Middle Market M & A Handbook for Advisors, Investors, and Business Owners
An in-depth and practical exploration of middle-market mergers and acquisitions from leading experts in the field In the newly revised Second Edition of Middle Market M & A: Handbook for Advisors, Investors, and Business Owners, mergers and acquisitions experts Kenneth H. Marks, Christian W. Ble...
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| Main Authors | , , , |
|---|---|
| Format | eBook Book |
| Language | English |
| Published |
Newark
Wiley
2022
John Wiley & Sons, Incorporated |
| Edition | 2 |
| Series | Wiley finance series |
| Subjects | |
| Online Access | Get full text |
| ISBN | 9781119828129 1119828120 1119828104 9781119828105 |
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| Abstract | An in-depth and practical exploration of middle-market mergers and acquisitions from leading experts in the field In the newly revised Second Edition of Middle Market M & A: Handbook for Advisors, Investors, and Business Owners, mergers and acquisitions experts Kenneth H. Marks, Christian W. Blees, Michael R. Nall, and Thomas A. Stewart deliver a comprehensive overview of mergers, acquisitions, divestitures, and strategic transactions of privately held companies with revenues between {dollar}5 and {dollar}500 million per year. You'll discover the market trends, perspectives, and strategies commonly affecting business transitions in all phases of a deal, as well as the processes and core subject areas (e.g. valuation, structure, taxation, due diligence, etc.) required to successfully navigate and close transactions in the private capital markets. The latest edition of this handbook includes new discussions about: * The middle market landscape and the evolution and impact of private equity on the private capital markets * The concepts of mergers and acquisitions from an owner's point of view * Ways in which transition and value growth planning can optimize the value owners and investors can realize in sell-side and buy-side transactions * New technologies being used in the M&A process Perfect for advisors, investors, and business owners, the new edition of Middle Market M & A is a must-read roadmap of the strategic transaction landscape that provides solid, practical guidance for attorneys, accountants, investment bankers, corporate development, exit planners, investors, lenders and the owners, entrepreneurs, and leaders of middle market companies. |
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| AbstractList | An in-depth and practical exploration of middle-market mergers and acquisitions from leading experts in the field In the newly revised Second Edition of Middle Market M & A: Handbook for Advisors, Investors, and Business Owners, mergers and acquisitions experts Kenneth H. Marks, Christian W. Blees, Michael R. Nall, and Thomas A. Stewart deliver a comprehensive overview of mergers, acquisitions, divestitures, and strategic transactions of privately held companies with revenues between {dollar}5 and {dollar}500 million per year. You'll discover the market trends, perspectives, and strategies commonly affecting business transitions in all phases of a deal, as well as the processes and core subject areas (e.g. valuation, structure, taxation, due diligence, etc.) required to successfully navigate and close transactions in the private capital markets. The latest edition of this handbook includes new discussions about: * The middle market landscape and the evolution and impact of private equity on the private capital markets * The concepts of mergers and acquisitions from an owner's point of view * Ways in which transition and value growth planning can optimize the value owners and investors can realize in sell-side and buy-side transactions * New technologies being used in the M&A process Perfect for advisors, investors, and business owners, the new edition of Middle Market M & A is a must-read roadmap of the strategic transaction landscape that provides solid, practical guidance for attorneys, accountants, investment bankers, corporate development, exit planners, investors, lenders and the owners, entrepreneurs, and leaders of middle market companies. |
| Author | Kenneth H. Marks, Christian W. Blees, Michael R. Nall, Thomas A. Stewart |
| Author_xml | – sequence: 1 fullname: Marks, Kenneth H – sequence: 2 fullname: Blees, Christian W – sequence: 3 fullname: Nall, Michael R – sequence: 4 fullname: Stewart, Thomas A |
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| PublicationDecade | 2020 |
| PublicationPlace | Newark |
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| PublicationSeriesTitle | Wiley finance series |
| PublicationYear | 2022 2023 |
| Publisher | Wiley John Wiley & Sons, Incorporated |
