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EBITDA and Other Scary Words (Series: MBA Boot Camp)

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EBITDA and Other Scary Words (Series: MBA Boot Camp)

This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explain what a Cash Conversion Cycle looks like for your business.

To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/ebitda-other-scary-words-2019/

This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explain what a Cash Conversion Cycle looks like for your business.

To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/ebitda-other-scary-words-2019/

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EBITDA and Other Scary Words (Series: MBA Boot Camp)

  1. 1. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe Insert the cover image for this webinar on this slide entirely 1
  2. 2. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 2 Practical and entertaining education for attorneys, accountants, business owners and executives, and investors.
  3. 3. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 3 DISCLAIMER The material in this webinar is for informational purposes only. It should not be considered legal, financial or other professional advice. You should consult with an attorney or other appropriate professional to determine what may be best for your individual needs. While Financial Poise™ takes reasonable steps to ensure the information it publishes is accurate, Financial Poise™ makes no guaranty in this regard. About this PowerPoint: if you are looking at this PowerPoint without the benefit of listening to the conversation that surrounded it then you are doing yourself a disservice. This PowerPoint was prepared in contemplation of being viewed in conjunction with listening to a one hour webinar on the topic
  4. 4. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 4 MEET THE FACULTY Moderator: Jonathan Friedland – Sugar Felsenthal Grais & Helsinger Panelists: Michael Schwarzmann – Independent CRO and Restructuring Advisor Dave Eisner, CPA – Miller, Cooper & Co., Ltd. Robert Mundy – Ankura Consulting Group
  5. 5. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 5 ABOUT THIS WEBINAR: EBITDA and Other Scary Words This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explain what a Cash Conversion Cycle looks like for your business.
  6. 6. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 6 ABOUT THIS SERIES: MBA Shortcut “If you don’t know your numbers, you don’t know your business.” This is a common refrain that is equally applicable to attorney and other consultants who work with businesses. This webinar series is designed for you if you are a startup founder, business owner, executive, investor, attorney or consultant who, though not a finance or accounting professional, finds herself needing to understand finance and accounting. It won’t make you an expert but it will give you the tools you need to speak with experts in order to get more out of them and it will provide a solid foundation on which you can build. Packed with illustrative examples, helpful anecdotes and real-world case studies, this series teaches you some of the key take things you need to understand about finance and accounting.
  7. 7. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 7 EPISODES IN THIS SERIES 3/7/19 Episode #1: EBITDA and Other Scary Words 4/4/19 Episode #2: How to Read a Balance Sheet –And Why You Care! 5/9/19 Episode #3: The KPI- Cash Flow Modeling and Projections 6/6/19 Episode #4: Where Did All My Profits Go? Mastering the Concept of Working Capital Dates shown are premiere dates. All webinars will be available On Demand approximately 4 weeks after they premiere.
  8. 8. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 8 Episode #1: EBITDA and Other Scary Words
  9. 9. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 9 FINANCIAL METRICS  Financial / Accounting Ratios  Inputs for Financial / Accounting Ratios
  10. 10. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 10 FINANCIAL / ACCOUNTING RATIO  A relative magnitude of two selected numerical values taken from an enterprise's financial statements.  Used to compare the strengths and weaknesses between/among companies  By Whom?  By managers within a company  By current and potential shareholders (owners) of a company  By company’s creditors.
  11. 11. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 11 INPUTS FOR FINANCIAL / ACCOUNTING RATIO Values used in calculating financial ratios are derived from:  Balance sheet  Income statement  Statement of cash flows  Statement of changes in equity.  Data contained in these statements is based on the accounting method and accounting standards used  These statements provide certain key metrics
  12. 12. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 12 Balance Sheet Sample Link ( https://basicaccountinghelp.com/balance-sheet-example.html )
  13. 13. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 13 Financial Statement Sample Link( https://corporatefinanceinstitute.com/resources/knowledge/accounting/gross-profit/ )
  14. 14. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 14 A BRIEF NOTE ON GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES)  Collection of commonly accepted accounting rules and standards for financial reporting.  Includes definitions of concepts and principles, as well as industry-specific rules.  Designed to ensure that financial reporting is transparent and consistent from one organization to another.  But not all terms/concepts are defined in GAAP, i.e., EBITDA
  15. 15. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 15 KEY METRICS  What is key, varies by:  Point in lifecycle  Industry  Financial strength  Purpose in considering
  16. 16. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 16 EXAMPLES OF SOME KEY METRICS  Gross Profit Margin  Compares cost of goods or services to income derived from those costs  Tool to determine productivity when compared against others in same industry  Current Ratio  Measures liquidity  Total Current Assets / Total Current Liabilities  Working Capital  Total Current Assets - Total Current Liabilities  Positive working capital means company can pay off its short-term liabilities. Negative working capital means company currently is unable to meet its short- term liabilities with its current assets.
