An overview of the challenges and options business owners in the graphic arts space are facing with the transformation taking place in today's industry.
To be a truly effective chief financial officer, you have to learn to be the champion of strategic discipline. Interviews with leading CFOs at Caterpillar, Philips, Sainsbury's, Verizon, and Wells Fargo bring five traits of the strategic CFO to light: value chain insight, business driver leverage, attention to talent, cultural engagement, and integrity and interpersonal skills.
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.
To be a truly effective chief financial officer, you have to learn to be the champion of strategic discipline. Interviews with leading CFOs at Caterpillar, Philips, Sainsbury's, Verizon, and Wells Fargo bring five traits of the strategic CFO to light: value chain insight, business driver leverage, attention to talent, cultural engagement, and integrity and interpersonal skills.
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.
White papers are a great way to provide your target audience with useful information that establishes you as an expert. Contact Rachael Wachstein to find out more. rwachstein@fishmanpr.com
This Thought Leadership Paper explores how Small and Large companies might work together more effectively by setting out what each side needs to understand about the other. It seeks to communicate what makes a successful collaboration
Overhead as a single indicator of effectiveness and efficiency in the nonprofit sector is being challenged by BBB, Charity Navigator and Guidestar. What key performance indicators can be used as the nonprofit sector evolves from this way of thinking?
Eversheds Report - Streamlining for success: M&A Divestment and Separation Tr...Rafal Wasyluk
Sieć Eversheds opublikowała globalny raport pt. „Streamlining for success: M&A Divestment and Separation Trends". Raport koncentruje się na trendach w zakresie wyjść z inwestycji. Za koordynację polskich prac nad raportem odpowiedzialna była Ewa Szlachetka, partner kierujący praktyką fuzji i przejęć w kancelarii Wierzbowski Eversheds.
Na potrzeby raportu przeprowadzone zostało globalne badanie, również wśród klientów Eversheds. Jego celem było uzyskanie odpowiedzi m.in. na poniższe pytania:
Jakie aspekty separacji lub dezinwestycji oraz ogólnego procesu planowania są największym wyzwaniem?
Jakie są przykłady najlepszych praktyk i rozwiązań w zakresie radzenia sobie z tymi wyzwaniami?
Gdzie poszukiwać obszarów, w których można uzyskać wzrost wartości oraz gdzie można najwięcej stracić w procesie separacji?
Które kwestie prawne są krytyczne dla sukcesu transakcji?
Kiedy prawnicy wewnętrzni będą najbardziej skuteczni w swojej roli?
Jakie są najważniejsze zagadnienia dotyczące różnych grup interesariuszy, w tym zarządu, dyrektorów, zespołu zajmującego się rozwojem korporacyjnym i doradców prawnych?
W jaki sposób w trakcie zbycia chronić wartości zarówno w spółce dominującej, jak i zależnej?
Więcej (ENG): http://www.eversheds.com/global/en/what/services/m-and-a/report-2015.page
In this Closer Look, we examine the tensions between corporate culture, financial incentives, and employee conduct as illustrated by the Wells Fargo cross-selling scandal. In 2016, Wells Fargo admitted that employees had opened as many as 2 million accounts without customer authorization over a five-year period. We discuss the factors that contributed to the scandal, the repercussions for the bank, and its response.
We ask:
• How did the company’s incentive system contribute to the scandal?
• Would the system have worked better if coupled with additional metrics or controls?
• What systems should have been put in place to identify and escalate potential problems earlier?
• What steps should senior management have taken to better contain the fallout?
• Is an inside or outside CEO successor better positioned to help the bank recover?
• How do you maximize the positive contribution that incentives make to culture while minimizing potentially negative outcomes?
Cost vs. Risk: Finding the right balance for hedge fund administrationGrant Thornton LLP
Hedge Funds—Taking a fresh look at operations: How hedge fund managers can engage the right mix of internal, outside and shadow administration. Read the full paper at http://gt-us.co/1rjV3Se
White papers are a great way to provide your target audience with useful information that establishes you as an expert. Contact Rachael Wachstein to find out more. rwachstein@fishmanpr.com
This Thought Leadership Paper explores how Small and Large companies might work together more effectively by setting out what each side needs to understand about the other. It seeks to communicate what makes a successful collaboration
Overhead as a single indicator of effectiveness and efficiency in the nonprofit sector is being challenged by BBB, Charity Navigator and Guidestar. What key performance indicators can be used as the nonprofit sector evolves from this way of thinking?
