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PCA Index Survey Responses
                      First Quarter 2012
                             John K. Paglia, Ph.D., CFA, CPA
                             Associate Professor of Finance
                  Director, Pepperdine Private Capital Markets Project
© 2012 Pepperdine University. All rights reserved. Pepperdine Private Capital Access Index (“PCA Index”) is a trademark of
Pepperdine University. PCA Index content is the intellectual property of Pepperdine University or its third party content
providers. Any copying, republication or redistribution of PCA Index content, including but not limited to caching, framing or
similar means, is expressly prohibited without the prior written consent of Pepperdine University. Pepperdine University shall
not be liable for any errors, omissions or delays in PCA Index content, or for any actions taken in reliance thereon.
This research was made possible with the support of Dun &
 Bradstreet Credibility Corp., the leading provider of credit
      building and credibility solutions for businesses.
                 DUN & BRADSTREET CREDIBILITY CORP.
                Jeffrey Stibel, Chair and Chief Executive Officer
                      Judy Hackett, Chief Marketing Officer
                Aaron Stibel, Senior Vice President, Technology
             Erik Simon, Director, Marketing and Communications
                     Brenda Gary, Senior Marketing Director
  Bernice Brennan, Manager, Creative Services & Marketing Communications
                       Trenice Taylor, Marketing Manager
ACKNOWLEDGEMENTS

I’d also like to thank the following people at The Graziadio School
       of Business and Management for their contributions:

                    Dean Linda Livingstone
                Associate Dean David M. Smith
               Mike Sims, Executive Officer, CER
         Douglass Gore, Director of Public Relations
       Mark Chun, Director, Center for Applied Research
          Bill Bleuel, Professor of Decision Sciences
           Irina Shaykhutdinova, Research Analyst
                 Sean Gray, Graduate Assistant

                        and consultant,
                      Simon James, Ph.D.
Outline
I.    About the Private Capital Access (PCA) Index……...….…5
II.   Current demand/need for external financing………..…….7
III. Accessibility/success rate of raising new capital……...…14
IV. Satisfaction rates for various capital sources………..…..21
V. Expected demand for external financing……………..…..26
VI. Expected capital access (success) rates……………..….31
VII. Hiring plans and impacts of unsuccessful financing….....37
VIII. Jumpstart Our Business Startups (JOBS) Act …….….....40
IX. Financing conditions by state...……………………………44
X. About the respondents…………………………………..…59

                                4
I. About the Private Capital Access
           (PCA) Index
The Pepperdine Private Capital Access Index (PCA) is a quarterly
indicator produced by the Graziadio School of Business and
Management at Pepperdine University, and with the support of Dun &
Bradstreet Credibility Corp.   The index is designed to measure the
demand for, activity, and health of the private capital markets. The
purpose of the PCA Index is to gauge the demand of small and
medium-sized businesses for financing needs, the level of accessibility
of private capital, and the transparency and efficiency of private
financing markets.


                                     5
About the Q1 2012 Private Capital
      Access (PCA) Index Survey
•    25 questions
•    Invite to participate distributed to sample from Dun
     & Bradstreet Credibility Corp.’s business database
•    5,977 completed responses
•    Where relevant, responses are segmented by
     revenues sizes (<$5 million; $5 million to $100
     million)
•    Responses collected from Apr. 3 – Apr. 10


                              6
II. Current demand/need for external
              financing




                  7
Demand for Financing by Purpose and Size
         (% with any need reported)
     100.0%
      80.0%
      60.0%
      40.0%
      20.0%
        0.0%
                     Planned        Working      Growth due      Finance       Refinance      Withdraw
                    growth or        capital     to increased   worsening    existing loans   wealth for
                   expansion,     fluctuations     demand       operating      or equity       owners
                    including                      (already     conditions
                   acquisitions                    realized)
                     (not yet
                     realized)
Whole sample          66.1%         65.3%           56.0%         40.9%         38.4%           27.5%
< $5 million          52.0%         56.4%           47.2%         32.5%         26.6%           22.6%
$5 -$100 million      53.4%         52.0%           46.5%         25.8%         27.2%           23.1%



                                                            8
Strength of Demand for Financing
                (among those indicating demand)
   Scale 1-4: slight, moderate, high, extremely high need
          4.0
          3.0
          2.0
          1.0
          0.0
                     Planned        Working      Growth due to    Finance       Refinance      Withdraw
                    growth or        capital       increased     worsening    existing loans   wealth for
                   expansion,     fluctuations      demand       operating      or equity       owners
                    including                       (already     conditions
                   acquisitions                     realized)
                     (not yet
                     realized)
Whole sample            2.5           2.2             2.1           2.2            2.4            1.9
< $5 million            2.4           2.2             2.1           2.2            2.4            1.9
$5 -$100 million        2.4           2.1             2.1           2.0            2.3            2.0


                                                            9
Respondents Indicating High and Extremely
       High Demand for Financing
    (among those indicating demand)
     100.0%
      80.0%
      60.0%
      40.0%
      20.0%
       0.0%
                     Planned        Working      Growth due      Finance       Refinance      Withdraw
                    growth or        capital     to increased   worsening    existing loans   wealth for
                   expansion,     fluctuations     demand       operating      or equity       owners
                    including                      (already     conditions
                   acquisitions                    realized)
                     (not yet
                     realized)
Whole sample          47.3%         36.8%           34.2%         35.2%         42.4%           25.0%
< $5 million          46.0%         36.7%           33.2%         35.2%         43.3%           23.9%
$5 -$100 million      43.8%         31.7%           34.2%         26.9%         37.7%           26.5%


                                                       10
Percentage Indicating “Yes” to “Is the current
 business financing environment restricting…”

100%

                              64%
80%               61%
                                                                         55%
                                       47%                     51%
60%
                                                                                  32%
40%

20%

 0%
       Growth opportunities for your business?      Your ability to hire new employees?
                        Whole sample       < $5 million     $5 -$100 million



                                                  11
Trade Accounts (Accounts Receivable) Payment
  Period Trends Over the Past Three Months
100%
 90%
 80%                                                                                    63%
 70%                                                                     56% 55%
 60%
 50%                                       36% 37%
                                                        30%
 40%
 30%
               8%    8%    8%
 20%
 10%
  0%
         Accelerated (receiving    Slowed (receiving payments         Stayed the same
       payments from customers     from customers slower than
       faster than three months        three months ago)
                  ago)
                    Whole sample      < $5 million     $5 million -$100 million


                                                12
Percentage of Respondents Who Attempted to
Raise Outside Financing in the Last 6 Months

100%


80%


60%                                              39%
                32%             32%

40%


20%


 0%
       Whole sample   < $5 million    $5 -$100 million



                               13
III. Accessibility/success rate




                14
Is it Difficult or Easy to Raise New External
                       Financing?
                      Equity financing                                    Debt financing

       100%                                               100%

         80%                                                80%

         60%                                                60%

         40%                                                40%

         20%                                                20%

          0%                                                 0%
                   Difficult   Neither     Easy                       Difficult   Neither     Easy
                               difficult                                          difficult
                               nor easy                                           nor easy
Whole sample         74%         14%       12%     Whole sample         74%         12%       14%
< $5 million         77%         14%       10%     < $5 million         77%         11%       11%
$5 -$100 million     64%         18%       18%     $5 -$100 million     58%         15%       27%




                                                  15
Financing Success Rates by Type and Business
            Size for Prior Six Months
   100%
     90%
     80%
     70%
     60%
     50%
     40%
     30%
     20%
     10%
        0%
                   Friends   Grants Crowd     Trade    Credit   Loan -   Credit   Lease     Bank     CDFI/     Asset   Factor   Angel      Vent.    Private   Mezz.    Hedge
                     and     (SBIR, funding   credit   card -    pers.   card -            loan -    Credit   based             capital   capital   equity    lender    fund
                    family   STTR,                     pers.              biz.               biz.    union    lender                                group
                              etc.)
Whole sample        71%       24%     7%      64%      62%      48%      59%      59%          45%   14%       20%     31%       20%       8%        17%       9%       2%
< $5 million        73%       23%     8%      63%      62%      48%      56%      56%          36%   12%       12%     31%       16%       7%        12%       4%       1%
$5 -$100 million    88%       46%     9%      84%      73%      59%      81%      83%          76%   32%       53%     54%       33%       23%       46%       30%     15%




                                                                                          16
Main Purpose for Raising or Attempting to Raise
                  Financing
        100%

          80%

          60%

          40%

          20%

           0%
                    Growth or     Working    Refinancing    Replacing       Finance     Withdraw     Other
                    expansion      capital     existing    equipment       worsening    wealth for
                      (incl.    fluctuations  loans or     or facilities   operations    owners
                     acquis.)                   equity     unrelated       conditions
                                                           to growth
                                                                or
                                                           expansion
 Whole sample         42%          29%          12%            6%             6%           1%         5%
 < $5 million         38%          32%          11%            6%             7%           1%         4%
 $5 -$100 million     49%          21%          16%            7%             2%           1%         4%


                                                           17
Reasons for Businesses Not Attempting to Raise
   External Financing (Multiple Selections)
      100%
       90%
       80%
       70%
       60%
       50%
       40%
       30%
       20%
       10%
        0%
                    Enough     Sufficient     Weak    Business    Lack of      Not      Loss of      Waiting       Cease      Other
                   cash flow   financing    economy   would be   expertise   enough   control /        for      operation
                                in place              rejected                time    flexibility    cheaper    / liquidate
                                                                                                    financing
Whole sample         45%         25%         23%        22%        13%        12%         6%           8%          2%          7%
< $5 million         44%         22%         25%        25%        15%        13%         6%           8%          1%          6%
$5 -$100 million     58%         44%         14%        10%         3%        4%          5%           5%          0%          4%



                                                                     18
Percentage of Owners Who Transferred
       Personal Assets to Business Over Prior Six
                        Months
100%
 90%                                              74%
 80%
 70%                               57%    53%
 60%       42%     46%
 50%
 40%                     25%
 30%
 20%
                                                                  1%   1%   1%
 10%
  0%
             Yes                         No                       Unsure
                    Whole sample   < $5 million    $5 -$100 million


                                          19
Type of Personal Assets Transferred to Business
During Prior Six Months (Multiple Selections)
     100.0%

      80.0%

      60.0%

      40.0%

      20.0%

        0.0%
                     Personal     Personal     Personal loan   Cash from     Home equity   Other
                     savings /   credit card                   the sale of      loan
                   investments   purchases                      personal
                                                                 assets
Whole sample         68.1%         39.4%          33.6%          17.1%         12.1%       4.0%
< $5 million         67.7%         40.2%          33.6%          17.4%         12.6%       3.6%
$5 -$100 million     68.4%         30.1%          34.2%          10.4%         15.5%       3.1%


                                                       20
IV. Satisfaction rates




           21
Pricing and Contract Terms Satisfaction Rates
          (for those with a successful raise)
  100%
   90%
   80%
   70%
   60%
   50%
   40%
   30%
   20%
   10%
     0%
             Friends Grants Crowd Trade      Credit   Loan -   Credit   Lease    Bank    CDFI/     Asset   Factor   Angel      Vent. Private Mezz.    Hedge
               and   (SBIR, funding credit   card -    pers.   card -           loan -   Credit   based             capital   capital equity lender    fund
              family STTR,                   pers.              biz.              biz.   union    lender                              group
                      etc.)
Whole sample 89%      89%     70%    83%     45%      69%      61%      78%      82%     85%       71%     50%       80%       67%    64%     58%     67%



