Stanton Financing Guide

Just as manuscripts are screened by assistants before reaching an editor, business plans submitted to financial institutions and venture capitalists are almost always screened by someone like me, a professional analyst who gets paid to “manage risk,” which is MBA-speak for finding legitimate reasons not to fund your project. In this article I provide tips on getting your business plan past me and on to the people who sign checks. That’s easier said than done, as research consistently shows that only a tiny fraction of business plans ever result in financing.

Before I delve into specific recommendations, let’s briefly review the purposes of a preparing a business plan.

In practice, a business plan has three purposes and three purposes only: (1) to demonstrate the validity of your business model (including the existence of a market); (2) to establish the qualification of your team to execute your business model; and (3) to convince investors/lenders that the only thing you’re missing is capital. That’s it. Anything else you try to make it will detract from these goals.

If you want your business plan to make it to the Loan or Investment Committee, consider following these 8 recommendations:

1. Present the Right Type of Plan to the Correct Audience

Generally speaking, there are three types of business plans: Loan-Targeted; Equity-Targeted and Operating-Only. Do not send an equity investor a loan request and do not send a lender a request for an equity investment. Operating-only plans do not seek to raise capital and thus are not discussed in this article.

Loan-targeted and Equity-targeted business plans are quite different. Lenders are principally concerned with collateral and cash flow. They tend to give a lot of weight to the debt coverage ratio. Equity investors focus on the Return on Equity generated from anticipated liquidity events like a lucrative acquisition or initial public offering. There are other differences. For example, if you’re trying to raise equity, then your business plan will likely be known as a Private Placement Memorandum. This terminology comes from Regulation D of the Securities Act of 1933, a federal law which applies to your business plan if you’re attempting to raise private equity across state lines. This document has a specific format that investors are accustomed to. Failure to follow this format is a sure sign of a novice.

2. Abide by the 50/50 Rule

Your business plan should be no longer than 50 pages and no more than 50% of its content should be quantitative in nature.

There are two compelling reasons to keep your page-count under 50 pages:

First, whether your business plan is 20 pages or 200 pages, in most cases an analyst will reduce it to a 10-page summary called an Internal Credit Memorandum. The ICM is the only thing the decision-makers will ever see. Save the trees and save your time.

Second, people with money to invest or lend are among the busiest people on earth. None of them have time during the business day to sit and read more than 50 pages. The ideal length of a business plan is 20-30 pages, which is more than long enough to concisely state everything you need to. In my experience, every business plan longer than 50 pages contains unnecessary filler. Filler is bad. No matter what you read in that business plan book, your business plan does NOT need to include patent applications, folded-up blue prints, job descriptions, research studies, brochures, or pictures of your children. If and when I need any of these items, I will request them from you during the due diligence phase.

The reason you should limit your quantitative content to no more than half is because your business plan should tell a persuasive story that your numbers support. The numbers themselves are not the story.

3. Your Narrative Must Match Your Numbers

In many cases, the person who writes the narrative portion of a business plan is not the same person who prepares the financial portion. This often leads to inconsistencies, usually because your plan was not proofread or because one section gets updated without updating the other. A common example is where the Narrative lists executive salaries that amount to one figure but the Income Statement calculates salaries as a percentage of revenue, resulting in an entirely different figure. In addition to appearing sloppy, the problem with such inconsistencies is that they force the person analyzing your business plan to decide which of the two figures to accept. When I’m that person, I always pick the more conservative figure. That’s usually bad for the applicant.

4. Show Them the Money

An entrepreneur once famously remarked, “If I succeed, everyone wins. If I fail, the bank loses.” Your investors have heard this one too, but they’re not amused. Investors and lenders are much more favorably inclined towards projects where the sponsor will be sharing the risk of the venture by co-investing some of its own capital along side theirs. They also saw the movie “Other People’s Money,” which may be why they instruct their analysts to discard business plans that include no sponsor equity.

5. Pass the Acid Test

One of the first things most analysts do with a new business plan is go straight to the Balance Sheet and check if Cash plus Cash Equivalents is greater than Current Liabilities. It’s called the Acid Test. A ratio of less than 1 is a danger sign. Without getting too deep into financial theory, it’s a warning that you have (or will have) a liquidity problem, or worse, a solvency problem. There are several acceptable methods of calculating this ratio. Pick the most favorable method. For most businesses, the most favorable method is to include the value of accounts receivable in the numerator.

