White Papers

What's the Future of Secondary Equity Markets?

Brought to you by NPM and The Wall Street Journal this white paper explores how this report takes a look at why private markets were created - and what lies ahead.

Why Fast-Growth Startups Are Setting Up Stock Liquidity Programs

Brought to you by NPM and The Wall Street Journal this white paper explores how employees can sell their shares to handpicked, well-established investors.

Value of an Exit

Who Gets What After an Exit? Founders might get rich—or not. After years of hard work, you sell your startup to a big fish for millions of dollars—but you and your team receive none of that money. Could it really happen? Brought to you by NPM and The Wall Street Journal this white paper explores the value of an exit in different scenarios.

Term Sheets 101: What You Need to Know

Understand the key terms—and review the fine print. A term sheet—the document that outlines the terms of a future funding agreement—may be the closest thing to a golden ticket in the startup world. In fact, if an investor offers a company a term sheet, it often indicates he or she is strongly interested in making an investment—quite possibly very soon. Brought to you by NPM and The Wall Street Journal this white paper explores the world of term sheets.

IPO or No?

The benefits of remaining a private company. At some point in the growth curve of a successful privately held company, the founders and executives come face to face with an existential question: Should they stay private or go public? Brought to you by NPM and The Wall Street Journal this white paper takes a look inside the decision to go public or not.

How the JOBS Act Revolutionized Small-Company Financing

New rules offer more options for private companies looking to raise funds. Since being enacted three years ago, the Jumpstart Our Business Startups Act of 2012 (known as the JOBS Act) has expanded the ways in which many startups and small companies can access financing. Brought to you by NPM and The Wall Street Journal this white paper explores how the JOB Act influences private companies and their growth.

Valuing Employee Stock Options: The Rules

The ins and outs of IRS Section 409A. Founders and executives of companies that hand out stock options are wise to familiarize themselves with Section 409A of the Internal Revenue Code. Introduced a decade ago, Section 409A governs how companies—both private and public—must treat their nonqualified deferred compensation. It forever changed the capital structure on which private businesses are built and spawned an entire industry around valuing employee stock options. Brought to you by NPM and The Wall Street Journal this white paper explores takes you through IRS section of 409A.

Cash vs. Equity: How Do You Strike the Right Balance?

Due to talent wars, startups today are offering bigger salaries. Years ago, it wasn’t so hard for company founders to lure talented employees with little more than a chunk of equity and a dream. But today’s job candidates, especially those in a technical field, are sending a clear message: Show us the money—and the equity, too. Brought to you by NPM and The Wall Street Journal this white paper explores how companies are compensating employees through cash vs. equity incentives.

Startup Equity Nightmares

How to avoid mistakes when managing your company’s equity. Startup founders are known for moving fast and avoiding bureaucracy. But when it comes to managing their company’s equity, such a go-it-alone attitude can backfire—badly. Brought to you by NPM and The Wall Street Journal this white paper illustrates how things can go badly if founders don’t manage their equity wisely early in their company journey.

Winning the Talent Wars

How private companies can gain an edge over public companies to score great hires. Across the country, employers are seeking effective ways to sweeten the pot to attract and retain top talent. Caught in this hypercompetitive job market are late-stage, venture-backed private companies trying to compete with public companies for skilled workers. Brought to you by NPM and The Wall Street Journal this white paper shows how private companies are getting creative to attract and retain talent.