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Palermo Valley - Finanzas Para Emprendedores

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Finanzas Para Emprendedores

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Palermo Valley - Finanzas Para Emprendedores

  1. 1. Microsoft, 29 de Marzo de 2010
  2. 2. <ul><li>Balances, Estado de Resultados y Flujo de Fondos </li></ul><ul><li>Impuestos </li></ul><ul><li>Económico vs. financiero </li></ul><ul><li>Indicadores </li></ul><ul><li>Análisis de Riesgos </li></ul><ul><li>Valuación </li></ul><ul><li>Negociación con inversores </li></ul>
  3. 3. <ul><ul><li>Planificación financiera: ¿Cuántos fondos necesita mi proyecto y cuándo los necesita? </li></ul></ul><ul><ul><li>Fuentes de financiamiento: ¿Cómo voy a financiar las necesidades de fondos? </li></ul></ul><ul><ul><li>Levantamiento de fondos (fund raising): ¿Cómo voy a cerrar un acuerdo con los inversores? ¿Cuál será el beneficio para las partes? </li></ul></ul><ul><ul><li>Implementación: ¿Cómo es el día después de recibidos los fondos? </li></ul></ul>
  4. 4. <ul><li>Conozcan sus números y sus “drivers” </li></ul><ul><li>Háganlos ustedes mismos </li></ul><ul><li>No sea un “Excel millonaire” </li></ul><ul><li>Pruebe el modelo </li></ul><ul><li>Mida la salud de su empresa!! </li></ul>
  5. 5. <ul><li>ACTIVOS </li></ul><ul><ul><li>ACTIVO CORRIENTE </li></ul></ul><ul><ul><ul><li>CAJA </li></ul></ul></ul><ul><ul><ul><li>CREDITOS COMERCIALES </li></ul></ul></ul><ul><ul><ul><li>BIENES DE CAMBIO (STOCKS) </li></ul></ul></ul><ul><ul><li>ACTIVO NO CTE. </li></ul></ul><ul><ul><ul><li>CREDITOS </li></ul></ul></ul><ul><ul><ul><li>INMUEBLES </li></ul></ul></ul><ul><ul><ul><li>EQUIPOS </li></ul></ul></ul><ul><ul><ul><li>MARCAS Y PATENTES </li></ul></ul></ul><ul><li>PASIVOS </li></ul><ul><ul><li>PASIVO CTE. </li></ul></ul><ul><ul><ul><li>DEUDAS FISCALES </li></ul></ul></ul><ul><ul><ul><li>DEUDAS COMERCIALES </li></ul></ul></ul><ul><ul><li>PASIVO NO CTE. </li></ul></ul><ul><ul><ul><li>DEUDAS COMERCIALES </li></ul></ul></ul><ul><li>PATRIMONIO NETO </li></ul><ul><ul><li>CAPITAL </li></ul></ul><ul><ul><li>RESULTADOS ACUM. </li></ul></ul><ul><ul><li>DIVIDENDOS ACUM. </li></ul></ul>
  6. 6. <ul><li>Resultados por explotación </li></ul><ul><ul><li>¿Cuántos períodos necesito para recuperar las inversiones? </li></ul></ul><ul><ul><li>¿Cuántos fondos genera el negocio a partir que se repaga? </li></ul></ul><ul><li>Inversiones </li></ul><ul><ul><li>¿Cuánto tengo que inmovilizar hoy para que el proyecto se lance? </li></ul></ul><ul><ul><li>¿Hay alternativas mejores para la utilización de estos fondos? </li></ul></ul>
  7. 7. <ul><li>VARIACIÓN </li></ul><ul><ul><li>CREDITOS COMERCIALES </li></ul></ul><ul><ul><li>DEUDAS COMERCIALES </li></ul></ul><ul><ul><li>STOCKS </li></ul></ul><ul><ul><li>CAJA MÍNIMA </li></ul></ul><ul><ul><li>DEUDAS IMPOSITIVAS </li></ul></ul>
  8. 8. <ul><li>Impuesto a las Ganancias </li></ul><ul><ul><li>35%... Ouch! </li></ul></ul><ul><ul><li>O Ganancia Mínima Presunta (por las dudas, vio…) </li></ul></ul><ul><li>Cargas Sociales </li></ul><ul><ul><li>Pay-roll vs. contratados </li></ul></ul><ul><li>IVA </li></ul><ul><ul><li>21%... Otro ouch! </li></ul></ul><ul><li>Impuesto a Bienes Personales </li></ul>
