The document provides an introduction to The McLean Group, a middle-market investment bank. It discusses the services they provide, including mergers and acquisitions, corporate finance, business valuation, market intelligence, and exit planning. It also summarizes their presence across North America, with 30 offices located in various cities. The objectives and an overview of the presentation are then outlined, covering topics such as defining the middle market, different types of buyers, business valuation approaches, and the M&A process.
Insight of Valuation: Corporate Valuations Team of Corporate ProfessionalsCorporate Professionals
An article on Corporate Valuations, Business Valuation Approaches, Methods of Business valuation- DCF Valuation, RBI Valuation, Valuation for IT Sector, Enterprise Valuation
Beamonte Investments is one of the world’s leading investment and advisory firm. Beamonte Investments seek to create long-term value for its investors, the portfolio companies and the companies it advises. Beamonte Investments provides various financial advisory services, including investment banking advisory, financial and strategic advisory and fund placement services. Beamonte alternative businesses includes the management the private equity funds, real estate funds and credit oriented strategies.
Sprung Investment Management - Navigating Your Wealth Management Options
This presentation has been created to help you decipher your investment options
and determine if Sprung is the right advisor for you. In it we will cover...
Insight of Valuation: Corporate Valuations Team of Corporate ProfessionalsCorporate Professionals
An article on Corporate Valuations, Business Valuation Approaches, Methods of Business valuation- DCF Valuation, RBI Valuation, Valuation for IT Sector, Enterprise Valuation
Beamonte Investments is one of the world’s leading investment and advisory firm. Beamonte Investments seek to create long-term value for its investors, the portfolio companies and the companies it advises. Beamonte Investments provides various financial advisory services, including investment banking advisory, financial and strategic advisory and fund placement services. Beamonte alternative businesses includes the management the private equity funds, real estate funds and credit oriented strategies.
Sprung Investment Management - Navigating Your Wealth Management Options
This presentation has been created to help you decipher your investment options
and determine if Sprung is the right advisor for you. In it we will cover...
Getting a Great Sale Price for Your CompanyMark Ostryn
Full video presentation available at strategiccompanysales.com
In this video presentation, Mark Ostryn from Strategic Company Sales (strategiccompanysales.com) a Sydney based business broker discusses the key methods for maximising the sale value of a company. In it he covers key strategies and profiles of optimum buyers including:
• If your buyer is in the same industry as yours, they get to neutralise a competitor, and consequently gain market share.
• Interstate or overseas buyers may see purchasing your company as a means to expanding geographically.
• The buyers company may also obtain cost benefits either through greater buying power with suppliers or reducing their own overhead. They may not need two accounts teams, field sales forces or receptionists.
• If your company has a good management team, growing earnings, operates in an expanding market and is not dependent on you, the owner for its future success, this can only enhance value.
• Finally, by acquiring your company, the buyer can enjoy the benefits of vertical integration
Gnosis Company Limited was formed in Y2004 by the partners who have strong experiences in the banking and finance industry and international advisory firms. Our clients could find their corporate solutions with our solid experienced advisory team who are ready to advise and walk along with them to make their business sustainable wealth and reach their vision. We also provide the proven training programs to transform you and your company to the next level of success.
In today’s digital era, on average, people have the attention span of a goldfish: that’s why it’s important to get to the point, correctly and succinctly. Take a look at our financial glossary for a vocabulary boost.
Is your business valued between $5 and $50 million? Then you should consider a merger or acquisition track to sell your business. Sunbelt Business Brokers can help
Getting a Great Sale Price for Your CompanyMark Ostryn
Full video presentation available at strategiccompanysales.com
In this video presentation, Mark Ostryn from Strategic Company Sales (strategiccompanysales.com) a Sydney based business broker discusses the key methods for maximising the sale value of a company. In it he covers key strategies and profiles of optimum buyers including:
• If your buyer is in the same industry as yours, they get to neutralise a competitor, and consequently gain market share.