Eversheds Report - Streamlining for success: M&A Divestment and Separation Tr...Rafal Wasyluk
Sieć Eversheds opublikowała globalny raport pt. „Streamlining for success: M&A Divestment and Separation Trends". Raport koncentruje się na trendach w zakresie wyjść z inwestycji. Za koordynację polskich prac nad raportem odpowiedzialna była Ewa Szlachetka, partner kierujący praktyką fuzji i przejęć w kancelarii Wierzbowski Eversheds.
Na potrzeby raportu przeprowadzone zostało globalne badanie, również wśród klientów Eversheds. Jego celem było uzyskanie odpowiedzi m.in. na poniższe pytania:
Jakie aspekty separacji lub dezinwestycji oraz ogólnego procesu planowania są największym wyzwaniem?
Jakie są przykłady najlepszych praktyk i rozwiązań w zakresie radzenia sobie z tymi wyzwaniami?
Gdzie poszukiwać obszarów, w których można uzyskać wzrost wartości oraz gdzie można najwięcej stracić w procesie separacji?
Które kwestie prawne są krytyczne dla sukcesu transakcji?
Kiedy prawnicy wewnętrzni będą najbardziej skuteczni w swojej roli?
Jakie są najważniejsze zagadnienia dotyczące różnych grup interesariuszy, w tym zarządu, dyrektorów, zespołu zajmującego się rozwojem korporacyjnym i doradców prawnych?
W jaki sposób w trakcie zbycia chronić wartości zarówno w spółce dominującej, jak i zależnej?
Więcej (ENG): http://www.eversheds.com/global/en/what/services/m-and-a/report-2015.page
In this Closer Look, we examine the tensions between corporate culture, financial incentives, and employee conduct as illustrated by the Wells Fargo cross-selling scandal. In 2016, Wells Fargo admitted that employees had opened as many as 2 million accounts without customer authorization over a five-year period. We discuss the factors that contributed to the scandal, the repercussions for the bank, and its response.
We ask:
• How did the company’s incentive system contribute to the scandal?
• Would the system have worked better if coupled with additional metrics or controls?
• What systems should have been put in place to identify and escalate potential problems earlier?
• What steps should senior management have taken to better contain the fallout?
• Is an inside or outside CEO successor better positioned to help the bank recover?
• How do you maximize the positive contribution that incentives make to culture while minimizing potentially negative outcomes?
Cost vs. Risk: Finding the right balance for hedge fund administrationGrant Thornton LLP
Hedge Funds—Taking a fresh look at operations: How hedge fund managers can engage the right mix of internal, outside and shadow administration. Read the full paper at http://gt-us.co/1rjV3Se
Start-ups urged to limit the sale of equity to develop working capital and in establishing product, service or process. A very expensive way to finance a start-up.
Business Valuation in the age of COVID-19.pdfFiyona Nourin
Valuations may be conducted for a variety of reasons, such as Selling or buying the company, Partnership dissolution, Legal disputes, or Succession planning
In virtually every decision they make, executives today consider som.pdfaswrd
In virtually every decision they make, executives today consider some kind of forecast. Sound
predictions of demands and trends are no longer luxury items, but a necessity, if managers are to
cope with seasonality, sudden changes in demand levels, price-cutting maneuvers of the
competition, strikes, and large swings of the economy. Forecasting can help them deal with these
troubles; but it can help them more, the more they know about the general principles of
forecasting, what it can and cannot do for them currently, and which techniques are suited to
their needs of the moment. Here the authors try to explain the potential of forecasting to
managers, focusing special attention on sales forecasting for products of Corning Glass Works as
these have matured through the product life cycle. Also included is a rundown of forecasting
techniques.
Strategic planning focuses largely on managing interaction with environmental forces, which
include competitors, government, suppliers, customers, various interest groups and other factors
that affect your business and its prospects. Your ability as a small business owner-manager to
deal with these groups will vary widely depending on the group and on the timing. Also, you
may be able to get more of what you want from a supplier than from a competitor (although size,
distance, the percentage of the supplier\'s business you represent and your record of
dependability as a customer can affect this relationship). How you manage these and other
relationships is one of the decisions you will make during the strategic planning process.
