The document summarizes key topics in private post-secondary education, including the current investment climate, regulatory issues, litigation risks, M&A trends, and the future outlook. Specifically, it notes that deal activity is driven by exiting private equity investors, regulatory compliance issues around the 90-10 rule and gainful employment, and owner fatigue. Transaction pricing varies but smaller schools typically sell for 3-5x EBITDA. The sector is facing pressures from federal regulation and accreditation instability, while differentiation, persistence, competency-based degrees, and partnerships will be important for future success in a competitive landscape with declining enrollment projections.
Trends and Transactions in Private Post-Secondary EducationExpert Webcast
The document summarizes a panel discussion on trends in the private post-secondary education sector. It introduces the moderator and expert panelists, which include professionals from education consulting, law, and investment banking firms. The major topics discussed include the current investment climate, key regulatory issues, litigation risks, transaction environment and deal trends, and the future direction of the sector. Enrollment trends, the increasing competitiveness from traditional universities offering online programs, and regulatory challenges are noted as significant drivers of M&A activity and school performance.
Duties of Officers and Directors of a Distressed CompanyExpert Webcast
This document summarizes a webcast panel on the duties of officers and directors of a distressed company. The panel was moderated by Alexander B. Kasdan and consisted of five experts: Michael H. Torkin, Richard Munro, Michael Corrigan, Louis E. Kempinsky, and Patrick Q. Stroth. The panel discussed major topics including accessing capital markets during liquidity issues, operational turnarounds, litigation risks, and mitigating liability for officers and directors. The panel provided advice for officers and directors in a crisis, including facing reality, early intervention, retaining experts, and focusing on cash.
Business Succession Planning and Exit Strategies for the Closely Held and Fam...Expert Webcast
This document summarizes a presentation on business succession planning and exit strategies for closely held and family owned businesses. It introduces the presenters and provides background on business succession planning, noting that it allows for the orderly transfer of management and ownership to avoid liquidation and unnecessary taxes. It discusses the characteristics of family businesses and the issues facing business owners, including control, income needs, estate planning objectives, continuity, and reducing taxes. Finally, it outlines some goals of business owners and options for disposition of the business such as sale of assets, sale of stock, or tax-free acquisition.
Business Succession Planning and Exit Strategies for the Closely Held and Fam...Expert Webcast
This document summarizes a presentation on business succession planning and exit strategies for closely held and family owned businesses. It discusses that succession planning is important for orderly transfer of management and ownership of a business to avoid liquidation and unnecessary taxes, in a way that meets family objectives. Even without estate or income taxes, succession planning is needed. The presentation covers introducing succession planning, characteristics of family businesses, and challenges in multigenerational transition of family firms.
Dime Community Bancshares, Inc. announced the addition of Anthony J. Rose as Executive Vice President and Chief Administrative Officer. Rose has over 20 years of experience in strategic management consulting, finance, business development, mergers and acquisitions, and human capital management. As Chief Administrative Officer, Rose will help drive business strategy and revenue, focus on serving customers through lending and retail, and be responsible for human capital management including organization design, leadership development, talent acquisition, and compensation strategy. Rose previously held senior roles such as partner at a management consulting firm and Chief Financial Officer of an investment group.
The Coffee Bean & Tea Leaf has announced Dwayne Hoffman as their new Director of Business Development. With over 25 years of experience in food and beverages, Dwayne will be responsible for identifying and securing new franchise developers in non-traditional US locations. He will guide potential developers through the franchising process and early store openings. In addition to his professional career, Dwayne was a collegiate football player who set his school's record for career starts.
Join us at our 2015 Lethbridge Home & Garden Show Breakfastdsudo
The document invites attendees to an exclusive breakfast on March 13, 2015 featuring keynote speakers Stephen Mogdan, President of the Lethbridge Chamber of Commerce, and Douglas Porter, Chief Economist for BMO Capital Markets. They will discuss the current economic forecast and how businesses can prepare for changes, including the impact of falling oil prices, a lower Canadian dollar, and the stronger US economy. Topics will also include local responses to economic challenges and opportunities in Alberta and Western Canada. Breakfast will be served from 8:00-8:30 AM with presentations from 8:30-10:30 AM at the Saddle Room at Exhibition Park in Lethbridge, Alberta.
Robert E. Pirri has over 20 years of experience in human resources management, wealth and estate planning, and sales. He currently works as a Senior Vice President at US Trust Bank of America, where he oversees a team that manages $2.9 billion in assets and $300 million in revenue. Prior to his current role, Pirri worked in various leadership and management positions at several financial institutions, during which time he consistently exceeded sales goals. He holds a Juris Doctor degree and is licensed in both Massachusetts and Rhode Island.
Trends and Transactions in Private Post-Secondary EducationExpert Webcast
The document summarizes a panel discussion on trends in the private post-secondary education sector. It introduces the moderator and expert panelists, which include professionals from education consulting, law, and investment banking firms. The major topics discussed include the current investment climate, key regulatory issues, litigation risks, transaction environment and deal trends, and the future direction of the sector. Enrollment trends, the increasing competitiveness from traditional universities offering online programs, and regulatory challenges are noted as significant drivers of M&A activity and school performance.
Duties of Officers and Directors of a Distressed CompanyExpert Webcast
This document summarizes a webcast panel on the duties of officers and directors of a distressed company. The panel was moderated by Alexander B. Kasdan and consisted of five experts: Michael H. Torkin, Richard Munro, Michael Corrigan, Louis E. Kempinsky, and Patrick Q. Stroth. The panel discussed major topics including accessing capital markets during liquidity issues, operational turnarounds, litigation risks, and mitigating liability for officers and directors. The panel provided advice for officers and directors in a crisis, including facing reality, early intervention, retaining experts, and focusing on cash.
Business Succession Planning and Exit Strategies for the Closely Held and Fam...Expert Webcast
This document summarizes a presentation on business succession planning and exit strategies for closely held and family owned businesses. It introduces the presenters and provides background on business succession planning, noting that it allows for the orderly transfer of management and ownership to avoid liquidation and unnecessary taxes. It discusses the characteristics of family businesses and the issues facing business owners, including control, income needs, estate planning objectives, continuity, and reducing taxes. Finally, it outlines some goals of business owners and options for disposition of the business such as sale of assets, sale of stock, or tax-free acquisition.
Business Succession Planning and Exit Strategies for the Closely Held and Fam...Expert Webcast
This document summarizes a presentation on business succession planning and exit strategies for closely held and family owned businesses. It discusses that succession planning is important for orderly transfer of management and ownership of a business to avoid liquidation and unnecessary taxes, in a way that meets family objectives. Even without estate or income taxes, succession planning is needed. The presentation covers introducing succession planning, characteristics of family businesses, and challenges in multigenerational transition of family firms.
Dime Community Bancshares, Inc. announced the addition of Anthony J. Rose as Executive Vice President and Chief Administrative Officer. Rose has over 20 years of experience in strategic management consulting, finance, business development, mergers and acquisitions, and human capital management. As Chief Administrative Officer, Rose will help drive business strategy and revenue, focus on serving customers through lending and retail, and be responsible for human capital management including organization design, leadership development, talent acquisition, and compensation strategy. Rose previously held senior roles such as partner at a management consulting firm and Chief Financial Officer of an investment group.
The Coffee Bean & Tea Leaf has announced Dwayne Hoffman as their new Director of Business Development. With over 25 years of experience in food and beverages, Dwayne will be responsible for identifying and securing new franchise developers in non-traditional US locations. He will guide potential developers through the franchising process and early store openings. In addition to his professional career, Dwayne was a collegiate football player who set his school's record for career starts.
