This document provides information on Ironhorse LLC, a business valuation and appraisal firm. It lists the services Ironhorse provides, including business valuation, litigation support, mergers and acquisitions advisory, and insolvency and bankruptcy support. It also provides biographies of the executive team members and describes Ironhorse's competitive advantages. Finally, it discusses valuation methods and considerations.
Tajweez Actuarial looks at the UAE solvency regulations in this "non-technical guide series". With the new regulations, capital management would be more critical than ever.
Tornaritis Law is the contributor from Cyprus for the Euromoney Global Insolvency & Restructuring Review
The 262-page review includes articles on harmonising insolvency law, insolvency and restructuring law reform in the Middle East, restructuring in family-owned companies, effective and efficient resolution of non-performing loans, distressed debt assets, IBA Section on Insolvency, Restructuring and Creditors’ Rights and the work of the United Nations Commission on International Trade Law and much more.A total of 33 country reports outline insolve
Top 10 insolvency administrator interview questions and answersdaringallan83
In this file, you can ref interview materials for insolvency administrator such as types of interview questions, insolvency administrator situational interview, insolvency administrator behavioral interview…
Tajweez Actuarial looks at the UAE solvency regulations in this "non-technical guide series". With the new regulations, capital management would be more critical than ever.
Tornaritis Law is the contributor from Cyprus for the Euromoney Global Insolvency & Restructuring Review
The 262-page review includes articles on harmonising insolvency law, insolvency and restructuring law reform in the Middle East, restructuring in family-owned companies, effective and efficient resolution of non-performing loans, distressed debt assets, IBA Section on Insolvency, Restructuring and Creditors’ Rights and the work of the United Nations Commission on International Trade Law and much more.A total of 33 country reports outline insolve
Top 10 insolvency administrator interview questions and answersdaringallan83
In this file, you can ref interview materials for insolvency administrator such as types of interview questions, insolvency administrator situational interview, insolvency administrator behavioral interview…
The CFO Squad: Flexible, Low Cost Outsourced CFO Services for Private and Pub...The CFO Squad, LLC
The CFO Squad is a premier provider of a wide range of outsourced accounting and financial business services to both private and public companies, designed to add significant value to a company’s financial health and performance through a low-risk, flexible cost structure. Clients can choose from a comprehensive suite of financial and administrative management solutions for their business. The CFO Squad has a team of seasoned professionals with over 100 years combined experience as public and private company CFOs, including diverse experience in SEC regulatory compliance and reporting, corporate finance, operations management, strategic planning, raising capital, managing and improving cash flow, and handling regulatory and compliance projects. Learn more at www.cfosquad.com.
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
Premier Alliance Group, Inc. (OTC.BB: PIMO) is a leading provider of business and technology advisory and consulting services. Practice areas of expertise encompass Governance, Risk & Compliance (GRC), Business Performance & Technology, and Finance & Accounting as we assist clients with Risk Management, Compliance, Mergers & Acquisitions, Organizational Effectiveness, Project/Program Management, Information Management, Architecture and Software Development. Premier Alliance Group is headquartered in Charlotte, NC. For more information, please visit www.premieralliance.com.
The challenges to proper corporate governance emanating from a fast-changing regulatory world and the requirement for timely and accurate performance reporting and disclosure by both shareholders and the competitive market landscape means that corporate leadership is underenormous pressure to deliver within a tightly-confined space.
With advent of growing business scale, cross border operations, legal ramifications associated and witnessed instances of growing corporate and accounting scandals, SOX compliance has been gaining importance towards need for top management to certify the accuracy of financial information, increased independence of the outside auditors who review the accuracy of corporate financial statements, and increased oversight role of boards of directors.
We at Riskpro do understand the need for corporates to be SOX complaint w.r.t compliance clauses, public disclosures, management certification and audit, training needs for your teams, hence we’re pleased to launch our SOX Risk Advisory Services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services. Our services are offered through our multi location delivery centres in major metros with total presence in 11 Indian cities network.