6. Pass the Common Sense Test

No one wants to invest money in a profit-making enterprise that doesn’t make any profits. Don’t submit a business plan that projects a loss in the first few years but great profits thereafter or one where your product loses money on each sale but claims profit will be made “on volume.” Even if you honestly believe that either of these scenarios will actually happen (which, statistically speaking, they won’t), you will be much better off simply projecting break-even or a very small profit. The difference in dollars is negligible, but the difference in perception is critical. The main reason to avoid this is that most lenders and investors have policies against intentionally “funding losses.”

7. Real Men (and Women) Don’t Use Templates

If you’re going to use business plan software to produce your business plan, then at least spend the time to make it unique and credible. Every month, without fail, I get several business plans produced by one particular software package. The reason I know this is because every one of them, regardless of the business model or industry, contains the EXACT boilerplate language and the EXACT default figures from the program. Because this demonstrates a lack of diligence and effort, those plans usually go straight in the trash bin. A coffee shop and a multinational defense contractor should not have the same financials. The only number these two businesses really have in common is the $99 they paid for the software.

8. Avoid Common Financial Mistakes

There are so many potential mistakes to be made in this area that it deserves its own article. However, here are some basics:

• The Income Statement, Balance Sheet and Statement of Cash Flow must agree with each other.
• Most Limited Liability Companies (LLCs) do not pay corporate income taxes. I see this one all the time. Over 80% of LLCs are setup to pass tax liability through to members, yet most business plan spreadsheets include a line-item for taxes that people fill-in anyway. When you do this, you underestimate your Operating Income by the amount of the tax. Because Operating Income is an important metric to most analysts, it’s not a good idea to artificially decrease it.
• Don’t Forget the Notes. For an analyst, financial statements without explanatory notes are almost useless. The notes will contain essential information like the company’s fiscal year, basis of accounting (cash or accrual), definition of inventory and the details of liabilities (interest rates, maturities, etc.). To illustrate my point, consider the simple case of revenue recognition. Suppose you receive an income statement that claims a company will earn $1,000,000 in revenues this year. Does that figure refer to cash received or the value of sales contracts? Only the notes will tell. Anybody remember Enron?
• Tell Them How Much You’re Asking For. Another common mistake is not including a Statement of Sources and Uses (sometimes called a Funding Plan). This statement expressly sets forth how much funding you are requesting and what you will do with the proceeds. I can’t tell you how many

  business plans I’ve reviewed that tell you everything but how much money is being requested.

Extra Credit

If you want to earn goodwill points with the person who will decide if your business plan ever makes it to the investment or loan committee, consider these optional steps:

1. In addition to a hardcopy, email an electronic copy of your business plan in PDF format.
2. Include the NAICS code for your industry. The NAICS code is the successor to the well known SIC code. It’s what an analyst uses to look up information about your industry at commercial data sources like Dun & Bradstreet and RMA.
3. Don’t use a ring binder.
4. Include a ratio analysis with your financial projections.
5. Don’t misspell names.

There you have it. Following these tips may not be enough to get your business plan funded, but they will get it taken seriously. The rest is up to you.

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Jamel Cato is a senior analyst at a private equity firm in the leafy suburbs of Philadelphia.

Copyright 2004 – Jamel H. Cato. All Rights Reserved.

REPRINT RIGHTS: You may reprint this article as long as do not edit the article in any way and give author name credit.

The most common business structures are proprietorships, partnerships, and corporations. A proprietorship is simply a one-owner business. It is the most prevalent form (on the order of 70% of all businesses) because it is the simplest and least expensive to start.

A partnership is basically a proprietorship for multiple owners. Most are general partnerships, where each partner is held liable for the acts of the other partners. A limited partnership allows for general and limited partners; limited partners’ liability is limited to their contributed capital.

If you choose to go into business with a partner, be sure to prepare a formal, written partnership agreement. This should address the contribution each will make to the partnership, financial and personal; how business profits and losses will be apportioned; the salaries, and financial rights of each partner, and; provisions for changes in ownership, such as a sale, succession, or desire to bring in a new partner.

