I'm in the process of preparing to raise funds for a microbrewery. A lot of the fund raising books and articles I've read talk about the need to present investors with an IPO, sale or merger as an exit strategy. One book went so far as to say that unless the investor is your mother, don't think it will be enough just to offer a share of profits or a buyout after 5 years or so.

The problem with this advice is that it seems to fly in the face of the craft beer movement, which is about private ownership by artisans committed to quality and creativity over maximization of revenue. I'm hoping a few of you might be able to offer some advice on what in your experience investors found attractive? (e.g. share of revenue and/or ownership?, return on investment after x number of years?, some level of control? or even just the experience of being part of something creative and cool like a brewery?) Perhaps I could just use some words of encouragement that it's possible to raise several hundred k to start a microbrewery without offering things like IPOs or mergers.

Thanks a lot for your time.