Working Capital - An Unknown Key to Success
Upcoming SlideShare
Loading in...5
×
 

Working Capital - An Unknown Key to Success

on

  • 807 views

Working capital management is one of the most underestimated financial tools available to entrepreneurs. And I suspect that it's not because it is so complex, or that it's so time consuming. It's just ...

Working capital management is one of the most underestimated financial tools available to entrepreneurs. And I suspect that it's not because it is so complex, or that it's so time consuming. It's just due to a lack of knowledge or a lack of focus. So I thought it would be wise to discuss this topic with you.

Author: Eva Hukshorn, EFactor

Statistics

Views

Total Views
807
Views on SlideShare
756
Embed Views
51

Actions

Likes
0
Downloads
18
Comments
0

2 Embeds 51

http://www.linkedin.com 33
https://www.linkedin.com 18

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Working Capital - An Unknown Key to Success Working Capital - An Unknown Key to Success Presentation Transcript

  • Working  Capital    An  unknown  key  to  success  Author:  Eva  Hukshorn     1  
  • EFactor:  An  introduc5on  •  Founders  Adrie  Reinders,  Marion  Freijsen,  Roeland  Reinders  •  Started  OHM  Inc.  in  2004:  Business  Development  for  Fortune  2000  •  Serving  (mainly)  technology  companies  around  the  globe  •  Goal:  assist  emerging  technology  companies  in  selling  their  product  to  Corporates  •  In  2007  they  wrote  a  book:  The  N-­‐Factor   -  How  efficient  networking  can  change  the  dynamics  of  your  business   -  Huge  success:  no  theory,  but  hands-­‐on  5ps  &  tricks  •  Result:  EFactor  -­‐  a  social  plaTorm  for  entrepreneurs   -  Strategic  business  networking  impacts  the  future  of  your  business   -  Goal:  share  knowledge,  increase  sales,  decrease  costs,  find  capital   -  Mission:  increase  success  of  entrepreneurs  to  start-­‐up  or  accelerate  their  organiza5on   -  In  2012  the  new  book  was  launched:  The  E-­‐Factor:  Entrepreneurship  in  the  Social  Media  Age     EFACTOR,          THE  WORLD’S  LARGEST  ONLINE  NETWORK  FOR  ENTREPRENEURS  ON  EARTH       An  online  community  offering  you  a  network,  knowledge,  events,  and  every  business  resources  you  need  to   succeed   2  
  • Eva  Hukshorn:  An  introduc5on  •  Work  Experience   -  Current:    Partner  EFactor        Board  of  Advisory:  TreFoil  Energy  /  CleanDrinks  /          Global  Thinkers  /  ShowLinq            Coach  Startup:  Bootcamp  Amsterdam  /  New  Venture  McKinsey   -  2009  –  2010:  Dutch  Bou5que  –  Marktlink  Mergers  &  Acquisi5ons,  Amsterdam   -  2007  –  2009:    Royal  Bank  of  Scotland  –  Corporate  Finance,  Amsterdam   -  2004  –  2009:    ABN  AMRO  –  Corporate  Finance  New  York,  Amsterdam   -  2003  –  2004:    Accenture  –  Consul5ng  London,  Amsterdam  •  EducaHon   -  1997  –  2002:  MSc  Economics,  Finance  –  University  of  Groningen,  the  Netherlands   -  2003:      Interna5onal  &  Asian  Studies  –  Na5onal  Sun  Yat-­‐Sen  University,  Taiwan   -  2009  –  2011:    Cer5fied  Management  Accoun5ng  (CMA)  –  Ins5tute  of  Management  Accountants            (IMA),  United  States   -  2009  –  2001:    Colloquium  General  &  Modern  Art  –  Academy  for  History  of  Art,  the  Netherlands   -  2012:    Interna5onal  Financial  Report  Standards  (DipIFRS)  –  Associa5on  of  Chartered  Cer5fied          Accountants  (ACCA),  United  States   3      