  17. 17. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 17 EXAMPLES OF SOME KEY METRICS (cont'd)  Debt/Equity Ratio  Measures the extent of leverage in a company  EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)  Essentially, this is the net operating income of a company  Can be used to analyze and compare profitability between companies because it eliminates effects of financing and accounting decisions.  Essentially, a measure of cash flow from operations, which is available to service debt and make capital expenditures
  18. 18. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 18 SOME KEY METRICS FROM AN INVESTOR'S PERSPECTIVE  Liquidity  Earnings Growth and Growth of Net Income  Return on Assets  Operating Cash Flow
  19. 19. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 19 THE INVESTOR'S PERSPECTIVE (cont'd) - LIQUID (BALANCE SHEET)  Can the company pay everything it needs to pay in the next year?  The current ratio compares current assets (assets that can be turned into cash in the next year) with current liabilities (obligations that have to be paid in the next year)  Rule of thumb: 2:1 ratio of liquidity to debt is good  Large, well-run company may have lower ratio cash control is good
  20. 20. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 20 THE INVESTOR'S PERSPECTIVE (cont'd) - EARNING GROWTH AND GROWTH OF NET INCOME (INCOME STATEMENT)  Is company growing?  Look across top and bottom lines of income statement. Top line and bottom line should be growing, in a fairly parallel manner.  To the extent a company creates operating leverage (for example, through economies of scale), bottom line can grow at a faster pace than top line
  21. 21. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 21 THE INVESTOR'S PERSPECTIVE (cont'd) - RETURN ON ASSETS  Return on assets, return on equity, and return on capital = measures of compared to amount of money being used to get those earnings.  Return on assets is an indicator of how profitable a company is relative to its total assets.
  22. 22. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 22 THE INVESTOR'S PERSPECTIVE (cont'd) - OPERATING CASH FLOW (STATEMENT OF CASH FLOWS)  How is the company generating cash?  Operating cash flow - $ used to pay for capital expenses = owner’s cash flow or free cash.
  23. 23. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 23 SOME KEY METRICS FOR STARTUPS  Customer Acquisition Cost (CAC) & Lifetime Value of Customer (LTV)  Churn Rate (number of clients who drop its services in a given period)  Revenue Run Rate (extrapolation of annualized revenue based on current income levels)  Cash Flow/Burn Rate (speed with which a business uses up its cash reserves to pay for overhead)  Fixed vs. Variable Costs  Breakeven Analysis
  24. 24. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 24 SOME KEY METRICS FOR LENDERS Source: https://corporatefinanceinstitute.com/resources/knowledge/finance/assessing-debt-capacity/
  25. 25. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 25 SOME KEY METRICS FOR ACQUIRERS  Growth: Companies with much higher or much lower growth (measured by their three-year compound annual growth rate in sales) than the average are the most likely to become acquisition targets.  Profitability: Private companies with much higher or much lower profitability (measured by their ratio of EBITDA to sales) than the average are the most likely to become acquisition targets. Source: https://www.forbes.com/sites/mattporzio/2016/10/03/6-key-financial-indicators-of-attractive-acquisition- targets/#a46b5ce1ab35
  26. 26. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 26 SOME KEY METRICS FOR ACQUIRERS (cont'd)  Leverage: Private companies with much higher leverage (measured by their ratio of debt to EBITDA) than the average are the most likely to become acquisition targets. Public companies with much lower leverage than the average are the most likely to become acquisition targets.  Size: Private companies that are much larger or smaller (measured by total sales) than the average are the most likely to become acquisition targets. Public companies that are much smaller than the average are more likely to become acquisition targets. Source: https://www.forbes.com/sites/mattporzio/2016/10/03/6-key-financial-indicators-of-attractive-acquisition- targets/#a46b5ce1ab35
  27. 27. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 27 SOME KEY METRICS FOR ACQUIRERS (cont'd)  Liquidity: Target companies have lower levels of liquidity (measured their ratio of current assets to current liabilities) than non-target companies.  Valuation: Public companies with lower valuation multiples (measured by their ratio of enterprise value to EBITDA) than the average are the most likely to become acquisition targets. Source: https://www.forbes.com/sites/mattporzio/2016/10/03/6-key-financial-indicators-of-attractive-acquisition- targets/#a46b5ce1ab35
  28. 28. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 28 EBITDA – DEFINING & DEMYSTIFYING  Earnings Before Interest Taxes Depreciation & Amortization  Used to measure a company's financial strength by approximating cash flows, without factoring in tax conditions or accounting decisions.  Focuses on measuring financial strength by removing expenses that are not part of a company's core functions.