The CFO Squad: Flexible, Low Cost Outsourced CFO Services for Private and Pub...The CFO Squad, LLC
The CFO Squad is a premier provider of a wide range of outsourced accounting and financial business services to both private and public companies, designed to add significant value to a company’s financial health and performance through a low-risk, flexible cost structure. Clients can choose from a comprehensive suite of financial and administrative management solutions for their business. The CFO Squad has a team of seasoned professionals with over 100 years combined experience as public and private company CFOs, including diverse experience in SEC regulatory compliance and reporting, corporate finance, operations management, strategic planning, raising capital, managing and improving cash flow, and handling regulatory and compliance projects. Learn more at www.cfosquad.com.
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
Premier Alliance Group, Inc. (OTC.BB: PIMO) is a leading provider of business and technology advisory and consulting services. Practice areas of expertise encompass Governance, Risk & Compliance (GRC), Business Performance & Technology, and Finance & Accounting as we assist clients with Risk Management, Compliance, Mergers & Acquisitions, Organizational Effectiveness, Project/Program Management, Information Management, Architecture and Software Development. Premier Alliance Group is headquartered in Charlotte, NC. For more information, please visit www.premieralliance.com.
The challenges to proper corporate governance emanating from a fast-changing regulatory world and the requirement for timely and accurate performance reporting and disclosure by both shareholders and the competitive market landscape means that corporate leadership is underenormous pressure to deliver within a tightly-confined space.
With advent of growing business scale, cross border operations, legal ramifications associated and witnessed instances of growing corporate and accounting scandals, SOX compliance has been gaining importance towards need for top management to certify the accuracy of financial information, increased independence of the outside auditors who review the accuracy of corporate financial statements, and increased oversight role of boards of directors.
We at Riskpro do understand the need for corporates to be SOX complaint w.r.t compliance clauses, public disclosures, management certification and audit, training needs for your teams, hence we’re pleased to launch our SOX Risk Advisory Services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services. Our services are offered through our multi location delivery centres in major metros with total presence in 11 Indian cities network.
6. IIRONRONHHORSEORSE LLCLLC
Executive TeamExecutive Team
CollectivelyCollectively, 30 years of combined success in corporate renewal, corporate finance, and senior, 30 years of combined success in corporate renewal, corporate finance, and senior
operations managementoperations management--including the dramatic recovery and renewal of the largest racing andincluding the dramatic recovery and renewal of the largest racing and
premium custom wheel manufacturer in North America.premium custom wheel manufacturer in North America.
Dennis O’HaraDennis O’Hara--20 years in all phases of strategic planning, operations and financial management.20 years in all phases of strategic planning, operations and financial management.
Senior finance executive for startSenior finance executive for start--up satellite television licensor that was successfully sold for $1up satellite television licensor that was successfully sold for $1
billion after just four years of operation. Managed due diligence process for over 50 acquisitions,billion after just four years of operation. Managed due diligence process for over 50 acquisitions,
and directed the turnaround and recovery of several firms in various industries. B.S., Southwestand directed the turnaround and recovery of several firms in various industries. B.S., Southwest
Missouri State University. Masters of Accountancy, University of Missouri. Certified PublicMissouri State University. Masters of Accountancy, University of Missouri. Certified Public
Accountant.Accountant.
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Tony WayneTony Wayne--15+ years experience as CRO, COO, and CFO, primarily with middle & small market,15+ years experience as CRO, COO, and CFO, primarily with middle & small market,
privately held manufacturers/distributors. Extensive restructuring, reorganization, M & A, andprivately held manufacturers/distributors. Extensive restructuring, reorganization, M & A, and
divestiture experience, largely within highly leveraged and financially “stressed” environments.divestiture experience, largely within highly leveraged and financially “stressed” environments.