The corporation is a legal entity, separate from its owners. It is a more secure and better-defined form for prospective lenders/investors. Incorporation is perceived as limiting the owner’s liability, but personal guarantees are generally required whenever there is liability exposure.

The traditional form is called the C-Corporation. An S-Corporation is frequently preferable as a start-up form, since the losses expected in the early stages of the business may be applied to the owner’s personal tax return. Other forms include the LLC, or Limited Liability Corporation; Trusts, often for a specific time frame or purpose, and; combinations of legal entities such as “CoOps” and joint ventures.

Enlist the legal and tax advice of the professionals as to which form suits your venture best.

Ownership Structure and Capitalization

Once the legal structure is decided upon, issues of distribution of ownership, and distribution of risks and benefits may be addressed. The primary decision to be made is whether the entrepreneur will finance the venture or whether there is a need for other stakeholders, and whether these stakeholders will be investors or lenders or some combination thereof.

Financing our venture by borrowing adds to our fixed costs, but makes no claim beyond the amount of the debt no matter how great our success. Standards for debt financing are generally very difficult for startups to meet; lenders are not generally willing to share the risk with you. If a lender turns you down, ask them for specific reasons. If the reasons cannot be countered with this lender, the insight gained can be used to strengthen the presentation to the next.

The advantage of selling shares of ownership to raise capital, referred to as equity financing, is that the investor is sharing the risks of the venture; this lowers expenses since there is no debt service to be paid. The investor also shares the rewards, however, and the entrepreneur must be careful not to sell the equity too cheaply.

What do we have to offer prospective investors? For most, their primary interest is in a high return on their investment, through dividends and appreciation. There is little appeal to most investors in being a long-term minority owner in a closely-held business, so some way of “cashing out,” must be offered, such as a provision for company buy-back or a public offering.

Venture capitalists look for generally larger deals and impressive returns. Many fund projects only in specific industries; some work only from referrals from within their “network.” Carol Steinberg, in “Success Selling,” puts the odds of receiving venture capital funding in perspective: “Each year a venture capitalist fields 400 to 500 deals, seriously reviews 40 or 50, and funds only 4 or 5.”

Less visible as a source of startup capital are individual investors, known as “angels,” who typically invest $50,000 to $250,000 in private companies. While we must generally “recruit” such investors ourselves, angels are thought to represent a significant pool of risk capital.

While stakeholders are hard to find at startup, sources of assistance are available. A good starting point is the U.S. Small Business Administration (SBA). Their Small Business Investment Company (SBIC) program allows private investment partnerships, or SBICs, to leverage their own capital using SBA guarantees.

John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.

Businesses are something which have a tendency to change hands now and again over the entire life of the business. Whether it is a merger or an outright sale, there are certain factors which will affect the overall value of a business that is put up for sale by its current owner. The following paragraphs will highlight some of these factors and explain why the overall value of business can be altered from time to time.

Delaying the Sale

Selling one’s business is an extremely important decision for a business owner to make. The sale thereof is something which can either make or break the financial stability of an individual at times. A factor which tends to affect the overall value of a business is a delay with regard to deciding whether or not to sell the business. As there are times when the market would be most profitable for a business sales transaction, this time period can pass should an individual business owner wait too long to determine whether to sell or not.

Not only outside factors, such as the general market, will affect the sale of a business. Internal factors such as a decrease in sales, creditors and unrest amongst employees within the company may all affect the time period in which a business goes up for sale. With that said, it is important that individuals sell when the time is right for selling. Unreasonable delay in a sale of a business may have adverse effects on the overall value of the business.

Private Business Owners Lack the Resources

Another factor which affects the overall value of a business with regard to the sale thereof has a lot to do with the lack of resources that many business owners experience. Unlike their corporate counterparts, smaller business owners do not have attorneys, accountants and financial advisors at their beck and call who can aid them in the sale of their business. Due to the lack of these professionals, business owners tend to take longer selling their business and finding the best buyers which will affect the overall value of the business.

Lack of Appropriate Business Sale Knowledge

Much of the information which an individual can gain from outside media sources such as television, magazines and websites deals with selling larger companies. For those individuals who are looking to sell a smaller, privately owned business, they may find difficulty gaining valuable insight into how to sell their business so that it brings in the most profitable price. Not having the requisite business knowledge can hinder the overall value of one’s business, as they do not know how to sell the business in a way which brings in the best price.

