.Then again as Steve Jobs famously said: “If you don’t cannibalise yourself, someone else will.”This strategy is not as risky as product development since you knowwhich products or services have had success in a previous market, butstill risky as you’re entering an unknown market with many unknownvariables.New and unknown variables make this strategy riskier than a market penetration strategy, however, it is less risky than a diversificationstrategy through which you produce completely new content for a newcustomer segments in a new market.This is perhaps the riskiest strategy since there are a lot of unknownvariables, but it can also be the most rewarding one as the potentialof opening a new market brings a lot of new buyers and audiences foryour content.7

WHO ARE THE INVESTORS ?

LOVE MONEYLove money is capital provided by family or friends so an entrepreneurcan start a business. The basic principle is that it is not money raisedfrom investors, but rather money raised from close acquaintances whowish to support the business project of a friend or family member.Love money usually takes the form of a loan without a fixed repaymentdate, but can also be exchanged for early equity in the firm. It is alsogenerally seed money, meaning capital used to start a company, butnot exclusively so.INVESTOR’S PRINCIPAL MOTIVATION2  : Supporting a friend or family member’s projectGet paid back in full at some pointPROS Money is owed to friends and family, therefore terms andconditions may be more favourable Money is raised with little conditions No financial reporting needs to be provided Independence is maintained and dilution is minimal; meaning areduction in the investors’ ownership percentage of the companyCONS Money is owed to friends and family, therefore the risk toleranceof the investors is an important consideration It is difficult to raise substantially large amounts2For more information of investment options, please see the Investment Table in the Appendix.9

CASE STUDY : MI FAMIGLIA PRODUCTIONSOWNERSHIP TRANSFER OF A FAMILY BUSINESSLove money is often used by new entrepreneurs who raise funds fromfriends and family to start a new business. However, when providedin the form of a large low-interest or zero-interest loan, it can also beused in the case of a takeover.Janet founded Mi Famiglia Productions* in the 1980s when she wasin her thirties, growing the television production house into a profitable firm with a permanent staff of a dozen employees and an annualrevenue well into the seven figures. Nine years ago her daughter, Jen,joined the firm as an associate producer, eventually working her wayto producing her own shows and recently taking some executive production duties over from her mom.As Janet nears her retirement age, Jen reveal her ambition of takingover the firm and growing it into a major player in the industry. Janetagrees to stay for another five years to mentor the future presidentof the company and to fund her daughter’s acquisition of 80 % of MiFamiglia by giving her a long-term, zero interest loan.Jen will begin repaying the amount owed to her mother when Janetretires and leaves the company in five years. Janet, who will still own20% of the company, will also receive annual dividends when the firmdoes well.* All company names and identifying details have been changed within the case study scenarios.10

ANGEL INVESTORAn angel investor is a high net worth individual who typically investstheir own money into a business venture. The motivation of angel investors is to support entrepreneurs and help young companies throughthe early stages of their development. They often provide more favourable terms than other investors as they aim to support the entrepreneur starting the business rather than the viability of the businessper se.Given the high fail rate of the early-stage technology startups whichangel investors typically support, they require a fairly high rate of return - from 20-30% annually. That said some angel investors are onlyinterested in recouping their money, not in achieving overall profits.Thus angel investors tend to support high growth projects that havean exit strategy where they will recoup their investment. An exit canbe an initial public offering (IPO), a merger and acquisition (M&A) byanother firm or an investment by venture capitalists (VC).ANGEL INVESTOR’S PRINCIPAL MOTIVATION  : Support the startup ecosystemSupport and work with entrepreneursBreaking even globallyHigh returns on successful projectsPROS Possible to raise funds without losing control of the firm Tend to be involved to offer support and advice, but are in no wayinterested in micro-managing the businesses in which they investCONS Require high rates of return due to the high fail rate in the projectsthey support Are short term investors whose final objective is to exit, whichrequires either a reimbursement strategy or a successive roundof financing11

