Last year, as Ted Farnsworth was getting his business, The Purple Beverage Company, off the ground, he devised a way to get quality services from vendors with a minimal cash outlay--and without taking on more debt. Turning to a type of corporate currency, he persuaded independent distributors and other vendors to accept shares in his company in exchange for services. As part owners of the company, these vendors are now uniquely motivated to help Fort Lauderdale, Florida-based The Purple Beverage Company succeed, says Farnsworth.
Now distributors work harder to give him advice on retail placement and let him know when a retailer is low on product. And the company's advertising agency, which receives shares in addition to a small monthly cash retainer, has a stake in finding the best way to deliver Purple's message. "They hit me with stuff all day long," says the 45-year-old founder. "I'd rather have partners than vendors because they've got their own interests aligned with ours."
This kind of risk-sharing arrangement has become popular among growing businesses as a way to get goods and services without having to tie up capital. "I strongly recommend it," says Bruce Lynskey, clinical professor of management in entrepreneurship at Vanderbilt Owen Graduate School of Management. "Cash is absolutely dear, so if you can get anyone to accept at least partial stock options instead of cash, that's good." Lynskey witnessed the upside of this financing tool in the '90s as an employee of Wellfleet Communications, which began paying its delivery vendor, FedEx, partly in options instead of cash at the vendor's request. Wellfleet's hugely successful IPO made the stock a Wall Street darling, says Lynskey, "and FedEx made much more money than if we'd paid them in cash."
Still, business owners need to be aware of the potential legal risks involved with this kind of financing and take the proper steps to avoid them, says David Staub, attorney and partner at Stahl Cowen Crowley Addis. For starters, make sure you've provided adequate financial disclosure to any potential investors; if it's determined that you omitted any key financial information when you issued the stock, you could be held personally liable for the investment. Second, says Staub, provide an exit strategy for minority shareowners and a buy/sell agreement that explains how the two of you will part company before or at a liquidity event, such as a merger or an IPO. "It's like a business prenup," Staub says. Even though most investors are more likely to write off a loss than make trouble, it generally isn't worth the possible risk.
Consider any issues that might arise due to a potential conflict of interest, adds Staub. For example, if your accountant becomes a shareowner, he or she will be prohibited from conducting future audits. Also know that your new investors will be entitled to see the company's financial statements and figures--including your salary. And above all, says James Chamberlain, management counselor and financial expert with SCORE, make sure you and your investor are a good fit. "This person is going to be a shareholder and part of your equity team," he says.
If you own a C corporation, an S corporation or an LLC and decide you want to go this route, you need to prepare your financials and make a business case to vendors--just as you would to a VC firm--to convince them to climb onboard. Farnsworth now pays a host of vendors with company stock, including distributors, consultants and, most recently, singer Chaka Kahn, who will promote the brand in a new ad campaign. Though each issuance of stock dilutes the owner's own equity stake in the company--and in its future potential upside--Farnsworth says there's still plenty of juice to go around. "My landlord said, 'Someday you're going to hit me up with shares,'" says Farnsworth. "He's probably the only guy I don't [use a risk-sharing arrangement with]."
C.J. Prince is a writer specializing in business and finance. Reach her at cj@cjprincemedia.com.
译文:
花小钱办大事
去年，泰德.范思沃斯（Ted Farnsworth）从零开始创建了自己的“紫色饮料公司”（Purple Beverage Company）。特殊之处是，他通过一种大胆的方法实现了花小钱办大事的目标，只用很少的钱就换到了供货商的超高质量服务——也没有因此负债累累。首先，他巧妙地将公司股票转为一种流通方式，说服独立经销商和其他供货商接受自己公司的股票作为服务的报酬。当这些供货商加入公司的‘主人翁’队伍后，他们自然就发自内心地竭尽全力来帮助泰德的‘紫饮’公司迈向辉煌。
现在经销商会加倍努力地指导他如何分配零售商品，一旦某个零售商的库存不足，经销商很快就会将消息传给他。公司的广告代理商也是一样，除每月拿到少量现金薪酬外都是用股票来答谢，却足以让代理商绞尽脑汁地为‘紫饮’做最好的广告。泰德，这位现年45岁的企业奠基人说，“他们每天从早到晚不停地给我出主意送信息。相比起单纯的供货商，我当然更喜欢和他们做合伙人，因为这样我们才会利益一致。”
这种风险分摊式方法在成长型企业中越来越得到重视，经营者终于有机会在不造成资金紧张的情况下得到优质商品和服务。“我强烈推荐这种方法”，范德堡大学欧文管理学院企业经营学教授布鲁斯.莱恩斯基（Bruce Lynskey）说，“现金绝对是经营中的血脉，只要你能说服别人接受股票作为酬劳，哪怕只是一小部分用股票支付，那也会有很大帮助。”莱恩斯基在90年代亲眼目睹了这一融资方法的惊人效果，当时他在“维尔弗里特通讯公司”（音译Wellfleet Communications）工作，该公司的送货业务由联邦快递负责。在联邦快递的要求下，维尔弗里特开始用部分现金部分股票的方式支付相关费用。此后，维尔弗里特的IPO（首次公开招股）就大获成功，成为华尔街的宠儿，莱恩斯基说，“联邦快递也从中赚到了超额利润，比收现金合算得多。”
不过律师大卫.斯特伯（David Staub）提醒说，企业主也需要防范潜在的法律风险，为安全起见，最好严格遵循相应步骤。对新手来说，首先要保证给与所有潜在投资者足够的财务透明度；法律规定，如果你在发行股票时隐瞒任何财务信息，就有可能要为这笔投资负责。其次，你需要为少数股东设立一个退出机制，提供一份正式的购买/出售协议来解释一旦股份被稀释（比如公司被并购或IPO），你们要如何在事件发生之前或发生时脱离公司股东身份。斯特伯形容说，“这就像企业的婚前协议”。虽然大部分投资者很可能默默放弃投资损失，不会因此制造麻烦，但这种可能存在的风险还是当避则避，不值得冒险。
斯特伯补充说，要仔细斟酌任何可能来自利益冲突的问题。假如你的会计师成为股东，他/她今后就不能再审查企业账目。也不要忘记，你的新投资者有权察看公司的财务报表和数字——包括你的收入。除此之外，SCORE管理顾问兼金融专家詹姆士.张伯伦（James Chamberlain）还说，你和你的投资者应该能够互相配合。“这个人将成为你的股东，是你公司股权团队的一份子”。
如果你拥有的是C-企业（注：美国正常纳税公司），S-企业（注：美国规定的一种特殊纳税公司）或有限责任公司，选择尝试这种方法时就需要整理你的财务资料，为供应商提供一份经营案例——就像你要面对的是正规投资公司一样——来说服他们加入股东队伍。泰德现在用公司股票支付许多供应商，包括分销商和顾问，还有刚刚加入的歌手查可.卡恩（Chaka Kahn），查可将在一个新的广告活动中推广紫饮品牌。虽然每次分发股票时都会稀释企业主自己在公司所占的股权份额——以及未来的潜在收益——但泰德表示未来的利益仍然非常可观。“我的房东说，‘某天你也会捧着股票来找我的’”，泰德说，“他大概是唯一一个我不会用风险分摊方式的对象”。