B.S.B.A., Accounting & Business Administration, University of Kansas. Executive Fellow & MBA,B.S.B.A., Accounting & Business Administration, University of Kansas. Executive Fellow & MBA,
Rockhurst University. Certified Public Accountant, Certified Valuation Analyst, Certified InsolvencyRockhurst University. Certified Public Accountant, Certified Valuation Analyst, Certified Insolvency
& Restructuring Advisor. Adjunct Professor of Accounting& Restructuring Advisor. Adjunct Professor of Accounting--Johnson County Community College andJohnson County Community College and
Baker UniversityBaker University
Members:Members: Turnaround Management Association, Association of Insolvency & RestructuringTurnaround Management Association, Association of Insolvency & Restructuring
Advisors, American Bankruptcy Institute, National Association of Certified Valuation Analysts,Advisors, American Bankruptcy Institute, National Association of Certified Valuation Analysts,
Association for Corporate Growth.Association for Corporate Growth.
7. IIRONRONHHORSEORSE LLCLLC
Our advantageOur advantage
Industry focusIndustry focus--intuitive issue recognition, rapid response.intuitive issue recognition, rapid response.
Unmatched chemistry & teamworkUnmatched chemistry & teamwork--30+ years combined success and proven, dramatic results.30+ years combined success and proven, dramatic results.
UltraUltra--lean, yet scalable contingent organization.lean, yet scalable contingent organization.
Complementary service offering.Complementary service offering.
Local alternative.Local alternative.
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Local alternative.Local alternative.
Experienced in complex, emotional challenges of familyExperienced in complex, emotional challenges of family--owned business lifeowned business life--cycle transitions.cycle transitions.
Certified Insolvency & Restructuring Advisor, Certified Valuation Analyst credentials ensuresCertified Insolvency & Restructuring Advisor, Certified Valuation Analyst credentials ensures
commitment to outstanding quality service with adherence to the highest possible professionalcommitment to outstanding quality service with adherence to the highest possible professional
standards.standards.
“ Financial literacy” diagnostic model accelerates evaluation of:“ Financial literacy” diagnostic model accelerates evaluation of:
External & internal reporting capabilityExternal & internal reporting capability
Core business viabilityCore business viability
Operational improvement opportunities.Operational improvement opportunities.
Organizational & executive effectivenessOrganizational & executive effectiveness
Likelihood of inLikelihood of in--court, vs. out of court solutions approachcourt, vs. out of court solutions approach
9. VALUATIONVALUATION FOUNDATIONFOUNDATION
IIRONRONHHORSEORSE LLCLLC
The Business PlanThe Business Plan
The plan comes first, then the capitalThe plan comes first, then the capital
structure and related valuation.structure and related valuation.
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Plan components:Plan components:
•• ManagementManagement
•• Core business unitsCore business units
•• Projected financial resultsProjected financial results
10. CORE BUSINESSCORE BUSINESS
What business or segments are part of the on going business?What business or segments are part of the on going business?
What external factors must be considered?What external factors must be considered?
•• CompetitionCompetition
Strengths/weaknessesStrengths/weaknesses
••
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•• LongLong--term dynamicsterm dynamics
Production shifting offshore?Production shifting offshore?
Currency /interest rate outlookCurrency /interest rate outlook
Commodity pricesCommodity prices
Trade policiesTrade policies
11. PROJECTED RESULTSPROJECTED RESULTS
Review and challenge basic assumptions:Review and challenge basic assumptions:
•• RevenueRevenue
•• Operating resultsOperating results
•• EBITDAEBITDA
•• Free cash flowFree cash flow
••
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••
•• Working capital and the balance sheetWorking capital and the balance sheet
•• Past performance vs. projected future performancePast performance vs. projected future performance
OtherOther
•• Market ShareMarket Share
•• What do projections imply? Realistic?What do projections imply? Realistic?
