Finance trends Modernizing finance in private companiesDeloitte Canada
Finance trends: Modernizing finance in private companies is based on a survey of Canadian CFOs and finance leaders conducted in the summer of 2016. The report examines the current roles of finance, and the capabilities both CEOs and CFOs expect their finance teams to have within the next few years. The report also offers a framework to help CFOs evaluate their finance teams' current capabilities and identify the core competencies they will need to help their companies successfully manage a disruptive event.
True or False? 10 M&A assumptions private companies should be testingDeloitte Canada
The state of our economy shouldn’t be reason for private companies not to pursue mergers and acquisitions. Any deal can carry risk at any time. What matters is how you manage it.
Modernizing Finance: Why the time is now and how Finance can get thereDeloitte Canada
CFOs need a plan that moves Finance from its current role to its future one, which will often require building capabilities in three key areas: finance insights, financial close and forecasting.
Finance trends Modernizing finance in private companiesDeloitte Canada
Finance trends: Modernizing finance in private companies is based on a survey of Canadian CFOs and finance leaders conducted in the summer of 2016. The report examines the current roles of finance, and the capabilities both CEOs and CFOs expect their finance teams to have within the next few years. The report also offers a framework to help CFOs evaluate their finance teams' current capabilities and identify the core competencies they will need to help their companies successfully manage a disruptive event.
True or False? 10 M&A assumptions private companies should be testingDeloitte Canada
The state of our economy shouldn’t be reason for private companies not to pursue mergers and acquisitions. Any deal can carry risk at any time. What matters is how you manage it.
Modernizing Finance: Why the time is now and how Finance can get thereDeloitte Canada
CFOs need a plan that moves Finance from its current role to its future one, which will often require building capabilities in three key areas: finance insights, financial close and forecasting.
This was a presentation made to elected councillors who wanted some advice about questions they could ask when scrutinising their council's budget. I think, however, that the questions could be asked by any stakeholder about a budget.
Thinking about launching a hedge fund or looking to grow your fund's assets faster? Find out why some funds raise capital faster than others.
Note: Content is targeted to hedge funds, but the information is applicable to other types of asset managers.
With growth slowing and cash getting tighter, now is the time to reduce the working capital tied up in receivables.
In the first of two China papers we focus on reducing trading risk and freeing up cash from receivables. In the second, we suggest that uncertainty can be exploited to grow market share and profitability.
Planning how to transition out of your business is a critical decision for executives and entrepreneurs. If you’re considering selling the business – either to external or internal interests – get a head-start on the process with these questions you’ll want to have or find answers for if you decide to sell.
Bob Pearson • Transamerica Financial Advisors Inc.
- Experts need experts: 10 questions to ask third-party money managers by Kellye Whitney
- Do record margins pose market threat?
- “Rule of 240” compounding by Ron Rowland
- Hot-button topics drive seminar attendance (Matthew Gaude, FSC Securities)
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
DocSend Fundraising Research: What we Learned from 200 Startups Who Raised $360MDocSend
Why do some startups get funded? What makes for the best pitch? How does the process work?
DocSend recently teamed up with Professor Tom Eisenmann from Harvard Business School. Together, we conducted research that gave us the answers to those questions. We studied the fundraising of 200 startup companies as they went through their Series Seed and Series A rounds. Altogether, these companies raised more than $360 million.
Why this data is awesome:
Fundraising is a historically opaque endeavor. There’s very little data available and most advice tends to be anecdotal. DocSend is in the unique position of being able to quantitatively analyze the interaction between founders and investors, and tie that to fundraising outcomes in a statistically meaningful way.
Why we built this report:
DocSend aims to help companies share documents in a smarter, safer, and more impactful way. We believe this research is in service of that mission and can help push the startup ecosystem forward as a whole.
Background on DocSend:
DocSend helps sales people track and control documents they send to clients. We’ve also become very popular amongst founders in the fundraising process. Hundreds of startups have used our platform to circulate pitch decks to investors.
Ready to ditch email attachments and put your pitch materials to work for you?
Sign up for a free plan at docsend.com
CreativeCap Advisors is a marketing and investor relations consultancy with extensive knowledge and expertise on the investment management industry. The firm works extensively with newly launched funds to more established managers in helping to solidify their market position and attract new capital. The breadth of service offerings is a testament to the firm’s 360° approach to marketing and investor relations. It is complimented by a dedicated team who are focused on bringing their clients’ business to the next level. The firm takes a holistic approach to reviewing each business and generates a cohesive strategy tailored to each specific client. Through our affiliate networks around the world, the firm excels at elevating and positioning each fund in becoming the most attractive to varying types of capital. CreativeCap Advisors at the core is a business designed to assist and integrate with investment management firms by working alongside C-level executives who are seeking to further expand their business.