  9. 9. <ul><li>Ingresos Brutos </li></ul><ul><li>Importación-Exportación… </li></ul><ul><ul><li>… retenciones y otras yerbas </li></ul></ul><ul><li>Impuesto “al cheque” </li></ul><ul><ul><li>idem bancarización obligatoria </li></ul></ul><ul><ul><li>una buena: se puede descontar de Ganancias! </li></ul></ul><ul><li>… y además: ANTICIPOS!!!! </li></ul>
  10. 10. <ul><li>Quebrantos </li></ul><ul><li>Regímenes especiales </li></ul><ul><ul><li>FONSOFT </li></ul></ul><ul><li>Estar al día… paga </li></ul><ul><li>“ Ingeniería” impositiva </li></ul><ul><li>Mercados internacioanles </li></ul>
  11. 11. <ul><li>“ un peso hoy no es lo mismo que un peso mañana” </li></ul>
  12. 12. <ul><li>Nivel de cobertura en régimen > 40% </li></ul><ul><li>Tiempo para llegar al break even < 18 meses </li></ul>Punto de equilibrio económico Ingresos Costos totales Costos fijos $ Cantidad
  13. 13. <ul><li>TIR Free Cash Flow > 40% anual en USD </li></ul><ul><li>Horizonte de inversión < 10 años </li></ul><ul><li>Período de recupero simple < 3 años </li></ul>
  14. 14. <ul><li>LA IMPORTANCIA DE LA CAJA </li></ul><ul><li>Funcionamiento de los mercados es imperfecto </li></ul><ul><li>Problemas de crecimiento </li></ul><ul><li>Demasiada caja no es bueno </li></ul><ul><li>Crecimiento de costos fijos (escala) y burn rate </li></ul>Lecciones aprendidas
  15. 15. Lecciones de Sequioa Capital
  16. 16. Lecciones de Sequioa Capital <ul><ul><li>LA SOLUCION </li></ul></ul><ul><ul><li>Hacer un análisis inmediato de la situación </li></ul></ul><ul><ul><li>Adaptarse rápidamente </li></ul></ul><ul><ul><li>Usar un metodo de presupuestación “ácido” </li></ul></ul><ul><ul><li>Hacer recortes </li></ul></ul><ul><ul><li>Revisar salarios </li></ul></ul><ul><ul><li>Contratar una fuerza de ventas altamente comisionada </li></ul></ul><ul><ul><li>Asegurar los estados contables </li></ul></ul><ul><ul><li>Tener un cash-flow positivo lo antes posible </li></ul></ul><ul><ul><li>Gastar cada peso como si fuera el último </li></ul></ul>
  17. 17. <ul><li>Tasa Interna de Retorno (TIR) (%) </li></ul><ul><li>Valor Actual Neto (VAN) ($) </li></ul><ul><ul><li>Tasa de descuento = Nivel de Riesgo </li></ul></ul><ul><li>Período de Recupero Simple (t) </li></ul><ul><li>Máxima Exposición de Caja ($) </li></ul><ul><li>Punto de Equilibrio Económico (t) </li></ul><ul><li>Retorno sobre Activo (ROA) (%) </li></ul><ul><li>Retorno sobre Patrimonio (ROE) (%) </li></ul>
  18. 18. <ul><li>Margen Bruto (%) </li></ul><ul><li>Margen Operativos (%) </li></ul><ul><li>EBITDA / Ventas (%) </li></ul><ul><li>Margen Neto (%) </li></ul><ul><li>Endeudamiento (%) </li></ul><ul><li>Plazo promedio de pago/cobranzas (t) </li></ul><ul><li>Días de Stock (t) </li></ul>
  19. 19. <ul><li>Clicks per…X </li></ul><ul><li>Ventas por empleado/cliente/producto </li></ul><ul><li>Crecimiento (MoM / QoQ / YoY) </li></ul><ul><li>Frugalidad </li></ul><ul><li>Cantidad de productos/servicios </li></ul><ul><li>Mercados espectaculares (USD 1-2B en 2-3 años) </li></ul>
  20. 20. <ul><li>Escenarios y simulaciones </li></ul><ul><li>Identificar las variables críticas </li></ul><ul><li>Sensibilidades </li></ul><ul><li>Mitigantes y planes contingentes </li></ul>
  21. 21. Lecciones de Sequioa Capital <ul><ul><li>Gerenciar lo que se puede controlar </li></ul></ul><ul><ul><ul><li>Gastos </li></ul></ul></ul><ul><ul><ul><li>Presupuesto de crecimiento </li></ul></ul></ul><ul><ul><ul><li>Presupuesto de ganancias </li></ul></ul></ul><ul><ul><li>Focalizarse en la calidad </li></ul></ul><ul><ul><li>Bajar el riesgo </li></ul></ul><ul><ul><li>Reducir la deuda </li></ul></ul>