Because of major changes in the business environment, your familiarity with strategic planning
and your ability to implement it is critical. At one time, business owner-managers assessed the
environment on a continuum that ran between very stable and very unstable. Businesses, such as
the producers of automobiles, furniture and other consumer goods, operated in a relatively stable
and predictable world. This also was true of many service firms, such as banks and savings and
loans. Typically, the environment included competition that was limited to a stable group of
competitors, loyal customers and a relatively slow transfer of information. Many small
businesses could thrive in this environment. Other small investors entered fields such as
xerography, computers and computer component production, software design and chemical
research. Some of these grew rapidly, becoming names with which we all are familiar: Xerox,
IBM, Apple and Microsoft. But many more failed.
Today, experts agree that more businesses face an unstable business environment. Improvements
in information processing and telecommunications have made major changes in most industries.
Along with this, improvements in transportation and the growth of foreign economies
(specifically in Europe and Asia) have created a global marketplace and redefined certain
industries. In addition, as consumers are exposed to more choices, loy.
An Insider’s Guide to Acquisitions for the Mid-sized Company - Part 3 of 9Brad D. Cherniak
Part 3 of our series on acquisitions for the mid-sized private technology or tech-enabled service company:
'Finding a partner when the playing field is tilted' - Next to good luck or kismet, process discipline is key to effectively finding your business's soul mate.
. . .
Thinking of making an acquisition as a mid-sized private technology or tech-enabled service company?
- A 9-part series from Sapient Capital Partners.
The Art and Science of Valuing Private CompaniesBrad D. Cherniak
- Thoughts for early- to growth-stage to mature private technology and technology-enabled service companies.
A white paper from Sapient Capital Partners.
This is an abbreviated version of Carl Sheeler's Pulse blog on Linkedin, 'What is your risk vs. opportunity optics?' The purpose of this material on Optics and the presentation about the 'Business Owner Paradox are inter-related.
What impact does Customer Management have on Business PerformanceDoug Leather
We know intuitively that managing the customer portfolio well leads to improved business performance. This slide deck shares important insights into what makes customer management work and how to measure it. This is based on research done by QCi (the main players now with The Customer Framework Ltd) and although I put this deck together 6 years ago I was astounded as to how relevant the thinking still is. The sad reality is that Customer Management capability hasn't improved very much over the years (in the majority of cases, hence we are still subject to inconsistent and poor customer experience) yet it remains a topic that is spoken about and focussed upon by many organisations. The difference that I find today versus 7 or 8 years ago is that MORE people talk about customer management than previously, however I don't se much improvement in the understanding of what it involves or much improved capability in operationalizing customer centric business.(this is a generalised statement)
Every industry has examples of entrenched and successful incumbents who were simply blind-sided by changes in their business. There are just as many examples of entrepreneurs who were undone by a lack of awareness of their competitive position. How do leaders recognize typical blindspots and what can they do to put in place structures and mechanisms to mitigate them?
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)
How one professional firm went from start up to $65 million in 10 years. Organizational design matters when it comes to growing and developing professional staff.
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
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
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Farman Ayaz Khattak and Ehtesham Matloob are government officials in CTW Counter terrorism wing Islamabad, in Federal Investigation Agency FIA Headquarters. CTW and FIA kidnapped crypto currency owner from Islamabad and snatched 200 Bitcoins those worth of 4 billion rupees in Pakistan currency. There is not Cryptocurrency Regulations in Pakistan & CTW is official dacoit and stealing digital assets from the innocent crypto holders and making fake cases of terrorism to keep them silent.
FIA officials brutally tortured innocent and snatched 200 Bitcoins of worth 4...
Business Value Enhancement
1. Refine Your Business at the
Continuous lmprovement Conference
April 7-10
Indianapolis, lndiana
Fr3E pnrnnnc
E INDUSTRIES
E OFAMERIGA
Your National and
Local Resource
2. Business Value Enhancement:
Gary W. Ampulski, Ph.D., Managing Partner, Midwest Genesis
What's an Owner to Do?
Most business owners have spentthe majority of their lives working
in their business and take precious little time to work 0n their busi-
ness. Even dedicated and talented employees don't understand or
grasp the risk an owner takes t0 start and grow a business. lt is true
that success requires a skilled, highly motivated team ofprofession-
als to make a business thrivg but the responsibility and financial
exposure undertaken by the owner cannot be fully appreciated by
those who have never personally guaranteed an equipment pur-
chase, negotiated with a bank for a working capital loan, or made
the personal sacrifices often needed to meet a payroll. The phrase
"it3 lonely at the top" is not an organizational clichd, especially
when the owner faces a survival decision or a potential exit. The
only time there is true recognition for the risk taken by an owner is
when the business is sold or transfened.
