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196 Locavesting • • • • A DPO may serve as an initial fund raising event before a company goes on to a conventional IPO. Companies such as Ben & Jerry’s followed their DPOs with successful IPOs, resulting in rich returns for early investors. DPOs give individuals a chance to invest in companies with whom they have an affi nity or shared values, or whose products they like and admire. As customers, they contribute to the success of their investment. Individual investors often have more access to management of DPO companies than they would to management of large publicly traded companies. Companies issuing shares directly are required to provide a comprehensive prospectus, so relevant information on the business, its fi nances, and risk factors is available to potential investors. Cons: • Liquidity is an issue. There is often not a way to trade shares on a secondary market, and when there is, volume may be scant. And not all companies will go on to an IPO or sale of the company. • Any business carries risk, and with DPOs there is no Wall Street underwriter conducting due diligence. Lacking a market mechanism, companies issuing shares directly may arbitrarily set stock price. • There is not likely to be ongoing coverage of the stock by analysts. The Bottom Line: If you love the company, this is your chance to own it. Investor Checklist for DPOs: • Before you buy shares in a DPO, consider the following: • Are you familiar with the company’s products or services? • What is its fi nancial condition? Does it have outstanding debt or legal issues? Ask to see fi nancials. • Are revenues suffi cient? Does the company have a good revenue model? • What will the proceeds of the offering be used for? • How are the securities priced? Do they imply a fair value for the company? • Do you have confi dence in the management team?
• • The Do- It- Yourself Public Offering 197 What are your options for selling the securities? Are the securities being offered under a legitimate exemption if they are not registered? For More Information: • An explanation of federal securities exemptions for small business can be found at www.sec.gov/info/smallbus/qasbsec.htm#eod6. • Your state’s securities regulator can be a good source of information about the company, its management, and the offering. • Online social networks can invite fraud. The SEC offers tips on how to avoid Internet scams at www.sec.gov/investor/pubs/cyberfraud .htm. • Drew Field maintains a web site with comprehensive information on DPOs, including case studies and some interesting commentary at www.dfdpo.com. • Cutting Edge Capital also has a blog at http://cuttingedgecapital .com
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Locavesting THE REVOLUTION IN LOCAL
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For my Mother
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vi Contents Chapter 7 A Model to LI
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viii Preface The moment was ripe wi
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x Preface Cooperatives—businesses
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xii Preface Chapters 7 through 13 e
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Introduction Cereal Milk for the Go
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iconic glass bottles are also sold
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Introduction xix funds from the pub
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1 C H A P T E R Motherhood, Apple P
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Motherhood, Apple Pie, and Politica
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20 Locavesting freewheeling markets
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22 Locavesting A fl urry of legisla
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24 Locavesting put up a sign at a f
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26 Locavesting of the late 1980s) h
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28 Locavesting three of those banks
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30 Locavesting A Return to Value As
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32 Locavesting produced in their re
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34 Locavesting pickles to gin and k
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36 Locavesting is a hot marketplace
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38 Locavesting recognition that the
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40 Locavesting A Grassroots Movemen
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42 Locavesting to dodge their fair
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44 Locavesting Americans know most
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46 Locavesting It’s a powerful qu
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48 Locavesting three employees but
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50 Locavesting to keep in our lives
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52 Locavesting and they can draw on
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54 Locavesting Since 2006, Walmart
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56 Locavesting and political organi
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58 Locavesting havens. Google, the
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60 Locavesting Some of the measures
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II P A R T Experiments in Citizen F
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66 Locavesting As an editorial in V
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68 Locavesting The community bank b
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70 Locavesting their homes to forec