Join us at our 2015 Lethbridge Home & Garden Show Breakfastdsudo
The document invites attendees to an exclusive breakfast on March 13, 2015 featuring keynote speakers Stephen Mogdan, President of the Lethbridge Chamber of Commerce, and Douglas Porter, Chief Economist for BMO Capital Markets. They will discuss the current economic forecast and how businesses can prepare for changes, including the impact of falling oil prices, a lower Canadian dollar, and the stronger US economy. Topics will also include local responses to economic challenges and opportunities in Alberta and Western Canada. Breakfast will be served from 8:00-8:30 AM with presentations from 8:30-10:30 AM at the Saddle Room at Exhibition Park in Lethbridge, Alberta.
Robert E. Pirri has over 20 years of experience in human resources management, wealth and estate planning, and sales. He currently works as a Senior Vice President at US Trust Bank of America, where he oversees a team that manages $2.9 billion in assets and $300 million in revenue. Prior to his current role, Pirri worked in various leadership and management positions at several financial institutions, during which time he consistently exceeded sales goals. He holds a Juris Doctor degree and is licensed in both Massachusetts and Rhode Island.
Babson College is a highly regarded business college founded in 1919 in Wellesley, Massachusetts. It has been ranked the top business school in the US for entrepreneurship education by US News and World Report for the past 20 years. Babson offers a single undergraduate degree in business management and students can select two areas of concentration. At the graduate level, Babson's business school is well-known for its one- and two-year MBA programs as well as part-time and fast track options. Students can also earn a Master of Science in various subjects.
Crystal & Company is a leading strategic risk and insurance advisor with over 400 professionals in 11 offices throughout the US and globally via alliance partnerships. It provides risk management, insurance brokerage, and employee benefits consulting services to major corporations, financial institutions, and non-profits. Founded in 1933 and still independently owned, Crystal & Company places over $1 billion annually in global premiums.
This document is a curriculum vitae for Marlin Gamanie that provides biographical information such as his name, address, education history, qualifications, work experience, awards, skills, and references. It details his education qualifications including a matric certificate and various other certificates in fields like IT, wealth management, and essential selling skills. It outlines his work experience spanning 2001-2015 in roles like sales, customer service, and business development at various companies in industries like retail, loans, and insurance. It also lists behavioral competencies, hobbies, and provides a motivational letter expressing his passion and goals.
Diamond Financial has been the top provider of business funding in the US for over 16 years, though the industry has seen major changes and challenges in recent years with new lenders, policies, and regulations. Diamond Financial has maintained its focus on serving clients across the country by keeping its name, priorities, and dedication constant so customers can continue relying on it as their financial professional.
Richard Coates has over 35 years of experience in life insurance sales, consistently producing revenue in the top percentiles nationally. He has extensive experience implementing advanced life insurance concepts for high net worth clients and corporations, including business continuation planning, estate planning strategies, and life settlement planning. Coates seeks an affiliation with a bank insurance agency or large property and casualty practice as a life insurance specialist, leveraging his proven track record of success developing relationships and referring clients.
Florida is ranked as the 3rd largest state by GDP and has a strong business climate and economy. It has a large workforce in financial services and insurance industries. Major financial companies have operations in Florida to take advantage of its market access, connectivity, and talented workforce. Florida offers opportunities for companies through its proximity to Latin America and international banking sector.
05 22 2014 key financial and estate planning issues before during and after d...Expert Webcast
John recently sold his company for $90 million and is seeking financial and estate planning advice. His wealth manager recommends creating a balance sheet and cash flow analysis to determine John's needs. They will also focus on maximizing income while minimizing taxes since John has no family. Soon after, John meets Jane and plans to marry. His family law attorney recommends a prenuptial agreement to protect his $90 million in pre-marital assets from becoming community property in the event of a divorce, given California's community property laws. The attorney notes Jane may also want protections for her nominal assets defined in the agreement.
Maximizing Value of Privately Held Company Expert Webcast
This panel discussion focused on maximizing the value of a privately held company. The panelists discussed the importance of having a solid legal foundation for the business through proper entity formation and shareholder agreements. Common issues with privately held companies like succession planning and conflicts between owners and management were also addressed. The panel recommended preplanning activities like interviewing investment bankers and improving financial reporting to prepare a company for a future transaction. Family law issues when going through a divorce, like fiduciary duties between spouses and valuing a community property business, were also covered.
The scientific method involves stating a problem, collecting observations to find explanations, forming a hypothesis as the simplest solution, testing the hypothesis through an experiment, and documenting the experiment to track results.
The document describes 5 regions of Pennsylvania: 1) The Atlantic Coastal Plain along the eastern edge near the ocean, 2) The Piedmont region along the fall line with good farmland near major cities, 3) The Ridge and Valley region containing Appalachian mountains and valleys around large cities, 4) The Allegheny Plateau, a high flat land in western/northern PA with rivers and streams, and 5) The Erie Plain, low flat land near Lake Erie known for grapevines around Erie.
Achieving the next level of corporate growth - navigating “no man’s land”Expert Webcast
DESCRIPTION:
No Man’s Land is a term that describes the transition period for a growth company. Successful entrepreneurs that start and lead growth companies experience this period that can threaten their very survival.
For an entrepreneur to successfully transition his or her company four key areas must be a clear focus. We describe these actions as the 4 M’s and they will be addressed:
Marketing – maintaining important customer relationships
Management – objective review
Model - maintaining margins
Money – adequate capitalization
Other key areas of focus are corporate structure and compliance. Guidance from a seasoned corporate and transactional counsel is invaluable with respect to corporate matters, growth, capital raising and any transactional matters.
This document describes how to use the Export Glossary to Quiz plugin in Moodle to turn an existing glossary into a quiz for students. The teacher selects the glossary, question type (multiple choice or short answer), and number of words to export. They then export the glossary entries to a file and import that file when creating a new quiz. This allows the teacher to easily build a quiz from glossary content while holding students accountable for vocabulary terms.
Dokumen tersebut membahas perbandingan sistem fonem dalam bahasa Indonesia, bahasa Betawi, dan bahasa Jepang. Terdapat persamaan dan perbedaan fonem antara ketiga bahasa tersebut yang disebabkan oleh pengaruh budaya Melayu dan Cina, serta wilayah geografis Asia yang sama.
This document summarizes a panel discussion on alternatives for distressed companies in the apparel and retail industry. The panelists discussed common mistakes retailers make that lead to distress, various transaction structures companies can pursue including Chapter 11 and assignments for the benefit of creditors, and recent legal developments impacting distressed transactions. They also provided case studies of distressed apparel and retail companies in Southern California that underwent different restructuring processes.
Cuadro descriptivo fuentes de las obligacionesYennibel Canela
Este documento describe las principales fuentes de las obligaciones en derecho, incluyendo los contratos, la gestión de negocios ajenos, el pago de lo indebido, el enriquecimiento sin causa, el hecho ilícito y el abuso de derecho. También explica brevemente el concepto de ley y algunos de sus principios generales.
This document discusses subtraction by taking 36 minus 27. It shows the steps of the subtraction as 36 - 27 = 9. It also shows that 36 plus 27 equals 63. The document provides an example of a single-digit subtraction problem.
Ley contra delitos informáticos y Ley sobre armas y explosivosYennibel Canela
El documento resume la Ley Especial contra los Delitos Informáticos de Venezuela. Establece que la ley tiene como objetivos proteger los sistemas que utilizan tecnologías de información, prevenir y sancionar delitos informáticos y delitos cometidos mediante el uso de dichas tecnologías. Define varios tipos de delitos informáticos como delitos contra sistemas, propiedad, privacidad, niños y orden económico. También establece sanciones y penas accesorias para quienes cometan estos delitos.
