Brenen Sieber,Partner with Baker Tilly Virchow Krause, LLP and Managing Director with Baker Tilly Capital, LLC, spoke at our November Chapter Meeting on the Current State of the M&A Market.
Presenting, legal investigation PowerPoint presentation slides for assuring that your company is running smoothly and within the law. Through flat designs, we have covered up all major aspects to present the legitimacy of your business. The concept of due diligence of outline, financial due diligence, p&l-kpi's, balance sheets, cash flow statements, financial projections, key financial ratio, liquidity ratio, profitability ratio, activity ratio, solvency ratio, and conclusion sheet have been included. We have inscribed bar and stack graphs for thorough comparisons, wherever required. We have also included technical and intellectual property rights for a thorough investigation of a corporation or business in order to avoid wrongdoing committed by management, employees, or third parties. Further information on target customers and sales can be elaborated, by knowing about top customers, consumer concentration issues or risks, customer satisfaction and focus areas. So be done with your business presentations with respect to preparing regarding legal examination and download our, "Legal Investigation PowerPoint Presentation Slides " for further elaboration.
This report, commissioned by BlackRock, examines investor sentiment and the outlook for investment strategy at insurance companies worldwide, particularly in relation to their fixed-income portfolios and asset allocation more broadly.
Finance Risk And Return PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Finance Risk And Return Powerpoint Presentation Slides. This PPT deck displays twenty eight slides with in depth research. Our topic oriented Finance Risk And Return Powerpoint Presentation Slides presentation deck is a helpful tool to plan, prepare, document and analyse the topic with a clear approach. We provide a ready to use deck with all sorts of relevant topics subtopics templates, charts and graphs, overviews, analysis templates. Outline all the important aspects without any hassle. It showcases of all kind of editable templates infographs for an inclusive and comprehensive Finance Risk And Return Powerpoint Presentation Slides presentation. Professionals, managers, individual and team involved in any company organization from any field can use them as per requirement.
FiBAN's business angel training "Effective Business Angel Investing Strategie...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
Presenting, legal investigation PowerPoint presentation slides for assuring that your company is running smoothly and within the law. Through flat designs, we have covered up all major aspects to present the legitimacy of your business. The concept of due diligence of outline, financial due diligence, p&l-kpi's, balance sheets, cash flow statements, financial projections, key financial ratio, liquidity ratio, profitability ratio, activity ratio, solvency ratio, and conclusion sheet have been included. We have inscribed bar and stack graphs for thorough comparisons, wherever required. We have also included technical and intellectual property rights for a thorough investigation of a corporation or business in order to avoid wrongdoing committed by management, employees, or third parties. Further information on target customers and sales can be elaborated, by knowing about top customers, consumer concentration issues or risks, customer satisfaction and focus areas. So be done with your business presentations with respect to preparing regarding legal examination and download our, "Legal Investigation PowerPoint Presentation Slides " for further elaboration.
This report, commissioned by BlackRock, examines investor sentiment and the outlook for investment strategy at insurance companies worldwide, particularly in relation to their fixed-income portfolios and asset allocation more broadly.
Finance Risk And Return PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Finance Risk And Return Powerpoint Presentation Slides. This PPT deck displays twenty eight slides with in depth research. Our topic oriented Finance Risk And Return Powerpoint Presentation Slides presentation deck is a helpful tool to plan, prepare, document and analyse the topic with a clear approach. We provide a ready to use deck with all sorts of relevant topics subtopics templates, charts and graphs, overviews, analysis templates. Outline all the important aspects without any hassle. It showcases of all kind of editable templates infographs for an inclusive and comprehensive Finance Risk And Return Powerpoint Presentation Slides presentation. Professionals, managers, individual and team involved in any company organization from any field can use them as per requirement.
FiBAN's business angel training "Effective Business Angel Investing Strategie...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
In this presentation, FMC's Brian Abraham ,Q.C., takes an look at the merger and acquisition process in Canada. It covers topics such as: confidentiality agreements, special committees, securitie issues, due diligence, take-overs vs. plans of arrangement, m&a trends, as well as examples of recend deals in British Columbia.
