Firm News
Posted on Mar 1, 2024
Private equity’s due diligence timelines can vary depending on various factors. These include the complexity of the deal; the size of the investment; regulatory requirements; and, the ...
Continue reading "PRIVATE EQUITY DUE DILIGENCE" »
Posted on Feb 1, 2024
Predicting the outlook for private equity in 2024 involves considering various factors, including economic conditions, market trends, regulatory changes, and investor sentiment. Following are ...
Continue reading "PRIVATE EQUITY: 2024" »
Posted on Jan 1, 2024
Companies across various industries sell for a price based on a multiple of the company’s revenues. These include: Tech: Especially high-growth technology companies. Examples include software as ...
Continue reading "REVENUE MULTIPLES" »
Posted on Dec 1, 2023
Private equity funds are structured as limited partnership, with general partner managing the fund’s investments and the limited partners providing most, if not all, of the capital. Limited ...
Continue reading "Private Equty Secondaries" »
Posted on Nov 1, 2023
Usually, sellers want to sell stock (or LLC interests) and buyers want to buy assets. During the negotiations for a highly sought after selling company, the investment bank should distinguish what the ...
Continue reading "Deal Pricing - Asset vs. Stock Sale" »
Posted on Oct 1, 2023
A stock purchase and an asset purchase are two common ways to acquire a company. They have distinct differences in terms of how the transaction is structured and the implications for both the buyer ...
Continue reading "Stock vs. Asset Purchase" »
Posted on Sep 1, 2023
Under Section 363(f) of the Bankruptcy Code, the trustee or debtor-in-possession may sell the bankruptcy assets “free and clear of any interest in the property”. This provision of ...
Continue reading "Bankruptcy Sale of Business" »
Posted on Aug 1, 2023
No matter the state of the market, business value drivers remain fairly constant. Buyers’ appetite for certain industries or industry segments reflects the current period. Yet, the attributes ...
Continue reading "WHAT ARE THE VALUE DRIVERS?" »
Posted on Jul 1, 2023
The due diligence process of an acquisition involves conducting a thorough investigation and analysis of a target company to assess its financial, legal, operational, and commercial aspects. Several ...
Continue reading "WHAT IS ACQUISITION DUE DILIGENCE?" »
Posted on Jun 1, 2023
Post sale, business combinations fail for a number of reasons. As much as possible, sellers and buyers should account for these potential problems as they engage in the sale process. As part of our ...
Continue reading "WHY BUSINESS ACQUISITIONS FAIL" »
Posted on May 1, 2023
Selling a business is often more complex than it appears on the surface. What are the key factors that make the process more challenging? Financial Performance : If the business is not performing well ...
Continue reading "CHALLENGES IN SELLING A BUSINESS" »
Posted on Apr 1, 2023
Most investment banks focus on the sell-side of a transaction, for the following reasons: The engagement includes a retainer for initial advisory work and conducting a process to find the best ...
Continue reading "WORKING THE BUY-SIDE" »
Posted on Mar 10, 2023
EBITDA is an acronym representing Earnings Before Interest Taxes Depreciation (and) Amortization. It is the most widely used “income” metric to estimate the value of a business. The ...
Continue reading "ADJUSTED EBITDA" »
Posted on Feb 1, 2023
Every owner selling his/her company asks us how we find the “ideal” buyer for the business. The answer is that there may be no perfect buyer. However, within our process we are diligent in ...
Continue reading "IS THERE A RIGHT BUYER" »
Posted on Jan 1, 2023
The most well-known metrics for “pricing” a potential business sale involve applying a multiple times an income amount, EBITDA (earnings before interest, taxes, depreciation and ...
Continue reading "WHAT GOES INTO A MULTIPLE?" »
Posted on Dec 1, 2022
Even with the rising interest rates, there is a renewed interest in Recaps or recapitalizations. Simply put, a Recap is the changing of a company’s capital structure, i.e. usually a change in ...
Continue reading "RECAP OR FULL EXIT" »
Posted on Nov 1, 2022
We often write about M&A from the prospective of the selling company. But the opposing side to those conundrums are the issues facing even the most astute buyers. The risks of making a bad ...
Continue reading "BUYER BEWARE" »
Posted on Oct 1, 2022
Most business owners face the dilemma of deciding when to sell. The answer is not simple. Obviously, selling at the right or best time is ideal. But how can you determine that “best time?” ...
Continue reading "DECIDING TO SELL" »
Posted on Sep 1, 2022
As a professional advisor and investment banker, the most important aspect of an engagement is managing the client’s expectations. In fact, it is even more crucial to conduct a thorough ...
Continue reading "MANAGING EXPECTATIONS" »
Posted on Aug 1, 2022
No matter the state of the economy, buyers will always pursue what they perceive as a quality seller. Obviously, there are a plethora of buyer types, such as those that: Never vary from their stated ...
Continue reading "BUYERS WANT QUALITY SELLERS" »
Posted on Jul 1, 2022
The most well-known metrics for “pricing” a potential business sale involve applying a multiple times an income amount, EBITDA (earnings before interest, taxes, depreciation and ...
Continue reading "WHAT GOES INTO A MULTIPLE?" »
Posted on Jun 1, 2022
The definition of working capital (W/C) is rather simple: current assets less current liabilities. The ratio is current assets/current liabilities. Any ratio below 1 is negative. For most companies a ...
Continue reading "WORKING CAPITAL" »
Posted on May 1, 2022
Almost anything you can imagine should be part of the pre-sale due diligence. If a selling company (seller) wants to receive the best terms and price, they must perform a certain amount of their own ...
Continue reading "PRE-SALE DUE DILIGENCE" »
Posted on Apr 1, 2022
Most business owners face the dilemma of deciding when to sell. The answer is not simple. Obviously, selling at the right or best time is ideal. But how can you determine that “best time?” ...
Continue reading "DECIDING TO SELL" »
Posted on Mar 1, 2022
The capital raising landscape is improving for new and growing ventures. Venture capital is plentiful for startups, though much of it is focused on these industries/assets: medical devices, software, ...
Continue reading "Capital Raising" »