Contact For More Information: Tyra Jeffries, Founder + CEO | tyra.jeffries@creativecapadvisors.com
Tendances financières Moderniser la fonction finance dans les sociétés privéesDeloitte Canada
Le rapport Tendances financières : moderniser la fonction finance dans les sociétés privées s’appuie sur un sondage effectué auprès des chefs des finances et des leaders de la fonction finance au cours de l’été 2016. Ce rapport examine les rôles actuels de la fonction finance ainsi que les capacités auxquelles les chefs de la direction, les chefs des finances et les leaders de la fonction finance s’attendront de la part de leurs équipes des finances au cours des prochaines années. Le rapport offre également un cadre de travail pour aider les chefs des finances à évaluer les capacités actuelles de leurs équipes des finances et à déterminer les compétences de base qu’elles devront avoir pour soutenir l’entreprise dans sa gestion d’événements perturbateurs.
This was a presentation made to elected councillors who wanted some advice about questions they could ask when scrutinising their council's budget. I think, however, that the questions could be asked by any stakeholder about a budget.
Thinking about launching a hedge fund or looking to grow your fund's assets faster? Find out why some funds raise capital faster than others.
Note: Content is targeted to hedge funds, but the information is applicable to other types of asset managers.
With growth slowing and cash getting tighter, now is the time to reduce the working capital tied up in receivables.
In the first of two China papers we focus on reducing trading risk and freeing up cash from receivables. In the second, we suggest that uncertainty can be exploited to grow market share and profitability.
Planning how to transition out of your business is a critical decision for executives and entrepreneurs. If you’re considering selling the business – either to external or internal interests – get a head-start on the process with these questions you’ll want to have or find answers for if you decide to sell.
Bob Pearson • Transamerica Financial Advisors Inc.
- Experts need experts: 10 questions to ask third-party money managers by Kellye Whitney
- Do record margins pose market threat?
- “Rule of 240” compounding by Ron Rowland
- Hot-button topics drive seminar attendance (Matthew Gaude, FSC Securities)
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
DocSend Fundraising Research: What we Learned from 200 Startups Who Raised $360MDocSend
Why do some startups get funded? What makes for the best pitch? How does the process work?
DocSend recently teamed up with Professor Tom Eisenmann from Harvard Business School. Together, we conducted research that gave us the answers to those questions. We studied the fundraising of 200 startup companies as they went through their Series Seed and Series A rounds. Altogether, these companies raised more than $360 million.
Why this data is awesome:
Fundraising is a historically opaque endeavor. There’s very little data available and most advice tends to be anecdotal. DocSend is in the unique position of being able to quantitatively analyze the interaction between founders and investors, and tie that to fundraising outcomes in a statistically meaningful way.
Why we built this report:
DocSend aims to help companies share documents in a smarter, safer, and more impactful way. We believe this research is in service of that mission and can help push the startup ecosystem forward as a whole.
Background on DocSend:
DocSend helps sales people track and control documents they send to clients. We’ve also become very popular amongst founders in the fundraising process. Hundreds of startups have used our platform to circulate pitch decks to investors.
Ready to ditch email attachments and put your pitch materials to work for you?
Sign up for a free plan at docsend.com
CreativeCap Advisors is a marketing and investor relations consultancy with extensive knowledge and expertise on the investment management industry. The firm works extensively with newly launched funds to more established managers in helping to solidify their market position and attract new capital. The breadth of service offerings is a testament to the firm’s 360° approach to marketing and investor relations. It is complimented by a dedicated team who are focused on bringing their clients’ business to the next level. The firm takes a holistic approach to reviewing each business and generates a cohesive strategy tailored to each specific client. Through our affiliate networks around the world, the firm excels at elevating and positioning each fund in becoming the most attractive to varying types of capital. CreativeCap Advisors at the core is a business designed to assist and integrate with investment management firms by working alongside C-level executives who are seeking to further expand their business.