• Interstate or overseas buyers may see purchasing your company as a means to expanding geographically.
• The buyers company may also obtain cost benefits either through greater buying power with suppliers or reducing their own overhead. They may not need two accounts teams, field sales forces or receptionists.
• If your company has a good management team, growing earnings, operates in an expanding market and is not dependent on you, the owner for its future success, this can only enhance value.
• Finally, by acquiring your company, the buyer can enjoy the benefits of vertical integration
Gnosis Company Limited was formed in Y2004 by the partners who have strong experiences in the banking and finance industry and international advisory firms. Our clients could find their corporate solutions with our solid experienced advisory team who are ready to advise and walk along with them to make their business sustainable wealth and reach their vision. We also provide the proven training programs to transform you and your company to the next level of success.
In today’s digital era, on average, people have the attention span of a goldfish: that’s why it’s important to get to the point, correctly and succinctly. Take a look at our financial glossary for a vocabulary boost.
Is your business valued between $5 and $50 million? Then you should consider a merger or acquisition track to sell your business. Sunbelt Business Brokers can help
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Corporate Profile detialing out the team, clientele and practice areas of Corporate Professionals Capital Pvt Ltd, a Category 1 registered Merchant Banker
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Pitney Bowes is a 90+ year old company that has been undergoing a transformation by shifting focus from Mail Stream Management to Customer Communications Management. We have been leveragining Portfolio Analysis as a key tool to help us allocate resources in our strategic planning process. The session will cover the approach we’ve taken, how to analyze core vs. growth offerings across a diverse portfolio of Hardware, Software and Services and what has and has not worked so far.
Portfolio analysis as a foundation to long term strategy.
Combining market, competitive and performance data to allocate resources across a diverse set of offerings.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant 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
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
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@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.
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. MERGERS & ACQUISITIONS
CORPORATE FINANCE
MARKET INTELLIGENCE
BUSINESS VALUATION
EXIT PLANNING
MERGERS AND ACQUISITIONS
CORPORATE FINANCE
MARKET INTELLIGENCE
Investment Bankers To The Middle Market
BUSINESS VALUATION
Investment Bankers to the Middle Market EXIT PLANNING
What’s your Business Worth?
HARRY WARD
HAMPTON ROADS OFFICE
757.613.0476
hward@mcleanllc.com
2. Introduction to The McLean Group
Middle-market investment bank with extensive reach and experience.
Private Company M&A, Capital Formation
Business Valuation
Market Intelligence
Exit Planning
Broker/dealer serving the middle-market ($5M to $500M in revenue)
McLean Securities, a wholly-owned affiliate, is a registered broker/dealer with
FINRA; Member, Securities Investor Protection Corporation (SIPC) 1
Headquartered in the Northern Virginia technology corridor near
Washington, D.C. with 30 North American offices.
International desk with network of 200 close affiliates in 35 countries.
1. All advisors are fully-licensed to facilitate securities transactions as mandated and actively enforced by government regulatory bodies with unique
technical depth – CPAs, CFAs, MBAs, certified negotiators, M&A and valuation experts.
Confidential and Proprietary 2
3. Objectives:
• Define the Middle Market
• Discuss Types of Buyers
• Show How Buyers Value a Company
• Contrast Seller’s Approach to Value
• Discuss the M&A Process
Confidential and Proprietary
4. Defining Our Middle Market:
Revenues from $5 million to $500 million
Less than $5 million: “Mom and Pop” - best served by business
brokers;
Greater than $500 million: best served by Wall Street and some
regional I-banks.