A lot has changed since publishing my inaugural Design in Tech Tech report at SXSW last year. In this year's report, we dive deeper into analyzing some broader themes ranging from the record amounts of funding flowing into design-led startups to questioning how design will continue to evolve as a good business practice. Below are some takeaways from the report:
-Design isn’t just about beauty; it’s about market relevance and meaningful results.
-M&A activity continues in the design space, and it’s increased.
-Increasing the designers needed in the tech industry requires rethinking education.
-The adoption of design by public companies is only growing.
-Designers bring needed critical thinking/making in the economic case for inclusion.
-Work in the research labs from decades ago drives today’s startups. Be aware.
Create an investment plan with our content ready Portfolio Management Powerpoint Presentation Slides. The topic-specific asset allocation management presentation deck has various content ready PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards, etc. Download the professionally designed investment analysis & portfolio management PowerPoint complete deck for portfolio risk and return analysis. Our Portfolio Management Powerpoint Presentation Slides team are like a bunch of cowboys. They enjoy being fast off the draw. https://bit.ly/3yk8C93
Create an investment plan with our content ready Portfolio Management PowerPoint Presentation Slides. The topic-specific asset allocation management presentation deck has various content ready PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards, etc. Download the professionally designed investment analysis & portfolio management PowerPoint complete deck for portfolio risk and return analysis. Our Portfolio Management PowerPoint Presentation Slides team are like a bunch of cowboys. They enjoy being fast off the draw.
PwC Presents: VC Investing – Major trends of the first half of 2014 and predi...Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
You may have an idea of what you think your business is worth, but what would the outside market tell you right now? There are many factors that drive the value of a business. Please join Bev Shillito of Sebaly Shillito + Dyer, and Cliff Bishop of Brady Ware Capital, as they discuss these issues, current market conditions, and several things that you should focus on in order to maximize the value of your company.
Grow + Sell Your Business Part Three: Practical Tips To Facilitate a TransactionKegler Brown Hill + Ritter
Presented by Eric Duffee and Michael Shaw, Copper Run Capital, on 10/17 as part of a Four Part Series. This segment of the series offered 8 clear steps to follow in pursuit of facilitating a successful transaction. It covered areas such as securing your assets, awareness of current market trends, a visual analysis of our current market update, and surrounding yourself with the right team.
Exit Planning - Maximizing Value Through Pre-Transaction ReadinessDominic Brault
According to numerous surveys, more than half of business owners intend to transition ownership of their business during the next 10 years. Yet most business owners do not have a formal strategic or financial plan, and many are unaware of the possible tax and estate implications. As a result, there is a real need for business exit planning. A robust exit plan will help chart a course toward extracting maximum value from the company to reach the seller’s goals.
PwC Presents: VC Investing – Major trends from Q3 2014Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
BDO Breakout Session: 2014 Texas A&M Retailing Summit Gordon Porter
Ted Vaughan and Bob Snape, President of BDO Capital Advisors, presented on the topic of strategic growth opportunities and M&A activity in the retail sector at the 2014 Texas A&M Retailing Summit.
This deck consists of total of seventy slides. It has PPT slides highlighting important topics of Investment Portfolio Management Power Point Presentation Slides . This deck comprises of amazing visuals with thoroughly researched content. Each template is well crafted and designed by our PowerPoint experts. Our designers have included all the necessary PowerPoint layouts in this deck. From icons to graphs, this PPT deck has it all. The best part is that these templates are easily customizable. Just click the DOWNLOAD button shown below. Edit the colour, text, font size, add or delete the content as per the requirement. Download this deck now and engage your audience with this ready made presentation.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
3. 3
Table of Contents
3
I. Overview of Baker Tilly Capital............................................................... 4
II. Current Market & Trends......................................................................... 8
III. Valuation Considerations........................................................................ 17
IV. Sale Process & Timeline......................................................................... 21
5. 5
Overview of Baker Tilly Capital
Subsidiary of Baker Tilly
› Baker Tilly is the full service accounting
and advisory firm
› Ranked as one of the twenty largest
certified public accounting firms in the
U.S. according to Accounting Today’s
“Top 100” list
5
Baker Tilly Capital
› Boutique investment bank
› Specializing in merger and acquisition,
transaction, and corporate finance services.