The Statistics Are Frightening
The Department of (ommerce data has shown an erosion in the
number of commercial printing establishments since 2002. lndus-
try economists have reported that in the last five yearl more than
6,500 commercial printing establishments have ceased to exist and
they say another 5,000+ are forecast to g0 away in the next five
years. These are notjust the very small shops but establishments 0f
all sizes. This equates t0 more than $1.5 billion of value per year on
average that is being transferred or lost. With so many commercial
printing companies going out ofbusiness, there is understandable
empathy for the employees who are displaced. But the owners are
the real tragedy in this situation. How can they get recognition for
the risks they have taken when the company goes out of business?
5houldn'tthey get maximum value for their life's work?
What Determines Value?
There are many factors that determine the value of an enterprise.
ln fact, there is a whole science dedicated to the business valuation
process. The most common factors investment bankers focus on are
internal-size, profit generation, historical groMh, and product/
service mix. But there are others-quality of the customer base,
management team, capital expense requirements, etc.-more
than fifty considerations in all. Many ofthese are influenced further
by external factors that impact the industry space in which the busi-
ness operates. For examplg commercial printers are impacted by
the economy, technology, and user preferences perhaps more than
any other industry. The downward pressure these factors have influ-
enced on the industry3 overall investment attractiveness (com-
monly refened to with public companies as the"lnvestment Beta")
and resulting business valuations have been significant. Some say
they represent a "perfect storm"that a business owner must navi-
gate t0 preserve and optimize value.
Print ls Not Dead
Print is not dead-not by a long shot. ln fact, in a recent article
in USA Today, "Don't write off print ads ju$ yeti Michael Wolff
reported that, surprisingly, the value of print is recognized by
some of the top leading technology companies, Apple and Google
among them. And others such as IKEA, LEG0 Ray-Ban, Old Spice,
and Harley-Davidson continue to spend heavily on print. 5o what's
the problem? Some blame the ad agencies for making the creative
and copywriting elements of the communication a lost art. They say
there3 too much focus on how their clients'video and digital-based
advertising performs. Meager returns 0n advertising investment
influence the price the client is willing to pay, making "the agency
business one ofthe most unhappy, maligned, and low margin out-
posts of the media worldi according to Wolff.
And yet, the pressure on the economics of print media continues
mostly because those selling it can't represent its value effec-
tively. Yes, technology, operational effciency, systemt and skills
are important in managing costs and preserving margins. But it
is well known that the real value of print is how it interacts with
other forms of media and the value-added services required in the
communication process for a specific message to be truly relevant
to a very targeted audience. lndustry providers who understand
this and offer customers solutions that address it have found a way
3. to succeed in an industry that is eroding, and their business per-
formance represents "best-in-class" growth and profitability. Those
who don't are resigned to be swept up by industry consolidation,
disappointment, and liquidation driven by elements 0fthe perfect
storm. But the fact is, the commercial print industry is not dying.
It's being reconfigured, and those changing the mix are enjoying
the benefits.
ls Reinvesting the Only Option?
The real purpose of any business is to create value for the share-
holders. Everything else comes from that. When value is not contin-
uously being created, the future is anything but bright. With all the
dynamics that are taking place in the printing industry and todayS
economy, does the path forward have to be either reinvest or die?
And what ifan owner can't reinvest? ls the business relegated to so
much value erosion that corporate death is a near-term certainty?
Where is the value in a business that is dedining? Rarely can value
be realized without a complete understanding ofthe owner3 objec-
tives, an honest assessment 0f what the business is worth, and a
good plan developed for what can be done to improve it. With this,
value can be increased-even in a declining business-and the
results can be significant. Without it, there is wasted time, frustra-
tion, and more often than not, a busted process.
5o what's a printer to do? What decisions need to be addressed?
What investments are required? What new services need to be
offered? How much time and risk is involved? What priorities need
to be established, and where do you begin? All critical questions
to which there is one common, unsatisl,ing answer:"lt depends."
lndustry pundits have for the last several years espoused the
importance of reinventing yourself with value-added services. So
too have technology providers by advancing the state ofthe art in
"mark on paper," process innovation, and value-added services.
But any industry in transition requires investment to survive-
investment that often involves personal risk and drives self-
obsolescence in order t0 preserve the overall business and the
client relationships that took s0 long to develop and are becoming
increasingly difficult to retain. ln many ways understanding how all
the issues interact t0 impact a business and developing a strategy
to address them may be the most important element of all when it
comes to enhancing the value ofa particular enterprise.