Future Profitability

A buyer in a business purchase transaction wants to know that the business which they are purchasing is one that will see future profits. It is not only important for the business to be seen as doing well at that particular moment in time, but it is also vital that the business will continue to do well in the future. Therefore, future profitability is something which will drive up the value of a business. After all, who really wants to purchase a business that will go downhill soon thereafter. The answer to that question is probably no one. If a current business owner can show factors which relate to future profitability of the business, then their business may be one that is portrayed as having good value.

Position the Company for Sale

A business that is going to achieve the best price and be seen as having the best overall value is one which is properly positioned for sale. There are many aspects which can adequately position a business for sale such as showing unique qualities that the company maintains, the value of its employees and the profitability of the company as a whole. The company must be prepared in a nice, attractive package in order to have the best positive value. A company which is under great management, sees good profits on the market and is a good purchase opportunity overall will yield the best selling price. Positioning the company for sale is best left up to professionals who are in the market of handling situations such as these.

Summary

To conclude, the previously mentioned items are certain factors which can affect the overall value of a business that is being sold. In order to ensure that a current business owner receives the best value for their company it is important to take certain steps to avoid sale delays, obtain the necessary resources to help the sales process along and retain the help of knowledgeable professionals in areas where they are needed. By taking the aforementioned steps, the current owner of the business will be better able to get the best possible selling price for their business.

Aaron Muller is a partner of KRBrokers. Visit our website for Seattle business opportunities. Established in 1984 and located in Seattle, Bellevue and Redmond. KR Business Brokers has helped thousands of business buyers and sellers achieve and realize their financial independence and business ownership dreams.

Lenders and investors may see hundreds of business plans in a single day. Make your business plan stand out against the rest, and avoid these common mistakes.

1. Not proving that you have the management expertise to make it happen. The quality of your people will lend credibility to your ideas and even to your financial projections. If your management team is not as strong as it could be, join forces with a great board of advisors.

2. Not demonstrating where your revenue will come from – what customers pay you and why they pay you. Don’t be too aggressive in setting revenue projections or you will undermine your credibility.

3. Not proving that your business model and long term cost structure is good enough to make a real profit. How will your business make money – what is your margin structure, what are your costs?

4. Not being clear enough in your product description to allow the reader to quickly see the need and the niche for this product. It may seem obvious to you, but not so to the reader not educated in your business.

5. Not proving that the market opportunity is big enough to get interested in. How big is your market now and what will it look like in 5 years?

6. Not adequately acknowledging your competition. Investors know that if there is no perceived competition, there may be no market for what you are offering. The better you can describe your competition, the better you understand your market, and the more likely you will dominate it.

7. Not writing for the target audience. Although the core is the same, the plan should be written for the perspective of banks, equity investors, and others. Go as far as you can to tailor each plan to the audience’s specific interests to show you’ve done your homework and know to whom you are talking.

8. Starting with a boring, unenthusiastic executive summary. This is the first section to be read, and if it isn’t exciting the rest may never be seen. Make it fun and be enthusiastic. It should stand alone and generate interest for more. It deserves all the thought you would put into a professionally done promotional piece for your customers.

9. Poor presentation. If you have typos and grammatical errors in your business plan, the reader will assume the work you do in your business is sloppy too.

10. Saying too much. Keep the entire plan to a maximum of 30 pages, with an executive summary of 3 pages or less. If investors are interested, they will ask for any other information they need. Amateurs talk in the business plan about unimportant details because they don’t know what they should say and what they shouldn’t. Hire a professional editor to reduce the page count and help you emphasize your strengths.

About The Author

Jan B. King is the former President & CEO of Merritt Publishing, a top 50 woman-owned and run business in Los Angeles and the author of Business Plans to Game Plans: A Practical System for Turning Strategies into Action (John Wiley & Sons, 2004). She has helped hundreds of businesses with her book and her ebooks, The Do-It-Yourself Business Plan Workbook, and The Do-It-Yourself Game Plan Workbook. See www.janbking.com for more information.

You have a great idea for a business but don’t have enough cash to get it off the ground? Funding is often the main component that keeps an entrepreneur from his or her dream. Have you been searching for government grants in the hopes of finding free money for your start up? Are you looking for investors and angels? Are you discovering there are no Venture Capitalists handing out start up funds?