  • FUNDING  TUESDAY,  EVERY  TUESDAY  So  what  can  you  expect  from  us  each  Funding  Tuesday?  1.  Webinars  on  EFactor  on  Finance  &  Funding  related  topics  in  the  EVENT   Sec5on  2.  Blogs  &  interviews  with  informal  investors  and  funded  entrepreneurs   with  5ps  &  tricks  in  the  BLOGS  sec5on  under  NOW  3.  Finance  &  Funding  related  ar5cles  on  NOW  feed  4.  In  the  Finance  &  Funding  GROUP  on  our  website  you  will  find  Q&As  of  the  webinars  under     NETWORK  5.  In  the  KNOWLEDGE  base  you  will  find  more  and  more  presenta5ons  on  Finance  &  Funding   related  topics,  including  the  webinar  presenta5ons  6.  And  if  you  become  a  VIP  MEMBER  you  will  personally  be  supported  on  your  Finance  &  Funding   related  ques5ons   4    
  • Webinar  Program  Overview  2012  June  19:    Business  Plan  Wri5ng  -­‐  A  Roadmap  to  Success  July  3:      Pitching  &  Presenta5on  -­‐  3  Minutes,  1  Impression  July  17:    Strategy  -­‐  A  Vision  for  the  Future,  A  Strategy  for  Geing  There  July  31:    Budge5ng  &  Forecas5ng  -­‐  Predic5ng  the  Outcome  Aug  14:    Working  Capital  -­‐  An  Unknown  Key  to  Success  Aug.  28:    Capital  Management  -­‐  Playing  with  Risk  Sept  11.:    Funding  &  Investments  -­‐  Some  Sources  are  More  Equal  then  Others  Sept.  25:    Valua5on  -­‐  Art  or  Science  Oct  9:      Exit  Strategy  -­‐  Nice  to  Have  or  Need  to  Have?  Oct.  23:    Bootstrapping  -­‐  An  Alterna5ve  Answer  to  Funding  Nov  6:    Crowdfunding  -­‐  The  Power  of  Friends,  Family  and  Fools  Nov.  20:    Networking  -­‐  Nice  You  have  3000  Friends,  I  have  30  Relevant  Connec5ons  Dec.  4:      Marke5ng  &  (Social)  Media  -­‐  Noise  or  Value?  Dec.  11:    No  Sales,  No  Glory  Dec.  18:    Most  Common  Mistakes  of  Entrepreneurs   5    
  • Working  Capital:  An  unknown  Key  to  Success  •  Most  underused  financial  tools  by  entrepreneurs   -  complexity  •  The  only  important  financial  tool  entrepreneurs  should  focus  on.  Why?   -  Cash  is  King  •  Common  used  financial  drivers  are  based  on  revenue   -  and  if  you’re  lucky  on  profit  •  The  goal  of  this  workshop?   -  What  is  it  exactly,  which  items  should  be  included  and  which  items  should  not   -  How  do  you  measure  whether  your  working  capital  is  at  a  safe  level   -  How  to  use  working  capital  as  a  funding  tool  Working  Capital  is  a  type  of  liquidity,  closely  related  to  cash.  And  CASH  IS  KING!   6  
  • Working  Capital:  Defini5ons  •  Working  capital:    the  amount  of  capital  that  covers  current  assets  •  Net  working  capital:  measures  the  shortage  or  surplus  between  the  amount  of  capital              available  and  the  current  assets  •  Current  liabiliHes:    all  liabili5es  which  support  the  current  (core)  opera5ons  of  the              business  •  Current  assets:    part  of  assets  that  have  the  form  of  cash  or  that  convert  into  cash              within  one  year   -  Internal   -  Liquidity   -  Reserve   -  Security   -  External   7  
  • Working  Capital:  Characteris5cs  •  Working  capital  characterisHcs:   -  Short  term  character   -  High  rate  of  liquidity   -  Part  of  core  opera5ons     -  Balance  sheet  items  •  Working  capital  implicaHons:   -  Frequent  decisions   -  Working  capital  items  closely  related   -  Small  difference  between  present  value  and  book  value  of  items  •  Working  capital  is  an  balancing  act   -  Risk  vs.  return   -  Permanent  level  of  working  capital  vs.  temporarily  character  of  current  assets   8  