•• The telecom conundrum: 100 companies cannot each achieve 5%The telecom conundrum: 100 companies cannot each achieve 5%
market sharemarket share
12. VALUATIONVALUATION –– INTRODUCTIONINTRODUCTION
General Premise:General Premise:
•• Present value ofPresent value of futurefuture benefitsbenefits
••
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•• Investor should only pay what one thinks benefits are worth given a rateInvestor should only pay what one thinks benefits are worth given a rate
of returnof return
•• Rate of return varies depending on type of investor, asset, risk, etc.Rate of return varies depending on type of investor, asset, risk, etc.
•• Enterprise Approach vs. Equity ApproachEnterprise Approach vs. Equity Approach
13. VALUATIONVALUATION
Distribution Of Cash Flow Among ConstituentsDistribution Of Cash Flow Among Constituents
Lenders
Company
EBIT
$
Interest
IIRONRONHHORSEORSE LLCLLC
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Government
Preferred
Shareholders
EBT
Earnings
Common
Shareholders
$
Dividends
$
Taxes
Dividends $
14. VALUATIONVALUATION
Theories Behind Premiums and DiscountsTheories Behind Premiums and Discounts
Maximum value
attributable to a
strategic buyer
Sale value
MBO
LBO
Premium for strategic
value / synergies
Controlling interest
value
($ in millions, except share price)
Fully Diluted Shares 100.0
Share price $20.00
Market Value of Equity $2,000.0Controlling
Interest
Investment Value
IIRONRONHHORSEORSE LLCLLC
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MBO
LBO
IPO
Public trading
Non-public stock
Premium for
control
Minority interest
discount
Discount for lack of
marketability
Minority interest
value
plus: Total Debt (book) 1,500.0
less: Converted Debt 0.0
plus: Preferred Stock 200.0
less: Converted Preferred 0.0
less: Cash & Cash Equivalents 100.0
plus: Minority Interest in Subs 0.0
Enterprise Value $3,600.0
Discount for lack of marketability / liquidity
[NYSE vs. OTC:BB]
Non-Marketable
Minority
Value
Marketable
Minority
Value
Interest
Value
17. VALUATIONVALUATION
DriversDrivers (cont.)(cont.)
Qualitative characteristicsQualitative characteristics
•• Quality and depth of managementQuality and depth of management
•• Customer and vendor concentrationCustomer and vendor concentration
•• Industry dynamics [Market share, competition, rawIndustry dynamics [Market share, competition, raw
materials/commodities]materials/commodities]
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•• Company’s position / reputation in the industryCompany’s position / reputation in the industry
•• DiversificationDiversification
Product offeringProduct offering
GeographyGeography
•• Vendor relationshipsVendor relationships
•• Seasonality / cyclicalitySeasonality / cyclicality
•• Power over vendors / customersPower over vendors / customers
•• Ability to expandAbility to expand
•• Emergence / intensification of foreign competitionEmergence / intensification of foreign competition
18. WHERE DOES SUBJECTIVITYWHERE DOES SUBJECTIVITY
IMPACT VALUATION MOST?IMPACT VALUATION MOST?
Discounted Cash Flow AnalysisDiscounted Cash Flow Analysis
•• Discount rate usedDiscount rate used
Cost of equityCost of equity
Cost of debtCost of debt
Terminal ValueTerminal Value
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Terminal ValueTerminal Value
Multiple chosenMultiple chosen
-- Based on market comparables?Based on market comparables?
-- Choosing time to sellChoosing time to sell ––buy low, sell highbuy low, sell high
Market Comparables and M&AMarket Comparables and M&A
•• Period for analysis (LTM, Projected)Period for analysis (LTM, Projected)
•• Choice of comparablesChoice of comparables
Size, Business, Competitors not ComparablesSize, Business, Competitors not Comparables
Choice of M&A CompsChoice of M&A Comps
How do you look back?How do you look back?
“Perfect” comps?“Perfect” comps?