                                                                                22
General Financing Process Satisfaction Rates
                 (by Outcome)
 100%
   90%
   80%
   70%
   60%
   50%
   40%
   30%
   20%
   10%
     0%
               Friends Grants Crowd Trade      Credit   Loan -   Credit   Lease     Bank    CDFI/     Asset   Factor   Angel Vent. Private Mezz.       Hedge
                 and   (SBIR, funding credit   card -    pers.   card -            loan -   Credit   based             capital capital equity lender    fund
                family STTR,                   pers.              biz.               biz.   union    lender                            group
                        etc.)
Successful       74%    70%     80%    80%     59%      62%      73%      79%      71%      76%       67%     65%       65%    63%     74%     67%     50%
Unsuccessful    30%     11%     7%     23%     13%      14%      17%      14%          8%   10%       8%       9%       17%    15%     14%     11%      8%




                                                                                  23
Percentage of Those Satisfied with the Amount
of Time Elapsed from Point of First Contact until
   Funds Were Received (for those successful
                   raises)
  100%
   90%
   80%
   70%
   60%
   50%
   40%
   30%
   20%
   10%
    0%
             Friends Grants Crowd Trade      Credit   Loan -   Credit   Lease    Bank    CDFI/     Asset   Factor   Angel      Vent. Private Mezz.    Hedge
               and   (SBIR, funding credit   card -    pers.   card -           loan -   Credit   based             capital   capital equity lender    fund
              family STTR,                   pers.              biz.              biz.   union    lender                              group
                      etc.)
Whole sample 78%      58%     44%    79%     71%      65%      81%      82%     71%      70%       61%     67%       59%       53%    55%     67%     67%



                                                                                24
Percentage of Those Unsuccessful Who Feel the
 General Category of Financing is a Still a Good
            Fit for Their Business
  100%
   90%
   80%
   70%
   60%
   50%
   40%
   30%
   20%
   10%
    0%
            Friends Grants Crowd Trade      Credit   Loan -   Credit   Lease    Bank    CDFI/     Asset   Factor   Angel Vent. Private Mezz.       Hedge
              and   (SBIR, funding credit   card -    pers.   card -           loan -   Credit   based             capital capital equity lender    fund
             family STTR,                   pers.              biz.              biz.   union    lender                            group
                     etc.)
Whole sample 28%     57%     33%    62%     34%      47%      59%      52%     67%      62%       52%     37%       62%    57%     58%     37%     39%



                                                                               25
V. Expected demand for external
           financing




                26
Percentage of Businesses that Are Planning to
    Raise Financing in the Next Six Months
100%


80%

                                                     52%
60%                               47%         46%

       31%         32%   31%
40%
                                                                     22%       23%
                                                                                     17%
20%


 0%
             Yes                        No                             Unsure
               Whole sample    < $5 million         $5 million -$100 million


                                          27
Percentage of Respondents Indicating Demand
  for New Financing in the Next Six Months
               100%

                80%

                60%

                40%

                20%

                  0%
                            Planned      Expected     Growth due     Expected    Refinance   Withdraw
                             future      working      to expected   worsening     existing   wealth for
                           growth or      capital      increased    operating     loans or    owners
                           expansion   fluctuations     demand      conditions     equity
Whole sample                  63%           61%           59%          35%          36%        25%
< $5 million                  64%           63%           60%          38%          37%        25%
$5 million -$100 million      61%           55%           56%          25%          35%        25%


                                                         28
Strength of Expected Demand for New External
       Financing in the Next Six Months
       (Scale 1-4: Slight, Moderate, High, Extremely High)
                  4.0
                  3.5
                  3.0
                  2.5
                  2.0
                  1.5
                  1.0
                  0.5
                  0.0
                            Planned      Expected     Growth due     Expected    Refinance   Withdraw
                             future      working      to expected   worsening     existing   wealth for
                           growth or      capital      increased    operating     loans or    owners
                           expansion   fluctuations     demand      conditions     equity
Whole sample                   2.4          2.2           2.2           1.9         2.4         1.9
< $5 million                   2.4          2.2           2.2           1.9         2.4         1.9
$5 million -$100 million       2.3          2.0           2.1           1.7         2.3         1.8


                                                         29
Respondents Indicating High or Extremely High
Expected Demand for New External Financing in
           the Next Six Months
             100.0%

              80.0%

              60.0%

              40.0%

              20.0%

                0.0%
                            Planned      Expected     Growth due     Expected    Refinance   Withdraw
                             future      working      to expected   worsening     existing   wealth for
                           growth or      capital      increased    operating     loans or    owners
                           expansion   fluctuations     demand      conditions     equity
Whole sample                 45.9%         37.1%         38.6%        27.5%        43.6%       24.2%
< $5 million                 44.5%         36.7%         37.4%        26.3%        43.8%       23.9%
$5 million -$100 million     40.3%         29.6%         32.7%        19.6%        41.0%       20.6%


                                                          30
VI. Expected access rates




             31
Do You Expect It Would Be Easy or Difficult to
Raise New Financing in the Next Six Months?
                    Equity financing                                       Debt financing

        100%                                               100%

          80%                                                80%

          60%                                                60%

          40%                                                40%

          20%                                                20%

           0%                                                 0%
                    Difficult   Neither     Easy                       Difficult   Neither     Easy
                                difficult                                          difficult
                                nor easy                                           nor easy
 Whole sample         71%         12%       17%     Whole sample         69%         11%       20%
 < $5 million         74%         12%       14%     < $5 million         74%         10%       16%
 $5 -$100 million     56%         17%       27%     $5 -$100 million     50%         16%       34%


                                                   32
Likely Sources of Financing
  100%
   90%
   80%
   70%
   60%
   50%
   40%
   30%
   20%
   10%
     0%
             Friends Grants Crowd     Trade    Credit   Loan -   Credit   Lease       Bank    CDFI/     Asset   Factor   Angel      Vent.    Private    Mezz.
               and   (SBIR, funding   credit   card -    pers.   card -              loan -   Credit   based             capital   capital   equity    lender
              family STTR,                     pers.              biz.                 biz.   union    lender                                group
                      etc.)
Whole sample 32%      29%     35%     10%      22%      32%      40%      33%        68%      36%       35%     17%       30%       26%       28%       14%



                                                                                33
Main Purpose for Raising Expected Financing
       100%

         80%

         60%

         40%

         20%

          0%
                    Growth or       Working      Refinancing    Replacing       Finance     Withdraw     Other
                    expansion        capital       existing    equipment       worsening    wealth for
                      (incl.      fluctuations    loans or     or facilities   operations    owners
                   acquisition)                     equity     unrelated       conditions
                                                               to growth
                                                                    or
                                                               expansion
Whole sample          58%            21%            9%              5%            3%           1%         3%
< $5 million          57%            22%            9%              6%            3%           1%         3%
$5 -$100 million      59%            19%            10%             6%            2%           2%         1%


                                                               34
Level of Confidence for Successful Financing
          (Scale 0-4: none; some; moderately; very; completely)
        4.0
        3.5
        3.0
        2.5
        2.0
        1.5
        1.0
        0.5
        0.0
                   Friends Grants Crowd Trade      Credit   Loan -   Credit   Lease     Bank     CDFI/     Asset   Factor   Angel Vent. Private Mezz.       Hedge
                     and   (SBIR, funding credit   card -    pers.   card -            loan -    Credit   based             capital capital equity lender    fund
                    family STTR,                   pers.              biz.               biz.    union    lender                            group
                            etc.)
Whole sample          1.9    1.5    2.1    1.3      2.0      1.7      1.9      2.1         1.6    1.2      1.4      2.0      1.4     1.3     1.4    1.4      1.4
< $5 million        1.9     1.4     2.0     1.2     2.0      1.6      1.8      2.0         1.4    1.1      1.2      2.0      1.4     1.3     1.3    1.3      1.4
$5 -$100 million    2.1     1.7     2.7     1.7     3.1      2.3      2.7      2.7         2.3    1.5      1.9      2.3      1.9     1.4     1.5    1.6      1.5



                                                                                      35
Reasons for Not Planning on Raising Financing
      100%
       90%
       80%
       70%
       60%
       50%
       40%
       30%
       20%
       10%
         0%
                    Enough     Sufficient     Weak    Business    Lack of      Not      Loss of      Waiting      Cease     Other
                   cash flow   financing    economy   would be   expertise   enough   control /        for      operation
                                in place              rejected                time    flexibility    cheaper        /
                                                                                                    financing   liquidate
Whole sample         61%         37%         19%        13%         6%        6%          5%           4%          2%        5%
< $5 million         59%         33%         22%        16%         7%        7%          6%           5%          2%        5%
$5 -$100 million     72%         54%          9%        4%          1%        2%          2%           2%          0%        3%



                                                                    36
VII. Hiring plans and impacts of
unsuccessful financing attempt




                37
Number of Employees Planned to Be Hired in
           the Next Six Months
               40%
               35%
               30%
               25%
               20%
               15%
               10%
                5%
                0%
                         0     1-2   3-5   6-10 11-15 16-20 21-30 31-40 41-50 51-75   76-   101- More
                                                                                      100   200 than
                                                                                                 200
Whole sample             31%   34%   19%    8%   3%    2%    1%    1%    1%    0%     0%     0%   0%
< $5 million             33%   37%   17%    7%   2%    1%    1%    0%    0%    0%     0%     0%   0%
$5 million -$100 million 16%   24%   26%   12%   5%    6%    3%    2%    2%    1%     1%     1%   1%


                                                      38
Impacts of Unsuccessful Financing Event in the
 Next Six Months for Those Planning to Raise
         Capital (Multiple selections)
               100%
                80%
                60%
                40%
                20%
                  0%
                            Slower    Hire fewer new         Reduce      Sell business     No expected
                           business     employees           number of    assets or shut     impacts on
                            growth     than planned         employees        down             growth,
                                                             (layoffs)                    business size,
                                                                                          or hiring plans
Whole sample                 73%           58%                 23%           24%                11%
< $5 million                 74%           60%                 22%           25%                10%
$5 million -$100 million     76%           60%                 28%           13%                11%


                                                       39
VIII. Jumpstart Our Business Startups
              (JOBS) Act




                   40
Has the passing of the JOBS Act increased the
likelihood that business owners will raise capital
                via crowdfunding?
100%
 90%
 80%
                                                    61%
 70%                               53%
                                          51%                                47%
 60%                                                                   45%
 50%                                                                               37%
 40%
 30%
 20%    3%      3%   2%
 10%
  0%
          Yes                           No                               Unsure
                 Whole sample   < $5 million      $5 million -$100 million


                                             41
Has the passing of the JOBS Act increased the
likelihood that business owners will raise capital
   via IPO or has it accelerated plans already in
                 place for an IPO?
100%                                                          76% 76% 82%
80%
60%
40%                                                                                    23% 23%
                                                                                                 17%
20%           1% 1% 1%                1% 1% 0%
 0%
          Yes - increased       Yes - accelerated               No                     Unsure
       likelihood of an IPO   plans already in place
                                    for an IPO
                         Whole sample      < $5 million     $5 million -$100 million