This document discusses challenges that some students face with second language listening comprehension and provides 10 potential reasons why students may find listening difficult. It suggests strategies that teachers can use to help students develop their listening skills and overcome difficulties, such as pre-teaching vocabulary, using shorter listening segments, building listening stamina over time, addressing pronunciation challenges, and creating a supportive learning environment.
This document discusses teens, drugs, and alcohol. It notes that teens may take drugs to solve problems, gain attention, be accepted, or have fun. Drugs change how the body works by swallowing, inhaling, or injecting chemicals and can lead to health issues. Alcohol is a depressant that slows the central nervous system and can cause blurred vision, slurred speech, breathing issues, and even death with excessive use. The document recommends teens avoid drinking by saying no, staying active with sports or games, and avoiding places related to alcohol to protect their health.
The panel of experts comprised of a senior corporate lawyer, an international tax expert, a litigator and arbitration expert, and senior investment bankers will discuss
the outlook, deal structures, financing and execution, as well as dispute prevention and resolution in Emerging Markets Cross-Border Transactions.
Major Topics:
The global outlook for cross-border investment and M&A activity in the emerging markets
Legal risks particular to investments in emerging markets; specifically in technology and natural resources
Types and indicia of risk
Transaction objectives and structures
Dispute resolution mechanisms
Economic risks particular to cross-border and emerging market investments
Raising capital for cross border investment and M&A: explaining the risks to potential investors
Successful deal execution
Cultural considerations
Case studies
Babson College is a highly regarded business college founded in 1919 in Wellesley, Massachusetts. It has been ranked the top business school in the US for entrepreneurship education by US News and World Report for the past 20 years. Babson offers a single undergraduate degree in business management and students can select two areas of concentration. At the graduate level, Babson's business school is well-known for its one- and two-year MBA programs as well as part-time and fast track options. Students can also earn a Master of Science in various subjects.
Crystal & Company is a leading strategic risk and insurance advisor with over 400 professionals in 11 offices throughout the US and globally via alliance partnerships. It provides risk management, insurance brokerage, and employee benefits consulting services to major corporations, financial institutions, and non-profits. Founded in 1933 and still independently owned, Crystal & Company places over $1 billion annually in global premiums.
This document is a curriculum vitae for Marlin Gamanie that provides biographical information such as his name, address, education history, qualifications, work experience, awards, skills, and references. It details his education qualifications including a matric certificate and various other certificates in fields like IT, wealth management, and essential selling skills. It outlines his work experience spanning 2001-2015 in roles like sales, customer service, and business development at various companies in industries like retail, loans, and insurance. It also lists behavioral competencies, hobbies, and provides a motivational letter expressing his passion and goals.
Diamond Financial has been the top provider of business funding in the US for over 16 years, though the industry has seen major changes and challenges in recent years with new lenders, policies, and regulations. Diamond Financial has maintained its focus on serving clients across the country by keeping its name, priorities, and dedication constant so customers can continue relying on it as their financial professional.
Richard Coates has over 35 years of experience in life insurance sales, consistently producing revenue in the top percentiles nationally. He has extensive experience implementing advanced life insurance concepts for high net worth clients and corporations, including business continuation planning, estate planning strategies, and life settlement planning. Coates seeks an affiliation with a bank insurance agency or large property and casualty practice as a life insurance specialist, leveraging his proven track record of success developing relationships and referring clients.
Florida is ranked as the 3rd largest state by GDP and has a strong business climate and economy. It has a large workforce in financial services and insurance industries. Major financial companies have operations in Florida to take advantage of its market access, connectivity, and talented workforce. Florida offers opportunities for companies through its proximity to Latin America and international banking sector.
05 22 2014 key financial and estate planning issues before during and after d...Expert Webcast
John recently sold his company for $90 million and is seeking financial and estate planning advice. His wealth manager recommends creating a balance sheet and cash flow analysis to determine John's needs. They will also focus on maximizing income while minimizing taxes since John has no family. Soon after, John meets Jane and plans to marry. His family law attorney recommends a prenuptial agreement to protect his $90 million in pre-marital assets from becoming community property in the event of a divorce, given California's community property laws. The attorney notes Jane may also want protections for her nominal assets defined in the agreement.
Maximizing Value of Privately Held Company Expert Webcast
This panel discussion focused on maximizing the value of a privately held company. The panelists discussed the importance of having a solid legal foundation for the business through proper entity formation and shareholder agreements. Common issues with privately held companies like succession planning and conflicts between owners and management were also addressed. The panel recommended preplanning activities like interviewing investment bankers and improving financial reporting to prepare a company for a future transaction. Family law issues when going through a divorce, like fiduciary duties between spouses and valuing a community property business, were also covered.
The scientific method involves stating a problem, collecting observations to find explanations, forming a hypothesis as the simplest solution, testing the hypothesis through an experiment, and documenting the experiment to track results.
The document describes 5 regions of Pennsylvania: 1) The Atlantic Coastal Plain along the eastern edge near the ocean, 2) The Piedmont region along the fall line with good farmland near major cities, 3) The Ridge and Valley region containing Appalachian mountains and valleys around large cities, 4) The Allegheny Plateau, a high flat land in western/northern PA with rivers and streams, and 5) The Erie Plain, low flat land near Lake Erie known for grapevines around Erie.
Achieving the next level of corporate growth - navigating “no man’s land”Expert Webcast
DESCRIPTION:
No Man’s Land is a term that describes the transition period for a growth company. Successful entrepreneurs that start and lead growth companies experience this period that can threaten their very survival.
For an entrepreneur to successfully transition his or her company four key areas must be a clear focus. We describe these actions as the 4 M’s and they will be addressed:
Marketing – maintaining important customer relationships
Management – objective review
Model - maintaining margins
Money – adequate capitalization
Other key areas of focus are corporate structure and compliance. Guidance from a seasoned corporate and transactional counsel is invaluable with respect to corporate matters, growth, capital raising and any transactional matters.
This document describes how to use the Export Glossary to Quiz plugin in Moodle to turn an existing glossary into a quiz for students. The teacher selects the glossary, question type (multiple choice or short answer), and number of words to export. They then export the glossary entries to a file and import that file when creating a new quiz. This allows the teacher to easily build a quiz from glossary content while holding students accountable for vocabulary terms.
Dokumen tersebut membahas perbandingan sistem fonem dalam bahasa Indonesia, bahasa Betawi, dan bahasa Jepang. Terdapat persamaan dan perbedaan fonem antara ketiga bahasa tersebut yang disebabkan oleh pengaruh budaya Melayu dan Cina, serta wilayah geografis Asia yang sama.
This document summarizes a panel discussion on alternatives for distressed companies in the apparel and retail industry. The panelists discussed common mistakes retailers make that lead to distress, various transaction structures companies can pursue including Chapter 11 and assignments for the benefit of creditors, and recent legal developments impacting distressed transactions. They also provided case studies of distressed apparel and retail companies in Southern California that underwent different restructuring processes.
Cuadro descriptivo fuentes de las obligacionesYennibel Canela
Este documento describe las principales fuentes de las obligaciones en derecho, incluyendo los contratos, la gestión de negocios ajenos, el pago de lo indebido, el enriquecimiento sin causa, el hecho ilícito y el abuso de derecho. También explica brevemente el concepto de ley y algunos de sus principios generales.
This document discusses subtraction by taking 36 minus 27. It shows the steps of the subtraction as 36 - 27 = 9. It also shows that 36 plus 27 equals 63. The document provides an example of a single-digit subtraction problem.
