GBUS 8454 SMALL-ENTERPRISE FINANCE
This course provides participants with experience in the analysis and resolution of financial issues in the context of the smaller enterprise that has no or, at best, limited access to the public capital markets. The course material seldom will deal with high-tech enterprises that are purchased with the intent of rapid resale. On the contrary, it deals with companies operating in the mundane, real world of the typical small-enterprise owner who needs sales to meet the payroll, wisely uses limited capital resources, carefully raises new funds, and must plan for the ultimate transfer of the business to new owners. The latter problem is unique to the small, privately held business. In addition to considering typical issues of asset management, including acquisitions and dispositions, the course will cover topics such as working-capital management, selecting funding sources and structuring loans, project finance, creating liquidity, and transferring the business to the next generation or selling it. The tools required for this course were introduced in First Year Financial Management and Policies; emphasis will be on applying those tools in the small-enterprise context.
Academic course objective:
· Provide students with experience in identifying and resolving financial problems typical to a small enterprise such as long-term asset management, working-capital management, arranging funding, and extracting the owner/operator from the business gracefully
Elements of the course grade:
Class contribution 50%
Final examination 50%