                                                       42
Ranking of aspects of JOBS Act (in terms of
perceived cost savings) that have made an IPO
             exit more appealing
100%
80%                                                                                   59%
60%            40% 48%                                  39%
                                           30% 32%                             24%
40%                                                                      18%
                           12%
20%
 0%
            Exempted from          Only two years of audited    Exempted from Dodd-Frank
       requirements of hiring an     financial statements       rules that give shareholders
        outside auditing firm to   required for filing rather      non-binding votes on
        check internal financial          than three              executive compensation
               controls
                 Most important      Moderately important        Least important


                                                 43
IX. Financing Conditions by State




                 44
Sample Size by State
                 Sample                         Sample                        Sample
         State     Size          State            Size            State         Size
California         835    Massachusetts           116    Idaho                   46
Texas              427    Wisconsin               109    Arkansas                42
Florida            347    Oregon                  101    Montana                 37
New York           290    Indiana                  91    Nebraska                36
Illinois           258    Missouri                 90    Mississippi             33
Pennsylvania       208    Tennessee                90    Maine                   31
Ohio               199    Connecticut              76    New Hampshire           28
Georgia            192    Nevada                   76    Alaska                  26
Virginia           175    Alabama                  71    District of Columbia    24
Michigan           174    New Mexico               65    Delaware                23
Colorado           173    South Carolina           65    Hawaii                  23
Arizona            170    Utah                     65    Rhode Island            20
Washington         170    Kansas                   61    West Virginia           20
New Jersey         164    Louisiana                57    Wyoming                 20
North Carolina     146    Iowa                     55    Vermont                 18
Maryland           123    Oklahoma                 52    South Dakota            17
Minnesota          122    Kentucky                 48    North Dakota            11

                                           45
Demand for Financing due to Planned Growth
   by State (% with any need reported)
         State       Rank     %           State      Rank     %            State    Rank     %
Oklahoma               1    83.7%   Texas             18    68.5%   Arizona          35    61.9%
South Dakota           2    82.4%   Virginia          19    67.7%   Massachusetts    36    61.8%
Delaware               3    80.0%   California        20    67.5%   Montana          37    61.8%
North Dakota           4    80.0%   Alabama           21    67.2%   Washington       38    61.7%
South Carolina         5    77.4%   Ohio              22    66.8%   Utah             39    61.4%
Florida                6    72.6%   Michigan          23    66.5%   Rhode Island     40    61.1%
New Mexico             7    72.1%   Indiana           24    66.3%   Iowa             41    60.4%
Georgia                8    71.8%   Colorado          25    66.0%   Louisiana        42    60.0%
Vermont                9    71.4%   Mississippi       26    65.5%   Pennsylvania     43    59.7%
New Jersey            10    71.2%   New Hampshire     27    65.4%   Tennessee        44    59.0%
Kentucky              11    70.5%   Missouri          28    64.6%   Oregon           45    58.5%
Nevada                12    70.0%   Minnesota         29    64.5%   Idaho            46    57.9%
Wyoming               13    70.0%   Connecticut       30    64.2%   West Virginia    47    55.6%
Kansas                14    69.6%   Illinois          31    62.9%   Nebraska         48    54.8%
District of Columbia 15     69.6%   New York          32    62.5%   Arkansas         49    51.3%
North Carolina        16    69.2%   Alaska            33    62.5%   Maine            50    48.1%
Maryland              17    68.8%   Wisconsin         34    62.5%   Hawaii           51    42.9%

                                                    46
Demand for Financing due to Increased Sales by
     State (% with any need reported)
        State    Rank     %               State       Rank     %              State   Rank     %
Delaware             1   73.7%   Virginia                18   55.8%   Mississippi        35   48.1%
North Dakota         2   72.7%   Michigan                19   55.7%   Indiana            36   47.0%
South Dakota         3   70.6%   Washington              20   55.3%   Montana            37   46.9%
South Carolina       4   69.8%   Maryland                21   54.6%   Arizona            38   46.7%
Florida              5   65.8%   District of Columbia    22   54.5%   Utah               39   46.7%
Oklahoma             6   63.8%   Massachusetts           23   54.5%   Iowa               40   46.2%
Nevada               7   62.3%   New Jersey              24   54.4%   Vermont            41   46.2%
Kentucky             8   62.2%   Colorado                25   53.5%   Nebraska           42   45.5%
Texas                9   61.9%   Wyoming                 26   52.9%   Arkansas           43   45.0%
Rhode Island        10   61.1%   Illinois                27   52.9%   Kansas             44   44.4%
North Carolina      11   61.0%   Minnesota               28   52.7%   Alabama            45   44.3%
California          12   60.1%   Missouri                29   52.6%   Maine              46   44.0%
Georgia             13   59.9%   Wisconsin               30   51.6%   Louisiana          47   41.7%
New Mexico          14   59.6%   Connecticut             31   51.5%   Idaho              48   41.0%
Ohio                15   57.8%   Oregon                  32   51.1%   Alaska             49   37.5%
Tennessee           16   57.6%   Pennsylvania            33   50.8%   Hawaii             50   36.4%
New York            17   56.6%   New Hampshire           34   50.0%   West Virginia      51   35.3%

                                                   47
Percentage Indicating “Yes” to “Is the current
  business financing environment restricting
       growth opportunities” by State
        State    Rank     %              State          Rank     %            State    Rank     %
Nevada             1    75.0%   Arizona                  18    62.3%   Pennsylvania     35    53.7%
New Mexico         2    72.6%   Illinois                 19    62.2%   Missouri         36    53.7%
Maryland           3    70.5%   District of Columbia     20    61.9%   West Virginia    37    52.9%
Florida            4    70.2%   Hawaii                   21    61.9%   Oklahoma         38    52.1%
Virginia           5    68.8%   Mississippi              22    61.3%   Washington       39    51.3%
Delaware           6    68.2%   Utah                     23    61.0%   Kentucky         40    50.0%
North Carolina     7    67.7%   Indiana                  24    60.7%   North Dakota     41    50.0%
California         8    67.4%   Idaho                    25    60.0%   Iowa             42    48.9%
Georgia            9    66.9%   Montana                  26    60.0%   Kansas           43    48.3%
South Carolina    10    66.1%   Rhode Island             27    60.0%   Vermont          44    47.1%
New Jersey        11    65.1%   Michigan                 28    59.8%   Tennessee        45    46.3%
Alabama           12    64.6%   Connecticut              29    58.3%   Alaska           46    45.8%
Oregon            13    63.5%   Louisiana                30    58.3%   Arkansas         47    45.7%
Wyoming           14    63.2%   Maine                    31    58.3%   Minnesota        48    44.3%
Massachusetts     15    63.1%   New York                 32    57.8%   New Hampshire    49    44.0%
Texas             16    63.1%   Wisconsin                33    56.7%   South Dakota     50    43.8%
Colorado          17    62.3%   Ohio                     34    55.2%   Nebraska         51    37.5%

                                                       48
Percentage Indicating “Yes” to “Is the current
  business financing environment restricting
            ability to hire” by State
         State         Rank     %            State      Rank     %           State     Rank     %
North Dakota             1    66.7%   Texas              18    51.2%   Kansas           35    44.2%
District of Columbia     2    65.0%   New York           19    50.8%   Oklahoma         36    43.5%
South Carolina           3    64.9%   Massachusetts      20    50.5%   Montana          37    42.4%
New Mexico               4    64.8%   North Carolina     21    50.4%   New Hampshire    38    42.3%
Virginia                 5    64.0%   Arizona            22    50.0%   Utah             39    41.8%
Nevada                   6    63.6%   Rhode Island       23    50.0%   Michigan         40    41.4%
Florida                  7    62.4%   Louisiana          24    48.9%   Missouri         41    40.8%
Colorado                 8    61.6%   Washington         25    48.3%   Kentucky         42    40.5%
Georgia                  9    58.7%   Mississippi        26    48.3%   Minnesota        43    39.8%
Idaho                   10    57.9%   Ohio               27    47.9%   South Dakota     44    37.5%
California              11    56.1%   Delaware           28    47.6%   West Virginia    45    37.5%
Maine                   12    55.0%   Wyoming            29    47.1%   Iowa             46    34.0%
Maryland                13    54.8%   Indiana            30    47.0%   Hawaii           47    31.6%
Oregon                  14    54.4%   Wisconsin          31    46.8%   Arkansas         48    31.3%
Alabama                 15    54.1%   Tennessee          32    46.4%   Vermont          49    30.8%
New Jersey              16    52.1%   Connecticut        33    44.6%   Alaska           50    27.3%
Illinois                17    51.4%   Pennsylvania       34    44.6%   Nebraska         51    26.7%

                                                       49
Percentage Indicating Shortened Receivable
 Payment Periods Over the Past Three Months
       State     Rank    %            State    Rank   %             State       Rank   %
Idaho              1    19%   Arkansas          18    8%   West Virginia         35    6%
Nebraska           2    19%   California        19    8%   District of Columbia 36     5%
Delaware           3    18%   Colorado          20    8%   Hawaii                37    5%
South Dakota       4    15%   Connecticut       21    8%   Oklahoma              38    5%
North Carolina     5    12%   Louisiana         22    8%   Oregon                39    5%
Maryland           6    11%   New Hampshire     23    8%   Rhode Island          40    5%
Michigan           7    11%   New York          24    8%   Alaska                41    4%
Tennessee          8    11%   Texas             25    8%   Maine                 42    4%
Illinois           9    10%   Missouri          26    7%   Mississippi           43    4%
Indiana           10    10%   Pennsylvania      27    7%   South Carolina        44    4%
Kentucky          11    10%   Washington        28    7%   New Mexico            45    3%
Massachusetts     12    10%   Arizona           29    6%   Utah                  46    3%
Florida           13    9%    Georgia           30    6%   Iowa                  47    2%
New Jersey        14    9%    Kansas            31    6%   Montana               48    0%
Virginia          15    9%    Minnesota         32    6%   North Dakota          49    0%
Wisconsin         16    9%    Nevada            33    6%   Vermont               50    0%
Alabama           17    8%    Ohio              34    6%   Wyoming               51    0%

                                              50
Percentage Indicating Slowed Receivable
 Payment Periods Over the Past Three Months
        State    Rank    %             State    Rank    %          State          Rank    %
Wyoming            1    58%   Arizona            18    39%   Kansas                35    31%
Alabama            2    51%   Connecticut        19    39%   Texas                 36    31%
Vermont            3    50%   Nevada             20    39%   Indiana               37    30%
New Hampshire      4    46%   New Jersey         21    38%   Arkansas              38    29%
Louisiana          5    44%   New York           22    38%   Wisconsin             39    29%
Montana            6    44%   California         23    37%   Maryland              40    28%
Oregon             7    44%   Georgia            24    36%   Michigan              41    28%
South Carolina     8    44%   Ohio               25    35%   Minnesota             42    26%
Utah               9    43%   West Virginia      26    35%   Rhode Island          43    26%
New Mexico        10    42%   Missouri           27    34%   Delaware              44    24%
Colorado          11    41%   Oklahoma           28    34%   Maine                 45    24%
Hawaii            12    41%   Virginia           29    34%   Kentucky              46    21%
Florida           13    40%   Alaska             30    33%   North Dakota          47    20%
Massachusetts     14    40%   Washington         31    33%   Iowa                  48    19%
Mississippi       15    40%   Idaho              32    32%   Nebraska              49    19%
Pennsylvania      16    40%   North Carolina     33    32%   District of Columbia 50     15%
Tennessee         17    40%   Illinois           34    31%   South Dakota          51    15%

