This document discusses various options for financing a business, including socially motivated institutional debt, commercial debt, institutional financing, mezzanine lending, funding from family and friends, angel investors, and venture capital. It also covers structures for financing, such as debt versus equity, and hybrid structures like convertible debt. Additionally, the private placement process is outlined, covering steps like structuring the financing, creating a term sheet, issuing a private placement memorandum, complying with securities laws, closing on the financing, and post-closing activities.

1. Financing Your Business
By: R.W. Eli Moulton

2. Financing Sources
 Socially Motivated Institutional Debt
 Commercial Debt
 Institutional Financing
 Mezzanine Lending
 Family and Friends
 Angels
 Venture Capital

3. Financing Structure
 Risk vs. Rate of Return
 Debt vs. Equity
 Hybrid Structures
 Convertible Debt
 Debt with a Royalty Kicker
 Royalty Financing
 Preferred Stock

4. Private Placement Process
 Structure
 Term Sheet/Soft Sell
 Private Placement Memorandum/Disclosure
 Security Law Compliance
 Closing/Break Escrow
 Post-Closing

5. Thank You.
R.W. Eli Moulton
emoulton@merritt-merritt.com
802-658-7830