What are financial tombstones? What are Tombstones in Finance?

Traditionally, a tombstone is a written announcement or advertisement that gives prospective investors basic details about an upcoming public offering - when a company offers to sell shares in the company in order to raise capital. Tombstones could also announce financial transactions like mergers and acquisitions (M&A) and various forms of financing. They are also called “cubes,” regardless of geometric shape, deal gifts or Lucites.

What is the difference between financial tombstones and deal toys?

The tombstone is the written announcement - originally these were published in print. The deal toy is a physical, tangible symbol of the transaction, with the tombstone information displayed within it. Deal toys can be as simple as a Lucite or crystal rectangle, or they can be complex product replicas, or any number of things - the possibilities are almost endless.

Who gets deal toys?

Investment bankers usually order a set of custom made deal toys at the close of any transaction, like an IPO, M&A, Follow On Offering, etc. Investment banking analysts, associates, VPs and Managing Directors usually get deal toys, and importantly, the investment bank gives them to their clients as a symbol of the transaction. Law firms that acted as legal advisors sometimes receive deal toys from the investment banks, but more often law firms will order deal toys themselves, both for their own in house team and, importanty, for the client. Everyone wants to be sure the client remembers who worked on the deal - those executives are often involved in the same kind of transaction in the future, and having a subtle reminder in their office is a powerful branding and marketing tool for investment banks, law firms and other parties.

But it’s not just financial deals that are worthy of commemoration and recognition - Polaris Custom Awards makes all kinds of custom awards for desktop display, like pharma awards and biotech awards and drug vial embedments for FDA approval recognition. Polaris makes energy deal awards and real estate deal awards and all kinds of employee awards, like years of service awards and other milestone markers.

What are deal toys made of?

Lucite, crystal, resin and pewter are the most commonly used media, in that order.

How much do deal toys cost?

Deal toy cost varies according to factors including media, size and quantity, but a good rule of thumb is that simple basic shapes in Lucite and crystal typically start at about $50 to $60 per piece for small sizes. As size increases, cost increases, as one major component of cost is raw material.

Most deal toys cost $75 to $150 - smaller pieces at the lower end and larger pieces at the higher end.

Some deal toys cost $150 to $300 or more - these are the high end pieces that draw the most attention.

Keep in mind, these are per piece costs only. To this you need to add setup costs and shipping costs. When you work with Polaris, you’ll get a full and complete quotation of costs for every design. As long as we know how many pieces you need and where to ship them, we’ll give you exact costs - so there are no surprises when the invoice comes.

What are setup costs?

Setup costs are the costs related to small batch custom manufacturing - these come in the form a flat fee, regardless of quantity. Setups are for processes like printing, etching, machining and modeling. If your provider can’t provide an immediate breakdown of setup charges and explain what each charge is related to each specific design, that’s a major red flag. You’re probably dealing with a go-between who has to go ask the experts what’s what.

Why do they call them Lucites?

Lucite is actually a brand name that’s kind of become a catch-all term for deal toys. Acrylic, Perspex, Plexiglass - along with Lucite, these are all names for the medium density thermoplastic PMMA. Many people refer to all deal toys, even those made in crystal, resin or metal, as Lucite.

Where are Lucites made?

The first deal toys were made of PMMA in factories in the Northeastern US and in the Beauce, Quebec area of Canada. Today, there are large PMMA factories all over the world, making all sorts of PMMA in large quantities, but only a handful of factories worldwide make the particular kind of Lucite deal toys we at Polaris specialize in. These are the product of small batch custom manufacturing in which pieces are individually cell cast. It’s painstaking, difficult work requiring a great deal of expertise. This product knowledge is generally considered a closely held trade secret, practiced by experts in only a few locations worldwide.

How do you know all of this?

The experts at Polaris cut their teeth on factory floors in Canada, the US, Europe and Asia. Unlike most providers, our experts have worked every aspect of the business, from the ground up, primarily in manufacturing and in product design. Factory floor experience informs countless decisions when designing deal toys. Design experience is invaluable when interfacing with clients because we can cut right to the heart of what’s possible and what we recommend in any given set of circumstances.

Where are crystals made?

Most of the optical glass that is used to make deal toys is made in China, though some is produced in India as well. Much of the glass product is refined in China, with some product finalization being performed in China, some in the US and Europe.