  29. 29. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 29 EBITDA – HISTORY & USE  Popularized in the 80s in leveraged buyouts ("LBOs"), when acquirers looked to assess profitability of distressed businesses, and wanted to determine whether company acquired could pay down debts quickly after restructuring.  EBITDA can be used by management to compare company performance against similar companies that may operate in different tax brackets or have different capital structures.
  30. 30. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 30 EBITDA – BREAKING DOWN EACH COMPONENT  Earnings  The net calculation concluded by EBITDA–essentially the company's Net Profit  Often referred to as the "bottom line" - Net Profit is calculated by subtracting total expenses from total revenues
  31. 31. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 31 EBITDA – BREAKING DOWN EACH COMPONENT (cont'd)  Before Interest  Costs incurred for financing  Considered non-operating expense on company's income statement  Represents interest payable for any type of financing (bonds, loans, convertible debt, lines of credit, etc.)
  32. 32. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 32 EBITDA – BREAKING DOWN EACH COMPONENT (cont'd)  Before Taxes  Taxes payable vary company to company, based on jurisdictions operating, structure of organization, etc.
  33. 33. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 33 EBITDA – BREAKING DOWN EACH COMPONENT (cont'd)  Before Depreciation  Captures economic and functional decline in the value of a tangible asset (such as property, plant, and equipment (“PP&E”)) over the asset's expected life of the asset.  Multiple methods of depreciation used under US GAAP to  May also be differences in how an asset's decrease in value is calculated for financial and tax reporting  Considered a non-cash expense because no cash outflow associated with asset's declining value (cost is purely economic)
  34. 34. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 34 EBITDA – BREAKING DOWN EACH COMPONENT (cont'd)  Before Amortization  Representation of declining value of long-lived intangible asset over its expected economic life.  May include intangibles such as capitalized software, or acquired intangible assets such as trade names, customer relationships, and technology
  35. 35. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 35 ADVANTAGES OF EBITDA  Simplicity  Easy metric for investors or others conducting due diligence to understand company's ability to make money.  Comparability  EBITDA creates means of comparing multiple companies in an industry against one another by stripping out variable factors (interest, taxes, depreciation, amortization).
  36. 36. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 36 DISADVANTAGES OF EBITDA  Inaccuracy  By not factoring in interest, taxes, etc., EBITDA may not create a full picture of a company's actual ability to operate profitably.  Misuse  EBITDA may be manipulated to make company appear more profitable than it actually is.
  37. 37. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 37 DISADVANTAGES OF EBITDA (cont'd) “EBITDA is one of the most deceptive and overused financial terms in business and investment finance. In a weak attempt to create a level playing field between two comparable companies in the same industry, EBITDA instead creates confusion by excluding important metrics like working capital changes. EBITDA cannot be used alone to create an accurate cash flow picture we need to move from EBITDA to actual cash flow.” Source: The Business Ferret (http://thebusinessferret.com/key-financial-metrics/ebitda-to-cash-flow/)
  38. 38. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 38 EBITDA HYPO  Suppose you wanted to evaluate two lemonade stands. For the purposes of illustration, we'll assume these two companies use the exact same lemonade stands and carry the same amount of inventory, cash in the register, etc., thus their balance sheets carry the same amount of assets  Lemonade Stand A was funded entirely by equity. Lemonade Stand B primarily uses debt to fund its operations.  The only difference between them is how they choose to finance these assets -- one with debt, one with equity.  Income statements for these two lemonade stands appear in the next slide.