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72 Locavesting And you don’t have
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74 Locavesting As depositors, we’
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76 Locavesting The Washington Inves
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78 Locavesting The Bottom Line: A n
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80 Locavesting her daughter was enr
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82 Locavesting whom traditional fi
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84 Locavesting Taking the Middle Pa
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86 Locavesting Angel investors poli
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88 Locavesting quickly write off no
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90 Locavesting of $1,000. The notes
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92 Locavesting funds that absorb an
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94 Locavesting • Many CDFIs do no
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96 Locavesting In a twist of fate,
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98 Locavesting private electric com
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100 Locavesting “The numbers were
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102 Locavesting offering. “In a c
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8 C H A P T E R Community Capital I
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Community Capital 107 For all the j
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Community Capital 109 So it is espe
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Community Capital 111 what she did
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Community Capital 113 three young e
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Community Capital 115 triples every
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Community Capital 117 investment is
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Community Capital 119 Farmers Diner
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Community Capital 121 That’s wher
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Game Plan for Locavestors Community
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9 C H A P T E R Pennies from Many W
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Crowdfunding Pennies from Many 127
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Pennies from Many 129 a 27- year- o
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Pennies from Many 131 It’s a win-
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Pennies from Many 133 the company w
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Pennies from Many 135 there’s a g
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Pennies from Many 137 loans. 9 With
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Pennies from Many 139 UK regulators
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Pennies from Many 141 to make the m
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Pennies from Many 143 business—co
Page 167 and 168: Pennies from Many 145 “Crowdfundi
Page 169 and 170: 10 C H A P T E R Slow Money Finance
Page 171 and 172: Slow Money 149 like the nearly 8,00
Page 173 and 174: Slow Money 151 Slow Money, however,
Page 175 and 176: Slow Money 153 terms that are destr
Page 177 and 178: Slow Money 155 that overrode that i
Page 179 and 180: Slow Money 157 Zentay put together
Page 181 and 182: 11 C H A P T E R From Brown Rice to
Page 183 and 184: From Brown Rice to Biofuels 161 rep
Page 185 and 186: From Brown Rice to Biofuels 163 Mem
Page 187 and 188: From Brown Rice to Biofuels 165 $75
Page 189 and 190: From Brown Rice to Biofuels 167 Wes
Page 191 and 192: From Brown Rice to Biofuels 169 Inv
Page 193 and 194: From Brown Rice to Biofuels 171 One
Page 195 and 196: From Brown Rice to Biofuels 173 tha
Page 197 and 198: From Brown Rice to Biofuels 175 are
Page 199 and 200: From Brown Rice to Biofuels 177 rai
Page 201 and 202: Game Plan for Locavestors From Brow
Page 203 and 204: 12 C H A P T E R The Do- It- Yourse
Page 205 and 206: The Do- It- Yourself Public Offerin
Page 217: The Do- It- Yourself Public Offerin
Page 222 and 223: 200 Locavesting The exchanges were
Page 224 and 225: 202 Locavesting time, they became m
Page 226 and 227: 204 Locavesting Scott Gehsmann, cap
Page 228 and 229: 206 Locavesting public, while ventu
Page 230 and 231: 208 Locavesting at least $490,000 t
Page 232 and 233: 210 Locavesting been there, he says
Page 234 and 235: 212 Locavesting Schmid would love t
Page 236 and 237: 214 Locavesting their money in some
Page 238 and 239: 216 Locavesting are looking to crea
Page 240 and 241: 218 Locavesting Van Patten, a triat
Page 242 and 243: 220 Locavesting Game Plan for Locav
Page 244 and 245: 222 Conclusion small investments. T
Page 246 and 247: 224 Conclusion investors. “Normal
Page 249 and 250: Unless otherwise noted, all quotes
Page 251 and 252: 25. John K. Paglia, “2011 Economi
Page 253 and 254: 16. Binyamin Appelbaum, “Investor
Page 255 and 256: Notes 233 9. Sima J. Gandhi, “Eli
Page 257 and 258: Notes 235 3. Gary S. Corner and Raj
Page 259 and 260: 2. online.wsj.com/article/SB1200623
Page 261 and 262: 4. Steven Deller, Ann Hoyt, Brent H
Page 263: Notes 241 11. Ibid. 12. NYSE Eurone
Page 266 and 267: 244 Acknowledgments Dan Keeler, and
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246 Index CDFI. See Community Devel
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248 Index H Hamilton, John, 84-86 H
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250 Index Newman, Paul, 150 Niman R
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252 Index taxes, on Internet sales,
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