Ley contra delitos informáticos y Ley sobre armas y explosivosYennibel Canela
El documento resume la Ley Especial contra los Delitos Informáticos de Venezuela. Establece que la ley tiene como objetivos proteger los sistemas que utilizan tecnologías de información, prevenir y sancionar delitos informáticos y delitos cometidos mediante el uso de dichas tecnologías. Define varios tipos de delitos informáticos como delitos contra sistemas, propiedad, privacidad, niños y orden económico. También establece sanciones y penas accesorias para quienes cometan estos delitos.
This document discusses challenges that some students face with second language listening comprehension and provides 10 potential reasons why students may find listening difficult. It suggests strategies that teachers can use to help students develop their listening skills and overcome difficulties, such as pre-teaching vocabulary, using shorter listening segments, building listening stamina over time, addressing pronunciation challenges, and creating a supportive learning environment.
This document discusses teens, drugs, and alcohol. It notes that teens may take drugs to solve problems, gain attention, be accepted, or have fun. Drugs change how the body works by swallowing, inhaling, or injecting chemicals and can lead to health issues. Alcohol is a depressant that slows the central nervous system and can cause blurred vision, slurred speech, breathing issues, and even death with excessive use. The document recommends teens avoid drinking by saying no, staying active with sports or games, and avoiding places related to alcohol to protect their health.
The panel of experts comprised of a senior corporate lawyer, an international tax expert, a litigator and arbitration expert, and senior investment bankers will discuss
the outlook, deal structures, financing and execution, as well as dispute prevention and resolution in Emerging Markets Cross-Border Transactions.
Major Topics:
The global outlook for cross-border investment and M&A activity in the emerging markets
Legal risks particular to investments in emerging markets; specifically in technology and natural resources
Types and indicia of risk
Transaction objectives and structures
Dispute resolution mechanisms
Economic risks particular to cross-border and emerging market investments
Raising capital for cross border investment and M&A: explaining the risks to potential investors
Successful deal execution
Cultural considerations
Case studies
10.19.2017 The State of Cross-Border Private Equity and the Role of Alternati...Expert Webcast
MAJOR TOPICS:
Overview of the private equity markets
Market and transactional trends in the US and Canadian private equity
Deal dynamics – structures, speed, execution
Resurgence in the IPO markets
Role of alternative capital pools in the deal economy
Industries and geographies
China cross-border investing
CFIUS process
PE to PE transactional trend
Increasing use of representations & warranties insurance
Value of advisors
Outlook for the future
10.26.2017 Raising Capital for Emerging Growth CompaniesExpert Webcast
MAJOR TOPICS:
• Readiness for a capital raise
• Capital raising process
• Financial and business projections and valuation
• Debt v. equity
• Use of proceeds
• Assembling the right team of advisors
• Types of potential investors
• Common mistakes
The panel of experts comprised of a senior corporate lawyer, an international tax expert, a litigator and arbitration expert, and senior investment bankers will discuss
the outlook, deal structures, financing and execution, as well as dispute prevention and resolution in Emerging Markets Cross-Border Transactions.
Major Topics:
The global outlook for cross-border investment and M&A activity in the emerging markets
Legal risks particular to investments in emerging markets; specifically in technology and natural resources
Types and indicia of risk
Transaction objectives and structures
Dispute resolution mechanisms
Economic risks particular to cross-border and emerging market investments
Raising capital for cross border investment and M&A: explaining the risks to potential investors
Successful deal execution
Cultural considerations
Case studies
CrossBorder Investment & M&A: Risk Management and MitigationExpert Webcast
The document summarizes an expert panel discussion on cross-border investment and M&A risk management. The panel included investment bankers, lawyers, and analysts from DelMorgan & Co, Skadden Arps, Gibbs Giden Locher Turner Senet & Wittbrodt LLP, and Asia Strategy Initiative. They discussed topics such as legal and political risks in emerging markets, protections afforded by investment treaties, resolving cross-border disputes, and structuring deals. The event was moderated by Alexander B. Kasdan of DelMorgan & Co and organized by Anna Spektor of Expert Presence.
Cross-Border Investment & M&A: Risk Management and MitigationExpert Webcast
This document summarizes a webcast on cross-border investment and M&A risk management. It includes introductions and biographies of the moderator and expert panelists, which include investment bankers, lawyers, and consultants specializing in cross-border transactions. The webcast covered major topics like global investment trends, political and economic risks in emerging markets, transaction structures, cultural considerations, and case studies. It also discussed mitigating legal risks, the political outlook in Asia, and protections afforded by investment treaties.
The document outlines an expert panel discussion on exit strategies for closely held companies, including forming an advisory team, assessing company characteristics, financial considerations, owner personal goals, and potential problems to address such as management roles, employment agreements, and outstanding legal issues. The panelists include investment bankers, attorneys, and wealth advisors who will discuss planning for a successful exit.
Expert Webcast Maximizing Value of Privately Held CompanyExpert Webcast
This document summarizes a webcast panel on maximizing the value of a privately held company. The moderator was Alexander B. Kasdan of DelMorgan & Co. Panelists included Neil Morganbesser, President and CEO of DelMorgan & Co., William F. Capps, Partner and Chairman of Jeffer Mangels Butler & Mitchell LLP, and Harlee M. Gasmer, Partner at The Kolodny Law Group. The panel discussed preparing for personal eventualities like preserving business value and estate planning, resolving corporate issues, addressing financial matters, and preparing for a sale or recapitalization of the privately held company.
Expert Webcast: Maximizing Value of Privately Held CompanyExpert Webcast
Maximizing the Value of a Privately Held Company from the Corporate, Financial and Management Perspectives. This panel presentation addresses the issues involved in building, running and exiting a private company or a family-owned business, including owners’ personal considerations and business-related corporate law, financial and management issues.
Ownership Transfers of Closely Held BusinessesExpert Webcast
Right time to sell and why
Planning for the exit – personal and corporate
Tax ramifications
Types of ownership transfers
Assembling the deal team early
Sale process overview
Types of buyers
Maximizing incentives
Making sure no hidden assets are overlooked
Common mistakes
Expert Webcast 7.10.2014: Acquisition Due DiligenceExpert Webcast
DESCRIPTION:
A team of experts comprised of senior investments bankers, a veteran m&a lawyer, a leading CPA and a due diligence and management consultant will discuss effective acquisition due diligence strategies leading to a successful transaction and post-transaction integration.
MAJOR TOPICS:
Early planning and acquirer goals
Strategic due diligence
Business, legal and financial due diligence
Management audits
Quality of earnings
Due diligence team, plan and process
Corporate culture and communications
What the acquirers are looking for
Post-transaction integration
10.20.2016 Maximizing Value for Distressed Venture CompaniesExpert Webcast
MAJOR TOPICS:
•Financial v. operational distress
•Turnaround options
•Restructuring v. sale
•Treatment of intellectual property
•Valuation issues
•Capital availability and financing alternatives
•Accounting considerations
M&A Risk Allocation: Representations and Warranties InsuranceExpert Webcast
PANEL:
Craig Lilly, Partner, Baker McKenzie
Peter K. Rosen, Global Chair of the Insurance Coverage Litigation Practice, Latham & Watkins
Patrick Stroth, President, Rubicon M&A Insurance Services
Phil Casper, Principal, Euclid Transactional
Neil Morganbesser, President, DelMorgan & Co.
MODERATOR:
Alex Kasdan, Senior Managing Director, DelMorgan & Co.