Contact For More Information: Tyra Jeffries, Founder + CEO | tyra.jeffries@creativecapadvisors.com
Tendances financières Moderniser la fonction finance dans les sociétés privéesDeloitte Canada
Le rapport Tendances financières : moderniser la fonction finance dans les sociétés privées s’appuie sur un sondage effectué auprès des chefs des finances et des leaders de la fonction finance au cours de l’été 2016. Ce rapport examine les rôles actuels de la fonction finance ainsi que les capacités auxquelles les chefs de la direction, les chefs des finances et les leaders de la fonction finance s’attendront de la part de leurs équipes des finances au cours des prochaines années. Le rapport offre également un cadre de travail pour aider les chefs des finances à évaluer les capacités actuelles de leurs équipes des finances et à déterminer les compétences de base qu’elles devront avoir pour soutenir l’entreprise dans sa gestion d’événements perturbateurs.
There are several key traits that Canada’s Best Managed Companies share, enabling them to excel in the marketplace. How do you build a Best Managed company? Read further to learn the strategies that private companies have adopted to thrive in today’s changing conditions.
Moderniser la fonction finance : Pourquoi il importe d’agir maintenant, et co...Deloitte Canada
Les chefs des finances ont besoin d’un plan qui aidera la fonction finance à faire la transition entre son rôle actuel et son rôle futur. Souvent, il faudra approfondir les compétences dans trois domaines clés : les perspectives financières, la clôture financière et les prévisions.
The Deloitte M &A Index Q4 2015 infographicDeloitte UK
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
Simplifying M&A Consolidation | Salesforce Mergers and Acquisitions: Deamforc...Jade Global
Dreamforce 16: Simplifying M&A Consolidation
October 5th at 9:30AM, Cloud Expo: Partner Theater 2.
by Jai Kumar And Stella Sy
For more details, please visit: http://www.jadeglobal.com or contact us at marketing@jadeglobal.com
Matière de présentation de l’information par les sociétés : Explorer la nouve...Deloitte Canada
Quand plus veut dire moins. Explorer la nouvelle tendance en matière de présentation de l'information par les sociétés - Part 3 : Perspectives d'avenir
Vrai ou faux? Dix hypothèses sur les F&A que les sociétés privées devraient r...Deloitte Canada
L’économie actuelle ne devrait pas empêcher les sociétés privées de réaliser des fusions ou des acquisitions. Une transaction est toujours risquée. C’est la gestion des risques qui importe.
Selling a Private Company: An Executive Guide to Help Prepare and Manage a Pr...Fenwick & West
In this presentation, Fenwick & West partner Kris Withrow highlights the process and negotiation strategies that drive value and the key steps and hot-button issues that ensure there are no skeletons in the business that could leave your team or counsel flat-footed.
Buyers want a business with a proven track record of consistent financial performance with solid, growing revenue and earnings. Yet most businesses are rather flabby when it comes to fiscal fitness. Focusing on the top financial drivers of business value will make it easier to sell your business and get you more money - then as well as now. Many businesses are dependent on the owner for success. If you want to add value, be sure you have systems running the business and a great team running those systems. Like financial and organizational factors, operational factors can add or take away value.
Fund Raising, an art, not mastered by all the founders. About 90% of the startup fails to convert their business plan into investor consent. What are the steps followed by remaining 10% who succeed in closing the deal? What are the “Does & Don’t’” to be followed by a Startup- to raise fund from investors? What are the measures/precautions to be followed by startup to be picked by investors? Many a times, investor may agree preliminary, however, at a later stage they refused to move ahead, even the additional concessions offered do not motivate the investors. There are several questions which a founder had to face but failed to knock the right opportunity.
Roadmap to Selling a Business or Taking on Outside InvestorsFinancial Poise
Part of the webinar series: BUSINESS ADVICE - FROM STARTUP TO SALE 2021
A Startup is the Founders’ baby - they dream it, created it and worked tirelessly to make it successful. Deciding it may be time to sell all or part is the easy part - acknowledging and addressing the financial and emotional issues can be challenging.
Negotiating with potential buyers or investors is time intensive, to say the least. Positioning a business for a value maximizing transaction requires planning. What professionals need to be engaged? How do the parties come to a valuation? What is the profile of the likely investor or buyer? These are just some of the questions this webinar addresses.
Selling to the Oil & Gas industry. 10 RulesMark LaCour
Come learn the 10 rules you need to know, to successfully sell to the Oil and Gas industry. Brought to you by the Oil and Gas sales experts at modalpoint.
Les changements, souvent accélérés, que nous avons mis en lumière dans les prédictions des technologies, médias et télécommunications de 2019 sont nouveaux, importants et, de façon générale, ne font pas l’unanimité.