  • Working  capital  s5mulates  the  opera5ng  cycle  •  Short  term  cash  contributes  to  immediate  deprecia5on  of  short  term  loans  •  Short  term  loans  are  quick  way  of  financing  and  launching  short  term  assets   5   1+7   ACCOUNT   ACCOUNT   CASH   PAYABLE   PAYABLE   6   2+3   1   4   EXPENSES   RAW   MATERIALS   2   3   FINISHED  GOODS   WORK-­‐IN-­‐PROGRESS   9  
  • Working  Capital:  Basic  Calcula5ons  •   Working  Capital  Current  =  Current  Assets    MINUS    Current  LiabiliHes    •   Working  Capital  Current  =   -  Account  Receivable  +  Inventory  +  all  other  Current  Assets  directly  contribu5ng  to  daily   opera5ons   -  MINUS   -  Account  Payable  +  Non-­‐Interest  Bearing  Short-­‐Term  Debt  +  all  other  Current  Liabili5es   directly  contribu5ng  to  daily  opera5ons  •  The  more  posi5ve  this  number,  the  beper  your  working  capital?  NO   -  Too  posi5ve:  Do  you  have  enough  cash  to  pay-­‐off  your  liabili5es?   -  Too  nega5ve:  Are  you  in  control?   -  More  important:  How  does  your  working  capital  develop  from  one  period  to  another?         Working  Capital  is  an  indicaHon  of  the  operaHonal  efficiency  of  your  company     10  
  • Working  Capital  Ra5o’s:  Current  Ra5o  •  Several  ra5o’s  available  to  determine  working  capital  level.  Most  common:   -  Current  Ra5o   -  Acid  test  /  Quick  Ra5o  •   Current  RaHo  =  Current  Assets  DIVIDED  BY  Current   -  Goal:  are  there  enough  current  assets  to  cover  your  current  liabili5es?   -  >  1:  posi5ve  working  capital   -  <  1:  nega5ve  working  capital   -  Preference:  1.2x  and  2.0x   -  Above  2.0x  –  lack  of  growth  support         11  
  • Working  Capital  Ra5o’s:  Acid  Test  •  Acid  Test  =  [Current  Assets  MINUS  Inventory]  DIVIDED  BY  Current  LiabiliHes      •  Acid  Test  =     -  Account  Receivables  +  all  other  Current  Assets  directly  contribu5ng  to  daily  opera5ons,   excl.  Inventory   -  DIVIDED  BY     -  Current  Liabili5es  (Account  Payable  +  Non-­‐Interest  Bearing  Short-­‐Term  Debt  +  Current   Liabili5es  directly  contribu5ng  to  daily  opera5ons  •  Goal:  are  there  enough  current  assets  to  cover  your  current  liabili5es?   -  More  precise  then  Current  Ra5o   -  >  1:  =>  good   -  <  1:  =>  not  good   -  Acid  test  <  Current  Ra5o  =>  not  good   12  •       
  • Working  Capital  Ra5o’s:  Example   BALANCE  SHEET  ASSETS   •      LIABILITIES    Fixed  Assets   100 Equity       100    Account  Receivable   200 Debt  5%  interest     250    Inventory   300 Personal  loan     200  Cash   50   Account  Payable   100  Total   650   Total   650   •  Working  Capital  Current  =  Current  Assets    MINUS    Current  LiabiliHes   -  (Account  Receivables  +  Inventory)  MINUS  (Personal  loan+  Account  Payable)   -  500  -­‐/-­‐  300  =  200   •  Current  RaHo  =  Current  Assets  DIVIDED  BY  Current  LiabiliHes   -  500    /  300  =  1.67x   •  Acid  Test  =  [Current  Assets  MINUS  Inventory]  DIVIDED  BY  Current  LiabiliHes   -  200  /  300  =  0.67x   13    
  • Working  Capital:  Account  Receivable  •  Startups:  30%  of  assets  are  account  receivables    •  Transac5on  has  already  taken  place  =>  customers  owe  you  money  •  Establish  a  policy  around  your  cash  flows:   -  Customer  type   -  Sales  process   -  Invoice  procedure   -  Errors  &  disputes   -  Procedure  around  solving  issues   14  
  • Working  Capital:  Account  Receivable  Management  •  Sales  on  credit  policies  should  include:   -  Decisions  on  offering  trade  credit   -  Management  and  monitoring   receivable  balance  •  Reduce  risk  of  non-­‐payment:   -  Advance  payments   -  Offset  amounts  owed  vs.  amounts  due   -  Requiring  a  third-­‐party  guarantee   -  Ownership  when  paid   -  Insurance  •  Bad  debt?   -  nego5ate   -  third-­‐party  collec5on   -  budget  5-­‐10%  write-­‐off  on  Account   Receivables   15  