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| Snippet | An in-depth and practical exploration of middle-market mergers and acquisitions from leading experts in the field In the newly revised Second Edition of Middle... |
| SourceID | econis proquest perlego |
| SourceType | Index Database Publisher |
| SubjectTerms | Consolidation and merger of corporations KMU Small business USA Übernahme |
| Subtitle | Handbook for Advisors, Investors, and Business Owners |
| TableOfContents | Initial Analysis of Both Entities -- Strategic Rationale -- Valuation Modeling -- Understanding Cost, Operational, and Cultural Differences -- Developing the Integration Plan -- Deal Structure and Negotiations -- Chapter 15 Financing Sources and Capital Structure -- Perspective -- Financing Primer -- Capital Structure -- Factors Shaping the Capital Structure -- Basic Deals -- Buyouts3 -- Recapitalizations -- Acquisitions -- Sources and Types of Funding -- Debt -- Private Equity -- Personal Guarantees -- Chapter 16 Due Diligence -- Due Diligence Process -- The Diligence Team -- Traditional Due Diligence -- Financial Matters -- Quality of Earnings Analysis -- Balance Sheet Analysis -- Ratio Analysis -- Other Risks -- Audited Financial Statements -- GAAP Compliance -- Tax Structuring and Compliance -- Compensation and Benefits -- Legal -- Technical Due Diligence -- Business Due Diligence -- Chapter 17 Tax Provisions Used in M& -- A -- Tax Fundamentals -- Transaction Tax Basics -- Asset Transactions -- Stock Transactions -- Stock versus Asset Sale Example -- Asset Transaction Details -- Buyer Tax Issues -- Detailed Tax Structuring -- Installment Sales -- Risk of Forfeiture -- Assets That Qualify for Installment Treatment -- Installment Planning Opportunity -- Partnership M& -- A -- General Partnership Doctrine -- Partnership versus S Corporation -- Partnership Gain Tracking Rules -- Purchase Price Allocation for Partnership Buyers -- Corporate M& -- A Issues -- Contributions to Corporations -- Stock/Asset Sale Election: Section 338 -- Mergers and Reorganizations -- S Corporation Issues -- Tax Glossary and Reference -- Chapter 18 Legal Documentation -- The Attorney's Role -- Preliminary Legal Documents -- Nondisclosure and Confidentiality Agreement -- Letter of Intent -- Acquisition Agreements -- Structure of the Deal -- Stock Sale/Merger Cover -- Title Page -- Copyright Page -- Contents -- Preface -- Acknowledgments -- Part 1 Middle Market Overview -- Chapter 1 The Middle Market -- Performance and Impact -- Definition -- Characteristics of Middle Market Companies -- Ownership -- Access to and Use of Capital -- Organization -- Chapter 2 Private Capital Markets -- Segmented Markets -- How Market Players View Risk -- Capital Providers -- Owners' and Managers' Views of Risk/Return -- Buyers -- Market Activity -- Chapter 3 Valuation Perspectives for the Private Markets -- Private Business Valuation Can Be Viewed Through Different Standards of Value -- Market Value -- Investment Value -- Fair Market Value -- Fair Value -- Incremental Business Value -- Owner Value -- LBO Value -- Collateral Value -- Book Value -- Valuing Intangibles -- Why the Different Versions of Value? -- Valuation as a Range Concept -- Value Worlds and Deals -- Part 2 For the Business Owner/Operator and Entrepreneur -- Chapter 4 Transition, Succession, and Exit Planning -- A Decision Framework -- 1. Owner Ambitions and Goals -- 2. Industry Cycle -- 3. Business Cycle -- 4. Company Foundation -- A Team Approach -- Chapter 5 Value Growth and Optimization* -- Increasing the Return on Invested Capital -- Strategic Position -- Customer Base -- Cost Structure and Scalability -- Working Capital -- Human Capital -- Reducing the Risk of Investment -- Awareness and Planning -- Growth Plans and Relative Position -- Leadership Team -- Predictability of Revenues and Earnings -- Concentrations -- Compliance -- Keeping Current -- Ease the Transfer of Ownership -- Financial Information -- Contracts -- Title to Assets -- Corporate Structure and Attributes -- Don't Lose Focus on the Core Business -- Summary -- Formula Definitions -- Part 3 The M& -- A Practice and Processes -- Chapter 6 Practice Management -- Primary M& A Advisors -- Marketing the M& -- A Practice -- Target Audience -- Networking -- Marketing and Advertising -- Pretransaction Consulting -- Valuation Services -- Other Consulting Services -- Becoming an Expert -- Client Acceptance -- Confidentiality -- Client Engagement -- Identification of the Parties -- Scope of Service -- Limitations and Disclosures -- Fees-Selling Advisor -- Example Fee Structures -- Termination and Tail -- Buy-Side Engagements -- Licensure Issues in the M& -- A Business* -- Chapter 7 Sell-Side Representation and Process -- Selling Process Overview -- Step 1: Preliminary Discussions with Seller -- What Is the Transaction? -- Value Expectations -- Process -- Step 2: Data Collection -- Step 3: Industry Research and Identifying Buyers -- Research Market Buyers -- Step 4: The Marketing Book -- Preparation -- Seller Motivation -- Financial Disclosures -- Specific EBITDA Presentations -- Balance Sheet Presentation -- Other Financial Disclosures -- Prospective Financial Presentation -- Step 5: Marketing Process -- Clear the List with the Seller -- Initiate Contact with Buyers -- Obtain Nondisclosure Agreements -- Distribute the Book -- Follow Up, Discuss, and Set Expectations -- Step 6: The Auction Dynamic and Negotiations -- Negotiated Sale -- Private Auction -- Public Auction -- Step 7: Buyer Interest and Transaction Structure -- Term Sheets -- Indication of Interest (IOI) -- Letters of Intent -- Deal Structure -- Asset versus Stock Structure -- Other Tax Deferral Techniques -- Step 8: Due Diligence -- Step 9: Definitive Agreements -- Step 10: Closing Process -- Price and Valuation Changes -- Terms and Conditions Changes -- Third-Party Challenges -- Allocation of Risk -- Other Preclosing Mistakes -- Postsale Integration -- Chapter 8 Corporate Development and the Buy-Side Process -- Why Acquire? -- The Dismal Ds -- Alternatives Asset Purchase -- Representations and Warranties -- Qualifications to Representations and Warranties -- Indemnification -- Transaction Statistics -- Consulting and Employment Agreements -- Regulatory Compliance -- Chapter 19 Regulation and Compliance * -- Protecting Investors: Securities Act of 1933 -- Exemptions under the 33 Act -- Commonly Used Private Placement Exemptions -- Keeping The Markets Honest: Securities Exchange Act of 1934 -- Requirements and Rules -- Williams Act -- Antitrust Issues and Laws You May Encounter in the Deal -- Hart-Scott-Rodino Act -- Transactions Involving Foreign Investors, Foreign Trade, and National Defense Matters -- Other Regulatory Issues and Laws You May Encounter in the Deal -- Bulk Sales Laws -- The WARN Act -- The Investment Banker's Perspective -- SEC Provisions Regulating Broker-Dealers -- M& -- A Brokers No-Action Letter -- Finders -- Investment Advisers Act and Investment Company Act of 1940 -- FINRA Provisions for Broker-Dealers -- The Company's Perspective -- Process of Issuing, Selling, or Exchanging Securities for a Deal -- State Blue-Sky Laws -- Considerations for Public Companies -- Chapter 20 Cross-Border Considerations* -- Is Cross-Border M& -- A the Right Move? -- Culture -- Country Risk -- Financial Risk -- Market and Operational Risks -- The Legal Environment -- Labor and Employment -- Negotiations -- Due Diligence -- Integration -- Summary -- Glossary -- Notes -- About the Authors -- About the Contributors and Reviewers -- Index -- EULA The Acquisition Process -- The Pipeline and Filter -- Approaching the Target -- The Balance between a Deep Dive and Locking In the Deal -- Lower-Middle Market versus Middle Market Deals -- Valuation from a Strategic's Perspective -- Structuring the Transaction -- The Bid -- Due Diligence -- Integration -- Practical Tips and What Causes Deals to Fail -- What Should We Acquire? -- Why Are We Doing This? -- Alignment of Interests -- Recruit the Right Advisors Early -- Allocate Enough Resources -- Every Interaction Is a Negotiation13 -- If It Can Go Wrong, It Will Go Wrong -- Chapter 9 Buy-Side Representation -- Buyer Clients -- Strategy -- The Filter -- Financing -- Quality of Earnings -- Coordination -- Integration -- Chapter 10 Technology in the M& -- A Process -- Virtual Data Room -- Market Insight and Data -- Deal Sourcing and Exchanges -- Due Diligence Software -- Project Management Software -- Comprehensive M& -- A Software -- Supporting Tools -- Artificial Intelligence and Technology Trends -- Technology Providers -- Chapter 11 Professional Standards and Ethics -- Holistic Advice -- Ethical and Professional Standards -- Competence and Professionalism (Reputation) -- Best Practices (Activities) -- Ethics (Behavioral Boundaries) -- The Middle Market Standard -- Part 4 M& -- A Technical Discussions -- Chapter 12 Financial Analysis -- Financial Reporting Motivation -- EBITDA -- Balance Sheet Analysis -- Working Capital -- Normalization -- Chapter 13 Market Valuation -- Reasons for Appraisal -- Determine the Value Subworld -- Calculate the Benefit Stream -- Synergies -- Determine Private Return Expectation -- Specific Investor Return -- General Acquisition Selling Multiples -- Derive Value -- Chapter 14 Deal Structure -- Structural Priorities -- Business and Economic Terms -- Tax Structure -- Legal Structure -- Mergers |
| Title | Middle Market M & A |
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