MAJOR TOPICS:
Overview of common M&A deal risks
Representations and warranties insurance explained
Types and transactions covered
Reps & Warranties Insurance trends
Illustrative terms overview
Due diligence and underwriting process
Transaction timing and certainty of closing
Maximization of seller proceeds at closing
Claim history overview
M&A Risk Allocation: Representations and Warranties Insurance. Expert Webcast
PANEL:
Craig Lilly, Partner, Baker McKenzie
Peter K. Rosen, Global Chair of the Insurance Coverage Litigation Practice, Latham & Watkins
Patrick Stroth, President, Rubicon M&A Insurance Services
Phil Casper, Principal, Euclid Transactional
Neil Morganbesser, President, DelMorgan & Co.
MODERATOR:
Alex Kasdan, Senior Managing Director, DelMorgan & Co.
MAJOR TOPICS:
Overview of common M&A deal risks
Representations and warranties insurance explained
Types and transactions covered
Reps & Warranties Insurance trends
Illustrative terms overview
Due diligence and underwriting process
Transaction timing and certainty of closing
Maximization of seller proceeds at closing
Claim history overview
02.15.2018 Trends, Transactions and Opportunities in Oil & GasExpert Webcast
MAJOR TOPICS:
Industry overview
Historical and anticipated M&A activity by sector
Transaction structures – SPACs, upstream M&A, joint ventures, other
Due diligence trends
Restructuring trends – in- and out-of-court
Asset consolidations
Dealing with legacy capital structures
Opportunities for strategic and financial investors
Outlook for the future
WHAT BUSINESS OWNERS NEED TO KNOW ABOUT SUCCESSFULLY TRANSITIONING THEIR COMPANYExpert Webcast
Business readiness and shareholder personal planning
Corporate legal planning
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Observations on recent distressed EMC transactions
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In- or out-of-court restructuring
363 Sales
Assignments for the Benefit of Creditors
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• Prescribed holding periods
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Bankruptcy v. out-of-court restructuring
Drivers for filing
Provider agreement transfer issues
Regulatory and reimbursement issues
Unique financial aspects of healthcare receivables – collection and reimbursement
Not-for-profit business transfers
Rural and community hospitals
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Public policy issues
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Issues for DIP lenders
D&O, malpractice and avoidance actions
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Cyber written policies and procedures
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1. MODERATOR:
Alexander B. Kasdan, Managing Director, DelMorgan & Co.
EXPERT PANEL:
Keith Zakarin, Partner, Chair of Education Practice, Group Duane Morris LLP
Robert S. Lytle, Partner, Co-Head of Education Practice, The Parthenon Group
Neil Morganbesser, President and CEO, DelMorgan & Co.
TRENDS AND TRANSACTIONS IN
PRIVATE POST-SECONDARY EDUCATION
June 5, 2014
2. 1
Alexander B. Kasdan, Managing Director, DelMorgan & Co., has more than twenty
years of investment banking, real estate, corporate law and corporate strategy
experience. Mr. Kasdan has executed over 100 domestic and cross-border transactions
totaling more than $10 billion in overall volume in a variety of industries. Prior to
joining DelMorgan, Mr. Kasdan founded Convergence Capital Partners, LLC, a
boutique investment banking advisory and real estate investment firm and was an
investment banker at Peter J. Solomon Company, Credit Suisse First Boston and
Merrill Lynch, in New York and Moscow, Russia.
Mr. Kasdan practiced law with O’Melveny & Myers LLP (formerly O’Sullivan Graev
& Karabell LLP) and Paul, Hastings, Janofsky & Walker LLP (formerly Battle Fowler
LLP), where he specialized in mergers and acquisitions, private equity and corporate
finance transactions. In addition, Mr. Kasdan served as Corporate Counsel in charge of
business development at Schlumberger Ltd., a global oilfield and information services
company.
Mr. Kasdan graduated magna cum laude from Middlebury College with a B.A. degree
in Economics and Italian and was elected to Phi Beta Kappa during his junior year. In
addition, he holds a J.D. degree from Columbia University Law School and has studied
at the University of Florence in Italy. Mr. Kasdan is admitted to the Bar in the State of
New York.
Mr. Kasdan is a Senior Advisor to Governance and Transactions LLC, an advisory firm
established in 2003 by Mr. James L. Gunderson, former Secretary and General Counsel
of Schlumberger Limited, to assist boards, management and owners with corporate
governance, compliance, structuring and strategic transactions.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 (310) 980-1718
ak@delmorganco.com
www.delmorganco.com
3. 2
Keith Zakarin is the chair of Duane Morris' Education
Practice Group and is a member of the firm's Partners
Board. Mr. Zakarin exclusively represents private
postsecondary schools and colleges. His representation of
these schools nationwide includes such diverse areas of law as
student and employee litigation, regulatory and administrative
counseling and litigation, mergers and acquisitions,
accreditation counseling and advocacy, employment
counseling and risk management.
Mr. Zakarin is not just a lawyer representing colleges; he owns
and operates an accredited private college.
Mr. Zakarin is a 1986 graduate of the University of California,
Berkeley, Boalt Hall School of Law, and a summa cum laude
graduate of the University of California at San Diego.
750 B Street, Suite 2900
San Diego, CA 92101-4681
+1 (619) 744-2278
Kzakarin@duanemorris.com
www.duanemorris.com
4. 3
Robert S. Lytle is a partner and Co-Head of The
Parthenon Group’s Education Practice. For more than 15
years, he has led client engagements on general strategy,
performance improvement, and investment due diligence
across a broad spectrum educational organizations. Robert’s
clients include high-growth companies, publicly listed Global
100 companies, non-profit institutions, financial investors, and
international governments. In addition, Robert has
participated in numerous high-profile corporate turnarounds,
mergers, divestitures, and privatizations in Europe, North
America, Latin America, the Middle East, and Asia.
Robert is a frequent speaker at leading global forums in the
education sector. Prior to joining Parthenon, Robert was with
Bain & Company and served as a U.S. Army aviator.
He holds a B.S.E. in Economics from the Wharton School of
Business and an M.B.A., with high distinction, from the Tuck
School of Business at Dartmouth.
50 Rowes Wharf
Boston, MA 02110
+1 (617) 478-7096
RobL@Parthenon.com
www.Parthenon.com
5. 4
Neil Morganbesser is co-Founder and President & CEO of DelMorgan & Co. where he provides
senior leadership within the firm and helps oversee all client engagements. Mr. Morganbesser is also
CEO of Globalist Capital LLC, DelMorgan’s broker-dealer affiliate. Mr. Morganbesser has over 20
years of experience providing financial and strategic advice to a full range of clients, including
entrepreneurs, large corporations, governments, family businesses, private equity funds, and special
committees of public companies.
Mr. Morganbesser has been affiliated with some of the leading institutions in the world, and his
experience ranges from representing the offshore owners in the sale of a small, private U.S. company
for $10 million to representing the special committee of a large, public company in a $9 billion
negotiated management buyout with a highly complex financial structure.
Mr. Morganbesser has truly global experience with the most sophisticated transactions, across a broad
range of industries and in a large number of jurisdictions, as the lead banker on a wide variety of
transactional and other advisory assignments, including domestic and cross-border mergers,
acquisitions, joint ventures, sales and divestitures, restructurings, special committee assignments,
unsolicited acquisitions and hostile defense. With transactional experience in over 30 countries, Mr.
Morganbesser has successfully advised on over 75 transactions.
Until May 2008, Mr. Morganbesser was the head of West Coast and Asia Mergers & Acquisitions at
Bear Stearns & Co., as a Senior Managing Director based in Los Angeles. Prior to joining Bear
Stearns in May 2001, Mr. Morganbesser was an investment banker in the Mergers, Acquisitions and
Restructuring Department at Morgan Stanley (in New York from 1993-1998 and in Los Angeles from
1998-2001). From 1990-1993, Mr. Morganbesser was a corporate and M&A attorney at the
preeminent New York law firm of Wachtell, Lipton, Rosen & Katz.