CASE STUDY : HOT ROD PICTURESFROM STRATEGIC HIRE TO CORPORATE EXITHot Rod Pictures was founded in 2008 by two partners who envisionedthe creation of a powerhouse in television production. From the beginning the partners set a five year growth strategy that ended witha complete exit for the founders, leaving the firm in the hands of alarger entity that could fund its operations and exploit the IP createdthere. They rapidly secured a 750,000 equity investment from anangel investment fund, the founders used the capital to hire a managing director. The new strategic hire helped maximize their capacityto produce in-house IP.Hot Rod was targeted for acquisition by a large multinational playerseeking to source unique English-language content from around theworld in order to build a portfolio and develop cross-fertilizationopportunities.After initially selling 60% of the firm to the multinational, and reimbursing the angel investor in full, three years later Hot Rod Pictures wasmade a wholly owned subsidiary. Hot Rod remains a distinct entitystill run by two of its original founders.12

CROWDFUNDINGAs a process by which entrepreneurs usethe Internet and social media to generateseed capital from multiple privateinvestors or philanthropists to fund aparticular project, Crowdfunding is not atypical equity fun-ding mechanism. However, the practice is growing in popularityas it makes it possible for entrepreneurs to raise funds without cedingcontrol of their company. In Canada,the practice is regulated by the Canadian Securities Administrators (CSA) andtheir provincial equivalents, with regulations varying from province to province.In most provinces it is possible to raise amaximum of 250,000 without having toprovide financial statements, with individualinvestors providing a maximum of 1,500.Beyond 250K, financial statements mustbe produced and a maximum of 1.5 million can be raised with individual investorsproviding no more than: (a) 2,500 for investors in all Canadian provinces exceptOntario; (b) 25,000 for qualified investors in all Canadian provinces but Ontario;(c) 10,000 for Ontario investors; and (d) 50,000 for qualified investors in Ontario.A qualified investor is a person or moralperson (incorporated entity) recognized byprovincial regulators as an accredited investor if they answer certain criteria.CROWDFUNDER’SPRINCIPAL MOTIVATION  : Invest in a company at an early stage inthe hope of benefiting from its growthPROS Raise amounts up to 250,000 without providing complex financial reportingRaise up to 1.5 million with financial reportingRaise capital without entering the stock marketRaise substantial amounts of capital without the risk of dilutingcontrol of the company to VCsCONS No guarantee of success (people might not invest)Demands solid marketing skills and capabilities to ensure peopleknow about the crowdfunding campaignFinancial reporting requirements if the amount raised is largerthan 250,00013

STRATEGIC INVESTORA strategic investor can takemany forms and appear atmany different moments in thelifecycle of a firm.It can take the form of a newpartner or associate who isinterested in buying into anexisting business, to becomea shareholder with a certainpercentage of the firm andwho will actively participatein running it. The strategicpartner will ideally bring notonly capital but also add valueto the firm. This could be in theform of technical or businessskills related to the industrywhich the company operatesin, a repertoire of industry orbusiness contacts, or businessleads.A strategic investor could bea firm of a similar size that isinterested in merging or associating closely with the firstcompany in order to take advantage of existing synergiesand create new business opportunities from the combinedactivities of the two firms.A strategic investor can also bea larger firm that is interestedin acquiring all or part of thesmaller company in order togrow its portfolio of activitiesand expertise.A strategic investor couldbe a person who wishes totake over the business fromsomeone who is nearing retirement and is seeking a wayto pass the company over tosomeone else. This is oftenthe case with young familymembers, children of founders or younger employeesin the company who seek tobecome partners.Whatever the case, the fundingmechanisms for these types ofinvestments or takeovers varyimmensely. It can take the formof a “loan” from the founderwho gets repaid every year bythe new owners. It can be debtfinancing in the form of a bankloan. It can be a cash buyoutwhere another firm acquires100% of your company. It canalso take the form of a shareswap, where a bigger firm willprovide shares from its company worth the same value asthe financial agreement for thedeal.SI’S PRINCIPAL MOTIVATION  : Acquire an active participation in an existing businessPROS Different types of investments for different types of opportunitiesMore of a partnership agreement than just a cash dealAdd to the value of the company by bringing in new talentAdd to the value of the company by creating new capabilitiesCONS Loss of independence for a single founder orthe original associatesCulture clashes between different companies in the caseof mergers or acquisitionsPotentially misaligned vision between new partners14