› Completed hundreds of transactions
representing billions of dollars
› Clients include public companies, privately
held companies, and private equity groups
We speak your language and identify with your goals
to consistently deliver solutions that are just right for you
6. 6
Overview of Baker Tilly Capital
Independent member of Baker Tilly International
› World’s 8th largest accounting and business services network.
› Represented by 161 firms in 137 countries with more than 26,000 people in 738 offices.
› Integrated teams with in-country operations for: Canada, China, Mexico, and UK.
Blue shading represents the Baker
Tilly International global network.
7. 7
Baker Tilly Advantages
Compliance
Services
Tax Strategy
Services
People
Services
Consulting
Services
Transaction
Services
Employee
Benefits
Services
International
Trade
Investment
Advisor
Services
˃ Audits, Reviews,
Compilations
˃ Specialized
Financial Reports
˃ Budget Analysis
& Development
˃ Proforma &
Projected
Financial
Statements
˃ Accounting
System Review
˃ Internal Audit
Review
˃ Tax Planning
˃ Tax Return
Preparation
˃ Cost Segregation
Studies
˃ Estate Planning
˃ Retirement /
Pension Planning
˃ Sales / Use Tax
Consulting
˃ State Income
and
Franchise Tax
Planning
˃ Property Tax
Consulting
˃ Temporary and
Permanent
Placement
˃ Direct Hire
Placement
˃ Succession
Planning
˃ Operations
Management
˃ Customer
Management
˃ Financial
Management
˃ Technology
Management
˃ Strategic
Sourcing
˃ International
Trade –
Marketing,
Sourcing, Global
Strategies, and
Compliance
˃ Mergers and
Acquisitions
˃ Investment
Banking Services
˃ Due Diligence
˃ Valuation
Services
˃ Financial
Modeling
˃ Business Review
Services
˃ Dispute Services
˃ Health & Welfare
Employee
Benefits
Consulting
˃ Independent
Insurance
Brokerage
˃ Provider Due
Diligence
˃ Regulatory
Compliance
˃ Risk
Management &
Insurance
Program Review
˃ Market
Expansion
˃ Sourcing
˃ Global Strategies
˃ Compliance
˃ Complex Tax
Consulting
˃ Transaction
Support
˃ In-country
Support
˃ International Risk
Analysis
˃ Fiduciary Review
˃ Fee-based
Independent
Investment
Consulting
˃ Unlimited Open
Access to
Investments
˃ Leverage Plan to
Reduce Costs
˃ Fiduciary
Protection for
Plan Sponsor
˃ Employee
Education
Baker Tilly Capital can provide a greater breadth of services
than any other regional investment banking firm
9. 9
U.S. Financial Markets
U.S. GDP & Stock Growth U.S. GDP Growth Rate
› U.S. GDP has improved
US GDP
Date Growth Rate
30-Jun-2014 4.06%
31-Dec-2013 4.57%
31-Dec-2012 3.47%
31-Dec-2011 3.64%
31-Dec-2010 4.56%
31-Dec-2009 0.11%
31-Dec-2008 -0.92%
31-Dec-2007 4.40%
31-Dec-2006 5.12%
31-Dec-2005 6.52%
31-Dec-2004 6.31%
Source: U.S. Bureau of Economic Analysis
significantly since the recession,
increasing from essentially zero in
2008 & 2009 to 4.1% in June
2014.
› It is anticipated the 3rd quarter
2014 GDP growth rate will be
approximately 4.6%, more closely
aligning to CY 2013.
› Using the S&P 500 index as a
benchmark, the U.S. stock market
is outperforming its pre-recession
numbers.
› In Sept. 2014 the S&P 500 hit
record highs with prices above
$2,000, but since has retreated
5.2%. The fed was going to raise
interest rates, but that is currently
on hold as prices have stabilized.
U.S. Historical Stock Prices
S&P 500
Date Stock Prices % Change
10-Oct-2014 $1,906 3%
31-Dec-2013 $1,848 30%
31-Dec-2012 $1,426 13%
30-Dec-2011 $1,258 0%
31-Dec-2010 $1,258 13%
31-Dec-2009 $1,115 23%
31-Dec-2008 $903 -38%
31-Dec-2007 $1,468 4%
29-Dec-2006 $1,418 14%
30-Dec-2005 $1,248 3%
31-Dec-2004 $1,212
Source: Yahoo Finance S&P 500 Data
10. 10
Baby-boomers – Effect on M&A
Impending Retirement of the Baby-boom Generation
› We live in an aging world with birth rates down and baby boomers retiring (10,000 per day according to
Pew Research Center).