Confidential and Proprietary
5. Buyer Types Help Drive Business Value:
Buyer Type Generates value through…
Strategic – Industry Consolidators Operational means: economies of
scale, new markets, market
share, “synergies”
Financial – Private Equity Financial engineering and
operational efficiencies
Roll-up groups Financial engineering
Industry (non-strategic) Bottom-fishers (opportunistic)
Individual Buyers Last ditch effort, very rare in MM
Confidential and Proprietary
6. Another View of the Buyers
Source: Mergerstat Review
Confidential and Proprietary
8. Formal vs. “Street” Valuations
• Formal (Report) • M&A (The street)
Appraisals of Equity for Always Investment Value
legal purposes of whole enterprise
Several Measures: FMV, Real-world transaction
Investor Value, Fair Value comparables
Assumes Symmetric Asymmetric Knowledge is
knowledge reality
Cash/Non-contingent Mixed Consideration,
Consideration often Contingent
** Appraisals are of little value to a seller: each buyer
drives a different value **
Confidential and Proprietary
9. M&A Valuation Dynamics:
Buyers Sellers
Detalied Calculations Preliminary Calculations
1.DCF / Capitalized Cash Flows 1.Comparable Transactions
2.Comparable Transactions 2.DCF / Capitalized Cash Flows
• Unavoidable! • Understand Buyer’s view
Negotiated Agreement
Buyer’s investment value and synergies
balanced with market influences in auction
Key Issue: Who gets the value of buyer’s synergies?
Confidential and Proprietary
11. EBITDA: Pre-Tax Cash Flow
• What? Earnings before interest, taxes, depreciation and
amortization (EBITDA);
• Why? EBITDA is a close approximation to cash flow; removes
the effects of financing and cap investment decisions
• Who cares? Buyers care because cash-flow comparisons allow
them to evaluate alternative investment vehicles that provide
cash flows
– Bonds 5% (20 times multiple)
– Real Estate (commercial) 9% to 11% (11 to 9 times multiple)
– Large cap stocks 12% (8 times multiple)
– Small cap stocks 21% (4.8 times multiple)
Confidential and Proprietary
12. Normalize for “Real” EBITDA
Or Pre-tax Cash Flow
Reported net taxable income 500,000
Adjustments:
Add back owner salary > $200K $ 400,000
Add back interest long term debt 50,000
Add non-recurring expenses $ 250,000
Add back depreciation $. 50,000
Normalized net (EBITDA) $ 1,450,00
Confidential and Proprietary
13. Cash Flow to the Firm
• EBIT = Earnings before Interest and Taxes
Standard for seller
market multiples >
• EBITDA = add depreciation and amortization
(and normalize)
• EBITDA minus Capital Expenditures
– Buyer estimates CAPEX to sustain operations
Standard used by • EBITDA minus CAPEX & Changes in Working
most buyers for
DCF > Capital (aka Cash Flow to the Firm)
– Need more WC to execute plans? Must reduce cash
flow as a buyer
Confidential and Proprietary 13
14. Basic DCF
1. Buyer calculates Cost of Capital *
2. Forecast 3 – 5 years cash flows and terminal value
3. Discount each year and terminal value by cost of capital
EXAMPLE
Year 1 Year 2 Year 3 Terminal
Forecast cash flow 2,200 2,500 2,900 30,000
Present value at 12% 1,964 1,993 2,064 21,353
Sum all DCF’s for Total Enterprise Value: $27,374
* Various Flavors: WACC, Discount Rate, Cap Rate, IRR
Confidential and Proprietary 14
16. Multiple Realities in the Middle Market:
• Usual range 4.5x – 5.5x EBITDA
• Possible range 1x - 12x
• Higher ranges may be justifiable in hot industries
with high growth rates, and
• Lower ranges are more likely in professional
services, resellers, commodity and “buggy whip”
businesses).
Confidential and Proprietary
17. Value Driver Considerations
Growth
Size
Proprietary Assets/Differentiation
Customer/Supplier concentration
Ratio Comparisons
Cyclicality (e.g. construction)
Professional goodwill/key management dependence
In gov’t contracting: transferability of contracts
Confidential and Proprietary
18. Summing Up: Calculating Preliminary Value
(in the Marketplace)
Normalized net income (EBITDA) $ 6,000,000
Preliminary multiple 6X
Value of earnings $36,000,000
Excess balance sheet value $ 2,000,000
Value of enterprise
$38,000,000
Minus Liabilities assumed by buyer, e.g. $ 8,000,000
Value of Equity $30,000,000
In the auction – who knows?
