var imgs = new Array();
var title = new Array();
var info = new Array();

title[1] = "Review business plan";
info[1] = "The first step is for the Seraphim executive team to review your business plan. To find out what information we typically look for in a business plan, <a href='approach.php'>click here</a>.";

title[2] = "Preliminary meeting";
info[2] = "Having reviewed the plan, should the investment opportunity be of interest, we will invite the management team in for a preliminary 2 hour meeting. The purpose of this meeting is a fact finding mission to expand our understanding of the business and to get the chance to meet the key people involved.<br /><br />Due to the volume of high calibre investment opportunities Seraphim receives, less than 10% proceed to a preliminary meeting.";

title[3] = "Second meeting";
info[3] = "About half of the companies that come in for a preliminary meeting are invited back for a second meeting. This is a more formal meeting, with the management team presenting to Seraphim's <a href='team.php'>Managing Partners</a>. Within the Fund, the Managing Partners are responsible for deciding which companies the fund wishes to invest in. During the meeting the Seraphim team will ask management to scope out the attributes of their \"ideal\" lead angel.<br /><br />Shortly after this second meeting - often within 24 hours - the Managing Partners make a decision as to whether to make an offer of investment.";

title[4] = "Issue Terms";
info[4] = "Roughly one in two businesses that present to the Seraphim Managing Partners are made an offer of investment. How long it takes to negotiate and hopefully agree the terms of the offer varies from company to company. Typically we would expect to reach agreement in a matter of days.";

title[5] = "Investment Summary";
info[5] = "Once the terms of the offer of investment have been agreed, the executive team circulates a short document summarising the investment opportunity to all the members of the Seraphim <a href='advise_team.php'>Advisory Board</a>. The Advisory Board then feed back their thoughts on the investment opportunity, highlighting issues to focus on during due diligence.<br /><br />At this stage, the Advisory Board also identify business angels from within their networks who meet the requirements set out by management in the second stage meeting. A shortlist is compiled of those who have the requisite sector experience and contacts to potentially join the board of the Company and help it grow. To find out more about how Seraphim uses its network of 1,000+ business angels to open doors and drive growth within its portfolio companies, please <a href='our_network.php'>click here</a>.";

title[6] = "Due Diligence";
info[6] = "Having agreed the terms of investment, Seraphim will commence a period of intense due diligence. This is the critical stage of the investment process, requiring significant amounts of time and input from the management team. Unlike other funds which might conduct due diligence over a 2-3 month period, Seraphim looks to condense its due diligence into just a 4 week period. This minimises the length of time the management team is distracted from running the business.<br /><br />Although Seraphim looks to conduct its due diligence over a short time period, the due diligence undertaken remains rigorous. Seraphim's approach to due diligence is to use it as an exercise to validate everything that the management team has told us about the business. This entails speaking to existing and pipeline customers, conducting a thorough review of the market and competitive environment, analysing the Company's historic and future forecast financial performance, assessing the capabilities of the management team, and confirming the strength of the Company's technology.<br /><br />In total Seraphim usually completes more than 500 man hours of due diligence. The output of such a thorough analysis of the investment opportunity often goes on to form useful insights into the business which management are able to use to help shape their strategy.<br /><br />During the due diligence process Seraphim works with management (and their board) to select an appropriate business angel from the shortlist. The chosen candidate will then collaborate with the Seraphim team for the balance of the due diligence analysis.";

title[7] = "Investment Committee";
info[7] = "Once due diligence has been completed, the Seraphim executive team prepare a comprehensive investment paper. This paper is circulated to all the members of Seraphim <a href='advise_board.php'>Advisory Board</a>, who collectively form Seraphim's investment committee. Having reviewed the investment paper, the Advisory Board meets to discuss the investment opportunity. The management team also attend the meeting for a 1.5 hour Q&A session in order to answer any questions the Advisory Board might have.<br /><br />Following this meeting, the Advisory Board holds a vote to formally sanction the investment into the Company. To date, Seraphim has a 100% track record of gaining approval for companies that have reached the investment committee.";

title[8] = "Completion";
info[8] = "Once approval has been gained at the investment committee, the completion of the investment usually follows swiftly - usually about 7-10 days after the committee.";

title[9] = "Post Completion";
info[9] = "Once the investment has been completed, Seraphim will continue to look to use its unique <a href='our_network.php'>network</a> of business leaders to assist the Company in any way it can. This can range from helping to identify key new hires, open doors into key potential customers, identify potential partners and/or acquisition targets, access additional forms of finance (ie debt, invoice financing etc), or help expand internationally (particularly into the US).";