  39. 39. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 39 EBITDA HYPO: LEMONADE STAND A Revenue   $1,000 Cost of Goods Sold   $300 Interest Expense   $0 Depreciation of Lemonade Stand   $50 Income before taxes   $650 Net Income (35% tax rate)   $422.50 EBITDA   $700
  40. 40. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 40 EBITDA HYPO: LEMONADE STAND B Revenue $1,000 Cost of Goods Sold   $300 Interest Expense ($1,500 at 10% interest)   $150 Depreciation of Lemonade Stand   $50 Income before taxes   $500 Net Income (35% tax rate)   $325 EBITDA $700
  41. 41. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 41 EBITDA HYPO (cont'd)  Because Lemonade Stand B uses substantially more debt ($1,500 at 10% interest) to finance its operations, it is less profitable in terms of net income ($325 in profits versus $422.50).  However, when compared on the basis of EBITDA, the lemonade stands are equal, each producing $700 in EBITDA from $1,000 in sales last year.
  42. 42. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 42 VARIATIONS ON A THEME – EBIT; EBITDAR; EBITDARM
  43. 43. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 43 EBIT  Earnings Before Interest & Taxes  Leaves Depreciation and Amortization as part of calculation  May be preferable to measure actual earnings of companies with high capital expenditures ("CAPEX" - $$$ used to acquire or maintain fixed assets like land, buildings, equipment)
  44. 44. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 44 EBITDAR  Earnings Before Interest Taxes Depreciation Amortization & Rent/Restructuring costs  Same calculation as EBITDA, but further removes rents and restructuring costs from equation  Useful for companies contemplating restructuring
  45. 45. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 45 EBITDARM  Earnings Before Interest Taxes Depreciation Amortization Rent & Management fees  Modifies EBITDA calculation to remove additional factors of rent and fees associated with property management  Frequently used when company has rent and management fees representing a hogher-than-usual percentage of operating costs (Real Estate Investment Trusts ("REITS"), hospitals, nursing facilities)  Also used by credit ratings agencies
  46. 46. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 46 ENTERPRISE VALUE (EV)  EV measures a company’s total value, and looks at entire market value rather than just equity value.  In essence: the effective cost of buying a company, or the theoretical price of a target company.
  47. 47. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 47 ENTERPRISE VALUE (EV) (cont'd) Source: https://corporatefinanceinstitute.com/resources/knowledge/valuation/what-is-enterprise-value-ev/
  48. 48. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 48 ENTERPRISE VALUE (EV) & EBITDA – CALCULATING ENTERPRISE MULTIPLES  Once EV & EBITDA are known, they can be used in concert to determine an Enterprise Multiple  Ratio used to determine the value of a company.  Enterprise Multiple looks at a company the way a potential acquirer would, taking into account the company's debt
  49. 49. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 49 ENTERPRISE VALUE (EV) & EBITDA – CALCULATING ENTERPRISE MULTIPLES (cont'd)  Uses:  Investors/buyers can use to determine whether company is over/undervalued  Compare valuations of multiple companies  Calculating offer price for company by prospective purchaser (example, offering 4x EBITDA)
  50. 50. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 50 ABOUT THE FACULTY Jonathan Friedland – jfriedland@sfgh.com Jonathan Friedland, a senior partner with Sugar Felsenthal Grais & Helsinger, LLP, views his job simply: to make money for clients whenever possible and to protect their interests at every turn. Licensed in four states, Jonathan’s transactional work focusses on representing private funds and other owners of private businesses, and the businesses they own. He regularly advises on M&A activities, structuring new ventures and restructuring old ones, and on other commercial relationships. Jonathan is rated AV® Preeminent™ by Martindale-Hubbell, 10/10 by AVVO, and enjoys several other similar distinctions. Jonathan graduated from the State University of New York at Albany, magna cum laude (in three years) and from the University of Pennsylvania Law School. He clerked for a federal judge before entering private practice and served for several years as an Adjunct Professor of Strategic Management at the University of Chicago’s Graduate School of Business. Jonathan is lead author and editor of several significant treatises, several chapters in other treatises, and scores of articles on law and business.