  22. 22. MULTIPLOS DE EBITDA DESCUENTO DE FLUJO DE FONDOS COMPARABLES <ul><ul><li>Venture Capital Method (o C.Q.G.P.) </li></ul></ul>
  23. 23. <ul><li>Pre-Money 1200 80% </li></ul><ul><li>Inversión 300 20% </li></ul><ul><li>Post-Money 1500 </li></ul>
  24. 24. <ul><ul><li>Explotar todo el potencial del negocio </li></ul></ul><ul><ul><li>Rápido crecimiento </li></ul></ul><ul><ul><li>Timing </li></ul></ul><ul><ul><li>Redes de contacto </li></ul></ul><ul><ul><li>Experiencia y know-how </li></ul></ul><ul><ul><li>Socio </li></ul></ul><ul><ul><li>¿Por qué necesito un inversor de riesgo? </li></ul></ul>
  25. 25. Fondos de Pensiones Individuos Instituciones VC A VC C VC B Abogados Cia. 2 Cia. 3 Banca de Inversión Emprend. Cia. 1 El negocio del capital de riesgo $ $ $
  26. 26. Lecciones de Sequioa Capital <ul><ul><li>NUEVAS REALIDADES </li></ul></ul><ul><ul><li>Se termino levantar USD15MM con una valuacion USD 100MM </li></ul></ul><ul><ul><li>Las series B y C van a ser menores </li></ul></ul><ul><ul><li>La incorporacion de nuevos clientes va a ser mas lenta </li></ul></ul><ul><ul><li>Las reducciones son un must </li></ul></ul><ul><ul><li>Es necesario llegar a un cash flow positivo </li></ul></ul><ul><ul><li>La actividad de M&A va a disminuir </li></ul></ul><ul><ul><li>Los precios van a disminuir </li></ul></ul><ul><ul><li>Los adquirientes van a favorecer a empresas rentables </li></ul></ul><ul><ul><li>Los IPOs van a disminuir y van a tardar mas </li></ul></ul>
  27. 27. <ul><li>Mi objetivo es levantar capital </li></ul><ul><ul><li>No, el objetivo sigue siendo construir un buen negocio </li></ul></ul><ul><li>Los VCs me van a ayudar a construir mi negocio </li></ul><ul><ul><li>No, van a ser una gran distraccion </li></ul></ul><ul><li>Solo necesito US$2M para hacer un IPO </li></ul><ul><ul><li>Todo tarda mas tiempo y mas recursos </li></ul></ul><ul><li>Mi compa ñ ia es nueva y cool, a los VCs les va a encantar </li></ul><ul><ul><li>Ya vieron todo, asi que hay que trabajar para causar una buena impresion </li></ul></ul>Algunos mitos del financiamiento de VC Proyectos recibidos 1.708 100% Desarrollados 130 8% Con inversión 15 1%
  28. 28. <ul><li>Lo que importa es el futuro </li></ul><ul><li>Esquemas de valuación contingente: </li></ul><ul><ul><li>Stock Options Plan </li></ul></ul><ul><ul><li>Factor de conversión </li></ul></ul><ul><li>Perfil de riesgo: </li></ul><ul><ul><li>Aportes sujetos a milestones </li></ul></ul><ul><ul><li>Dividendos preferidos y hurdle rate </li></ul></ul><ul><ul><li>Apertura de capital, pay-to-play y proteccion antidilucion </li></ul></ul><ul><ul><li>Ventas de acciones, first refusal, drag along, tag along </li></ul></ul><ul><ul><li>Preferencias en liquidación </li></ul></ul><ul><ul><li>Votos, vetos y directorio </li></ul></ul><ul><ul><li>NDA, Non-compete </li></ul></ul><ul><ul><li>Otras cláusulas: derechos de informacion </li></ul></ul>
  29. 29. <ul><li>Cuál es la diferencia entre un emprendedor y un inversor de capital de riesgo? </li></ul>Los diferentes incentivos antes de la inversión; luego, es lo mismo .
  30. 30. CALIDAD DEL RESULTADO CALIDAD DE PENSAMIENTO CALIDAD DE EJECUCION Calidad del Resultado = Calidad de Pensamiento X Calidad de Ejecución

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