                                               51
Percentage of Respondents Who Attempted to
Raise Outside Financing in the Last 6 Months by
                   State
         State   Rank    %           State    Rank    %             State         Rank    %
North Dakota       1    64%   Georgia          18    33%   North Carolina          35    30%
South Dakota       2    47%   Pennsylvania     19    33%   Minnesota               36    29%
Oklahoma           3    46%   Vermont          20    33%   Louisiana               37    28%
Rhode Island       4    45%   Colorado         21    32%   Mississippi             38    27%
New Hampshire      5    43%   Connecticut      22    32%   Ohio                    39    27%
Arizona            6    41%   Indiana          23    32%   Arkansas                40    26%
New Mexico         7    38%   Nevada           24    32%   Maine                   41    26%
South Carolina     8    37%   Utah             25    32%   Michigan                42    26%
Massachusetts      9    36%   Wisconsin        26    32%   West Virginia           43    25%
California        10    35%   Alabama          27    31%   Wyoming                 44    25%
Hawaii            11    35%   Alaska           28    31%   Iowa                    45    24%
New Jersey        12    35%   Kentucky         29    31%   Kansas                  46    23%
Virginia          13    35%   New York         30    31%   Missouri                47    23%
Illinois          14    34%   Tennessee        31    31%   Oregon                  48    23%
Texas             15    34%   Delaware         32    30%   Nebraska                49    22%
Washington        16    34%   Idaho            33    30%   Montana                 50    19%
Florida           17    33%   Maryland         34    30%   District of Columbia    51    17%

                                             52
Percentage of Owners Who Transferred
      Personal Assets to Business Over Prior Six
                  Months by State
        State    Rank    %             State          Rank    %           State    Rank    %
Nevada             1    56%   Delaware                 18    43%   West Virginia    35    37%
Wyoming            2    55%   Hawaii                   19    43%   Missouri         36    36%
South Carolina     3    54%   Minnesota                20    43%   Montana          37    35%
Colorado           4    50%   Washington               21    43%   Indiana          38    34%
Arizona            5    49%   District of Columbia     22    42%   Maryland         39    34%
Virginia           6    49%   Pennsylvania             23    42%   Alabama          40    33%
Kentucky           7    48%   Texas                    24    42%   Iowa             41    33%
New Jersey         8    48%   Maine                    25    41%   New Hampshire    42    32%
Oklahoma           9    48%   Massachusetts            26    41%   Wisconsin        43    32%
Florida           10    47%   Mississippi              27    41%   Michigan         44    29%
California        11    46%   Connecticut              28    40%   Arkansas         45    28%
Georgia           12    46%   Illinois                 29    40%   Nebraska         46    28%
New Mexico        13    45%   Louisiana                30    40%   Vermont          47    28%
North Dakota      14    45%   North Carolina           31    40%   Idaho            48    27%
New York          15    44%   Ohio                     32    40%   Alaska           49    25%
Oregon            16    44%   Tennessee                33    38%   Kansas           50    24%
Utah              17    44%   Rhode Island             34    37%   South Dakota     51    24%

                                                     53
Percentage of Respondents Indicating Demand
for New Financing due to Planned Growth in the
           Next Six Months by State
         State         Rank     %              State    Rank     %            State    Rank     %
North Dakota             1    80.0%   North Carolina     18    65.1%   Alabama          35    55.7%
South Carolina           2    78.0%   Ohio               19    64.4%   Connecticut      36    55.7%
South Dakota             3    76.9%   Arizona            20    63.9%   Idaho            37    55.6%
Delaware                 4    76.2%   Kansas             21    62.7%   Utah             38    55.4%
Wyoming                  5    75.0%   Michigan           22    62.6%   New Hampshire    39    54.5%
Alaska                   6    73.9%   Colorado           23    62.3%   Louisiana        40    54.2%
New Mexico               7    71.7%   New York           24    62.1%   Pennsylvania     41    54.1%
Virginia                 8    71.5%   Indiana            25    61.9%   Missouri         42    53.2%
Florida                  9    71.2%   Kentucky           26    61.0%   West Virginia    43    52.6%
Georgia                 10    69.5%   Mississippi        27    60.7%   Tennessee        44    50.7%
District of Columbia    11    68.2%   Massachusetts      28    60.6%   Arkansas         45    50.0%
California              12    67.4%   Minnesota          29    59.1%   Vermont          46    50.0%
Nevada                  13    66.7%   Washington         30    58.9%   Nebraska         47    48.3%
Oklahoma                14    66.7%   Oregon             31    58.6%   Hawaii           48    47.4%
New Jersey              15    65.9%   Illinois           32    58.4%   Rhode Island     49    47.4%
Texas                   16    65.9%   Montana            33    58.1%   Iowa             50    39.1%
Maryland                17    65.4%   Wisconsin          34    56.5%   Maine            51    38.5%


                                                       54
Percentage of Respondents Indicating Demand
 for New Financing due to Expected Increased
     Sales in the Next Six Months by State
         State         Rank     %           State       Rank     %            State    Rank     %
Delaware                 1    75.0%   Ohio               18    59.8%   Pennsylvania     35    52.2%
North Dakota             2    72.7%   Maryland           19    59.6%   Connecticut      36    51.6%
South Carolina           3    71.2%   New Jersey         20    59.6%   Oregon           37    51.1%
Mississippi              4    70.4%   North Carolina     21    59.3%   Kansas           38    50.9%
Oklahoma                 5    69.6%   Colorado           22    59.3%   Nebraska         39    48.4%
Florida                  6    69.5%   New York           23    57.9%   Alaska           40    47.6%
Virginia                 7    65.8%   Idaho              24    57.6%   Indiana          41    47.6%
New Mexico               8    64.3%   Minnesota          25    57.5%   Alabama          42    47.4%
Texas                    9    64.0%   Arizona            26    55.9%   Arkansas         43    47.4%
District of Columbia    10    63.6%   Washington         27    55.4%   Rhode Island     44    44.4%
Wyoming                 11    63.2%   Massachusetts      28    55.2%   West Virginia    45    43.8%
Nevada                  12    62.7%   Tennessee          29    54.5%   Louisiana        46    43.2%
California              13    62.7%   Missouri           30    54.4%   Vermont          47    42.9%
Kentucky                14    61.9%   Wisconsin          31    53.8%   Hawaii           48    42.1%
Georgia                 15    61.4%   Utah               32    53.7%   Montana          49    40.0%
South Dakota            16    60.0%   Illinois           33    53.2%   Iowa             50    38.8%
Michigan                17    59.9%   New Hampshire      34    52.2%   Maine            51    33.3%

                                                       55
Percentage of Respondents Planning to Hire
New Employees in the Next Six Months by State
         State       Rank    %             State    Rank    %            State    Rank    %
North Dakota           1    82%   Rhode Island       18    70%   Colorado          35    65%
District of Columbia   2    79%   Virginia           19    70%   Vermont           36    65%
Oklahoma               3    79%   Illinois           20    69%   Alaska            37    64%
Kentucky               4    77%   Kansas             21    69%   Connecticut       38    64%
New Hampshire          5    77%   Louisiana          22    69%   Mississippi       39    64%
New Jersey             6    74%   New York           23    69%   North Carolina    40    64%
Utah                   7    74%   Texas              24    69%   Wisconsin         41    64%
Arizona                8    73%   California         25    68%   Nevada            42    63%
Delaware               9    73%   Hawaii             26    68%   Iowa              43    62%
Maryland              10    73%   Minnesota          27    68%   Massachusetts     44    62%
Florida               11    72%   Tennessee          28    68%   South Dakota      45    62%
Georgia               12    72%   Washington         29    68%   Alabama           46    59%
Ohio                  13    72%   Wyoming            30    68%   Nebraska          47    58%
Missouri              14    71%   Indiana            31    67%   Arkansas          48    55%
Oregon                15    71%   Idaho              32    66%   Maine             49    53%
Michigan              16    70%   New Mexico         33    66%   Montana           50    50%
Pennsylvania          17    70%   South Carolina     34    66%   West Virginia     51    37%

                                                   56
Percentage of Businesses Who Indicated Slower
  Business Growth as a Result of Unsuccessful
Financing Event in the Next Six Months by State
        State    Rank     %           State      Rank    %             State         Rank    %
Delaware           1    100%   Texas              18    77%   New York                35    67%
Vermont            2    100%   Hawaii             19    75%   North Dakota            36    67%
Arkansas           3     88%   Oklahoma           20    75%   Wyoming                 37    67%
Maine              4     83%   California         21    74%   Kansas                  38    64%
Missouri           5     83%   Virginia           22    74%   Maryland                39    64%
Arizona            6     82%   Illinois           23    73%   Michigan                40    64%
Florida            7     81%   Pennsylvania       24    73%   District of Columbia    41    63%
North Carolina     8     80%   Colorado           25    72%   Minnesota               42    63%
Indiana            9     79%   Ohio               26    70%   Iowa                    43    60%
Nevada            10     79%   Massachusetts      27    69%   Alabama                 44    59%
Mississippi       11     78%   New Mexico         28    68%   Connecticut             45    53%
Oregon            12     78%   South Carolina     29    68%   South Dakota            46    50%
Utah              13     78%   Tennessee          30    68%   West Virginia           47    50%
Washington        14     78%   Wisconsin          31    68%   Kentucky                48    47%
Georgia           15     77%   Idaho              32    67%   New Hampshire           49    44%
Louisiana         16     77%   Montana            33    67%   Alaska                  50    36%
New Jersey        17     77%   Nebraska           34    67%

                                                57
Percentage of Businesses Who Indicated Hiring
 Fewer Employees as a Result of Unsuccessful
Financing Event in the Next Six Months by State
         State   Rank    %            State         Rank    %             State         Rank    %
Mississippi        1    78%   Missouri               18    61%   Arkansas                35    50%
Kentucky           2    73%   Washington             19    61%   District of Columbia    36    50%
Delaware           3    71%   Iowa                   20    60%   Kansas                  37    50%
Pennsylvania       4    70%   New Jersey             21    60%   Nebraska                38    50%
Tennessee          5    68%   Vermont                22    60%   West Virginia           39    50%
Idaho              6    67%   California             23    59%   Colorado                40    49%
Maine              7    67%   Ohio                   24    58%   Minnesota               41    47%
Massachusetts      8    67%   Oklahoma               25    58%   Alaska                  42    45%
Montana            9    67%   New York               26    57%   Utah                    43    44%
Oregon            10    67%   Arizona                27    56%   Wisconsin               44    43%
Wyoming           11    67%   New Hampshire          28    56%   Michigan                45    40%
Florida           12    65%   North Carolina         29    56%   South Dakota            46    38%
New Mexico        13    64%   Maryland               30    55%   Alabama                 47    35%
Georgia           14    63%   Nevada                 31    55%   Connecticut             48    35%
Louisiana         15    62%   South Carolina         32    55%   North Dakota            49    33%
Texas             16    62%   Virginia               33    54%   Hawaii                  50    25%
Illinois          17    61%   Indiana                34    53%