  51. 51. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 51 Michael Schwarzmann – michaelschwarzmann@yahoo.com Michael Schwarzmann has over 20 years’ experience helping identify opportunities to create value for his clients. I have extensive experience working with established companies when they encounter financial difficulties by assisting them in developing solutions to address short term cash needs and longer term profitability. My process includes helping to identify cost savings and value capture scenarios by analyzing historical financial performance along with current operations and projecting optimizing strategies. Utilizing weekly and monthly cash flow statements, budgets, and forecasts, I utilize a focused, data driven approach to identifying opportunities to increase company profitability. Through a broad review of financial, operational and strategic performance, I help guide companies to increased profitability. Working across the organization, vertically and horizontally, uncovers additional solutions and generates greater buy-in of the goals, objectives and action plan, all of which are critical to maximize the impact of proposed changes. I utilize my legal knowledge to seamlessly work with counsel to identify and address legal issues in a more cost effective manner. I have guided the development and evaluation of business plans and formulated successful strategies to preserve or improve asset values. I am a consensus builder. Industry experience includes: health care, manufacturing, agricultural, construction, restaurants and franchising, energy and travel.
  52. 52. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 52 Dave Eisner, CPA – deisner@millercooper.com Dave Eisner is an Audit Principal with Miller, Cooper & Co., Ltd. (MCC) and a member of the firm’s Assurance and Accounting department. Additionally, Mr. Eisner is a Principal in our Employee Benefit Plan Audit practice. As an Audit Principal, Mr. Eisner is responsible for the direction and supervision of his engagement teams and providing insight and support to his clients’ key stakeholders. In addition to serving clients, Dave is an active member of MCC’s recruiting committee that evaluates experienced hires and campus candidates. After previously interning at MCC during college, Dave joined Miller Cooper full time in 2003 and has exclusively served privately-held companies in the middle market his entire career. Mr. Eisner specializes in audits and accounting projects within the real estate industry, with a focus on residential and commercial real estate developers and real estate investment fund sponsors. Mr. Eisner’s real estate experience covers all asset sectors, including single family, multi family, office, industrial, retail, mixed- use, and land development projects, with reporting under both US GAAP and income tax basis financial reporting frameworks. To read more, go to https://www.financialpoise.com/financialpoisewebinars/faculty/dave-m-eisner/
  53. 53. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 53 Robert Mundy – Robert.Mundy@ankura.com Robert Mundy is a Managing Director at Ankura with extensive experience in business valuation for a variety of industries, including healthcare, wholesale distribution, retail, manufacturing, and professional services. He is based in Atlanta. Robert has more than 15 years of business valuation experience focused solely on the healthcare industry. He has performed valuations for many purposes, including regulatory compliance, mergers and acquisitions, joint ventures, estate and gift tax, financial reporting, divorce proceedings, and shareholder transactions. A frequent speaker and recognized thought leader on healthcare valuation, Robert’s key area of expertise is transactional healthcare valuation for regulatory compliance purposes. He has significant experience in valuing hospitals, ambulatory surgery centers, diagnostic imaging centers, radiation therapy centers, and physician practices. He has authored chapters on healthcare valuation topics in both the “Guide to Healthcare Valuation” and the “Guide to Healthcare Industry Compensation and Valuation” published by Business Valuation Resources and the American Health Lawyers Association. Robert’s previous work experience includes serving as a principal at Pershing Yoakley & Associates P.C. and as senior manager at Gates Moore. He also served as healthcare valuation manager for Hill Schwartz Spilker Keller LLC.
  54. 54. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 54 QUESTIONS OR COMMENTS? If you have any questions about this webinar that you did not get to ask during the live premiere, or if you are watching this webinar On Demand, please do not hesitate to email us at info@financialpoise.com with any questions or comments you may have. Please include the name of the webinar in your email and we will do our best to provide a timely response. IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education.
  55. 55. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe 55 ABOUT FINANCIAL POISE DailyDAC LLC, d/b/a Financial Poise™ provides continuing education to attorneys, accountants, business owners and executives, and investors. Its websites, webinars, and books provide Plain English, entertaining, explanations about legal, financial, and other subjects of interest to these audiences. Visit us at www.financialpoise.com. Our free weekly newsletter, Financial Poise Weekly, educates readers about business, business law, finance, and investing. To receive it simply add yourself by going to: https://www.financialpoise.com/newsletter/ Email addresses are never sold to or shared with third parties.

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