Mezzanine Finance Solutions : The Powerful Persuasion Of Unsecured Cash Flow Financing

Why Mezzanine Financing Might Be Right ( Or Wrong ) For Your Firm

OVERVIEW – Information on mezzanine financing in Canada . When do ‘ Mezz ‘ bridging finance solutions work, and when are they wrong or unavailable for your firm

Mezzanine financing offers a unique allure to Canadian business owners/financial managers that seek additional capital for their firm. However in certain cases this type of finance solution is potentially either wrong for your firm, or, in some cases simply not attainable. Let examine what we call the ' powerful persuasion’ of the bridging finance capability of ' mezz ' and see when it works, and when it doesn't... Let's dig in.

Some of the key uniqueness of Mezzanine solutions revolves around the fact that it has unique elements of debt and equity - rare or non existent in almost all other financing solutions you might be looking at. This is because it's a ' 2nd position' financing that stands behind any secured lenders that might already by in place.

The other persuasive argument around this solution is the issue of collateral - essentially there is none, other than our aforementioned 2nd position on assets. Another key item is the fact that other secured lenders tend to ' love ' your mezzanine finance scenario if only for the fact that it is treated as ' equity ' on the balance sheet by secured/term lenders/lessors.

If the allure of ' MEZZ ' is that attractive how easy is it to get approved. Companies that are traditionally candidates should have attributes in the following areas:

- Established business
- Operating in a viable industry
- Good candidate for growth

Above and beyond those ' attributes' is the requirement for historical, present and future cash flow generation

that shows ability to service the unsecured mezzanine debt.

The minimum amount of financing done in this area is typically $1,000,000.00 and that clearly is on the small size. Larger deals preferred! In some, but not all cases the lender will also ask for a future equity position in the firm, which owners must certainly consider as a factor in considering this method of finance. Top experts advise that firms can usually expect to receive ' mezz' financing at least 1-3 times its cash flow - although clearly amounts will vary.

Any type of debt, secured, or unsecured (Mezz) will inject a certain number of ratios or covenants into the financing. These typically focus around debt to equity, cash flow coverage, etc, but in some cases might even limit your firm to what it can spend and how re Capex or shareholder compensation/dividends.

We haven’t mentioned the ' cost of financing ‘. Suffice to say that borrowing rates for mezzanine bridging finance will typically always be in the ' teens' which reflects the risk a 2nd position lender takes on transactions such as this . Owners/managers typically benchmark this financing cost against other options such as issuing equity which is of course even more expensive.

Is mezzanine bridging finance right for your company? Seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can assist you with your business finance options.

Stan Prokop - 7 Park Avenue Financial :
http://www.7parkavenuefinancial.com
Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations . Info /Contact :

7 PARK AVENUE FINANCIAL = CANADIAN MEZZANINE AND BRIDGING FINANCE EXPERTISE


7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com



' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

Business Finance Sources In Canada: Tragedy Free Funding & Loan Solutions

Experiencing That All Talk And No Action Feeling In Business Financing Needs?

OVERVIEW – Information on how Canadian business owners can address the need for financial solutions via loan and funding needs. Business finance sources have evolved into two channels, traditional and alternative . Which one makes sense for your firm ?

Business finance sources in Canada , when it comes to various types of loans and funding can easily leave owners/financial managers with that feeling of a ' lot of talk and no action' relative to their particular situation . Rather than view this as a ' tragedy'

in the making isn’t it good to know that currently choices for financing your business have never been better, and there are some solid reasons why! Let's dig in.

A recent (U.S.) stat indicated that banks are currently funding 2 in 5 requests for business credit as it pertains to the small and medium size lending space. Suffice to say that many non bank lenders and commercial finance companies and lease companies are approving many more transactions as a percentage of applications than that.

Bank credit of course is the lease expensive and most flexible for those firms that qualify. That, coupled with the strength and dominance of the Canadian banking space makes it a great place to borrow for qualified applicants that can demonstrate good balance sheets, profits, and cash flow. There's no question that the bank ' cash flow tap ' is on these days to qualified borrowers. Challenges here include finding the right banker and ensuring your firms’ company/industry needs are understood.