The reality is that when it comes to funding your own small business, you need to be able to provide at least some of the financing yourself. Even if you qualify for an SBA (Small Business Administration) backed loan, you must still pitch in a good percentage yourself (20% – 30%).

And when it comes to grants, there really are no grants available for small start-ups. Sure, there are some here and there for $500 – $1000 for niche groups. But even a small business will have start up expenses upwards of $10,000. And Venture Capitalists are looking for multimillion dollar deals that will net them millions in return. They have no interest in helping the little guy with his little business.

So, where do you find funding?

Before I answer that all important question let me ask youDo you have a detailed business plan with exact dollar requirements spelled out (or very close educated assumptions)? That is your first order of business. Once you have a very good idea of your needs you will have a better idea of where to look for funding.

Most people don’t even know how to begin to figure their start up costs. Here is a list of typical start up expenses:

What are Your costs for NOT Factoring?

Consider the time value of money and the benefits of improved cash flow to your business. By having, cash for your invoices within 24 hours are you able to pay your suppliers faster and receive better discounts. Are you able to fulfill your next order to XYZ Company and make payroll without tapping your line of credit at the bank? Can you offer longer terms to larger customers and attract more business? Can improved cash flow help your business grow or survive without incurring more debt at the bank? Can the financial benefits of improved cash flow to your business offset the fees of Factoring, and then some? Sure it can, the savings alone in taking discounts from your vendors can equal the cost of Factoring. All the other savings are in your pocket! Factoring is a smart business decision. Why are you doing it?

Is Cash needed immediately for growth or survival?

Is long billing cycles putting a strain on your business cash flow? Despite increasing sales, does the management of receivables and payables seem like a juggling act? Could your business increase sales by offering better terms to your new and larger customers? Are you spending too much time collecting from slow paying customers and not enough time building your business? Is your bank turning you down for traditional financing due to years in business, profitability, lack of assets, personal guarantees or financial strength?

Have you considered turning away new business due to slow cash flow?

These are challenges many businesses face that can be solved with Factoring.

Benefits of Factoring Receivables

Simplicity

The advanced funding you receive for your receivables and the discount fees you will pay are based solely on the financial strength and credit worthiness of your customers, not your business!

You receive Cash for your unpaid accounts receivable invoices. Usually the factoring company buys the invoice from you for an amount less than its actual face value (70-90%). When the Factor later collects the full amount of the invoice from your client, you will receive the remainder of the advance less the factoring fee (discount rate). Fees will vary depending on the total dollar amount you intend to factor on a monthly basis.

Flexibility

Need a flexible financial solution that can help your business be more competitive while improving your cash flow, credit rating, and supplier discounts? Factor as much as your want or as little as you want. You decide. No obligations. There are No minimums and No maximums in the amount you can factor. No binding contracts, if that is what you want.

Unlike traditional bank financing, factoring relies on the financial strength and credit worthiness of your customers, not you. Here’s why you should use Factoring services:

Offer Better Terms – Win More Business

With Factoring, you can attract more business by offering better terms on your invoices. Most companies negotiate on price to win business in a competitive market, but with Factoring, you can negotiate with terms instead of price.

To your customers, better terms can be more attractive than better prices.

When using attractive terms to win business, you can build the cost of factoring into your costs of good and services.

Example: A new customer may choose to do business with your company because you can offer NET 30 or NET 45 terms while your competitor (who isn’t factoring) requires payment up front but has a 3% better price. If you factor the subsequent invoice at a discount of 3%, you have leveraged factoring services to win the business at no extra cost and improved your cash flow at the same time.

Improve Cash Flow * NO Additional Debt *WIN over customers

Your Business Receives:

* Get cash in 24 hours or less from your outstanding invoices! Eliminate long billing cycles.

*No new debt is created. Factoring is not a loan. This allows you to preserve your financial leverage to take on new debt. Improved credit rating.

*Purchase capital equipment to expand your business.

* Increase inventory for quicker shipments or handle seasonal inventory needs.

* Market for additional business.

* Take trade discounts. This alone can offset Factoring fees and all the other savings are gravy!

* Pay off nagging, expensive delinquent obligations.