› We are now on the cusp of what is expected to be the greatest wave of business transition in U.S.
history.
› A great deal of the assets held by baby boomers (which represent a huge pool of wealth) will be up for
sale as they begin to transition from the “working” years to the “Golden” years.
› Those near retirement will seek to take some (if not all) of their chips off the table and shift their
“business” assets into more diversifiable “liquid” assets.
› Below are some compelling statistics surrounding baby boomers:
› A survey by another international accounting firm, one third (33%) of global businesses are planning
a sale in the next 2 years, and over 50% selling within the next 10 years.
› Ninety percent of all businesses with employees are family owned, and one-third of Fortune 500
firms are family controlled.
› Children of baby boomers are less likely to take over the family business as only a third of family
businesses are successfully transferred to the next generation.
› As we are currently experiencing a seller’s market in M&A, this trend could soon see a dramatic shift
as more companies are up for sale.
11. 11
M&A Available Capital
Available Capital
› American companies are sitting on trillions of
dollars worth of cash despite slightly
decreasing from 2013
› Investors have demanded a higher return on
their investment and M&A remains a key
focus to achieve such returns
› Deal flow has slowed in Q3 2014 as
valuations continue to increase in a sellers
market
› Although private equity activity is down from
Q2 2014, PE firms continue to sit on
significant amounts of dry powder which is
required to be put to use in the near future
› If Q4 2014 activity is in-line with this years
previous quarters, 2014 could still set post-crisis
highs for both deal flow and capital
invested
12. 12
M&A Market Deal Activity
U.S. Middle-Market M&A Activity
3,955 3,849 3,866
3,634 3,598
3,314
5,394
4,559
4,409
2,992
2,267 2,514
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 9/13
YTD
9/14
YTD
6,000
# of Transactions - $500M - $1B
# of Transactions - $100M - $499M
# of Transactions - <$100M
Deal Value
5,000
4,000
3,000
2,000
1,000
0
# of Deals
# of Transactions - $500M - $1B 134 143 178 225 120 78 173 151 168 171 120 137
# of Transactions - $100M - $499M 781 795 862 852 598 427 688 760 717 711 511 633
# of Transactions - <$100M 3,040 2,911 2,826 2,557 2,880 2,809 4,533 3,648 3,524 2,110 1,636 1,744
# of Transactions - Middle Market 3,955 3,849 3,866 3,634 3,598 3,314 5,394 4,559 4,409 2,992 2,267 2,514
Deal Value $338 $350 $400 $421 $277 $194 $341 $346 $343 $329 $233 $281
$600
$500
$400
$300
$200
$100
$0
Deal Value
Source: Dealogic and Robert W. Baird
▪ Although it was a slow start to 2014 for M&A, deal volume YTD 2014 is up compared to 2013.
▪ Average number of transactions <$100M from 2004–2012 was 3,192 which was down 33.9% in 2013 to 2,110 deals.
▪ Assuming the current run rate of YTD 9/14 transactions <$100M for CY 2014 will be increase 10.2% compared to CY 2013.
