Venture Briefing: What's Old Is New Again Venture Briefing: What's Old Is New Again

Venture Briefing: What's Old Is New Again

Ice Miller website

More Start-Ups Emerging as Economy Continues to Improve
American entrepreneurs are emerging from their Great Recession bunkers. New business formation is picking up in the U.S., early indicators show, as banks ease credit conditions and rising home and stock prices provide would-be entrepreneurs more investment assets.
(Source: USA Today, 2014-07-13) Read the full article
P.E., Venture Capital Firms Saw Highest Returns in Years
The last time venture capital returns were this good, the sock puppet had its own balloon in the Macy's Thanksgiving Day parade. Although neither managed to beat the public markets in 2013, private equity and venture capital posted their highest annual returns since 2006 and 1999 respectively, according to investment advisory firm Cambridge Associates.
(Source: The Wall Street Journal, 2014-07-17) Read the full article
Corporate Initiative Would Help Small Businesses Get Paid Sooner
Here's good news for business owners accustomed to waiting months for corporate customers to pay their bills: 26 companies, including Apple, FedEx, and Johnson & Johnson, pledged to pay Main Street suppliers more quickly in a deal announced by the White House. The initiative, which the White House is calling SupplierPay, can mean a lot to small businesses.
(Source: Bloomberg Businessweek, 2014-07-11) Read the full article
Alternative Lending Options Have Grown 100 Percent Since 2013
During the recent recession, many traditional financing options for small businesses dried up, opening doors for alternative lenders, which don't require business owners to have flawless credit or go through months of red tape. While they still provide just a fraction of the funds of traditional lenders -- several billion compared to hundreds of billions -- non-bank financial providers have grown 100 percent since last year, according to Bill Phelan, president of PayNet, a small business credit ratings company.
(Source:, 2014-07-17) Read the full article
Big Companies Finding Crowdfunding Can be Valuable Asset
Crowdfunding isn't just for the little guy anymore. By using these sites, bigger companies are finding they can do valuable market research often while passing the costs on to willing donors.
(Source: The Wall Street Journal, 2014-07-09) Read the full article
Banks Increasing Lending to Small Businesses
By many accounts, as the economy adds jobs, more small businesses are looking to borrow money, and more banks are eager to lend it -- at least to the right borrowers. But industry observers caution that both demand for, and access to, capital remain well below where they might be in a strong economy.
(Source: The New York Times, 2014-07-16) Read the full article
Venture Capital Firms Pouring Money into Cybersecurity Startups
Online privacy is on the tips of everyone's tongues these days, and investors are rushing to pour money into cybersecurity startups. Venture capital firms are expected to funnel $788 million into early-stage cybersecurity startups this year.
(Source:, 2014-07-21) Read the full article
Congress Urged to Stop Companies from Foreign Tax Advantages
Lawmakers say they want to stop United States companies from reincorporating overseas to lower their tax bills, but the Obama administration and Congress appear unlikely to take any action to stem the tide of such deals anytime soon. Treasury Secretary Jacob J. Lew sent letters to the top members of the House Ways and Means Committee and Senate Finance Committee, urging Congress to take immediate action to halt the rush of companies abroad, yet the wave of so-called inversions looks set to continue unabated as a partisan Congress remains gridlocked, and Wall Street advisers continue encouraging companies to strike such deals while they still can.
(Source: The New York Times, 2014-07-16) Read the full article
Companies Storing Cash in Bank Accounts with Little Interest
Not only are companies stockpiling cash, but they are earning very little on it. Bank deposits now account for 52 percent -- the largest percentage ever -- of short-term corporate investment balances, according to the latest Association for Financial Professionals Liquidity Survey.
(Source:, 2014-07-15) Read the full article
What's Old Is New Again
Jennifer Andres

The former standard for conducting "all appropriate inquiry" (ASTM 1527-05) will finally officially be replaced under the recent rule proposed by U.S. EPA. All appropriate inquiry (AAI) has been recommended for a number of years for parties wanting to conduct due diligence in business and real estate transactions and seek certain liability protections for environmental remediation obligations. Read full article online.


By The Numbers

Last year’s median debt-to-EBITDA multiple ballooned to 6.9x, a big jump from the 4.9x median in 2012. Through the first two quarters of 2014, debt multiples are even higher at 8.2x.
Source: PitchBook 3Q 2014 U.S. PE Breakdown


Services Group

Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them. We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies. In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

Read the complete profile of the Business Group.




Anthony Aaron
Haley Altman
Jennifer Andres
Richard Barnhart
Edward Braum
Jessica Brown
Kristine Camron
Timothy Capen
Joshua Christie
Ryanne Bush Dent
Dustin DuBois
Stephen Edwards
Jasmin N. French
Harry Gonso
Eric Goodman
Jon Groff
Stephen Hackman
David Hight
Paul Hogan

Steven Humke
Michael Jordan
Josef Keglewitsch
Patrick Kennedy
Dean Leffelman
Chris Michael
Laurie Miller
Michael Millikan
Robert Ouellette
Thomas Pampush
Matthew Servies
Brittney Sharp
Brent Showalter
Scott Snively
Dale Stackhouse
Elizabeth Thomas
John Thornburgh
Richard Thrapp
Kristina Tridico
Aaron Weir



This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

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