Value ls a Dependent Variable
Another critical considerati0n in the value assessment process is
that value is not an independent variable. Value depends on who
is assessing it and for what reason. Morket volue, investment vnlue,
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4. all have different meanings. Each has its purpose, methodology,
rules, and authorities for determining how it is established and
what it is. Each yields a different outcome for both buyer and seller.
The only value that is appropriate for a business is the one that is
dependent on the owner's motives for the transfer of the business.
A family business that moves ownership from one generation t0
another will have a different criteria for determining value than one
that is transferred to the employees (through an ES0P) or one that
is sold to another industry player (with redundant costs that can
be taken out 0fthe combined entity) 0r one that is supported by
a financial partner as part of a recapitalization. 0nce the owner's
motives are understood, the methodology and resulting value can
be established. The availability of debt, equity, seller financing,
contingent payouts, and management contracts, as well as tax
regulations, also play a key role in what the buyer is willing to offer.
And from the sellerS perspective, it is not what the business sells for
but what the owner gets that really matters.
0f course, there are other value notions that have far less structure
and discipline. There is the proverbial "country club value" or what
an owner perceives his business is worth based on what one ofhis
golf buddies claimed to have gotten for his business. Another is
"historical value" and is based on what someone might have sug-
gested at some time in the past (usuallyjust before the financial
meltdown). And there is the "emotional value," or what the seller
prides himself in believing the business is worth. The inelevance of
these perceptions and dangers they represent can be catastrophic
in launching a process that precedes a transaction. At the very least,
they can cause confusion, unrealized expectations, and certain dis-
appointment for the uninformed.
ln the final analysit there are three major factors that must be in
alignment in order for value to be optimized for any enterprise.
Beyond the buiin ess and finonciol markel conditions there are per-
sonal considerations.
Even ifa business is growing and approaching peak operating and
financial performance, and the debt and equity markets are condu-
cive to supporting an ownership transfer, if the business owner is
not psychologically ready to sell and personally looking forward to
moving on, the transaction will not likely be completed.
0fthe three conditions for a sale, "personal readiness ofthe owner"
probably causes more deals to fail in the end than any other. lt
is one that is the most frustrating since it usually only becomes
evident after considerable time has been invested in working
through the details (and due diligence) of a transition. lf an owner
doesn't precisely know what he or she will be doing the day after
the business is to be transfened, they are probably not really ready
t0 exit. There are numer0us intermediaries that can help determine
where the business is in its life and demonstrate the cyclic nature of
the financial markets to accommodate a transaction and still others
that can work to improve the operations, but the personal factor is
something only the business owner can really assess. lt is not some-
th ing that can be done overnight. lt takes seri0us thought, delibera-
tion, and time to process.
5o how does a business owner improve the value of his life3 work
while trying t0 captain the ship through the squalls in a sea of
options that is constantly rocking a boat that might be taking on
water? Not an easy task. Best advice: consult with someone experi-
enced in the industry and trained t0 ask all the right questions. This
person should lay out the alternatives and assemble a team to plan
and implement the appropriate combination of actions needed
specifically for your unique situation. You may not have the time
to do this 0n your own. There is too much at stake to try, and you
probably shouldn't.
Gory W. Ampulski, Ph.D., CM&AA, CEPA is a seosoned operoting executive
with experience in stntt-ups, joint ventures, internnl gtlwth, clrplrlte
development, turnorounds, workout, ond M&A trlnslctions. During the
lost eight yeors, Anpulski has ndvised privlte equity groups, lenderc, and
middle norket business owners on strotegic planning, 0pernting inprove-
nent, ond business volue enhoncenent. Mr. Ampubki holds a 85, MS, ond
Ph.D. in physksfrom the University 0f Michigon. He hos received certification
credentiols as o Merge$ nnd Acquisitiln Advisor ((M&AA) fron the Alliance
of Mergers ond Acquisition Advisors" ond on txit Plonning Advisor (CEPA)
fron the Exit Pl1nning lnstitute. He con be reached ot 847-573-9966 or
g on p u I ski6 eorth Iin k. n et.
Gary W. Ampulski
PhD, CM&AA, CEPA
Managing Partner
{ Uiawest Genesis
www. mldwestgenesls. com
601 E. Saddlebrook Ln. O: (847)573-9966
Vernon Hills, lL 60061 F: (847) 573-9988
gampulski@midwestgenesis.com Mt (8471323-94f7