13. 13
M&A Market Deal Valuation
LTM Sep
U.S. Middle Market Enterprise Value to Median EBITDA, EBIT, and Revenue Multiples
Transaction Size 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EV/EBITDA
<$100M 7.6x 9.2x 8.1x 8.5x 7.8x 7.0x 7.0x 8.3x 7.1x 6.8x 7.8x
$100M - $499M 9.0x 9.9x 9.2x 11.2x 11.1x 8.1x 10.1x 9.3x 9.1x 9.5x 9.9x
$500M - $1B 10.3x 10.1x 12.0x 10.8x 10.6x 7.8x 9.0x 9.9x 8.7x 8.4x 8.6x
Middle Market 8.6x 9.7x 9.2x 9.9x 9.5x 7.6x 8.6x 9.2x 8.1x 8.4x 8.8x
EV/EBIT
<$100M 9.6x 10.8x 10.0x 10.8x 10.1x 7.8x 10.3x 11.3x 10.3x 12.5x 11.3x
$100M - $499M 11.7x 13.5x 13.3x 14.5x 13.7x 11.0x 12.2x 12.8x 13.0x 13.7x 13.8x
$500M - $1B 14.0x 13.8x 17.0x 16.1x 13.7x 13.6x 13.4x 12.9x 13.8x 13.6x 11.7x
Middle Market 11.2x 12.4x 12.5x 12.8x 11.6x 9.7x 11.3x 12.1x 11.9x 12.5x 12.5x
EV/Revenue
<$100M 0.95x 0.95x 0.96x 0.92x 0.91x 0.80x 0.94x 1.00x 0.81x 0.83x 0.82x
$100M - $499M 1.34x 1.31x 1.24x 1.27x 1.30x 1.22x 1.24x 1.39x 1.36x 1.43x 1.43x
$500M - $1B 1.33x 1.55x 1.69x 1.51x 1.42x 1.46x 1.56x 1.04x 1.23x 1.36x 1.64x
Middle Market 1.11x 1.10x 1.08x 1.01x 1.00x 0.90x 1.07x 1.14x 1.00x 1.01x 1.09x
Source: Capital IQ and Robert W. Baird & Co.
▪ Deal multiples of EBITDA have remained stable for lower middle market companies and are starting to see a slight
uptick in 2014
▪ Multiples of companies less than $25 million transaction value typically realize a lower multiple range
14. 14
M&A Market Deal Financing
0.9x
3.0x
Middle Market - Debt Multiples
1.0x 1.0x 0.8x 1.1x
2.4x 2.4x 2.6x 2.7x
Equity and Debt Contributions
35.5% 37.0% 37.0% 38.4% 40.3%
13.9% 15.0% 16.1% 12.3% 16.9%
100.0%
80.0%
60.0%
40.0%
20.0%
▪ Middle market debt markets have stabilized, with capital markets and banks showing an appetite for risk with
quality deal attributes
5.0x
4.0x
3.0x
2.0x
1.0x
0.0x
2010 2011 2012 2013 2014 YTD
Sr Debt/EBITDA Sub Debt/ EBITDA
50.7% 48.0% 46.8% 49.3% 42.7%
0.0%
2010 2011 2012 2013 2014 YTD
Equity Sub Debt Senior Debt
15. 15
M&A Current Trends
M&A Current Status
› Deal activity rebounded strongly in Q2 2014 and the uptick is expected to continue
throughout the second half of 2014
› High level of capital in the market place ready to be put to use for both strategic and
financial buyers
› Aggressive financing markets with interest rates at historical lows
› Strong macro-economic conditions has helped renew market confidence
› Low supply and strong demand for quality companies have continued to push multiples
upward
› High competition for sell-side engagements due to limited supply
› Potential success in receiving mandate can be challenging without prior
relationship
16. 16
M&A Future Trends
M&A Future Outlook
› Previously challenging environment starting to pick up again based on recent data.
› Strategic and financial buyers have large cash reserves and excess capital.
› Credit on favorable terms is readily available.
› Demographics point toward greater sell-side transactions, transfers of wealth from the
baby boomer group as they move into retirement age.
› Opportunities in emerging markets.
› CEO confidence seems to be on the rise.
› Increasing valuations.
› China should continue to be a buyer of resources and intellectual property.
› Weaker yen means Japan could be a strong acquirer on international growth.
› Increased deal activity expected in the following sectors:
› Industrial/Manufacturing
› Food & Beverage
› Health Care
› Energy
18. 18
Determining Value
What is a company’s value?
› Traditional seller value expectations
› Country club value (two companies are never identical)
› A number ($5 million for each of four children or what the seller needs to retire)
› Logical (see valuation chart on next page)
› Discounted cash flow model based on projections
› Multiple of EBITDA, revenues, cash flow
› Asset value
› Most logical
› What a buyer will pay for a business, combined with a strategic process to drive
value by maximizing negotiating leverage and competition among buyers
The market will determine value – just like in real estate. A business can be
cleaned up by understanding attributes that drive interest and value.