CASE STUDY : TINY SCREEN PRODUCTIONSINVESTMENT, INTEGRATION AND SYNERGIESTiny Screen Productions Inc. produces fiction series for major television broadcasters. Realizing that TSP spends millions of dollarseach year outsourcing post-production work on its programs, theirCEO decides to seek a strategic investor who will buy 50% of TSP for 5 million. This investment will provide capital to help the companygrow by integrating smaller post houses, streamlining operations,and bringing the new strategic partner onboard as CFO, resulting in acompany with a higher value and higher profit margins.15

VENTURE CAPITALISTA venture capitalist (VC) is aprofessional investor whoprovides capital to startupsor invests in small companies that wish to expand.3VCs typically manage fundsthey have raised from severalsources (government investment mechanisms, pensionfunds, investment banks, family offices, high net worthindividuals, etc.).Funds raised by VCs have alimited duration, generallyaround five years, during whichall the raised capital should beinvested. VCs invest in highrisk/high return opportunitiesand tend to invest in industriesthey understand so they can beinvolved in the managementof the firms in which they invest. They aim to acquire largepercentages of the companiesthey invest in - but also bringlarger amounts of capital thanan angel investor can afford toinvest. It is also typical for themto require a controlling stakeon the board of the firms inwhich they invest.When assessing investmentopportunities, VCs look for aproof of concept - (meaninga proven business model),high returns and explosivegrowth. Typically their goal isto earn 10 times the amountthey invested in order to compensate for the high fail ratefor startups. For this reasonVCs look for companies witha strong management team,a large potential market anda business strategy that aimsto grow expansively.It should be noted that raisingventure capital can be riskyfor an entrepreneur.If the firm fails to deliver thepromised growth, VCs will generally take a more active rolein the company they investedin and founders can be removed from their managementpositions in order to bring inprofessional managers with atrack record of successes.Furthermore, if the investordecides to liquidate the firm torecoup their investment, any IPdeveloped by the firm couldbe sold off and lost by thepeople who developed it.VC’SPRINCIPAL MOTIVATION  : Exponential growthPROS Support from a network of people with high level business skills and a large network of contactsPossible to raise very large amounts of capital in subsequent funding rounds (Series B, C)CONS Generally involves the loss of a majority of the board of directors even if a majority of shares aren’t soldHigh growth is not only expected, it is requiredPotential loss of control over leadership of company if the return on investment (ROI) and growth targetsare not reachedPotential loss of IP if VCs decide to liquidate the firm3For more information on Canadian and international VCs, please refer to the map of Canadianinvestors and the investment fund listings in the Appendix.16

CASE STUDY : JOHNNY BROS. FILMSGROWTH BY ACQUISITIONJohnny Bros. Films produces documentaries. Recognizing the business potential of reality TV for experienced non-fiction producers,they choose to enter the field and decide the best way to do so is toacquire a company that already has knowledge of, and contacts,in the reality TV genre.Lacking the capital to completely fund an acquisition, but not interestedin diluting their shares in the family-operated enterprise, JBF finds anangel investor who is interested in media. Together they make a dealto buy Blood, Sweat & Tears, a reality TV production firm. Each partywill get a 50% stake. JBF’s owners will run and grow BST and reimbursethe angel over a period of five years for the equivalent of five timesthe amount initially invested.After a couple of years they have grown both their original and newbusiness by creating and taking advantage of synergies.Having reimbursed the angel investor in less time than was originallyplanned, JFB approach venture capital firm Bet The Farm LLC. Based ontheir successful acquisition of BST, they raise 15M in venture capitalin order to acquire several small fiction firms for which they will applythe same successful recipe they used for BST.17