Our firm has observed on many an occasion that many borrowers stay with their banks and low rates even at the cost of not having all the capital they need simply because of the higher cost of alternative business credit.

These exists though a large gap in the number of business borrowers to need an ' alternative market ' when it comes to borrowing needs. That has given rise to a very robust non bank industry that typically provides for higher borrowing costs but provides greater access to capital. Those firms provide financing in areas such as:

Receivable finance

Inventory Financing

Equipment financing/leasebacks/asset based bridge loans

PO/Contract/Royalty type finance

Business credit lines based on business assets - ' ABL’

Refundable tax credit financing

Franchise loans

Unsecured cash flow/mezzanine loans

Also, we often meet firms , either start up, or established already that are unaware of the Govt Guaranteed Small business loan, which provides solid financing terms and structures for asset purchases ( new and used ) as well as leasehold improvements .

These solutions are available everyday and provide millions everyday in liquidity access to Canadian borrowers needing capital.

Business owners/financial managers can do a tremendous amt before borrowing heavily from either traditional or alternative lenders. Staying focused on business planning, cash flow mgmt, current asset turnover ( a/r and inventory ), as well as prudently managing payables all can reduce the amount of short term borrowing you need . The latter, i.e. managing vendors is a tricky slope as it requires that key relationships be maintained with suppliers that are critical to your business.

All the finance solutions we have mentioned are typically shorter term in nature - you will notice they match 'assets ' to short term cash and loan solutions. That's a winning strategy.

If you want to change that ' all talk / no action ' feeling on Canadian business financing needs seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can assist you in ' tragedy free' financing solutions that makes sense for you needs today and in the future .



Stan Prokop - 7 Park Avenue Financial :
http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations . Info /Contact :

http://www.7parkavenuefinancial.com/business-finance-sources-funding-loans.html





Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?
CONTACT:
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop
























Stan Prokop

Funding In And Outside The Bank : Getting Serious On Canadian Business Financing Alternatives

Removing The Obstacle Course In Canadian Business Financing

OVERVIEW – Information on how business owner/managers can achieve the right type and mix of business financing solutions for survival and growth. Removing obstacles in funding your business requires the right info and strategy

Business financing in Canada - your company's finances are of course serious business,

this isn’t a television reality show obstacle course. Let's examine some external real world possibilities around funding your business, (externally and internally) with a focus on removing some of those obstacles. Let's dig in.




Suffice to say there are numerous reasons business owners/managers find themselves looking for external methods of financing their business. The good reasons include of course ' growth, in some cases there are liquidity challenges around day to day operations, let alone growth.

The planets align more perfectly when you’re looking for proper capital while running your business ' properly' at the same time. Here we're talking about focusing on issue such a profit and turnover of assets and optimal use of assets.

Financing your firm via external methods revolves around 3 simple choices-

Taking on new debt

Monetizing the assets you already have (both current assets and long term assets can both be monetized

Searching for an equity solution (Certainly possible but much more limiting as issues such as owner dilution and costs and probabilities around equity capital need to be addressed

More often than not the early stages of a firm’s initial financing capability will often determine the future course of growth and success. Here cash flow becomes a daily challenge (or hourly?!).

Where do top experts and studies tell us entrepreneurs go for capital? In order of search priority the leading contenders for business capital solutions are:

Banks

Corporate Credit Cards

Commercial Finance Companies

Equipment lessors

Govt business loans

Asset based lenders - providing receivables, inventory and fixed asset financing

VC / Private Equity groups

At times many business owners are ' tapped out ‘ personally , and the day to day struggle of managing assets and delaying payables becomes JOB #1 almost everyday.

Key to accessing the right type of funding for your business is the concept of understanding your risk profile. Suffice to say much of the entrepreneurs’ business time has been wasted applying for financing that was never meant to be. As our survey pointed out businesses head in droves to the bank, only to find their ' risk profile ' is significantly out of line with Canadian chartered bank requirements. While ' eye to eye' contact was almost a necessity in the past today’s bank scoring models and commercial banking structures don't always lend themselves to face to face meetings to make your case.

Many business owners might be surprise that large bank deals are in fact ' syndicated’; with bank loans being sold by your bank to others in the secondary market.

