Corporate Finance

When companies seek financing, they often turn to valuators to assist them in preparing financing proposals and in structuring financing deals. As a valuator, it is crucial for you to understand how to best serve your clients at these key business-developing stages. This course introduces you to the issues and techniques relevant to this area. The assignments found at the end of this course will provide you with an important opportunity to apply your newly acquired knowledge to realistic cases, while reinforcing your practical skills.

Module 1 – Business Planning and Financial Modeling

Module 1 will provide you with a comprehensive understanding of the knowledge you will need to have as a CBV acting as an advisor to a client seeking financing, or as one of the parties seeking or providing financing.

Specific topics in this module include:

  • The feasibility assessment of a private company’s financing options.
  • The components of a business plan and financing proposal.
  • The valuator’s role in assessing the business plan and financial proposal.

Module 2 – Structuring

When undertaking to assist in private company financing, the valuator needs to have a comprehensive understanding of how to structure a deal in order to help the business reach its overall financing objectives. Module 2 serves as a bridge between the strategic direction developed in Module 1 and the capital-raising process that you will learn about in Module 3.

Specific topics in this module include:

  • Positioning the business for financing.
  • Measuring financing needs.
  • Assessing credit capacity.
  • Structuring.

Module 3 – Raising Capital

Module 3 introduces you to the capital raising process. When undertaking to advise one of the parties seeking or providing financing, a valuator needs to have a comprehensive understanding of the varied and different options available in the capital raising process. Each is relevant, depending on the specific situation, goals and objectives of the various parties involved in the potential transaction. Throughout the process, the intent is to ensure that a company is properly prepared, packaged and presented to the appropriate credit markets.

Specific topics in this module include:

  • Capital structure options.
  • Various valuation considerations.
  • Ownership structures and voting rights considerations.
  • Modeling an investment return.
  • The development of marketing documents and proposals.
  • The identification and approach to potential investors.
  • Determination of the right lending source
  • Angel investors
  • Venture capital investment

Module 4 – Negotiations and Loan Agreements

Whether working for a company or working with a company as an advisor, the CBV plays an important role in ensuring that the terms and conditions of financing align with the company’s objectives and balance the company’s ability to conduct business in any earnings environment within the investor’s and/or lender’s risk parameters.

Specific topics in this module include:

  • The factors that need to be addressed when negotiating with lenders, equity providers or alternative financiers, as well as the considerations during the drafting of legal and loan agreements and after the deal is completed.
  • Additional negotiations and documentation considerations within the acquisition process for leverage buy-outs and mergers.
  • Specific considerations for divestitures, whether an owner-manager wants to completely exit a business or a public company wants to dispose of a division, subsidiary or product line.

Module 5 – Special Topics

Module 5 comprises only the required reading of five chapters in the Canadian Business Financing Handbook. There are no course notes for this module.

The first four chapters focus on the special financing considerations for specific sectors of the Canadian economy, including the oil and gas industry, limited partnerships, agriculture and real estate/construction. The last chapter examines financing in the United States.

The readings include:

  • Chapter 13C — Oil & Gas Financing
  • Chapter 13D — Limited Partnerships
    • Partnerships in general
  • Chapter 13H — Agriculture
    • Farm Credit Corporation and its programs
    • The Canadian Farm Business Management Council (CFBMC)
    • Farm debt mediation service and farm consultation service program
  • Chapter 13J — Real Estate Development/Construction Financing
  • Chapter 19B — Financing in the United States

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