  • Working  Capital:  Account  Receivable  Ra5o’s  •  ACCOUNT  RECEIVABLE  TURNOVER  =  Total  Revenue  on  credit  DIVIDED  BY  Average  Accounts   Receivables   -  Amount  of  5me  receivables  are  converted  into  cash  •  ACCOUNT  RECEIVABLE  DAYS  =  365  days  DIVIDED  BY  Turnover  Rate   -  Days  on  average  to  collect  our  accounts  receivable  for  the  year  >>  40-­‐50  days  preferred  •  RECEIVABLE  TO  SALES  RATIO  =    Average  Accounts  Receivables  DIVIDED  BY  Total  Revenue  on   credit     -  Indica5on  on  how  quick  sales  is  converted  into  cash     16      
  • Working  Capital:  Account  Receivable  –  Example  •  EXAMPLE         -  1  Jan.:  Account  Receivable    USD  60,000   -  31  Dec.:  Account  Receivable    USD  40,000   -  31  Dec.:  Total  Revenue      USD  400,000   -  Average  Account  Receivable    USD  50,000    >>    (60.000  +  40.000  /  2)   -  Account  Receivable  Turnover  :  400,000  /  50,000  =  8.0x   -  Account  Receivable  Days:      365  /  8.0  =  46  days   -  Receivable  to  Sales  RaHo:    50,000  /  400,000  =  12.5%   17    
  • Working  Capital:  Inventory  •  Inventory  management  is  last  on  the  to-­‐do  list  of  every   entrepreneur  •  Holding  inventory  is  an  opportunity  costs  and  a  real  cash  out  •  Management  of  inventory  means:   -  Planning   -  Budge5ng   -  Understanding  supply  chain  •  Pareto  rule,  especially  for  start-­‐ups:  20%  of  your  inventory  accounts   for  80%  of  your  revenue   18  
  • Working  Capital:  Inventory  Management  •  Different  categories  of  inventory:   -  Produc5on  supply   -  Working-­‐in-­‐progress   -  Finished  goods    •  Inventory  valuaHon:   -  Per  produc5on  category   -  Average  inventory  valua5on   -  Different  models  to  value   -  Seasonal  effect   19  
  • Working  Capital:  Inventory  Ra5o’s  •  INVENTORY  TURNOVER  =  Cost  of  Goods  Sold  DIVIDED  BY  Average  Inventory     -  Average  5me  a  total  inventory  is  sold  per  year  •  INVENTORY  DAYS  =  365  days  DIVIDED  BY  Inventory  Turnover  Rate   -  Average  5me  goods  remain  in  inventory  before  being  sold  •  INVENTORY  versus  Current  Assets  =  Inventory  DIVIDED  BY  Current  Assets   -  Percentage  of  inventory  consuming  your  current  assets         20  
  • Working  Capital:  Inventory  –  Example    •  EXAMPLE         -  1  Jan.:  Inventory        USD  1,500   -  31  Dec.:  Inventory        USD  750   -  31  Dec.:  Cost  of  Goods  Sold    USD  6,000   -  31  Dec.:  Current  Assets      USD  8,000   -  Average  Inventory        USD  1,125    >>    (1,500  +  750  /  2)   -  Inventory  Turnover:      6,000  /  1,125  =  5.3x   -  Inventory  Days:        365  /  5.3  =  68.9  days   -  Inventory  vs.  Current  Assets:    6,000  /  8,000  =  75%   21    
  • Working  Capital:  Account  Payable  Management  •  Account  Payable  –  the  biggest  excuse  in   the  book  •  Accounts  Payable  are  the  reverse  of   Account  Receivable  •  Expensive  source  of  funding  when  not   paid  in  5me  on  year  basis!  •  EXAMPLE         -  Discount  Account  Payable    2%  within  30  days   -  Your  payment          awer  50  days   -  Cost  of  delay          20  days  (50  minus  30  days)  x  2%   -  Cost  of  delay  annualized      [365  days  /  20  days]  x  2%  =  36.5%     22  