The changes—often rapid changes—we track in this year’s Technology, Media and Telecommunications Predictions report are new, important, and usually counter-consensus.
Les véhicules à freinage automatique, l’apprentissage machine sur les appareils mobiles, la biométrie sur votre téléphone intelligent, et le système de navigation intérieure précis sur plusieurs mètres sont quelques-unes des innovations et perturbations qui transformeront le monde en 2017 et pour les années à venir.
Les Prédictions annuelles TMT de Deloitte identifient les principales tendances en matière de technologies, de médias et de télécommunications qui auront une incidence marquée au cours des 12 à 18 prochains mois.
Self-braking cars, machine learning on mobile devices, biometrics on your smartphone, and indoor navigation accurate up to a few metres are some of the innovations and disruptive changes set to transform the world in 2017 and beyond.
Deloitte’s annual Technology, Media and Telecommunications (TMT) Predictions report identifies the key market developments and trends expected to impact the market over the next 12-18 months.
Tendances relatives au capital humain en 2016 : Le leader canadien est-il déc...Deloitte Canada
Il faut revoir la conception de nos organisations et nos modes de travail. Pourtant, les répondants canadiens au sondage de Deloitte Tendances relatives au capital humain en 2016 s’occupent plutôt d’engagement et de culture. Pourquoi nos leaders sont-ils déconnectés des besoins de leur entreprise?
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
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2. So, you’ve decided to pursue an acquisition
You’re poised to strike a deal.
Market volatility, depressed
commodity prices, and a low
Canadian dollar are no deterrent
– you see the opportunity while
others sit on the sidelines.
You have one or more targets in
your sights, and your finger is on
the trigger.
There’s really only one
question to answer . . .
3. Are you ready?
Seizing the right opportunity is hard work. A successful M&A deal depends
on many critical factors. Are you confident you have:
Easier said than done? Maybe.
Here’s how to do it . . .
Identified the right target that fits
within your M&A strategy?
Secured the appropriate resources
and expertise to execute the deal?
Devised a sure-fire plan to
seamlessly integrate the target?
4. 1. Tone from the top
A clear M&A strategy will articulate your growth priorities and how you will
succeed within your competitive landscape while still staying true to your
overall corporate strategy.
Your M&A strategy will drive your investment approach and filter throughout
your M&A lifecycle from target screening through to due diligence and
integration.
Now let’s get a bit
more disciplined
on this. . .
5. 2. There are plenty of targets in the gallery
A structured approach will make sure
you stick to your strategy, define your
acquisition criteria, and find the right fit.
Patience is a virtue, but so is decisiveness.
Which is not to say you
shouldn’t still . . .
While it may be tempting to hold out until conditions seem to guarantee you’ll
hit the bull’s-eye, good deals are hard to find.
6. 3. Approach with caution
Now that you’ve found the right
target, full steam ahead, right?
Not exactly.
Slow down – check your blind
spots and start gathering the
right information. Get to know
the company, the upsides and
the downsides, and start to
assess the indicative value as a
baseline for negotiations.
However, a lot of
targets move – so don’t
wait too long before
you pull the trigger . . .
7. 4. Zero in on the right price
You’ve done your initial homework and now you need to make some
important decisions. What is this business worth? How will you fund the deal?
Identify potential synergies early, but
be careful not to let them impact your
negotiating mindset and position. While
reflecting potential upside, synergies are
hard to achieve and are typically diluted
due to costs and execution risk.
8. Also understand the seller’s preferences and expectations. You may need to
be creative to bridge value gaps through vendor notes or earn-outs, which
can also be used to mitigate risk. And you might need to consider raising
funds with a bank or private equity firm in order to facilitate the transaction.
The point is: be clear on
what you are buying and
what you are paying.
Put a strong offer on the
table to get to the next
stage, but leave room for
negotiation . . .
4. Zero in on the right price
(Cont.)
9. 5. Time may not be on your side
Congratulations – your letter of intent is signed but now the clock starts
ticking and there’s much work to be done before your exclusivity expires.
This will likely include integration planning, which shouldn’t be left until
it’s time to actually integrate.
Due diligence, meanwhile, needs to be swift,
but you only have one shot at getting it right.
Do you have the right team to execute in a short
window? Is your diligence coordinated across
multiple work streams to address key risks and
value drivers, and to validate your deal
assumptions . . .?
