Investment Banking Institute San Francisco
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Please note: Each class is comprised of multiple sessions and is limited to 20 students
San Francisco Investment Banking Course
CLASS ATTENDANCE POLICY (MAKE-UP SESSIONS AND RE-TAKES): In keeping with our
primary goal of delivering the most effective financial modeling training to our students, our attendance
policy is flexible to accommodate your already demanding schedule and any unexpected
occurrences. Missed classes can be made up at your earliest convenience at
no extra charge. If expected absences are known in advance, make-up classes
can even be attended ahead of time.
Similarly, if it becomes necessary for you to re-take any sessions, you can
do so as your schedule permits. We offer multiple classes simultaneously;
there are always numerous options available and we will be happy to include your
name on the roster for desired makeup (and/or re-take) sessions. Additional seats
are always set aside in reserve for this purpose.
San Francisco Investment Banking Class
SAN FRANCISCO SCHEDULE
(Eight 3.5-hour Sessions)
-(OPEN, 9 SPACES AVAILABLE)-
Session 1: Saturday, October 25th
Session 2: Sunday, October 26th
Session 3: Saturday, November 1st
Session 4: Sunday, November 2nd
Session 5: Saturday, November 8th
Session 6: Sunday, November 9th
Session 7: Saturday, November 15th
Session 8: Sunday, November 16th
(Eight 3.5-hour Sessions)
-(CLOSED, CLASS IS FULL AND IN SESSION)-
Session 1: Saturday, August 16th
Session 2: Sunday, August 17th
Session 3: Saturday, August 23rd
Session 4: Sunday, August 24th
Labor Day Weekend Break, no Classes August 30th & September 1st
Session 5: Saturday, September 6th
Session 6: Sunday, September 7th
Session 7: Saturday, September 13th
Session 8: Sunday, September 14th
*Class enrollment is on a first-come, first-served basis.
IBI SAN FRANCISCO 415-738-2527
Financial Modeling Training classes are held in the training room of our San Francisco office at 424 Clay Street, in the Financial District. 424 Clay is located opposite the Embarcadero Center, within short walking distance of the Embarcadero Bart station. Starbucks and Elephant & Castle are located onsite. The location offers all of the benefits of being located in the financial district such as easy access to restaurants, banks, hotels, and parking.
Investment Banking Institute
424 Clay Street
IBI SAN FRANCISCO COURSE SYLLABUS
The IBI training program and course syllabus in San Francisco are modified to more closely relate to the early stage and venture atmosphere prevalent in the Bay area.
SAN FRANCISCO BASED 8 SESSION COURSE SYLLABUS
| SESSION 1 - Introduction and Early Stage (Startup) Finance
A. Introduction of Instructor
B. Discussion of Syllabus
C. Introduction of Students and their Desired Goals
D. What are Angel Investors, Venture Capitalists and Venture Debt Investors?
E. Early Stage Capital – Where Has All the Money Gone?
F. What are the 4 Questions that Every Early Stage Investor Asks?
G. Developing/Assessing the Early Stage Pitch
| SESSION 2 - Securing Capital for Early Stage (Startup) Companies
A. Early Stage Financial (Revenue) Modeling
B. What is the Difference between Pre-Money Valuation and Post Money Valuation
C. Typical Early Stage Valuation Techniques – DCF vs. Comps Analysis
D. Typical Investment Structures for Early Stage Companies
E. Understanding an Investor Term Sheet
F. How to Build a Capitalization Table
| SESSIONS 3 / 4 - Financial Statement Analysis and Integrated Financial
Modeling (Modeling for More Mature Companies)
A. Financial Statement Analysis – Understanding the Interrelation between the Income Statement, Balance Sheet and Cash Flow Statement
B. Tips for Setting Up a Financial Model
C. Spreading Historical Financial Statements
D. Deriving Historic Ratios, Trends and Variables
E. Creating Integrated Five Year Projections for Income Statement, Balance Sheet & Cash Flow Statement
F. Revolver Modeling
G. Sensitivities on Financial Model
| SESSION 5 - Typical Liquidity Events - IPO
A. When Does an IPO Make Sense?
B. The Three Generally Accepted Valuation Methodologies
1. Discounted Cash Flow Analysis
C. What is The Difference between Non-Controlling and Controlling Valuations?
2. Trading Multiples
3. Precedent Transactions
D. Building an IPO Model, Pro-Forma Balance Sheet Implications
| SESSION 6 - Typical Liquidity Events - M&A
A. When Does an Acquisition Make Sense?
B. How to Build an M&A Model
1. Calculation of Equity Value and Purchase Price
2. Explanation of Consideration used in Purchase (stock, cash, assumed debt)
3. Discussion of Multiples Paid
4. Post-Merger Control Issues
5. Synergies and Pre-Tax Synergies Required to Breakeven
6. Revenue and EBITDA Contribution
7. Pro-Forma Income Statement
8. EPS Dilution
9. Discussion of Goodwill and Other Accounting Treatment Issues
| SESSIONS 7 / 8 - LBO Modeling and Career Resources
A. What Types of Companies/Industries are suitable for LBOs?
B. Review of LBO Model Structure
1. Purchase Price Calculations and Considerations
C. Class Wrap-Up
2. Capital Structure Options
3. Discussion of Typical Financing Sources
4. Creation of Sources and Uses Worksheet
5. Integrated Pro-forma Income Statement, Balance Sheet and Cash Flow
6. Debt and Interest Schedule
7. Revolver and Mandatory/Option Debt Repayment and Impact on Returns
8. Returns Analysis
1. Financial Modeling and Valuation Summary
2. Career Resources
a. Resume Tips
b. Interview Tips
c. Networking Tips/Best Channels for Finding Jobs
San Francisco Venture Capital Course
|IBI SAN FRANCISCO BANKER-INSTRUCTOR PROFILE
WESLEY KENNEDY lives in San Francisco, where he brings a 14 year track record of proven success across different industries and in multiple stages and types of investment to IBI. Wesley has worked in investment banking, private equity, venture capital, and with a hedge fund; he has also enjoyed training analysts at different organizations.
As an Associate with Thomas Weisel Partners Group, the leading technology focused publicly traded investment banking firm, Wesley worked closely with senior bankers in the origination, structuring, and offering of equity and fixed income securities for high profile technology and entertainment companies. He also worked extensively in fixed income, equity research, and trading, providing both quantitative and qualitative analysis.
Prior to joining TWPG, Wesley worked as an Associate in equity research for Green Street Advisors where he built complex models using a combination of quantitative (DCF, NAV, comparable company and transaction) and qualitative analyses. Wesley started his financial career as a credit analyst for SVB Financial Group where he provided traditional and mezzanine capital to venture-backed technology and life science companies.
Wesley holds a MS in Economics from Golden Gate University, (Honors, 4.00 GPA), and a B.S. in Mathematics from Santa Clara University.
Selected Transaction Experience:
- Seagate (Ticker: STX) - $1.5 billion Convertible Notes Offering
- Millipore (Ticker: MIL) - $565 million Convertible Notes Offering
- United Auto Group (Ticker: UAG) - $375 million Convertible Notes Offering
- PMC Sierra (Ticker: PMCS) - $225 million Convertible Notes Offering – proceeds used for acquisition
- FEI Corporation (Ticker: FEIC) - $210.2 million Convertible Notes Offering
- Lions Gate Entertainment (Ticker: LGF) - $175 million Convertible Notes Offering
- FEI Corporation (Ticker: FEIC) - $115 million Convertible Notes Offering
- NII Holdings (Ticker: NIHD) – Swapped $100 million in Convertible Debt for Equity
- Casual Male (Ticker: CMAL) – Restructured $100 million of Convertible Debt
- M-Systems Flash Disk Pioneers (Ticker: FLASH) - $75 million Convertible Notes Offering
Early Stage Investing, IBI San Francisco
San Francisco Financial Modeling Course
Headquarters: The Helmsley
Building, 230 Park Avenue, Tenth Floor, New York, NY 10169
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