Mr. Morganbesser graduated with an A.B. magna cum laude in Applied Mathematics / Economics
from Harvard University (Phi Beta Kappa) in 1986 and received his J.D. and M.B.A. degrees (Order
of the Coif, with honors) from Stanford University in 1990.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 (310) 319-2000
nm@delmorganco.com
www.delmorganco.com
6. 5
ORGANIZER & HOST:
Anna Spektor is the Founder and host of Expert Webcast,
a sophisticated digital source of expertise for the professional
and the business communities domestically and internationally.
Producing the industry’s leading webcast panels covering
corporate, M&A, restructuring and finance topics, Expert
Webcast addresses timely and relevant issues faced by general
counsel, C-level executives, boards of directors, business
owners and their advisors, as well as institutional investors.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 (310) 995-6579
anna@expertpresence.com
www.expertpresence.com
7. 6
MAJOR TOPICS
• Current investment climate and market in private post-secondary
education
• Key federal and state regulatory issues that affect risk, pricing
and structure
• Student and employee litigation and risk management
• Identification of risk indicia and risk assessment
• Trends in auction activity and related purchase and sale strategies
• Case studies
8. 7
OVERVIEW OF THE POST-SECONDARY SPACE
• Enrollments
o Macro-economic cycle
o Difference between two and four year schools
o Online competition from traditional schools
• Deal activity
o Exiting PE players too long in the tooth
o Smaller schools with exiting owners
o Some large (5,000 students +) that won’t wait any longer
o Regulatory issues driven deals, especially 90-10
9. 8
OVERVIEW OF THE POST-SECONDARY SPACE
• Key federal issues driving deals
o Gainful employment considerations; expensive degree
programs in particular – 90-10 plays, especially training
schools
o Overall nastiness in the space by the feds causing owner
fatigue
o Composite-score driven deals
• Accreditation environment and its affect on deals
o Regionals not willing to play ball on for-profit conversions
(Thunderbird)
o Push at the ED level to federalize accreditation has created a
reactionary climate as the accreditors, particularly the nationals.
This creates instability
o Diligence on placement outcomes important
10. 9
TRANSACTIONAL ENVIRONMENT IN THE POST-
SECONDARY SPACE
• Range of deal pricing
o Auction activity still highest, except in troubled school deals
o Small schools trade at 3-5x EBITDA
o 90-10 plays at significant premiums to EBITDA
o Regulatory clarity has substantial impact on pricing
• Successful deals
• Emphasis on regulatory basics, especially outcomes
• More exotic 90-10 situations pre-cleared with ED more often
• More modeling on GE
• Deep evaluation of student ROI – both good for the overall
value proposition and good for metric compliance
11. 10
WHERE IS THE SECTOR HEADING?
• Differentiation increasingly important
• Persistence, persistence, persistence
• Deeper channel partnerships (e.g., uniformed services and
corporate)
• Innovation toward competency-based degrees
• Price battles
12. THE PARTHENON GROUP
Key Issues and Trends in For-Profit
Higher Education
Parthenon Perspectives
June 2014
13. THE PARTHENON GROUP
2
0.0
0.5
1.0
1.5M
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
5%
15%
('99-'12)
CAGR
-5%
0%
('12-'19)
CAGR
2 Year For-Profit
4 Year For-Profit
0
5
10
15M
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2 Year For-Profit
4 Year For-Profit
2 Year
Not-For-Profit
4 Year
Not-For-Profit
2%
2%
15%
5%
('99-'12)
3%
CAGR
0%
-2%
0%
-5%
('12-'19)
-1%
CAGR
Enrollments: Macro Economics
Enrollments across all institution types are expected to
flatten or decline slightly over the next 5-7 years
H F
Post-Secondary Enrollments, 1999-2019F
Source: Parthenon HED Enrollment Forecast
H F
For-Profit Institution Enrollments, 1999-2019F
14. THE PARTHENON GROUP
3
Enrollments: Macro Economics
Parthenon models post-secondary enrollments using a
number of independent market drivers
Source: Parthenon Analysis
4-Year Not-for-Profit
Enrollment Model
Drivers
4-Year Student
Age-Weighted
Population
Unemployment &
Mean Weeks
Unemployed
Trend Towards
Higher Education
4-Year For-Profit
Enrollment Model
Drivers
Unemployment &
Mean Weeks
Unemployed
For-Profit
Enrollment Trend
Private Sector
Real SG&A
(Marketing spend)
2-Year Not-for-Profit
Enrollment Model
Drivers
2-Year Student
Age-Weighted
Population
Unemployment &
Mean Weeks
Unemployed
Trend Towards
2-Year Education
2-Year For-Profit
Enrollment Model
Drivers
Unemployment &
Mean Weeks
Unemployed
Share of
Enrollment Online
Lower 2 Income
Quintile Access to
Higher Education
2-Year
Undergraduate
Tuition
Not-for-Profit Enrollment For-Profit Enrollment
Private Sector
Real SG&A
(Marketing spend)
4-Year Student
Age-Weighted
Population
2-Year Student
Age-Weighted
Population
15. THE PARTHENON GROUP
4
Enrollments: Macro Economics
Enrollment drivers are fairly common across sub-sectors
and consider underlying factors and recent trends
• Population weighted by age groups relevant to 2-year, 4-year
and post-secondary institutions; more potential students
leads to higher enrollments
• Represents the duration for which workers remain
unemployed; less confidence in job prospects after
prolonged unemployment lowers interest in education
• Unemployed workers traditionally return to school to improve
job prospects
Higher Education Enrollment Drivers
Driver Impact Description/Rationale Models
Weighted Population of
Student Demographic
4NFP 2NFP
4FP 2FP
Unemployment
4NFP 2NFP
4FP 2FP
Average Weeks of
Unemployment
4NFP 2NFP
4FP 2FP
Private Sector Real SG&A • Metric for marketing spend by for-profit institutions; marketing
has a positive impact on enrollment in for-profit institutions
4NFP 2NFP
4FP 2FP
Positive Industry Penetration of
For-Profit Education
• Increasing trend towards attaining post-secondary education
that that impacts for-profits; impact has since started to taper
4NFP 2NFP
4FP 2FP
Share of Enrollment Online • Captures the shift to online learning which benefits
enrollment of for-profit institutions, which over-index online
4NFP 2NFP
4FP 2FP
2-Year Undergraduate
Tuition
• Higher tuition levels discourage enrollment
4NFP 2NFP
4FP 2FP
16. THE PARTHENON GROUP
5
Enrollments: Traditional Sector Competing
Strong traditional brands are now targeting the same
students as the for-profit sector
0
20
40
60
80
100%
All
Universities
Programs
Offered
Online/
Hybrid
Tier-I
Universities
Programs
Offered
Online/
Hybrid
Programs
Not Offered
Online
Programs Not
Offered Online
0
20
40
60
80
100%
Institutions' Online/
Hybrid Status
Not Online/Hybrid
Offerings
Offer
Online Courses
(But No Online
Programs)
Online/ Hybrid
Degree Program
3.6K
Percent of Completions Where
Online/Hybrid Programs are
Offered in Program Area, 2011
Public and Not-for-Profit
Institutions, Percent Offering
Online/Hybrid, 2011
Note: “Traditional Institutions” excludes private sector institutions; Fully online programs denote programs in which there are zero on-campus course requirements for completion; Hybrid program
requirements vary but hybrid programs typically have greater than 60% of coursework offered online; Academic Professionals include Chief Academic Professionals such as Deans or Provosts
Source: Peterson’s Distance Learning Database;; IPEDS;; Deutsche Bank;; School Websites;; Barron’s Ranking of Post-Secondary Schools
Babson Group’s Annual
Survey: Going the Distance:
Online Education in the
United States, 2011:
• 65% of institutions said
online learning is, “a critical
part of their long-term
strategy”
• 67% of academic
professionals rated online
education courses as the
same or superior to face-
to-face instruction
• 70% of academic
professionals believe
students are as satisfied
with online courses as they
are with face-to-face
17. THE PARTHENON GROUP
6
0
2
4
6K
0.3K
2012
Purely
Online
5.5K
107%
2008
('08-'12)
CAGR
$115MEst. Revenue
0
20
40
60
80
100K
2008
27.6K
2012
Purely
Online
82.6K
32%
('08-'12)
CAGR
$523MEst. Revenue
Southern New Hampshire University
Enrollment
University of Southern California
Enrollment
Enrollments: Traditional Sector Competing
Traditional institutions are coming online and when they
act commercially, they tend to thrive…
Arizona State University
Enrollment
Liberty University
Enrollment
0
4
8
12K
2007
2.7K
2012
Purely Online
20.0K
49%
('07-'12)
CAGR
$106MEst. Revenue
0
2
4
6
8K
2010
2.5K
2012
Purely Online
6.5K
61%
('10-'12)
CAGR
$46MEst. Revenue
Source: University financial statements, university websites, Fast Company, Deutsche Bank Report, NYT, Parthenon analysis
18. THE PARTHENON GROUP
7
Enrollments: Traditional Sector Competing
…their brands are powerful…
0.0
1.0
2.0
3.0
4.0
6/2007
6/2008
6/2009
6/2010
6/2011
6/2012
6/2013
Not for Profit
For Profit
Index of Google Searches for Top For-Profit and Not-For-Profit Institutions,
2007-2014
Note: For profit index consists of “University of Phoenix”, “Ashford University”, and “Kaplan University”;; Not for profit index consists of “Liberty Online University”, “Western Governors
University”, and “SNHU”. Indices are indexed to one for the beginning period and represent a rolling 6-week average.
