How To Evaluate and Select Sponsors Who Will Succeed

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Presentation transcript:

How To Evaluate and Select Sponsors Who Will Succeed

How To Evaluate and Select Sponsors Who Will Succeed: A Broker Dealer’s Guide To Finding The Right Alternative Investment Sponsor

Jan Ryan, CFA, Moderator Chari Aweidah Rosemarie Leong Dana Woodbury Principal, Ryan and Associates Chari Aweidah SVP – Financial Services, Factright, LLC Rosemarie Leong Due Dilligence, Sandlapper Securities, LLC Dana Woodbury President and CEO, Buttonwood Investment Services, LLC

Reasons New Sponsors Fail Failure to Launch: Reasons New Sponsors Fail

Key Attributes of Successful Sponsors

Easily Identifiable Nonstarters For New Sponsors

The Importance of Track Record and How To Evaluate

Five Key Components of Sponsor Financial Report Analysis

Assess the financial health of the Sponsor FactRight Financial Reporting Analysis Assess the financial health of the Sponsor Identify financially related risks Evaluate the sponsor’s capacity to provide financial and operational support Comprehensive view of strengths and risks

Quality of Financial Reporting Are financial statements audited? If so - Auditing firm, opinion, and disclosures If not - Are statements prepared according to GAAP? Reason audit not performed? Level of experience and transparency

Operational Trends Past profitability, cash flow, debt service, shareholder equity Capacity to support managed funds Review of management representations, assumptions, and forecasts

Affiliate and Related Party Transactions Transactions such as fund seeding, and property acquisitions Reviewed in context of governance issues, impact on cash flow, degree of disclosure

Compliance & Regulatory Requirements Issues related specifically to financial reporting Correspondence from regulatory agencies FOCUS Reports for FINRA registered firms

Alignment with other areas reviewed Disclosed litigation, contingent liability, and loss reserves Does prior program performance line up with current financial position? Affiliated party compensation, and business succession plans

Operational Due Diligence Reports Gain a broad view of a sponsor’s financial and operational health, and a detailed look at the sponsor’s financial statements.

When They Apply and When They Don’t Key Industry Metrics: When They Apply and When They Don’t

Due Diligence, Marketing, Sales Sponsor Resources: Due Diligence, Marketing, Sales

Jan Ryan, CFA, Moderator Chari Aweidah Rosemarie Leong Dana Woodbury Principal, Ryan and Associates janiceryancfa@gmail.com Chari Aweidah SVP – Financial Services, Factright, LLC chari@factright.com Rosemarie Leong Due Dilligence, Sandlapper Securities, LLC contact@intuitiondd.com Dana Woodbury President and CEO, Buttonwood Investment Services, LLC dwoodbury@buttonwoodllc.net