A Book by Arthur Lipper;

Larry & Barry on Royalties

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Raising Capital:

An Evening with Arthur Lipper in Honolulu

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Arthur Lipper on Revenue Sharing

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Address to Global Funding Forum

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Off the Top: Royalties and Franchising


Off the Top: The Essential Guide to
Revenue Royalties and Franchising

Two Experts Reveal the Techniques
of Direct Revenue Investing

SAN DIEGO, CA; MAY 8, 2019: A new book, “Off the Top,” has been published on Amazon, by two financial services experts, Arthur Lipper and Don Boroian. This thoughtful work explores the power of investments that generate returns  based directly on top-line revenue instead of reported profits or debt — or “off the top.” The book is available for immediate worldwide electronic delivery at http://amzn.to/2JJqTXy

Boroian and Lipper deliver a guide to understanding both franchising and the use of non-equity dilutive royalties in the financing of businesses. It documents methods not available elsewhere, of special interest to existing and prospective franchisors and franchisees.

Don Boroian is the Chairman and Founder of Francorp, the world’s leading franchise consulting firm; Arthur Lipper is an international investment banker, and developer of business financing based on a share of  revenues. The two authors are long-time friends; this book is their first effort at joining their two specialties to aid business developers, investors and entrepreneurs, and explores little-known interconnections between their two fields.

Don Boroian explained, “The architecture of a franchise is simple. It is the establishment and banding together of individual businesses…who pay an Initial Franchise Fee and Royalties, and agree to adopt the name of the franchise and run the business under the system prescribed by the franchisor. These three elements legally define the franchise. The royalties are ‘Off The Top’. In other words, they pay an ongoing percentage of their gross revenue to the franchisor.”

Don Boroian

Don Boroian has guided hundreds of companies to successful franchising operations. In the new book, he explores the characteristics of the best franchised businesses; the risks and why some franchisors fail; how franchises raise their initial and continuing capital; the issue of profit margins, and how they fuel sustainable royalty streams; and insight into MacDonald’s, Kentucky Fried Chicken, Jimmy Johns and Culver.

For Arthur Lipper, franchising is one well-known implementation of royalties; in the book he discusses approaches that invest directly in the future gross revenues of growing companies, whether franchised or not.

Lipper stated, “Many investment advisors are already serving the owners of privately-owned businesses in the management of their personal and family investments. Many business owners seek growth capital and are prepared to share revenues or revenue increments in return for capital not requiring an equity dilution. Therefore, many investment managers currently have, within their existing universe of relationships, parties seeking risk-return parameters that royalties can provide — increasing income without a need for ownership sharing.”

Arthur Lipper has been involved with the financing of growing businesses since the 1960’s. The new book documents his system of analytical models, to understand the dynamics of revenue royalties for both owners and investors. He is concerned about issues such as transparency, controlling risk and investor protections, developing a diversified royalty income fund, self-liquidating, assured return, credited and reinvested royalties, and early redemption rights.

The book concludes with the design for a Franchise Focused Royalty Income Fund, and an entertaining dialog between Larry and Barry, two fictional gadfly investors who speculate about the intricacies and leveraged rewards of revenue royalties and franchise investing.

Arthur Lipper

“‘Off the Top’ is a rewarding journey through the vast experience and financial wisdom of two of America’s great investment thinkers. Together, Arthur Lipper and Don Boroian offer the insights of over a century of experience of the rough-and-tumble of building successful businesses, and how to provide a fair return to investors,” said Michael North of Pacific Royalties, who has studied with both authors. “This book is a rare pleasure, for the curious business reader, and it offers new ideas to the professional investor.” Pacific Royalties advises companies seeking to raise capital through non-dilutive revenue royalties structures.

More information: Arthur Lipper — http://www.arthurlipper.com and http://www.royalties.website, and his books, “The Larry and Barry Guide to Royalties,” and “Revenue Royalties: A Textbook,” both available on Amazon.

Don Boroian; http://www.francorp.com and his comprehensive works, “The Franchise Advantage” and “How to Buy and Manage a Franchise, ” both available on Amazon.

Pacific Royalties: http://www.pacificroyalties.com

“Off the Top” is available for electronic delivery at http://amzn.to/2JJqTXy

Press inquiries: service@arthurlipper.com