Source: Google Trends
(Liberty, WGU, SNHU)
(U of P, Ashford, Kaplan)
19. THE PARTHENON GROUP
8
Company Select Partners
Enrollments: Traditional Sector Competing
...and they often partner with third party online enablers
20. THE PARTHENON GROUP
9
Regulatory Issues
While all regulatory issues require monitoring, Gainful
Employment (GE) is the primary current issue
Higher Education
Act
Gainful Employment
(as proposed)
Cohort Default Rate
90/10 Revenue
Percentage
Accreditation
Reform
Title IV
Safe Harbors
Regulatory
Status
• HEA is
reauthorized every
few years by
Congress, and is
set to expire this
year
• Unlikely to be acted
on until after the
November midterm
elections
• Limitations
(repayment rates
>45% and/or debt
burdens <8% of
total income) struck
down in 2012
• DoE released new
draft in Dec. 2013;
final draft to be
released in March
before public
comment period
• Three-year CDRs
will be enforced
starting in 2014
• Schools with a
three-year CDR
>30% for three
years will face
sanctions; the 40%
one-year threshold
was unchanged
• No pending
changes
• VA benefits are
included in the 10%
– possibly up for
debate
• Possibility of just
including Title IV
eligible students in
calculations
• Under Sen. Lee’s
(R-Utah) proposal,
states could opt to
set up their own
accreditation
organizations
• New York already
follows this model
• Obama endorses
tying performance
metrics to fed aid
• DOE eliminated 12
“safe harbors” in
2010
• For-Profits
attempting to have
several of those
safe harbors
restored
• Action unlikely in
2014
Commentary
• “I highly doubt
congress will deal
with this in 2014,
even though it is
set to expire.
They’ll wait for after
the elections and
probably just keep
things the same” –
Senior VP, Inifilaw
• “They came back
with round 2 and
came back that
they want stricter
rules because of
the language they
got. This won’t be
good at all for the
for-profits” –
Principal, Ritzert
Leyton
• “They are easy to
manipulate, our
overall takeaway is
don’t be that
concerned, only the
bad schools and
programs will be
affected” – Senior
VP, EDMC
• “The for-profit
graduate schools
have a large
number of students
who don’t take Title
IV funding, so
they’re not really at
risk here” – Former
Federal Regulatory
Affairs Manager,
Kaplan
• “I don’t think
anything will
happen here until
2015, probably
2016 at the earliest”
– Veterans of
Foreign Wars of
The United States,
Legislative
Associate
“I don’t see any
change here in the
near future. They
can’t enforce them
anyway” – Former
Higher Ed Legal and
Regulatory
Consultant, Apollo
Group
Threat to
For-Profits
Source: DOE, PBS, US News and World Report, Inside HigherEd, FinAid, Parthenon Interviews
High Low
21. THE PARTHENON GROUP
10
Regulatory Issues
The current draft of GE regulations place aggressive
thresholds on debt-to-earnings and cohort default rates
Metrics
Annual Debt-to-Earnings (aDTE)
Discretionary Debt-to-Earnings (dDTE)
Program Cohort
Default Rate (CDR)
Population Measured Completers Completers & Non-Completers
Categories and Thresholds Pass: Annual DTE≤8% OR Discretionary DTE≤20%
Zone:
• 8%<Annual DTE≤12%
OR
• 20%< Discretionary DTE≤30%
Fail: Annual DTE>12% AND Discretionary
DTE>30%
Note: 10-Year Amortization Period
Pass: Program CDR<30%
Fail: Program CDR≥30%
Ineligibility Rules
(metrics operate
independently of each other)
A program becomes Title IV ineligible for 3 years if:
• It fails in any 2 out of 3 years, OR
• Does not pass in any 1 out of 4 years (time for
zone programs to improve before ineligibility)
A program becomes Title IV ineligible for 3 years if:
• The 3-year default rate of 3 consecutive cohorts
of students is greater than or equal to 30%
Restrictions • Written warnings to students if a program could
become ineligible for Title IV funds for the next
award year (applies to zone & failing programs)
• Title IV enrollment limited to previous year’s level
for failing programs (or after third year of being in
zone)
• Written warnings to students if a program could
become ineligible for Title IV funds for the next
award year
• Title IV enrollment limited to previous year’s level
if program could become ineligible at the end of
the year
Source: DoE
Must Pass One Metric from Each Column to Pass GE
22. THE PARTHENON GROUP
11
Reasserting Growth
How does the sector get back on a growth trajectory?
Persistence, Persistence, Persistence
1
Focus on the Adult Learner
2
Consolidate and Drive Efficiencies
3
Redeploy Capital
4
Look Towards Services Markets
5
23. THE PARTHENON GROUP
12
0
20
40
60
80
100%
Reasserting Growth: Persistence, Persistence, Persistence
Overall outcomes (for-profit, non-profit, public) are
disappointing and persistence has compelling economics
Sources: IPEDS
0
20
40
60
80
100%
80%+
50%-79%
20%-49%
Less than 20%
3,898
Percent of Institutions with
Given Graduation Rate
Lifetime Cohort Revenue
PercentofLifetimeRevenue
Percent of Starters
Attract More
Increase the
persistence and
graduation rate
Should we start
them?