  • Working  Capital:  Account  Payable  Ra5o’s  •  ACCOUNT  PAYABLE  TURNOVER  =  Cost  of  Good  Sold  DIVIDED  BY  Average  Account  Payable   -  Amount  of  5mes  a  company  pays  of  its  suppliers  during  a  period  •  ACCOUNT  PAYABLE  DAYS  =  365  days  DIVIDED  BY  Account  Payable  Turnover   -  Days  on  average  to  an  account  payable  is  outstanding  before  being  paid   23  
  • Working  Capital:  Account  Payable  –  Example    •  EXAMPLE         -  1  Jan.:  Account  Payable      USD  30,000   -  31  Dec.:  Account  Payable      USD  10,000   -  31  Dec.:  Cost  of  Goods  Sold    USD  100,000   -  Average  Account  Payable      USD  20,000    >>    (30,000  +  10,000  /  2)   -  Account  Payable  Turnover  :    100,000  /  20,000  =  5.0x   -  Account  Payable  Days:      365  /  5.0  =  73  days     24      
  • Working  Capital  =  Cash  •  Working  Capital  =  Cash  Management  =  Cash  is  King  •  MoHvaHon  to  hold  cash   -  Opera5onal   -  Precau5onary   -  Specula5ve  •  Cash  vs.  current  liabiliHes   -  Rates?   -  How  short  term?  •  Cash  is  King  =  Cash  flow  Statement!  Always  produce  a  cash  flow  statement  –  especially  when  a  Start-­‐up!   25  
  • Working  Capital:  Economic  Cycle  •  Economic  cycle  of  your  business:   1.  increasing   -  Unpredictable  plus   -  Cash  need  to  support  growth   2.  Mature   -  Steady  returns   -  Predictable  working  capital  levels   3.  Declining   -  Unpredictable  minus   -  Cash  need  to  slow  down  decline  or  support  turn-­‐around      Source:  2009  DUXNRO  Consul>ng  Services  and  Jack  Heald:  The  Entrepreneur’s  Guide  to  Working  Capital  Requirements     26            
  • Working  Capital:  Calcula5ng  Cash  Flow  •  Economic  cycle  of  your  business:   1.  Cash  flow  quality   -  Excep5onal  items  on  profit  &  loss  statement     -  Account  Receivable  controllable   -  Account  Receivable  Days   2.  Cash  flow  quanHty  1.  Cash  Flow  Quality   2.  Cash  Flow  QuanHty   3.  Sufficient  for  OperaHons   4.  Extra  Capital  Needed     GOOD   POSITIVE   YES   NO     GOOD   POSITIVE   NO   YES     GOOD   NEGATIVE   NO   YES     POOR   POSITIVE   YES   MAYBE   POOR   POSITIVE   NO   YES   POOR   NEGATIVE   NO   YES  Source:  2009  DUXNRO  Consul>ng  Services  and  Jack  Heald:  The  Entrepreneur’s  Guide  to  Working  Capital  Requirements     27        
  • Working  Capital:  Top  Line  or  Bopom  Line  Growth  •  Determine  the  status  of  your  company:   -  Are  you  fat?   -  Or  are  you  lean?  •  Can  I  grow  sales  out  of  current  business?   -  Yes:  how  far  can  you  go?   -  No:  are  cost  reduc5on  possible?  •  Again  Pareto:  80%  of  output  comes  from  20%  of  input   -  Human  capital  (80%  >  20%)   -  Business  processes  (20%>80%)        Source:  2009  DUXNRO  Consul>ng  Services  and  Jack  Heald:  The  Entrepreneur’s  Guide  to  Working  Capital  Requirements     28          
  • Working  Capital,  a  form  of  debt?  •  Debt:    all  outstanding  long-­‐term  interest  bearing  liabili5es  •  Net  Debt:  all  outstanding  long-­‐term  interest  bearing  liabili5es  MINUS  cash  •  If  working  capital  is  cash,  is  it  included  in  net  debt?  January Year 5 – DEAL AGREED March Year 5 – DEAL CLOSED  Fixed Assets 100 Equity 100 Fixed Assets 100 Equity 100Receivable 300 Debt 250 Receivable 500 Debt 350  Cash 50 Payable 100 Cash 50 Payable 200  Total 450 Total 450 Total 650 Total 650  Purchase price for the share: Company Value MINUS net debt = Equity ValueTotal value of the company 2,000 Total value value of the company 2,000Net debt (200) Net debt (300)Purchase price for the shares 1,800 Purchase price for the shares 1,700 29  