The fundamentals of any business financing application process include a business plan (not always required by certainly helping), historical and current financials, a cash flow/profit forecast, (usually the most important item!) and info on the owners. The results from all that drive that ' risk profile' we've been talking about.

If you're looking to seriously explore external financing in areas such as bank facilities, or numerous other alternative financing vehicles ( some of which you may never have even heard of !) seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can assist you with removing ... obstacles!





Stan Prokop - 7 Park Avenue Financial :
http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 90 Million $ of financing for Canadian corporations . Info /Contact :


7 PARK AVENUE FINANCIAL = CANADIAN BUSINESS FINANCING & FUNDING EXPERTISE




Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?
CONTACT:
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

Sources Of Business Working Capital In Canada: We’re Speaking Up On Cash Flow Financing

Inside The Search For Real Cash Flow & Working Capital Financing

OVERVIEW – Information on sources of business working capital in Canada. Numerous cash flow finance solutions make sense for your firm , but how to you assess what works based on your needs and financial picture

Sources of Business working capital in Canada is, unfortunately, not a ' one size fits all' scenario for Canadian business owners/financial managers. That's when the search for real world cash flow and working capital solutions creates a real conundrum for your company. Let's dig in.

The current financing environment in Canada requires a fair bit of understanding when you're on the search for capital. Why is that? Some key reasons include:

- The rise of the internet in accessing both info and solutions
- Every industry has different needs
- Emergence of new highly competitive business models
- Risk based pricing
- The requirements of business to access 'easy and convenient' financing
- The increased/diminished role of banks in financing today’s businesses

The role of the Canadian chartered bank has changed a lot over the past post recession years. Their continued need for companies that achieve good sales, good operating histories, and solid credit scores for the business owners and the business itself often leads to a lack of access for businesses that can't meet these basic criteria.

Debate continues to rage around whether our banks can satisfy all business lending needs. Bottom line, the image of the traditional banker has certainly changed, and competition from non bank lenders is quite fierce.

When it comes to ' working capital ' its all about ' liquidity ', your ability to grow your business while financing short term financial obligations. More often than not this is all about the amount ... and management! of receivables and inventory. Most business owners quickly realize the turnover, and financing ability around those two key assets are the key to financial health and re-investment in your company.

Although it shouldn’t be a mystery many business owners/managers are stymied when sales are growing, profits are in the income statement, but cash is gone! There's actually some basic arithmetic around planning your working capital needs, and it’s as simple as sitting down and looking at how fast your are growing, the amount of your receivables/inventory against payables, and the turnover required to make these numbers work.

Start up, newer, or businesses facing financial challenges are clearly with their backs to the wall when it comes to accessing cash flow solutions. Never is it tougher to be taken seriously if you're in this category.

To effectively access bank, or alternative financing your key essentials include financial statements, a cash flow projection, proper aging of your receivables as well as payables obligations. In some cases only outside collateral will make your financing work, so consider that option also.

Numerous sources of alternate financing are currently available in the Canadian marketplace. They include:

A/R Financing
Inventory finance
Asset based lines of credit
SR&ED Tax credit financing
PO/CONTRACT financing
Sale leaseback strategies
Sales/royalty financing

If you require help for the right cash flow and working capital financing seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success

.


Stan Prokop - 7 Park Avenue Financial :
http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 90 Million $ of financing for Canadian corporations . Info /Contact :


7 PARK AVENUE FINANCIAL = CANADIAN SOURCES OF BUSINESS FINANCE EXPERTISE







Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?
CONTACT:
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

The SRED Business Credit : The Case For Financing Your SHRED Refundable Tax Credits In Canada

Money No Longer An Object After You Finance Your SR&ED R&D Tax Credit !

OVERVIEW – Information on how claimants in Canada’s SR&ED refundable tax program can justify financing their credits to accelerate the cash flow benefits of their r&d spend

A SRED business credit replenishes the cash your firm has spent on qualified expenditures under the SR&ED refundable claim program in Canada - however that only happens when you receive your govt cheq for 'SHRED' refundable tax credits. That's why we make the case to finance your claim to shorten that whole process - it's our mini version of ‘money is no longer an object'

so to speak. Let's dig in.