                                               58
X. About the Respondents




            59
Details About the Respondents
                                  Geographic Location
 less than or equal to 10
 11 - 25
 26 - 50                                                                                                    ME
                                  WA
 51 - 75
 76 - 100                                               ND         MN                                    VTNH
                                             MT
 101 - 125                   OR                                                                     NY          MA
 126 - 150                                                                WI
                                       ID               SD                          MI                   RI
 more than 150
                                             WY                                                        CT
                                                                                               PA
                                                                    IA                               NJ
                                                        NE                               OH
                                  NV                                          IL     IN            MD
                                                                                            WV VA
                                        UT    CO
                                                             KS         MO              KY
                            CA                                                                  NC
                                                                                    TN
                                                              OK         AR                   SC
                                       AZ    NM
                                                                               MS    AL   GA
HI
                 AK                                                      LA
                                                             TX

                                                                                               FL




                                                   60
Details About the Respondents
                                 Industry
                                            Services
                                            Construction
        2% 2% 5%                            Manufacturing
 3%3%                                       Retail trade
3%                       28%
   5%
  6%                                        Information technology or services
                                            Wholesale trade
  7%                       14%              Health care
        10%                                 Unclassified establishments
                   12%
                                            Finance & real estate
                                            Arts, entertainment or recreation
                                            Forestry, fishing, hunting or agriculture
                                            Educational services
                                            Other


                                     61
Details About the Respondents
                    Annual Revenues
                                   $0 or pre-revenue stage
           1% 2%
         2% 2% 4%                  $1 - $100,000
         5%       16%              $100,001 - $500,000
      6%
                                   $500,001 - $1,000,000
24%                     23%        $1,000,001 - $5,000,000
                                   $5,000,001 - $10,000,000
            15%
                                   $10,000,001 - $25,000,000
                                   $25,000,001 - $50,000,000
                                   $50,000,001 - $100,000,000
                                   $100,000,001 - $500,000,000
                                   More than $500,000,000


                              62
Details About the Respondents
                       Annual Income

                                   Negative (net loss)
       2%   3%
       5%        13%               $0 - $100,000
  7%
                                   $100,001 - $500,000
27%
                        43%
                                   $500,001 - $1,000,000

                                   $1,000,001 - $5,000,000

                                   $5,000,001 - $50,000,000

                                   Greater than $50,000,000


                              63
Details About the Respondents
                        Firm age
                                   Less than 1 year
        2%
          3%4%                     At least 1 but less than 2
                 8%
40%                                At least 2 but less than 3
                      18%
                                   At least 3 but less than 5
             25%
                                   At least 5 but less than 10

                                   At least 10 but less than 20

                                   20 or more




                            64
Details About the Respondents
                     Number of Employees
                                       0
                                       1-2
            2% 2%
                                       3-5
        4% 4%   5%
      5%                               6-10
                           26%
 5%
8%                                     11-15
                                       16-20
      17%
                     22%               21-30
                                       31-50
                                       51-100
                                       101-200
                                       More than 200

                                 65
About Pepperdine Private Capital Markets Project
The Pepperdine Private Capital Markets Project at the Graziadio School of
Business and Management is the first simultaneous, comprehensive, and on-going
investigation of the major private capital market segments. The research seeks to
understand the true cost of private capital across market types and the investment
expectations of privately-held business owners; providing lenders, investors and
the businesses that depend on them with critical data to make optimal investment
and financing decisions, and better determine where the opportunities to create
lasting economic value may be realized. Download reports and find more
information at http://bschool.pepperdine.edu/privatecapital.

About Pepperdine University’s Graziadio School of Business and
Management
Founded on the core values of integrity, stewardship, courage, and compassion,
Pepperdine University’s Graziadio (GRAT-ZEE-ah-DEE-oh) School of Business
and Management has been developing values-centered leaders and advancing
responsible business practice since 1969. Student-focused, experience-driven, and
globally-oriented, the Graziadio School offers fully accredited top-ranked MBA,
Masters of Science, and bachelor’s completion business programs. More
information found at http://bschool.pepperdine.edu/newsroom/.


                                         66
THANK YOU!

           John K. Paglia, Ph.D., CFA, CPA
            Associate Professor of Finance
Director, Pepperdine Private Capital Markets Project
    http://bschool.pepperdine.edu/privatecapital
             john.paglia@pepperdine.edu
                    805.379.5809




                          67

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Private Capital Access Index Study Results Q1 2012

