Investor business plan writer
What does an investor-ready business plan need?
An investor-ready plan carries a market case with cited sources, a use of funds that reconciles to the ask, a model with its assumptions written down, and the team. What the issuer must furnish depends on who buys. Rule 502(b)(1):
If the issuer sells securities under § 230.506(b) to any purchaser that is not an accredited investor, the issuer shall furnish the information specified in paragraph (b)(2) of this section to such purchaser a reasonable time prior to sale. The issuer is not required to furnish the specified information to purchasers when it sells securities under § 230.504, or to any accredited investor.
For a company that does not file SEC reports, that information is the issuer's disclosure, to the extent material; for offerings up to $20,000,000 it includes "The financial statement information required by paragraph (b) of Part F/S of Form 1-A". The purchaser must also get "a brief description in writing of any material written information concerning the offering that has been provided by the issuer to any accredited investor but not previously delivered to such unaccredited purchaser" (Rule 502(b)(2)(iv)).
Worked example. A company that does not file SEC reports raises $2,000,000 under Rule 506(b) from 24 accredited investors and one former colleague who is not accredited but meets the test below. Without the colleague, Rule 502(b) specifies nothing to furnish. With the colleague, the issuer furnishes the (b)(2) information a reasonable time before that sale, including paragraph (b) financial statements ($2,000,000 is under $20,000,000), plus the written description, which in our reading covers any plan, model or deck the 24 received and the colleague did not.
Under Rule 506(b)(2), each purchaser who is not accredited, alone or with a purchaser representative, must have "such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment", or the issuer must reasonably believe so [9].
That disclosure is the issuer's. Our plan does not replace it, and a projection model is not a financial statement. For Rules 506(b) and 506(c) and Form D, see Pitch Deck Services.
General information, not securities advice; confirm the disclosure with your securities counsel.