Any external funding that helps a business survive, compete and grow is a valuable commodity... Whether your firm is in early stages of development, early stages of sales, or fighting a head to head battle with your competitors it's almost always about ‘ cash flow'.

Many business owners/managers that file SR&ED claims might not be aware that the program is pretty well the largest ' direct support ' ( direct support = cash!) program in Canada, providing billions of $ for any firm that qualifies and files.

Since you have no requirement to repay these funds to the govt it seems that it makes even more sense to monetize your claim as quickly as it possible - taking full advantage of the unique structure of SR ED financing loans.

How do these loans work? The concept of a SRED BUSINESS CREDIT loan is essentially a 'bridge loan', carrying you over for the full duration of the waiting that comes with any govt process. That is not to say the govt hasn’t been committed to speeding up the process. They've simplified the application process, scrutinized more effectively the folks that prepare these claims for you (aka ' SR&ED Consultants), and even committed to specific timelines around processing, auditing, and paying your claim.

Having said all that your firms R&D process can well take the better part of a year. Then your SRED Consultant prepares and documents your claim. That claim is filed along your annual financial statements. So it's not hard to see the benefits of financing your claim, which, by the way can be also financed prior to filing, and financing can even commence on next years claim if you should so choose.

We spoke of ' SHRED CREDITS' being financed via a type of bridge loan process. Let's recap that process. Once the total value of a claim is determined by yourself, your accountant, and your SR ED consultant a financing offer is issued, typically for 70% of the total amt of your claim. (That covers both the fed/prov portions of the tax credit.

The essence of the collateral of the loan is of course the SR&ED credit itself. That again raises the point of the role of a qualified and reputable consultant, as the lender is relying on the legitimacy of your claim. During the last several years many less than reliable Sr ed consultants have been slowly weeded out of the industry.

When you receive your funding under your financing claim no payments are made for the duration of the loan. That lack of cash outflow simply strengthens the case for financing a refundable tax credit under the program. By the way, when the govt funds your claim you immediately receive the balance (i.e. 30%) of the refund, less financing costs that accrue along the way for the loan.

If you think the case can be made for financing your SRED Business credit seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can assist you to monetize SHRED refundable tax credits for value cash flow - our version of ' money is no longer an object!





Stan Prokop - 7 Park Avenue Financial :
http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 90 Million $ of financing for Canadian corporations . Info /Contact :

7 PARK AVENUE FINANCIAL = CANADIAN SR&ED TAX CREDIT FINANCING EXPERTISE



Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?
CONTACT:

7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

Business Financing Canada: Loans And Finance Sources For Growth Factor Needs

Are Your Business Financing Needs On Or Off the Grid!?

OVERVIEW – Information on business financing in Canada. What loans and finance sources ( traditional and alternative ) are available for SME ( small and medium enterprise ) businesses that need to address growth

Business Financing in Canada finds owners/financial mgrs (particularly in the SME area) either on... or off... ‘the grid'. That's our term for traditional (on) or alternative (off) loans and finance sources. With all the changes in business and finance in these post recession years the challenges around accessing capital sometimes seem greater than ever. Let's dig in.

Owners/finance mgrs have had to do a lot of learning in 'Off the grid' financing and an equal amt of ' unlearning' in ' on the grid ' traditional solutions, many of which are no longer available or somewhat inaccessible.

Business owners in small and medium business often make the mistake that their personal banking relationships will take them into commercial banking relationships with the same bank - they feel even more strongly about that when they have good personal credit and other personal borrowings from that bank

However Canadian chartered banks run their commercial borrowings from major commercial offices and head office quite distant from the local branch relationship. More to the point commercial borrowing involves data points that are highly focused on business cash flow and other measures of business health including debt to equity, interest coverage, and quality of assets and collateral.

Being unable to access traditional capital has opened the world of ' off the grid ' finance sources - our coined term for ALTERNATIVE LOANS & FINANCING. While most business owners associate non bank financing with higher costs they need to understand the benefits of these solutions, which tend to be:

Quicker approval turnaround

More flexibility

Access to greater amounts of capital

While it is true that in most cases alternate finance solutions do bring a higher cost of funds in many cases their short term nature is actually cheaper than borrowing long term or taking on debt that will be on the balance sheet for a long time.