  • 1. PCA Index Survey Responses First Quarter 2012 John K. Paglia, Ph.D., CFA, CPA Associate Professor of Finance Director, Pepperdine Private Capital Markets Project © 2012 Pepperdine University. All rights reserved. Pepperdine Private Capital Access Index (“PCA Index”) is a trademark of Pepperdine University. PCA Index content is the intellectual property of Pepperdine University or its third party content providers. Any copying, republication or redistribution of PCA Index content, including but not limited to caching, framing or similar means, is expressly prohibited without the prior written consent of Pepperdine University. Pepperdine University shall not be liable for any errors, omissions or delays in PCA Index content, or for any actions taken in reliance thereon.
  • 2. This research was made possible with the support of Dun & Bradstreet Credibility Corp., the leading provider of credit building and credibility solutions for businesses. DUN & BRADSTREET CREDIBILITY CORP. Jeffrey Stibel, Chair and Chief Executive Officer Judy Hackett, Chief Marketing Officer Aaron Stibel, Senior Vice President, Technology Erik Simon, Director, Marketing and Communications Brenda Gary, Senior Marketing Director Bernice Brennan, Manager, Creative Services & Marketing Communications Trenice Taylor, Marketing Manager
  • 3. ACKNOWLEDGEMENTS I’d also like to thank the following people at The Graziadio School of Business and Management for their contributions: Dean Linda Livingstone Associate Dean David M. Smith Mike Sims, Executive Officer, CER Douglass Gore, Director of Public Relations Mark Chun, Director, Center for Applied Research Bill Bleuel, Professor of Decision Sciences Irina Shaykhutdinova, Research Analyst Sean Gray, Graduate Assistant and consultant, Simon James, Ph.D.
  • 4. Outline I. About the Private Capital Access (PCA) Index……...….…5 II. Current demand/need for external financing………..…….7 III. Accessibility/success rate of raising new capital……...…14 IV. Satisfaction rates for various capital sources………..…..21 V. Expected demand for external financing……………..…..26 VI. Expected capital access (success) rates……………..….31 VII. Hiring plans and impacts of unsuccessful financing….....37 VIII. Jumpstart Our Business Startups (JOBS) Act …….….....40 IX. Financing conditions by state...……………………………44 X. About the respondents…………………………………..…59 4
  • 5. I. About the Private Capital Access (PCA) Index The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Graziadio School of Business and Management at Pepperdine University, and with the support of Dun & Bradstreet Credibility Corp. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium-sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets. 5
  • 6. About the Q1 2012 Private Capital Access (PCA) Index Survey • 25 questions • Invite to participate distributed to sample from Dun & Bradstreet Credibility Corp.’s business database • 5,977 completed responses • Where relevant, responses are segmented by revenues sizes (<$5 million; $5 million to $100 million) • Responses collected from Apr. 3 – Apr. 10 6
  • 7. II. Current demand/need for external financing 7
  • 8. Demand for Financing by Purpose and Size (% with any need reported) 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% Planned Working Growth due Finance Refinance Withdraw growth or capital to increased worsening existing loans wealth for expansion, fluctuations demand operating or equity owners including (already conditions acquisitions realized) (not yet realized) Whole sample 66.1% 65.3% 56.0% 40.9% 38.4% 27.5% < $5 million 52.0% 56.4% 47.2% 32.5% 26.6% 22.6% $5 -$100 million 53.4% 52.0% 46.5% 25.8% 27.2% 23.1% 8
  • 9. Strength of Demand for Financing (among those indicating demand) Scale 1-4: slight, moderate, high, extremely high need 4.0 3.0 2.0 1.0 0.0 Planned Working Growth due to Finance Refinance Withdraw growth or capital increased worsening existing loans wealth for expansion, fluctuations demand operating or equity owners including (already conditions acquisitions realized) (not yet realized) Whole sample 2.5 2.2 2.1 2.2 2.4 1.9 < $5 million 2.4 2.2 2.1 2.2 2.4 1.9 $5 -$100 million 2.4 2.1 2.1 2.0 2.3 2.0 9
  • 10. Respondents Indicating High and Extremely High Demand for Financing (among those indicating demand) 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% Planned Working Growth due Finance Refinance Withdraw growth or capital to increased worsening existing loans wealth for expansion, fluctuations demand operating or equity owners including (already conditions acquisitions realized) (not yet realized) Whole sample 47.3% 36.8% 34.2% 35.2% 42.4% 25.0% < $5 million 46.0% 36.7% 33.2% 35.2% 43.3% 23.9% $5 -$100 million 43.8% 31.7% 34.2% 26.9% 37.7% 26.5% 10
  • 11. Percentage Indicating “Yes” to “Is the current business financing environment restricting…” 100% 64% 80% 61% 55% 47% 51% 60% 32% 40% 20% 0% Growth opportunities for your business? Your ability to hire new employees? Whole sample < $5 million $5 -$100 million 11
  • 12. Trade Accounts (Accounts Receivable) Payment Period Trends Over the Past Three Months 100% 90% 80% 63% 70% 56% 55% 60% 50% 36% 37% 30% 40% 30% 8% 8% 8% 20% 10% 0% Accelerated (receiving Slowed (receiving payments Stayed the same payments from customers from customers slower than faster than three months three months ago) ago) Whole sample < $5 million $5 million -$100 million 12
  • 13. Percentage of Respondents Who Attempted to Raise Outside Financing in the Last 6 Months 100% 80% 60% 39% 32% 32% 40% 20% 0% Whole sample < $5 million $5 -$100 million 13
  • 15. Is it Difficult or Easy to Raise New External Financing? Equity financing Debt financing 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% Difficult Neither Easy Difficult Neither Easy difficult difficult nor easy nor easy Whole sample 74% 14% 12% Whole sample 74% 12% 14% < $5 million 77% 14% 10% < $5 million 77% 11% 11% $5 -$100 million 64% 18% 18% $5 -$100 million 58% 15% 27% 15
  • 16. Financing Success Rates by Type and Business Size for Prior Six Months 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Friends Grants Crowd Trade Credit Loan - Credit Lease Bank CDFI/ Asset Factor Angel Vent. Private Mezz. Hedge and (SBIR, funding credit card - pers. card - loan - Credit based capital capital equity lender fund family STTR, pers. biz. biz. union lender group etc.) Whole sample 71% 24% 7% 64% 62% 48% 59% 59% 45% 14% 20% 31% 20% 8% 17% 9% 2% < $5 million 73% 23% 8% 63% 62% 48% 56% 56% 36% 12% 12% 31% 16% 7% 12% 4% 1% $5 -$100 million 88% 46% 9% 84% 73% 59% 81% 83% 76% 32% 53% 54% 33% 23% 46% 30% 15% 16
  • 17. Main Purpose for Raising or Attempting to Raise Financing 100% 80% 60% 40% 20% 0% Growth or Working Refinancing Replacing Finance Withdraw Other expansion capital existing equipment worsening wealth for (incl. fluctuations loans or or facilities operations owners acquis.) equity unrelated conditions to growth or expansion Whole sample 42% 29% 12% 6% 6% 1% 5% < $5 million 38% 32% 11% 6% 7% 1% 4% $5 -$100 million 49% 21% 16% 7% 2% 1% 4% 17
  • 18. Reasons for Businesses Not Attempting to Raise External Financing (Multiple Selections) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Enough Sufficient Weak Business Lack of Not Loss of Waiting Cease Other cash flow financing economy would be expertise enough control / for operation in place rejected time flexibility cheaper / liquidate financing Whole sample 45% 25% 23% 22% 13% 12% 6% 8% 2% 7% < $5 million 44% 22% 25% 25% 15% 13% 6% 8% 1% 6% $5 -$100 million 58% 44% 14% 10% 3% 4% 5% 5% 0% 4% 18
  • 19. Percentage of Owners Who Transferred Personal Assets to Business Over Prior Six Months 100% 90% 74% 80% 70% 57% 53% 60% 42% 46% 50% 40% 25% 30% 20% 1% 1% 1% 10% 0% Yes No Unsure Whole sample < $5 million $5 -$100 million 19
  • 20. Type of Personal Assets Transferred to Business During Prior Six Months (Multiple Selections) 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% Personal Personal Personal loan Cash from Home equity Other savings / credit card the sale of loan investments purchases personal assets Whole sample 68.1% 39.4% 33.6% 17.1% 12.1% 4.0% < $5 million 67.7% 40.2% 33.6% 17.4% 12.6% 3.6% $5 -$100 million 68.4% 30.1% 34.2% 10.4% 15.5% 3.1% 20
  • 22. Pricing and Contract Terms Satisfaction Rates (for those with a successful raise) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Friends Grants Crowd Trade Credit Loan - Credit Lease Bank CDFI/ Asset Factor Angel Vent. Private Mezz. Hedge and (SBIR, funding credit card - pers. card - loan - Credit based capital capital equity lender fund family STTR, pers. biz. biz. union lender group etc.) Whole sample 89% 89% 70% 83% 45% 69% 61% 78% 82% 85% 71% 50% 80% 67% 64% 58% 67% 22
  • 23. General Financing Process Satisfaction Rates (by Outcome) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Friends Grants Crowd Trade Credit Loan - Credit Lease Bank CDFI/ Asset Factor Angel Vent. Private Mezz. Hedge and (SBIR, funding credit card - pers. card - loan - Credit based capital capital equity lender fund family STTR, pers. biz. biz. union lender group etc.) Successful 74% 70% 80% 80% 59% 62% 73% 79% 71% 76% 67% 65% 65% 63% 74% 67% 50% Unsuccessful 30% 11% 7% 23% 13% 14% 17% 14% 8% 10% 8% 9% 17% 15% 14% 11% 8% 23
  • 24. Percentage of Those Satisfied with the Amount of Time Elapsed from Point of First Contact until Funds Were Received (for those successful raises) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Friends Grants Crowd Trade Credit Loan - Credit Lease Bank CDFI/ Asset Factor Angel Vent. Private Mezz. Hedge and (SBIR, funding credit card - pers. card - loan - Credit based capital capital equity lender fund family STTR, pers. biz. biz. union lender group etc.) Whole sample 78% 58% 44% 79% 71% 65% 81% 82% 71% 70% 61% 67% 59% 53% 55% 67% 67% 24
  • 25. Percentage of Those Unsuccessful Who Feel the General Category of Financing is a Still a Good Fit for Their Business 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Friends Grants Crowd Trade Credit Loan - Credit Lease Bank CDFI/ Asset Factor Angel Vent. Private Mezz. Hedge and (SBIR, funding credit card - pers. card - loan - Credit based capital capital equity lender fund family STTR, pers. biz. biz. union lender group etc.) Whole sample 28% 57% 33% 62% 34% 47% 59% 52% 67% 62% 52% 37% 62% 57% 58% 37% 39% 25
  • 26. V. Expected demand for external financing 26
  • 27. Percentage of Businesses that Are Planning to Raise Financing in the Next Six Months 100% 80% 52% 60% 47% 46% 31% 32% 31% 40% 22% 23% 17% 20% 0% Yes No Unsure Whole sample < $5 million $5 million -$100 million 27
  • 28. Percentage of Respondents Indicating Demand for New Financing in the Next Six Months 100% 80% 60% 40% 20% 0% Planned Expected Growth due Expected Refinance Withdraw future working to expected worsening existing wealth for growth or capital increased operating loans or owners expansion fluctuations demand conditions equity Whole sample 63% 61% 59% 35% 36% 25% < $5 million 64% 63% 60% 38% 37% 25% $5 million -$100 million 61% 55% 56% 25% 35% 25% 28
  • 29. Strength of Expected Demand for New External Financing in the Next Six Months (Scale 1-4: Slight, Moderate, High, Extremely High) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Planned Expected Growth due Expected Refinance Withdraw future working to expected worsening existing wealth for growth or capital increased operating loans or owners expansion fluctuations demand conditions equity Whole sample 2.4 2.2 2.2 1.9 2.4 1.9 < $5 million 2.4 2.2 2.2 1.9 2.4 1.9 $5 million -$100 million 2.3 2.0 2.1 1.7 2.3 1.8 29
  • 30. Respondents Indicating High or Extremely High Expected Demand for New External Financing in the Next Six Months 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% Planned Expected Growth due Expected Refinance Withdraw future working to expected worsening existing wealth for growth or capital increased operating loans or owners expansion fluctuations demand conditions equity Whole sample 45.9% 37.1% 38.6% 27.5% 43.6% 24.2% < $5 million 44.5% 36.7% 37.4% 26.3% 43.8% 23.9% $5 million -$100 million 40.3% 29.6% 32.7% 19.6% 41.0% 20.6% 30
  • 32. Do You Expect It Would Be Easy or Difficult to Raise New Financing in the Next Six Months? Equity financing Debt financing 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% Difficult Neither Easy Difficult Neither Easy difficult difficult nor easy nor easy Whole sample 71% 12% 17% Whole sample 69% 11% 20% < $5 million 74% 12% 14% < $5 million 74% 10% 16% $5 -$100 million 56% 17% 27% $5 -$100 million 50% 16% 34% 32
  • 33. Likely Sources of Financing 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Friends Grants Crowd Trade Credit Loan - Credit Lease Bank CDFI/ Asset Factor Angel Vent. Private Mezz. and (SBIR, funding credit card - pers. card - loan - Credit based capital capital equity lender family STTR, pers. biz. biz. union lender group etc.) Whole sample 32% 29% 35% 10% 22% 32% 40% 33% 68% 36% 35% 17% 30% 26% 28% 14% 33
  • 34. Main Purpose for Raising Expected Financing 100% 80% 60% 40% 20% 0% Growth or Working Refinancing Replacing Finance Withdraw Other expansion capital existing equipment worsening wealth for (incl. fluctuations loans or or facilities operations owners acquisition) equity unrelated conditions to growth or expansion Whole sample 58% 21% 9% 5% 3% 1% 3% < $5 million 57% 22% 9% 6% 3% 1% 3% $5 -$100 million 59% 19% 10% 6% 2% 2% 1% 34
  • 35. Level of Confidence for Successful Financing (Scale 0-4: none; some; moderately; very; completely) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Friends Grants Crowd Trade Credit Loan - Credit Lease Bank CDFI/ Asset Factor Angel Vent. Private Mezz. Hedge and (SBIR, funding credit card - pers. card - loan - Credit based capital capital equity lender fund family STTR, pers. biz. biz. union lender group etc.) Whole sample 1.9 1.5 2.1 1.3 2.0 1.7 1.9 2.1 1.6 1.2 1.4 2.0 1.4 1.3 1.4 1.4 1.4 < $5 million 1.9 1.4 2.0 1.2 2.0 1.6 1.8 2.0 1.4 1.1 1.2 2.0 1.4 1.3 1.3 1.3 1.4 $5 -$100 million 2.1 1.7 2.7 1.7 3.1 2.3 2.7 2.7 2.3 1.5 1.9 2.3 1.9 1.4 1.5 1.6 1.5 35
  • 36. Reasons for Not Planning on Raising Financing 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Enough Sufficient Weak Business Lack of Not Loss of Waiting Cease Other cash flow financing economy would be expertise enough control / for operation in place rejected time flexibility cheaper / financing liquidate Whole sample 61% 37% 19% 13% 6% 6% 5% 4% 2% 5% < $5 million 59% 33% 22% 16% 7% 7% 6% 5% 2% 5% $5 -$100 million 72% 54% 9% 4% 1% 2% 2% 2% 0% 3% 36
  • 37. VII. Hiring plans and impacts of unsuccessful financing attempt 37
  • 38. Number of Employees Planned to Be Hired in the Next Six Months 40% 35% 30% 25% 20% 15% 10% 5% 0% 0 1-2 3-5 6-10 11-15 16-20 21-30 31-40 41-50 51-75 76- 101- More 100 200 than 200 Whole sample 31% 34% 19% 8% 3% 2% 1% 1% 1% 0% 0% 0% 0% < $5 million 33% 37% 17% 7% 2% 1% 1% 0% 0% 0% 0% 0% 0% $5 million -$100 million 16% 24% 26% 12% 5% 6% 3% 2% 2% 1% 1% 1% 1% 38
  • 39. Impacts of Unsuccessful Financing Event in the Next Six Months for Those Planning to Raise Capital (Multiple selections) 100% 80% 60% 40% 20% 0% Slower Hire fewer new Reduce Sell business No expected business employees number of assets or shut impacts on growth than planned employees down growth, (layoffs) business size, or hiring plans Whole sample 73% 58% 23% 24% 11% < $5 million 74% 60% 22% 25% 10% $5 million -$100 million 76% 60% 28% 13% 11% 39
  • 40. VIII. Jumpstart Our Business Startups (JOBS) Act 40
  • 41. Has the passing of the JOBS Act increased the likelihood that business owners will raise capital via crowdfunding? 100% 90% 80% 61% 70% 53% 51% 47% 60% 45% 50% 37% 40% 30% 20% 3% 3% 2% 10% 0% Yes No Unsure Whole sample < $5 million $5 million -$100 million 41
  • 42. Has the passing of the JOBS Act increased the likelihood that business owners will raise capital via IPO or has it accelerated plans already in place for an IPO? 100% 76% 76% 82% 80% 60% 40% 23% 23% 17% 20% 1% 1% 1% 1% 1% 0% 0% Yes - increased Yes - accelerated No Unsure likelihood of an IPO plans already in place for an IPO Whole sample < $5 million $5 million -$100 million 42
  • 43. Ranking of aspects of JOBS Act (in terms of perceived cost savings) that have made an IPO exit more appealing 100% 80% 59% 60% 40% 48% 39% 30% 32% 24% 40% 18% 12% 20% 0% Exempted from Only two years of audited Exempted from Dodd-Frank requirements of hiring an financial statements rules that give shareholders outside auditing firm to required for filing rather non-binding votes on check internal financial than three executive compensation controls Most important Moderately important Least important 43
  • 45. Sample Size by State Sample Sample Sample State Size State Size State Size California 835 Massachusetts 116 Idaho 46 Texas 427 Wisconsin 109 Arkansas 42 Florida 347 Oregon 101 Montana 37 New York 290 Indiana 91 Nebraska 36 Illinois 258 Missouri 90 Mississippi 33 Pennsylvania 208 Tennessee 90 Maine 31 Ohio 199 Connecticut 76 New Hampshire 28 Georgia 192 Nevada 76 Alaska 26 Virginia 175 Alabama 71 District of Columbia 24 Michigan 174 New Mexico 65 Delaware 23 Colorado 173 South Carolina 65 Hawaii 23 Arizona 170 Utah 65 Rhode Island 20 Washington 170 Kansas 61 West Virginia 20 New Jersey 164 Louisiana 57 Wyoming 20 North Carolina 146 Iowa 55 Vermont 18 Maryland 123 Oklahoma 52 South Dakota 17 Minnesota 122 Kentucky 48 North Dakota 11 45
  • 46. Demand for Financing due to Planned Growth by State (% with any need reported) State Rank % State Rank % State Rank % Oklahoma 1 83.7% Texas 18 68.5% Arizona 35 61.9% South Dakota 2 82.4% Virginia 19 67.7% Massachusetts 36 61.8% Delaware 3 80.0% California 20 67.5% Montana 37 61.8% North Dakota 4 80.0% Alabama 21 67.2% Washington 38 61.7% South Carolina 5 77.4% Ohio 22 66.8% Utah 39 61.4% Florida 6 72.6% Michigan 23 66.5% Rhode Island 40 61.1% New Mexico 7 72.1% Indiana 24 66.3% Iowa 41 60.4% Georgia 8 71.8% Colorado 25 66.0% Louisiana 42 60.0% Vermont 9 71.4% Mississippi 26 65.5% Pennsylvania 43 59.7% New Jersey 10 71.2% New Hampshire 27 65.4% Tennessee 44 59.0% Kentucky 11 70.5% Missouri 28 64.6% Oregon 45 58.5% Nevada 12 70.0% Minnesota 29 64.5% Idaho 46 57.9% Wyoming 13 70.0% Connecticut 30 64.2% West Virginia 47 55.6% Kansas 14 69.6% Illinois 31 62.9% Nebraska 48 54.8% District of Columbia 15 69.6% New York 32 62.5% Arkansas 49 51.3% North Carolina 16 69.2% Alaska 33 62.5% Maine 50 48.1% Maryland 17 68.8% Wisconsin 34 62.5% Hawaii 51 42.9% 46
  • 47. Demand for Financing due to Increased Sales by State (% with any need reported) State Rank % State Rank % State Rank % Delaware 1 73.7% Virginia 18 55.8% Mississippi 35 48.1% North Dakota 2 72.7% Michigan 19 55.7% Indiana 36 47.0% South Dakota 3 70.6% Washington 20 55.3% Montana 37 46.9% South Carolina 4 69.8% Maryland 21 54.6% Arizona 38 46.7% Florida 5 65.8% District of Columbia 22 54.5% Utah 39 46.7% Oklahoma 6 63.8% Massachusetts 23 54.5% Iowa 40 46.2% Nevada 7 62.3% New Jersey 24 54.4% Vermont 41 46.2% Kentucky 8 62.2% Colorado 25 53.5% Nebraska 42 45.5% Texas 9 61.9% Wyoming 26 52.9% Arkansas 43 45.0% Rhode Island 10 61.1% Illinois 27 52.9% Kansas 44 44.4% North Carolina 11 61.0% Minnesota 28 52.7% Alabama 45 44.3% California 12 60.1% Missouri 29 52.6% Maine 46 44.0% Georgia 13 59.9% Wisconsin 30 51.6% Louisiana 47 41.7% New Mexico 14 59.6% Connecticut 31 51.5% Idaho 48 41.0% Ohio 15 57.8% Oregon 32 51.1% Alaska 49 37.5% Tennessee 16 57.6% Pennsylvania 33 50.8% Hawaii 50 36.4% New York 17 56.6% New Hampshire 34 50.0% West Virginia 51 35.3% 47
  • 48. Percentage Indicating “Yes” to “Is the current business financing environment restricting growth opportunities” by State State Rank % State Rank % State Rank % Nevada 1 75.0% Arizona 18 62.3% Pennsylvania 35 53.7% New Mexico 2 72.6% Illinois 19 62.2% Missouri 36 53.7% Maryland 3 70.5% District of Columbia 20 61.9% West Virginia 37 52.9% Florida 4 70.2% Hawaii 21 61.9% Oklahoma 38 52.1% Virginia 5 68.8% Mississippi 22 61.3% Washington 39 51.3% Delaware 6 68.2% Utah 23 61.0% Kentucky 40 50.0% North Carolina 7 67.7% Indiana 24 60.7% North Dakota 41 50.0% California 8 67.4% Idaho 25 60.0% Iowa 42 48.9% Georgia 9 66.9% Montana 26 60.0% Kansas 43 48.3% South Carolina 10 66.1% Rhode Island 27 60.0% Vermont 44 47.1% New Jersey 11 65.1% Michigan 28 59.8% Tennessee 45 46.3% Alabama 12 64.6% Connecticut 29 58.3% Alaska 46 45.8% Oregon 13 63.5% Louisiana 30 58.3% Arkansas 47 45.7% Wyoming 14 63.2% Maine 31 58.3% Minnesota 48 44.3% Massachusetts 15 63.1% New York 32 57.8% New Hampshire 49 44.0% Texas 16 63.1% Wisconsin 33 56.7% South Dakota 50 43.8% Colorado 17 62.3% Ohio 34 55.2% Nebraska 51 37.5% 48
  • 49. Percentage Indicating “Yes” to “Is the current business financing environment restricting ability to hire” by State State Rank % State Rank % State Rank % North Dakota 1 66.7% Texas 18 51.2% Kansas 35 44.2% District of Columbia 2 65.0% New York 19 50.8% Oklahoma 36 43.5% South Carolina 3 64.9% Massachusetts 20 50.5% Montana 37 42.4% New Mexico 4 64.8% North Carolina 21 50.4% New Hampshire 38 42.3% Virginia 5 64.0% Arizona 22 50.0% Utah 39 41.8% Nevada 6 63.6% Rhode Island 23 50.0% Michigan 40 41.4% Florida 7 62.4% Louisiana 24 48.9% Missouri 41 40.8% Colorado 8 61.6% Washington 25 48.3% Kentucky 42 40.5% Georgia 9 58.7% Mississippi 26 48.3% Minnesota 43 39.8% Idaho 10 57.9% Ohio 27 47.9% South Dakota 44 37.5% California 11 56.1% Delaware 28 47.6% West Virginia 45 37.5% Maine 12 55.0% Wyoming 29 47.1% Iowa 46 34.0% Maryland 13 54.8% Indiana 30 47.0% Hawaii 47 31.6% Oregon 14 54.4% Wisconsin 31 46.8% Arkansas 48 31.3% Alabama 15 54.1% Tennessee 32 46.4% Vermont 49 30.8% New Jersey 16 52.1% Connecticut 33 44.6% Alaska 50 27.3% Illinois 17 51.4% Pennsylvania 34 44.6% Nebraska 51 26.7% 49
  • 50. Percentage Indicating Shortened Receivable Payment Periods Over the Past Three Months State Rank % State Rank % State Rank % Idaho 1 19% Arkansas 18 8% West Virginia 35 6% Nebraska 2 19% California 19 8% District of Columbia 36 5% Delaware 3 18% Colorado 20 8% Hawaii 37 5% South Dakota 4 15% Connecticut 21 8% Oklahoma 38 5% North Carolina 5 12% Louisiana 22 8% Oregon 39 5% Maryland 6 11% New Hampshire 23 8% Rhode Island 40 5% Michigan 7 11% New York 24 8% Alaska 41 4% Tennessee 8 11% Texas 25 8% Maine 42 4% Illinois 9 10% Missouri 26 7% Mississippi 43 4% Indiana 10 10% Pennsylvania 27 7% South Carolina 44 4% Kentucky 11 10% Washington 28 7% New Mexico 45 3% Massachusetts 12 10% Arizona 29 6% Utah 46 3% Florida 13 9% Georgia 30 6% Iowa 47 2% New Jersey 14 9% Kansas 31 6% Montana 48 0% Virginia 15 9% Minnesota 32 6% North Dakota 49 0% Wisconsin 16 9% Nevada 33 6% Vermont 50 0% Alabama 17 8% Ohio 34 6% Wyoming 51 0% 50
  • 51. Percentage Indicating Slowed Receivable Payment Periods Over the Past Three Months State Rank % State Rank % State Rank % Wyoming 1 58% Arizona 18 39% Kansas 35 31% Alabama 2 51% Connecticut 19 39% Texas 36 31% Vermont 3 50% Nevada 20 39% Indiana 37 30% New Hampshire 4 46% New Jersey 21 38% Arkansas 38 29% Louisiana 5 44% New York 22 38% Wisconsin 39 29% Montana 6 44% California 23 37% Maryland 40 28% Oregon 7 44% Georgia 24 36% Michigan 41 28% South Carolina 8 44% Ohio 25 35% Minnesota 42 26% Utah 9 43% West Virginia 26 35% Rhode Island 43 26% New Mexico 10 42% Missouri 27 34% Delaware 44 24% Colorado 11 41% Oklahoma 28 34% Maine 45 24% Hawaii 12 41% Virginia 29 34% Kentucky 46 21% Florida 13 40% Alaska 30 33% North Dakota 47 20% Massachusetts 14 40% Washington 31 33% Iowa 48 19% Mississippi 15 40% Idaho 32 32% Nebraska 49 19% Pennsylvania 16 40% North Carolina 33 32% District of Columbia 50 15% Tennessee 17 40% Illinois 34 31% South Dakota 51 15% 51
  • 52. Percentage of Respondents Who Attempted to Raise Outside Financing in the Last 6 Months by State State Rank % State Rank % State Rank % North Dakota 1 64% Georgia 18 33% North Carolina 35 30% South Dakota 2 47% Pennsylvania 19 33% Minnesota 36 29% Oklahoma 3 46% Vermont 20 33% Louisiana 37 28% Rhode Island 4 45% Colorado 21 32% Mississippi 38 27% New Hampshire 5 43% Connecticut 22 32% Ohio 39 27% Arizona 6 41% Indiana 23 32% Arkansas 40 26% New Mexico 7 38% Nevada 24 32% Maine 41 26% South Carolina 8 37% Utah 25 32% Michigan 42 26% Massachusetts 9 36% Wisconsin 26 32% West Virginia 43 25% California 10 35% Alabama 27 31% Wyoming 44 25% Hawaii 11 35% Alaska 28 31% Iowa 45 24% New Jersey 12 35% Kentucky 29 31% Kansas 46 23% Virginia 13 35% New York 30 31% Missouri 47 23% Illinois 14 34% Tennessee 31 31% Oregon 48 23% Texas 15 34% Delaware 32 30% Nebraska 49 22% Washington 16 34% Idaho 33 30% Montana 50 19% Florida 17 33% Maryland 34 30% District of Columbia 51 17% 52
  • 53. Percentage of Owners Who Transferred Personal Assets to Business Over Prior Six Months by State State Rank % State Rank % State Rank % Nevada 1 56% Delaware 18 43% West Virginia 35 37% Wyoming 2 55% Hawaii 19 43% Missouri 36 36% South Carolina 3 54% Minnesota 20 43% Montana 37 35% Colorado 4 50% Washington 21 43% Indiana 38 34% Arizona 5 49% District of Columbia 22 42% Maryland 39 34% Virginia 6 49% Pennsylvania 23 42% Alabama 40 33% Kentucky 7 48% Texas 24 42% Iowa 41 33% New Jersey 8 48% Maine 25 41% New Hampshire 42 32% Oklahoma 9 48% Massachusetts 26 41% Wisconsin 43 32% Florida 10 47% Mississippi 27 41% Michigan 44 29% California 11 46% Connecticut 28 40% Arkansas 45 28% Georgia 12 46% Illinois 29 40% Nebraska 46 28% New Mexico 13 45% Louisiana 30 40% Vermont 47 28% North Dakota 14 45% North Carolina 31 40% Idaho 48 27% New York 15 44% Ohio 32 40% Alaska 49 25% Oregon 16 44% Tennessee 33 38% Kansas 50 24% Utah 17 44% Rhode Island 34 37% South Dakota 51 24% 53
  • 54. Percentage of Respondents Indicating Demand for New Financing due to Planned Growth in the Next Six Months by State State Rank % State Rank % State Rank % North Dakota 1 80.0% North Carolina 18 65.1% Alabama 35 55.7% South Carolina 2 78.0% Ohio 19 64.4% Connecticut 36 55.7% South Dakota 3 76.9% Arizona 20 63.9% Idaho 37 55.6% Delaware 4 76.2% Kansas 21 62.7% Utah 38 55.4% Wyoming 5 75.0% Michigan 22 62.6% New Hampshire 39 54.5% Alaska 6 73.9% Colorado 23 62.3% Louisiana 40 54.2% New Mexico 7 71.7% New York 24 62.1% Pennsylvania 41 54.1% Virginia 8 71.5% Indiana 25 61.9% Missouri 42 53.2% Florida 9 71.2% Kentucky 26 61.0% West Virginia 43 52.6% Georgia 10 69.5% Mississippi 27 60.7% Tennessee 44 50.7% District of Columbia 11 68.2% Massachusetts 28 60.6% Arkansas 45 50.0% California 12 67.4% Minnesota 29 59.1% Vermont 46 50.0% Nevada 13 66.7% Washington 30 58.9% Nebraska 47 48.3% Oklahoma 14 66.7% Oregon 31 58.6% Hawaii 48 47.4% New Jersey 15 65.9% Illinois 32 58.4% Rhode Island 49 47.4% Texas 16 65.9% Montana 33 58.1% Iowa 50 39.1% Maryland 17 65.4% Wisconsin 34 56.5% Maine 51 38.5% 54
  • 55. Percentage of Respondents Indicating Demand for New Financing due to Expected Increased Sales in the Next Six Months by State State Rank % State Rank % State Rank % Delaware 1 75.0% Ohio 18 59.8% Pennsylvania 35 52.2% North Dakota 2 72.7% Maryland 19 59.6% Connecticut 36 51.6% South Carolina 3 71.2% New Jersey 20 59.6% Oregon 37 51.1% Mississippi 4 70.4% North Carolina 21 59.3% Kansas 38 50.9% Oklahoma 5 69.6% Colorado 22 59.3% Nebraska 39 48.4% Florida 6 69.5% New York 23 57.9% Alaska 40 47.6% Virginia 7 65.8% Idaho 24 57.6% Indiana 41 47.6% New Mexico 8 64.3% Minnesota 25 57.5% Alabama 42 47.4% Texas 9 64.0% Arizona 26 55.9% Arkansas 43 47.4% District of Columbia 10 63.6% Washington 27 55.4% Rhode Island 44 44.4% Wyoming 11 63.2% Massachusetts 28 55.2% West Virginia 45 43.8% Nevada 12 62.7% Tennessee 29 54.5% Louisiana 46 43.2% California 13 62.7% Missouri 30 54.4% Vermont 47 42.9% Kentucky 14 61.9% Wisconsin 31 53.8% Hawaii 48 42.1% Georgia 15 61.4% Utah 32 53.7% Montana 49 40.0% South Dakota 16 60.0% Illinois 33 53.2% Iowa 50 38.8% Michigan 17 59.9% New Hampshire 34 52.2% Maine 51 33.3% 55
  • 56. Percentage of Respondents Planning to Hire New Employees in the Next Six Months by State State Rank % State Rank % State Rank % North Dakota 1 82% Rhode Island 18 70% Colorado 35 65% District of Columbia 2 79% Virginia 19 70% Vermont 36 65% Oklahoma 3 79% Illinois 20 69% Alaska 37 64% Kentucky 4 77% Kansas 21 69% Connecticut 38 64% New Hampshire 5 77% Louisiana 22 69% Mississippi 39 64% New Jersey 6 74% New York 23 69% North Carolina 40 64% Utah 7 74% Texas 24 69% Wisconsin 41 64% Arizona 8 73% California 25 68% Nevada 42 63% Delaware 9 73% Hawaii 26 68% Iowa 43 62% Maryland 10 73% Minnesota 27 68% Massachusetts 44 62% Florida 11 72% Tennessee 28 68% South Dakota 45 62% Georgia 12 72% Washington 29 68% Alabama 46 59% Ohio 13 72% Wyoming 30 68% Nebraska 47 58% Missouri 14 71% Indiana 31 67% Arkansas 48 55% Oregon 15 71% Idaho 32 66% Maine 49 53% Michigan 16 70% New Mexico 33 66% Montana 50 50% Pennsylvania 17 70% South Carolina 34 66% West Virginia 51 37% 56
  • 57. Percentage of Businesses Who Indicated Slower Business Growth as a Result of Unsuccessful Financing Event in the Next Six Months by State State Rank % State Rank % State Rank % Delaware 1 100% Texas 18 77% New York 35 67% Vermont 2 100% Hawaii 19 75% North Dakota 36 67% Arkansas 3 88% Oklahoma 20 75% Wyoming 37 67% Maine 4 83% California 21 74% Kansas 38 64% Missouri 5 83% Virginia 22 74% Maryland 39 64% Arizona 6 82% Illinois 23 73% Michigan 40 64% Florida 7 81% Pennsylvania 24 73% District of Columbia 41 63% North Carolina 8 80% Colorado 25 72% Minnesota 42 63% Indiana 9 79% Ohio 26 70% Iowa 43 60% Nevada 10 79% Massachusetts 27 69% Alabama 44 59% Mississippi 11 78% New Mexico 28 68% Connecticut 45 53% Oregon 12 78% South Carolina 29 68% South Dakota 46 50% Utah 13 78% Tennessee 30 68% West Virginia 47 50% Washington 14 78% Wisconsin 31 68% Kentucky 48 47% Georgia 15 77% Idaho 32 67% New Hampshire 49 44% Louisiana 16 77% Montana 33 67% Alaska 50 36% New Jersey 17 77% Nebraska 34 67% 57
  • 58. Percentage of Businesses Who Indicated Hiring Fewer Employees as a Result of Unsuccessful Financing Event in the Next Six Months by State State Rank % State Rank % State Rank % Mississippi 1 78% Missouri 18 61% Arkansas 35 50% Kentucky 2 73% Washington 19 61% District of Columbia 36 50% Delaware 3 71% Iowa 20 60% Kansas 37 50% Pennsylvania 4 70% New Jersey 21 60% Nebraska 38 50% Tennessee 5 68% Vermont 22 60% West Virginia 39 50% Idaho 6 67% California 23 59% Colorado 40 49% Maine 7 67% Ohio 24 58% Minnesota 41 47% Massachusetts 8 67% Oklahoma 25 58% Alaska 42 45% Montana 9 67% New York 26 57% Utah 43 44% Oregon 10 67% Arizona 27 56% Wisconsin 44 43% Wyoming 11 67% New Hampshire 28 56% Michigan 45 40% Florida 12 65% North Carolina 29 56% South Dakota 46 38% New Mexico 13 64% Maryland 30 55% Alabama 47 35% Georgia 14 63% Nevada 31 55% Connecticut 48 35% Louisiana 15 62% South Carolina 32 55% North Dakota 49 33% Texas 16 62% Virginia 33 54% Hawaii 50 25% Illinois 17 61% Indiana 34 53% 58
  • 59. X. About the Respondents 59
  • 60. Details About the Respondents Geographic Location less than or equal to 10 11 - 25 26 - 50 ME WA 51 - 75 76 - 100 ND MN VTNH MT 101 - 125 OR NY MA 126 - 150 WI ID SD MI RI more than 150 WY CT PA IA NJ NE OH NV IL IN MD WV VA UT CO KS MO KY CA NC TN OK AR SC AZ NM MS AL GA HI AK LA TX FL 60
  • 61. Details About the Respondents Industry Services Construction 2% 2% 5% Manufacturing 3%3% Retail trade 3% 28% 5% 6% Information technology or services Wholesale trade 7% 14% Health care 10% Unclassified establishments 12% Finance & real estate Arts, entertainment or recreation Forestry, fishing, hunting or agriculture Educational services Other 61
  • 62. Details About the Respondents Annual Revenues $0 or pre-revenue stage 1% 2% 2% 2% 4% $1 - $100,000 5% 16% $100,001 - $500,000 6% $500,001 - $1,000,000 24% 23% $1,000,001 - $5,000,000 $5,000,001 - $10,000,000 15% $10,000,001 - $25,000,000 $25,000,001 - $50,000,000 $50,000,001 - $100,000,000 $100,000,001 - $500,000,000 More than $500,000,000 62
  • 63. Details About the Respondents Annual Income Negative (net loss) 2% 3% 5% 13% $0 - $100,000 7% $100,001 - $500,000 27% 43% $500,001 - $1,000,000 $1,000,001 - $5,000,000 $5,000,001 - $50,000,000 Greater than $50,000,000 63
  • 64. Details About the Respondents Firm age Less than 1 year 2% 3%4% At least 1 but less than 2 8% 40% At least 2 but less than 3 18% At least 3 but less than 5 25% At least 5 but less than 10 At least 10 but less than 20 20 or more 64
  • 65. Details About the Respondents Number of Employees 0 1-2 2% 2% 3-5 4% 4% 5% 5% 6-10 26% 5% 8% 11-15 16-20 17% 22% 21-30 31-50 51-100 101-200 More than 200 65
  • 66. About Pepperdine Private Capital Markets Project The Pepperdine Private Capital Markets Project at the Graziadio School of Business and Management is the first simultaneous, comprehensive, and on-going investigation of the major private capital market segments. The research seeks to understand the true cost of private capital across market types and the investment expectations of privately-held business owners; providing lenders, investors and the businesses that depend on them with critical data to make optimal investment and financing decisions, and better determine where the opportunities to create lasting economic value may be realized. Download reports and find more information at http://bschool.pepperdine.edu/privatecapital. About Pepperdine University’s Graziadio School of Business and Management Founded on the core values of integrity, stewardship, courage, and compassion, Pepperdine University’s Graziadio (GRAT-ZEE-ah-DEE-oh) School of Business and Management has been developing values-centered leaders and advancing responsible business practice since 1969. Student-focused, experience-driven, and globally-oriented, the Graziadio School offers fully accredited top-ranked MBA, Masters of Science, and bachelor’s completion business programs. More information found at http://bschool.pepperdine.edu/newsroom/. 66
  • 67. THANK YOU! John K. Paglia, Ph.D., CFA, CPA Associate Professor of Finance Director, Pepperdine Private Capital Markets Project http://bschool.pepperdine.edu/privatecapital john.paglia@pepperdine.edu 805.379.5809 67