24. THE PARTHENON GROUP
13
Reasserting Growth: Focus on the Adult Learner
Distinct student groups with different sets of needs can
be reached through innovative course offerings
OnlineOfferings
“Traditional” Students Career Enhancers Self-Directed Learners
Online/hybrid courses for
campus-based first-time
full-time students
Fully-online and
competency-based
degree programs for
adults looking to enhance
their employment prospects
Open-Access Options
(MOOCs, OER, OCW, etc.)
for a wide age range of
students seeking to
accelerate credit
accumulation at a
very low cost
Requirementsfor
Success
• Tight coordination with
onsite courses
• Supplemental student
supports to drive student
engagement
• Continuous starts,
competency options
• Close alignment with
labor market needs
• Quality evaluation
frameworks and testing
policies to allow for
awarding of credits
25. THE PARTHENON GROUP
14
Reasserting Growth: Focus on the Adult Learner
Pushing innovation in competency-based programs while
leveraging channel partners can combat traditional brands
Why a Competency Orientation? Why Channel Partners?
• Supports students desire for a
practical employment focused
education
• Aligns with employer needs while still
providing the “certification” of a degree
• Can support a lower cost structure
• Leverages the channel partners brand
• Long term better student acquisition
model
• Keeps institution attuned to shifting
employer needs and forces a
responsive curriculum and pedagogy
26. THE PARTHENON GROUP
15
Reasserting Growth: Consolidate and Drive Efficiencies
The market is highly fragmented, utilization is low, and
business processes are becoming more crucial
Program
Design
Inquiry Admission Fin Aid Onboarding
Instruction
& Student
Support
Exit
Processes
Accounts
Receivable
Collection
27. THE PARTHENON GROUP
16
Reasserting Growth: Redeploy Capital
Global education markets are fueled, primarily, by rising
household wealth…
Threshold For Private Schooling
90’s 00’s 10’s
PercentofHouseholds
Household Income
Households which
can afford higher
quality education
(primary, secondary,
or tertiary) for their
children
Distribution of Household Income
The relationship between
household income and
attainment of higher quality
education (private schooling)
is not a 1:1. Instead, as HH
income rises over time, the
number of families that are
able to send their children to
private schools increases in
a greater proportion than
household income
As average household income rises, the number of households above
the private education affordability threshold rises more quickly
28. THE PARTHENON GROUP
17
Redeploy Capital
Wherever income is rising, so too is the demand for
post-secondary education
100%
1999
1999
1999
1999
1999
1999
1999
1999
1999
2003
1999
1999
19991999
1999
1999
1999
1999
1999
1999
1999
1999
2000
1999
1999
1999
2003
2002
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
PPP adjusted GNI per Capita
$0 $20,000 $40,000 $60,000
EnrollmentRatio
0%
20%
40%
60%
80%
Tertiary Gross Enrolment Ratio (GER) vs. Income, 1999 and 2007
(80 countries from around the world)
Note: UNESCO’s Gross Enrolment ratio ISCED 5 and 6. This ratio is calculated using the number of pupils enrolled in International Standard Classification of Education (ISCED) level 5 and 6
representing stages of tertiary education, regardless of age, expressed as a percentage of the population in the five-year age group following on from the secondary school leaving age
Source: BMO Capital Report (2009); UNESCO; World Bank
29. THE PARTHENON GROUP
18
Reasserting Growth: Look Towards Services Markets
Higher education institutions are increasingly embracing
business processes
Note: *Aramark was founded in 1936 and AVI Food Systems in 1961 but it is not known when they started servicing universities
**Bisk was founded in 1971 as a test prep company but did not enter online program development until 1998
Spectrum of University Functions That Have Been Managed by Vendors
(Representative, not Comprehensive)
Document &
Data Storage
Finance &
Accounting
Human
Resources
Financial Aid
& Student
Loans
Information
Systems
Management
Dormitories
Food Service
IT Support Institutional & Operational Support
Enrollment
Management
Academics
Online
Platform
Instruction
Course
Development
Back End Front End Academic Core
ExampleVendors
• XACT Telesolutions (1976)
• Infosys (1981)
• Affiliated Computer Systems (1988)
• Sallie Mae
(1972)
• Nelnet (1977)
• Royall & Co
(1989)
• ESM (1995)
• QuinStreet
(1999)
• InsideTrack
(2001)
• Embanet-Compass
(1995)
• Deltak (1996)
• Bisk (1998*)
• Learning House (2001)
• Academic Partnerships
(2007)
• 2Tor (2008)
• Educational
Housing
Services
(1987)
• Aramark*
• AVI Food
Systems*
1970s-80s 1990s-Today
Inception of
Outsourcing:
?
UniversityFunctions
Marketing &
Recruitment
Student
Coaching
Market Penetration
of Outsourcing:
30. THE PARTHENON GROUP
19
Reasserting Growth: Look Towards Services Markets
There is significant institutional spending in areas that
could benefit from partnerships
Source: Parthenon analysis
Back End Front End
0
20
40
60
80
100%
IT Support
Currently Partner-Supplied
$15B
Finance and
Accounting
$7B
HR
$3B $2B $2B
Admissions
$11B
Development and
Alumni Affairs
$6B
Financial Aid and Student Loans
Endowment Management
$1B
Marketing and Recruitment
Total = $47B
Institutional Support Student Services
Relevant Categories of Post-Secondary Institutional Expenditure
31. THE PARTHENON GROUP
20
What Informs Our Perspective?
Parthenon teams have completed over 900 education
projects in more than 60 countries
Pre-Kindergarten K-12 University
Vocational
and Other
Career and
Professional
Education Sector Projects
Completed by Parthenon
Parthenon Offices
32. THE PARTHENON GROUP
21
What Informs Our Perspective?
Public and private sector work provides a strong
sense of what is happening “on the front lines”
We advise
leading education
institutions…
• Federal, state, and local
educational authorities
• Charter schools, private K-
12 schools, and other
innovative education
providers
• Global post-secondary
institutions
• Foundations on the
forefront of education
reform
…work with the organizations
that help meet their needs…
• Educational publishing
• Testing and assessments
• Tutoring
• Intervention
• Special Education
• Technology providers
• Consumer education
products
…and cover almost every
large and mid-sized
transaction in global markets
• North America
• Latin America
• Europe
• Gulf Cooperative Countries
• Africa
• Asia, Southeast Asia, and
Asia-Pacific
33. THE PARTHENON GROUP
22
About The Parthenon Group and our advisory services
for investing in education
About The
Parthenon
Group
The Parthenon Group is a leading advisory firm focused on strategy consulting, with offices in Boston, London, Mumbai,
San Francisco, and Shanghai. Since its inception in 1991, the firm has embraced a unique approach to strategic advisory
services built on long-term client relationships, a willingness to share risk, an entrepreneurial spirit, and customized insights.
This unique approach has established the firm as the strategic advisor of choice for CEOs and business leaders of Global 1000
corporations, high-potential growth companies, private equity firms, educational institutions, and healthcare organizations.
The Parthenon Group advises clients in all stages of investing in education companies, including target identification and
screening, strategic due diligence, portfolio company strategy and operational improvement, and sell-side support. The
combination of Parthenon’s Private Equity Practice, which has advised clients on more than 1,000 transactions, and our
Education Practice, which has worked across all aspects of for-profit and non-profit education, make The Parthenon Group the
preeminent advisor to private equity firms considering investments in the education industry.
Learn more about us at www.parthenon.com.
Robert Lytle
Partner, Co-Head of Education Practice
robl@parthenon.com
617.478.7096
Executive Assistant:
Deb Spitzley
deborahs@parthenon.com
617.478.6312
Follow Us
for Regular
Updates
Twitter | @Parthenon_Group
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LinkedIn | www.linkedin.com/company/the-parthenon-group
Advisory
Services for
Investing in
Education
Twitter | @Robert_S_Lytle