The one type of bank financing that is a ' hybrid ' of our on grid/off grid financial strategy is the Government Guaranteed Business Loan. Here term debt at attractive rates and structures offers a great solution for equipment needs and leasehold improvements. The downside? It's term debt and is not a cash flow/working capital/business line of credit solution that some business folks mistake it for.

Understanding non bank finance alternatives is key knowing what to borrow and when. This is a great time to measure the amount of financing you need, what it will cost and how it will contribute to your return on investment/return on assets.

And what exactly are those non bank finance alternatives? They include:

A/F Financing (Traditional factoring or our recommended CONFIDENTIAL RECEIVABLE FINANCE)

Inventory Financing

Asset based business lines of credit

SR&ED Tax credit financing

Bridge loans (asset based) & Sale leasebacks

Sales/Royalty Financing

Purchase Order/Contract Financing

If you're looking to better understand financing sources ' on' or ' off' the grid
seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can assist you with business finance needs.


ABOUT THE AUTHOR:
Stan Prokop - 7 Park Avenue Financial :
http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 90 Million $ of financing for Canadian corporations . Info /Contact :


7 PARK AVENUE FINANCIAL = CANADIAN BUSINESS FINANCING EXPERTISE





Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?
CONTACT:
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop

Sale Leaseback Transactions : Journey To The Center Of Lease Back Financing

Going Where Some Have Gone Before : The Sale Leaseback

OVERVIEW – Information on lease back financing in Canada. Sale leaseback transactions, implemented properly , is a solid way to maximize assets and enhance cash flow

Sale leaseback transactions present a unique opportunity to monetize existing equipment and real estate assets while still enjoying the benefits to the business of those assets. Many owners/financial managers are either unfamiliar with the process, or simply don’t understand when this type of financing is most applicable to their business. Let us therefore journey to the center of lease back finance! Let's dig in.

What then is the key driver in this whole process? Simply speaking it allows your company to use assets that are existing in the business while utilizing those assets to hopefully generate profits.

What can these funds be used for when a leaseback is completed. Numerous scenarios include:

Repayment of any existing debt

Generation of cash flow and working capital for the business

Owner proceeds

Partnership payouts

Financing new assets required in the business


The documentation and legality surrounding this method of financing is very basic - Title transfers to your lender, typically a bank but most often a commercial financing company. Based on the agreed upon value of the transaction your company makes monthly payments for a pre-agreed term. It's important this term could be short , i.e. a year , wherein its called a ' bridge loan', or alternately the amortization might be 3, 5, 7, even 10 years depending on the asset financed.

When traditional financing via Canadian chartered banks is not available business owners/managers typically use this financing for some sort of turnaround/restructuring of their business. We note to clients that it's important they discuss with their accountants any positive (or negative) implications around tax and balance sheets.

The size of your financing will often dictate what lender is optimal for your transaction. Also factoring into that equation is the nature of the asset - which typically includes categories such as plant assets, real estate, office technology, construction equipment (very popular!) and other miscellaneous asset categories.

Many business owners/managers contemplating sale leaseback transaction financing don't fully comprehend either the requirement for an appraisal or valuation, the nature of that whole process, and how the outcome affects your financing.

Appraisals and valuations affect the value of the asset with respect to the financing request. Lenders will focus on market values and liquidation values

(lenders seem to focus on worst case scenarios surprisingly!).








It is very rare that you would be able to achieve 100% financing on any valuation during a lease back financing - it's often a healthy per cent age of the total value of the asset or assets in question.

If you're looking to venture where you haven’t been before when it comes to considering a leaseback of assets seek out and speak to a trusted, credible and experienced Canadian business Financing Advisor with a track record of success who can assist you with your needs.



Stan Prokop - 7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 90 Million $ of financing for Canadian corporations . Info /Contact :



7 PARK AVENUE FINANCIAL = CANADIAN SALE LEASEBACK FINANCING EXPERTISE







Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?
CONTACT:
7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop