IB / PE "Dictionary"
Was reviewing potential buyers and found a hilarious feature on a fund's website - shoutout to Sentinel Capital Partners for a great dictionary of common finance terms, and what they really mean:
- Considerably ahead of plan = Hit plan in one of the last three months
- Major opportunity = Last chance
- Niche strategy = Small-time player
- On a manufacturing learning curve = Can't make the product with positive margins
- Opportunistic investment strategy = Absolutely no investment strategy
- Passive investor = Phones yearly to see if company is still in business
- Basically on plan = Revenue shortfall of 25%
- Reposition the company = No market for current products
- Rifle shot approach to a few investors = You're the only potential investor left
- Strategic investor = Investor will pay a preposterous valuation
- Too early to tell = Results to date have been grim
- Turnaround opportunity = Lost cause
- Possibility of slight shortfall = Revenue shortfall of 50%
- Unique = No more than six competitors
- Upgrading the management team = The organization is in complete disarray
- Value-added investor = Generally comes to board meetings but spends most of the time on "emergency" phone calls
- Volume sensitive = Massive fixed costs
- Window of opportunity = Without more money, the company is dead
- Somewhat below plan = Revenue shortfall of 75%
- Work closely with the management = Talk to them on the phone once a month
- Leading company in our industry = Middle of the pack player
- Good partners = Not currently in litigation
- Acquisition strategy = Current products have no market
- Core business = Obsolete product line
- Well below plan = An outright, unmitigated disaster
- Cyclical industry = Posted a huge loss last year
- Entrepreneurial CEO = Totally uncontrollable, bordering on maniacal
- Feeding frenzy = At least one interested new customer
- Ingredients are there = Given two years might find a workable strategy
- Investing heavily in R&D = Trying desperately to catch the competition
- Limited downside = It can't get much worse
- Long selling cycle = Yet to find a customer who likes the product
- Currently revising the budget = Financial plan is total disaster
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