- 7.89 % 5.97 % 2.13 % 6.43 %- 11.6 %INITIAL PUBLIC OFFERINGWhen a firm grows to an extent that it is capable of entering the stockmarkets to raise capital, it will have an Initial Public Offering (IPO),when shares are issued for the first time.An IPO is a complex process, involving a fair amount of external support from lawyers, accountants, auditors, etc. A company that has“gone public” issues different types of shares, with different propertiesand voting rights. A public company also has reporting obligationsthat manifest themselves in the publishing of quarterly financial statements as well as a more expansive annual report.An IPO can be an interesting way to raise capital for a firm that hasreached a certain size or for a large private firm that decides to raise alarge amount of capital to fund its growth. Typically the price of theshares vary according to how the market perceives the future performance of the firm. Once a company is publicly traded it becomespossible for that firm to issue bonds and borrow money directly fromthe public markets; which, incidentally, is how Netflix borrowed over 6 billion in the past few years.SHAREHOLDER’S PRINCIPAL MOTIVATION  : Passive investmentPROS Amounts raised can be quite large depending on valuationof the firmPossible to borrow money from bond marketsCONS Financial reporting requirements are strictAnnual auditsValuation of company fluctuates with the moods of the marketsCompany is judged by quarterly earnings reports18

WHAT IS A VALUATION ?RATIOSThe valuation of a company is the process of determining the current worthof the company. It’s often based on opening your books to a new investor anddiscussing how much your financial performance is worth. By going through thisprocess, you’ll determine the value of yourcompany’s assets and how much your business-generating capacity and your corporate brand are worth to investors.A ratio is a mathematical relationshipbetween two financial figures in yourcompany’s balance sheet or other financial measurement tools. Financial analystscan test the relationship on the annual revenue, the annual profits or the EBITDA(Earnings before interest, taxes, depreciation and amortization) of a firm, againsteach other or other financial indicators.For private firms, meaning companies thataren’t traded on the stock market, thisprocess can be a little tricky.For instance, one of the most importantfinancial ratios – one of a series of whatwe call “profitability ratios” – is net profits over the total revenue. This is calledthe net profit margin and is a measureof your company’s capacity to generateprofit.Below we present a couple of methods tohelp you evaluate the value of your firm.COMPARABLE COMPANY ANALYSISThere are ratios to evaluate everything related to the financials of your company,such as liquidity ratios to evaluate its capacity to make payments or solvency ratios to evaluate its capacity to reimbursedebt.This method involves looking at the valueof a similar firm on the public market. Inorder to evaluate a comparable company,remember you need to look at more thanfinancial performance and output. Howmuch of a catalog does that companyhave? How does it compare to your catalog? How many productions are in thepipeline? Are there massive hits from decades ago that still generate passive revenues?Ratios are a great way to evaluate financial performance, but they only take intoconsideration financial performance,which is an important part of a firm’s valuation but is far from a complete picture.The idea is to find a firm that has similarassets and production capacities to yourown. That said it can sometimes be difficult to find companies of comparable sizeor nature traded on a stock exchange. Inthat case other methods can be used.19

WHAT IS A VALUATION ?REVENUE AND PROFITThat said intangible assets are a lot moredifficult to evaluate. The challenge is todetermine how much these properties areworth by projecting the revenue that canbe derived from them into the future.A value can also be placed on a company’scapacity to generate revenue and profit.How many employees work for your company? What special sets of skills do theyhave? How much revenue can be generated from having these people exercisetheir skills? Projecting future cash flowsfrom these activities is an important component in determining the valuation of acompany.Another intangible asset is goodwill, essentially the value of your company’sname and reputation. How well-knownis your comp

a new market. Acquire a company that offers different services in a new market. MARKET PENETRATION Reboot existing IP in the current market. Acquire or merge with a company that makes a similar type of content or offers similar types of services in your market. FIG. 1 : ANSOFF'S EXPANSION GRID

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