Excerpt from Financing an Enterprise, Vol. 1
Under proper conditions it should be possible to finance any really good enterprise. As a matter of fact numerous enterprises are financed that cannot be designated as "good," and many are financed that are not only destitute of merit but absolutely fraudulent.
While all this is true, failures to finance enterprises are constantly occurring even where the enterprises have real merit and the conditions are fairly favorable. Such failures can be ascribed only to a disregard or ignorance of the principles and procedure of successful financing. The object of the present work is to set forth these principles as clearly as may be, to outline the requirements of a successful enterprise, to suggest methods of procedure, and to point out the mistakes more commonly made.
All this, while naturally applicable to the financings or re-financings of the larger and more stable undertakings, is not primarily intended for their use. Such enterprises can employ the services of technical experts in every line and command the attention of investment bankers. But the great multitude of enterprises to be financed are neither large nor stable. On the contrary they are small, undeveloped, or speculative - they lack the funds to employ experts and the qualities to attract investment bankers, and it is for such enterprises that the present work has been written.
The author must confess to much sympathy with these lesser enterprises whose promotion is so frequently undertaken by men unskilled in financial matters; by men of little experience; by men greatly in need of money - those enterprises unable to secure the able, expert advice and assistance which smooth the financial way of the better established or more fortunate undertakings.
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