19. 19
What is the Company Worth?
Bridging Valuation
› Examine key metrics of valuation for
specific industry
› In depth analysis of quality of
customer relationships and
suppliers
› Key end markets served
› Strength of backlog and contracts
› Growth opportunities
› Geography
› Recurring service & revenue
› Analyze non-operating and non-recurring
expenses for potential
add-backs to EBITDA
20. 20
Attributes that Drive Interest and Value
Company Characteristics Increases Value Decreases Value
General Business Attributes
Market Position Industry leader in an identified niche Small player in highly competitive market
Product Differentiation Proprietary and/or branded products, registered IP Commodity products and/or contract manufacturing
Industries Served Attractive, growing, diverse industries Mature, cyclical, concentrated industries
Growth Opportunities Strong organic growth prospects and excess capacity Weak organic growth prospects and nearing full capacity
Infrastructure / Capex Up-to-date, well maintained equipment and technology Deferred maintenance with significant capex required
Financial Attributes
TTM Revenue Over $20 million in annual revenues or large for market Under $20 million in annual revenue or small for market
TTM Adjusted EBITDA Over $3 million in EBITDA or high for market Under $3 million in EBITDA or low for market
Historical Rev. & EBITDA Trends Consistent growth and profitability Declining or volatile earnings, losses or recent turnaround
Asset Base Adequate asset base to support leverage Inadequate asset base to support leverage
Capital Expenditures Low annual capital investment requirements Highly capital intensive
Customer Attributes
Customer Concentration Diverse customer base (no customer > 15% of sales) High customer concentration (customers > 30%)
Recurring Revenue High amount of recurring rev., multi-year customer contracts High customer turnover with low recurring revenue
Length of Relationship Average top customer relationship > 5 years Average top customer relationship < 5 years
Management & Workforce
Management Team Talented young team with desire to continue post sale Key management retiring / leaving after sale
Average Employee Tenure High tenure / low turnover Low tenure / high turnover
Union Non-union workforce Unionized workforce
22. 22
Starting the M&A Process
Seller Advantages
Motivations Buyer Motivations
• Owner succession planning
• No heirs or family transition
• Entrepreneur need of capital or shift
in focus
• Industry consolidation
• Increased geographic reach with
larger partner
• Market value
• Transition to employees
Disadvantages
• Growth through:
• Acquisitions
• Geographic expansion
• Products/Services
• Diversification
• Technological advancement
• Industry consolidation
23. 23
Sale Phases and Timeline
Phase 2
Marketing
Program
Implementation
Phase 4
Contract
Negotiations
Phase 3
Respond to
Buyers
Due Diligence
Phase 1
Education &
Document Prep
› Gather information
about your company
› Review market and
industry data
› Discuss best options
for strategy
› Create Confidential
Information
Memorandum (CIM)
› Develop database of
potential buyers
› Proactively approach
buyers
› Send out teasers and
Non-Disclosure
Agreements (NDAs)
› Manage distribution of
CIMs
› Qualify interest levels
› Respond to buyer due
diligence requests
› Convey company’s
strengths and
opportunities
› Lead pre-negotiations
› Facilitate non-binding
Letter of Intent (LOI)
› Conduct early
negotiations
› Maximize value of
transaction
› Understand and
communicate
economic and tax
considerations
› Negotiate LOI to
address buyer terms
and conditions
› Close successful
acquisition
4 Weeks 6 Weeks 5 Weeks 5 Weeks
24. 24
Sale Process and Timeline
24
# of Weeks
Strategic Planning 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Client / management discussions
Gather business & financial information
Marketing strategy development
Compile buyers list
Materials
Authoring Confidential Information Memorandum (CIM)
Authoring teaser
Create Non-Disclosure Agreement (NDA)
Prepare data room materials
Select phase II buyers
Marketing
Contact buyers
Issue teasers
Issue Confidential Information Memorandums (CIMs)
Buyer follow-ups
Negotiation and Due Diligence
Detailed analysis of buyer
Further negotiate terms and structure
Select preferred buyer
Finalize Transaction
Draft and execute definitive agreement
Conduct due diligence
Close transaction