Confidential and Proprietary
19. Owners – Keep an Eye on Your Exit
Always pursue growth (top and bottom line)
Hire, train, incentivize solid people
Keep balance sheet and business entities clean
(consider housing non-core assets in separate entities)
Diversify customer and supplier bases
Shift from tax optimization to value optimization
View your company through eyes of potential suitors
(e.g. build a complementary niche market)
Confidential and Proprietary
21. The M&A Process, Step by Step:
1. Identify and locate prospective buyers;
2. Prepare confidential information memorandum and acquisition
profile;
3. Distribute acquisition profiles to prospective buyers;
4. Secure non-disclosure agreements from interested prospects;
5. Distribute the confidential information memorandum;
6. Negotiate Indications of Interest (IOIs), hold meetings
7. Secure letters of intent;
8. Conduct due diligence (by buyer);
9. Negotiate and prepare the definitive agreement;
10. Closing (sounds easy, but “every deal dies a thousand deaths!”)
Confidential and Proprietary
22. Timing the Sale: A Big Mistake!
Maximum
Value
$ Sales
Time
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24. Don’t Hide Problems/Issues:
Letters of Intent Are Not Invitations to Further Negotiation
The Seller’s Advantage Curve
Seller
Buyer
Management Multiple LOI Negotiations Exclusivity to Buyer Closin
Presentation Offers g
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25. Buyer research & effective Auctions:
Don’t Assume
The “Likely” Identity of the Buyer
30 Transactions: were “Most Likely” Buyers the final acquirer?
Source: Goldsmith Agio Helms
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26. M&A Consideration:
Types and Ranges
• Principal elements:
– Cash (usually 40% to 80%);
– Seller take-back notes (20% to 40%);
– Stock (if any, then 20% to 80%), and
– Contingent vs. non-contingent consideration
• If any, then 20% to 25% contingent, and
• Comfort vs. incentive earn-outs.
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27. The Top 14 Seller Mistakes:
1. Selling it without 8. Being represented by an
representation unlicensed broker
2. Selling to a single offeror 9. Communicating your asking
3. The poorly constructed price inappropriately
earn-out 10. Eliminating offshore buyers
4. Disclosing an insufficient 11. Assuming the type of buyer
amount of information in 12. Waiting until management is
Offering Memo ready to retire
5. LOI not thorough 13. Waiting for next year’s growth
6. Focusing on history and 14. Ignoring or over-emphasizing
numbers instead of future timing
opportunity
7. Mismanaging team, end
runs
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28. National Office Locations
Headquartered in McLean, VA, The McLean Group has built a national presence in middle market investment banking
with offices in 30 cities nationwide. Each of The McLean Group’s investment bankers brings a unique breadth of
experience and expertise to the firm.
National Offices
McLean, VA – Headquarters Halifax, Nova Scotia
Anchorage, AK Lafayette, LA
Asheville, NC Miami, FL
Atlanta, GA Milwaukee, WI
Austin, TX Norfolk, VA
Baltimore, MD Phoenix, AZ
Boston, MA Reno, NV
Bozeman, MT Sacramento, CA
Buffalo, NY San Diego, CA
Chicago, IL San Francisco, CA
Cleveland, OH Silicon Valley, CA
Columbus, OH St. Louis, MO
Erie, PA Tallahassee, FL
Green Bay, WI Tampa, FL
Hartford, CT Tulsa, OK
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29. The McLean Group Hampton Roads, VA
The McLean Group, LLC
Harry Ward, Director
7900 Westpark Drive, Suite A320
3181 Shore Drive
McLean, VA 22102
Virginia Beach, VA 23451
703.827.0200
757.613.0476
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