10. 5. Time may not be on your side
(Cont.)
Diligence execution is within your control –
don’t let an incomplete process get in the
way of a successful transaction.
Now you need to run a few things to
the ground . . .
11. 6. Scrub thoroughly
The target’s numbers may look clean
at first glance but they need a proper
scrub before you let them hang to dry
in your model.
The quality of the company’s earnings
needs to be carefully scrutinized.
Private businesses often have related
party transactions, owner-manager
compensation, and other expenses
that may not represent market value.
12. 6. Scrub thoroughly
(Cont.)
After spending time in the weeds,
you still need to look up and out . . .
You need to strip away all the noise to
truly understand the target’s normalized,
sustainable earnings. Equally important is
sufficient rigor to uncover any hidden costs
or contingencies that could otherwise spell
very unpleasant post-deal surprises.
Understanding the working capital
requirement will be key to making sure the
vendors leave you with adequate working
capital to fund the business post-closing
13. 7. Watch out for headwinds
Unexpected changes in the macro environment
like commodity price declines, foreign exchange
fluctuations, disruptive technologies, supply gluts,
and changing demand patterns can wreak havoc.
External headwinds can be a deal-breaker.
Commercial and customer due diligence is crucial
to understanding and quantifying the impact of
market factors and customer spending decisions
on the target’s financial performance.
Now you need to think about
getting the house in order . . .
14. 8. Don’t forget about the tax structure
There is often a natural push and pull between buyer and seller on the
optimum tax structure – you want this to be tax-efficient and to protect against
exposures, while the vendor wants to avoid adverse tax impacts and minimize
transaction tax costs.
15. 8. Don’t forget about the tax structure
(Cont.)
Simplifying the corporate structure may also facilitate a smoother transition
and alleviate post-acquisition headaches. On the other hand, a more
complex structure may help you maximize the after-tax return on your overall
investment.
But if you thought tax
was hard, this will be
harder . . .
Agreeable middle ground
can be negotiated – the
challenge is to find the
right balance.
16. 9. Making the hard call
Retention of key management and
employees is paramount. As the buyer,
do you have the resources you need
to manage this new business? Does
the target? What about when you
put the two teams together? Should
organizational restructuring be on the
table? How will you ensure alignment
of goals with top talent?
17. 9. Making the hard call
(Cont.)
These questions and more must be
asked – and answered. You need
to be confident you will have the
management capabilities required post-
transaction. Use the best both sides
have to offer – but be wary of potential
redundancies, change of control costs,
and other conflicts.
Tough choices are often part of the
game. Expect to make them.
Now it’s time to make sure everyone
is aiming in the right direction . . .
18. 10. Get your stakeholders on board
You’re getting close, it’s time
to put pen to paper . . .
You must ensure the majority of your stakeholders – family members,
management teams, other shareholders, key customers, etc. – are out of the
line of fire and supportive of any deal you’re considering.
This alignment is crucial. Dissenting views and dysfunctional groups should
be managed in advance. Avoid any eleventh-hour surprises that may put the
deal in jeopardy.
19. 11. The last line of defense
All of your due diligence findings should be captured in the
negotiation of the purchase agreement. Purchase price adjustment
mechanisms, indemnities, representations, and warranties
can all act as safeguards against potential exposures.
Traditional completion accounts will have adjustment mechanisms
for net working capital and net debt. You need to invest the time
to properly assess historical trends, set definitions, and negotiate a
working capital target to ensure you are properly compensated for
any working capital shortfalls or avoid overpaying in the event of
higher than normal levels at close.
Don’t break out the champagne just yet,
though. One more step to go . . .
20. 12. Bringing it all together
The final stage in a transaction is the most imperative. A poorly planned and
managed integration is the most common reason for deal failure.
The complexity of Day One and end-state integration will vary depending
on the target and whether the acquisition is a tuck-in or transformational.
Synergies and any step-up costs also need to be carefully considered to assess
how they might impact your strategy.
Solid execution of your plan during those ever-
critical first 100 days demand your team’s full
attention in order to achieve the value you expect.
Looks like you’re getting
the handle on this . . .
21. Now you’re getting closer to preparing
for a successful close
For more information . . .
After all, even ‘friendly
fire’ has potentially dire
consequences.
So, take a little care and
pay attention to the details.
When you do, your aim is
more likely to be true.
When you’re finally ready to shoot, you want to be confident you’re going
to hit exactly where you’re aiming.