* End payroll worries.

* Meet tax requirements on time. No more exhaustive penalty fees.

* Negotiate discount purchasing.

* Unlimited sales and profit potential.

You Receive:

*Cash stability

*Simple to start and use

*You keep control

* Reduce stress, improve planning, focus on what is critical to make money.

Customer Credit Services:

*Reduce bad debt expense, work with experts at collecting.

* Streamline credit approvals for new customers.

* Improve decision-making on new business.

* Reduce administration costs: long distance calls for collection and credit investigation, postage, staff, monthly statements and more.

* Larger customer credit lines and better terms, which increase sales.

* As you grow, your payroll budget for credit and collection department is minimal.

Accounts Receivable Management:

* Reduce administrative costs. Factor will post invoices and apply cash applications.

* Improve customer relationships. You are no longer the bad guy looking for payment.

* Improve receivable turns. Fact: Customers pay Factors before independent businesses.

* Improve accounting performance; timely reports, online access and more.

* Redirect your critical resources to marketing and production

If you are looking to receive an increase in cash flow and increase your bottom line profits, you need to factor your invoices now!

Please feel free to reprint this article as long as the resource box is left intact and all links are hyperlinked.

www.brtfinancial.com/arecfac.htm

BRT Financial specializes in Invoice Factoring; it gets you the cash you need now! Factor as many invoices as you need! Invoice Factoring will provide the cash flow you need to increase your bottom line profit!

http://www.brtfinancial.com/arecfac.htm

http://www.brtfinancial.com

Widget sales are booming – the competition is scrambling, demand is up, and the books are finally treading water. Your core management team has big ideas for the future of Widget Inc. Opportunity is abundant; but how will you fund that next big leap?

As your start-up matures, obtaining second- or even third-round funding may allow your business to expand and grow into new opportunities identified after your business was established. If your product or service has proven itself in the marketplace, you may be a candidate for an additional round of funding.

Some possible uses of post start-up funding include:

* Penetration of new markets, either by industry or geographic location

* Development of new products or services that compliment your key lines of business

* Acquisition of competitors, staff and/or facility expansion, or new equipment

Damage Control

If your company is struggling to make ends meet, post start-up financing is not an effective way to address red ink.

Consider other methods of debt management such as refinancing, streamlining systems of production, and bootstrapping before looking for additional funding. Investors will not be interested in extending additional funds to companies that have not yet established themselves firmly in the marketplace.

Identifying Post Start-Up Funding Sources

The best source for post start-up funding may be your original investment partner. However, sometimes asking your investor-partner for additional funds can be a lot like asking your parents for a raise in your allowance. You’re going to have to really prove a need for it, and even then, your original funding source may have woke up on the wrong side of the financial plan.

Should this prove to be the case, there are additional sources to consider, including:

* Lending institutions (banks)

* Venture capital firms

* New private investors

* Other professional service providers within your core management team

If you developed a list of potential investment partners prior to start-up, renew your contact with these individuals. By telephone or letter, convey the success your product or service has experienced, as well as your purpose for the post start-up funding. With a solid track record in hand, you may be surprised to find how many potential second-round investment partners you have.

In addition, you’ll be in a stronger position during the negotiation process, meaning you won’t have to give up as much control to achieve your desired result.

Tips For Maximizing Post Start-Up Funding

* Don’t commingle funds. Avoid falling into the trap of using new funds to level the books. If you obtained additional funding for expansion, do not deviate from the plan. Address any cash flow problems or existing debt service independently from your company’s expansion needs.

* Learn from past mistakes. Undoubtedly, your company’s start-up phase was a learning experience unlike any other. Recall the lessons learned from handling your initial start-up capital. Now that you’ve established a strong working relationship, call in your management team to gather additional opinions on the best way to disburse funds on each project.

* Look for new opportunities along the way. As you implement your expansion plan, be on the lookout for ways to streamline and maximize the results of your efforts. Don’t be afraid to upgrade your plan; remember that your business plan should be a “living” document, able to flex as the status of your market and the general economy change.

Jim D. Ray is a seasoned entrepreneur and president of Web Presence, a national web design firm exclusively serving the small business market sector. To learn more, or for a free quote for your own web site, visit the Web Presence web site at: http://www.web-presence.net