  • Working  Capital:  Net  debt  -­‐  Example  January Year 5 – DEAL AGREED March Year 5 – DEAL CLOSEDWorking capital level of 200 Working capital level of 300  Fixed Assets 100 Equity 100 Fixed Assets 100 Equity 100Receivable 300 Debt 250 Receivable 500 Debt 350  Cash 50 Payable 100 Cash 50 Payable 200  Total 450 Total 450 Total 650 Total 650  No reference made to working capitalTotal value of the company 2,000 Total value value of the company 2,000Net debt (200) Net debt (300)Purchase price for the shares 1,800 Purchase price for the shares 1,700 30  
  • Working  Capital:  Net  debt  –  Example  including  Working  Capital  January Year 5 – DEAL AGREED March Year 5 – DEAL CLOSEDWorking capital level of 200 Working capital level of 300  Fixed Assets 100 Equity 100 Fixed Assets 100 Equity 100Receivable 300 Debt 250 Receivable 500 Debt 350  Cash 50 Payable 100 Cash 50 Payable 200  Total 450 Total 450 Total 650 Total 650  Average working capital level of 250Total value of the company 2,000 Total value of the company 2,000Net debt (200) Net debt (300)Actual WC -/- reference WC (50) Actual WC -/- reference WC 50Purchase price for the shares 1,750 Purchase price for the shares 1,750 31  
  • Working  Capital  -­‐  Conclusion  •  Underes5ma5ng  Working  Capital:   -  Growth  may  be  stunted   -  Implementa5on  difficul5es   -  Cash  crisis   -  Op5miza5on  of  fixed  assets   -  Commitment  failures   Working  Capital  is  a  type   -  Discon5nuity  of  opera5ons   of  liquidity,  closely  related   -  Lack  of  inventory   to  cash.  And  CASH  IS  KING!  •  Overes5ma5ng  Working  Capital:   -  To  much  inventory   -  Too  liberal  credit  terms   -  To  relaxed  management   -  Reduc5on  Return  on  Investment   32  
  • Webinar  Program  Overview  2012  June  19:    Business  Plan  Wri5ng  -­‐  A  Roadmap  to  Success  July  3:      Pitching  &  Presenta5on  -­‐  3  Minutes,  1  Impression  July  17:    Strategy  -­‐  A  Vision  for  the  Future,  A  Strategy  for  Geing  There  July  31:    Budge5ng  &  Forecas5ng  -­‐  Predic5ng  the  Outcome  Aug  14:    Working  Capital  -­‐  An  Unknown  Key  to  Success  Aug.  28:    Capital  Management  -­‐  Playing  with  Risk  Sept  11.:    Funding  &  Investments  -­‐  Some  Sources  are  More  Equal  then  Others  Sept.  25:    Valua5on  -­‐  Art  or  Science  Oct  9:      Exit  Strategy  -­‐  Nice  to  Have  or  Need  to  Have?  Oct.  23:    Bootstrapping  -­‐  An  Alterna5ve  Answer  to  Funding  Nov  6:    Crowdfunding  -­‐  The  Power  of  Friends,  Family  and  Fools  Nov.  20:    Networking  -­‐  Nice  You  have  3000  Friends,  I  have  30  Relevant  Connec5ons  Dec.  4:      Marke5ng  &  (Social)  Media  -­‐  Noise  or  Value?  Dec.  11:    No  Sales,  No  Glory  Dec.  18:    Most  Common  Mistakes  of  Entrepreneurs   33    
  • BECOME  A  VIP  MEMBER  WITHIN  1  WEEK  AND  GET  YOUR  PLAN  CHECKED!  1.  Increased  Business  Exposure  and  Social  Media  IntegraHon  2.  Jay  Abrahams  Business  Maximizer  Manual  3.  Access  To  Exclusive  Expert  Events  Twice  A  Month  4.  "Special  SoluHon"  AcHon-­‐Based  Reports,  at  least  twice  a  month    5.  VIP  Only  Discounts  6.  VIP  Weekly  Newslerer  7.  VIP  Inner  Circle  8.  eProducts  from  the  worlds  largest  library  9.  IN  ADDITION:  If  you  arended  this  workshop  AND  become  a  VIP  Member  of  EFactor  within   ONE  WEEK,  you  can  send  me  you  quesHons  on  working  capital  and  I  will  provide  you  with   assistance:  www.efactor.com/hukshorn         HTTP://WWW.EFACTOR.COM/VIP     34  
  • Thank  you!    This  document  was  prepared  by  Eva  Hukshorn.  Several  people  and  organizaHons  have  inspired  her  to  write  this  presentaHon,  amongst  which  are,  but  not  limited  to  the  Founders  of  EFactor,   ABN  AMRO/RBS,  University  of  Groningen,  InsHtute  for  Management  Accountants