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Insight Newsletter
Corporate Finance
A Search for Quality: Avoid the Due Diligence Quagmire | Spring 07 Insight
by Mark D. Working
Business owners beware; do not underestimate the exhaustive financial due diligence process by a prospective buyer when selling your business.
Adventures in Insolvency | Summer 08 Insight
by Michael T. Newsome
As business conditions induce financial distress, business owners will find a new set of rules by which to play.
Anatomy of a Leveraged Recap | Winter 02 Insight
by Mark D. Working
A leveraged recapitalization is an alternative for unlocking illiquid wealth in private companies.
Anatomy of a Management Buyout | Summer 06 Insight
by Michael T. Newsome
When appropriate, managers can become owners through an MBO.
Auction or Negotiate | Summer 10 Insight
by William S. Hanneman
When selling your company, process matters.
Beauty is In the Eye of the Beholder | Fall 04 Insight
by Mark D. Working and Michael T. Newsome
When a seller and a buyer differ about the value of the seller’s company, earnout structures may be used to bridge that value gap.
Capital and Uncertainty | Summer 11 Insight
by Michael T. Newsome
"Capital goes where it's welcome and stays where it's well-treated."
Capital Gains Tax Rates Up = Value of Businesses Down | Summer 08 Insight
by Ray D. Rezab and Brian J. Kremen
Will increasing the top capital gains tax rate harm sellers of businesses?
Creativity + Timing = Opportunity | Spring 08 Insight
by William S. Hanneman
Taking another look at ESOPs.
Credit Availability Affects Business Valuation | Winter 08 Insight
by Mark D. Working
Credit Critical to Deal Market | Fall 01 Insight
by Mark D. Working
With access to cheap capital throttled and credit availability tight, the deal market is far from active.
Credit vs. Investment Decision | Fall 03 Insight
by Mark D. Working
Don’t mistake a lender’s decision as an endorsment or criticism of an investment decision.
Demystifying Bank Risk Ratings | Summer 01 Insight
by Michael T. Newsome
Understanding how risk ratings work may give you an insight on how banks perceive your company.
Don't Be Fooled By the Numbers | Fall 03 Insight
by Mark D. Working
Financial statements are often interpreted differently by prospective buyers than by management.
Don't Count on Strategic Value | Fall 08 Insight
by Mark D. Working
Strategic value is only realizable under specific circumstances.
Earnouts - Bridging the Value Gap | Fall 09 Insight
by William S. Hanneman
With limited credit availability, sellers are financing more transactions.
ESOP Myths and Realities | Spring 02 Insight
by Frank S. Buhler
Contrary to popular opinion, an Employee Stock Ownership Plan is not a financial panacea.
EVA for Middle-Market Companies | Spring 04 Insight
by William S. Hanneman
Adopting Economic Value Added (EVA) concepts by middle-market companies could help prevent unwise business decisions.
Fairness Opinions--How Fair | Winter 08 Insight
by William S. Hanneman
New SEC regulations don’t solve any problems.
Guidelines for the Stalking Horse in a Bankruptcy Sale | Summer 09 Insight
by William S. Hanneman
A successful stalking horse has significant advantages in a bankruptcy sale process.
Hanging on to the Purchase Price | Spring 06 Insight
by William S. Hanneman
Representations and warranties can have a significant effect on the purchase price of your business.
Investment Banking 101 | Fall 04 Insight
by William S. Hanneman and Mark D.Working
Understanding and learning how to use middle-market investment banking services could help your company.
Making Critical Investment Decisions | Winter 03 Insight
by Mark D. Working
Building greater value for your company hinges on allocating scarce capital resources prudently.
Making M & A Successful - Due Diligence | Fall 05 Insight
by William S. Hanneman
Due diligence by successful acquirers extends well beyond verifying data.
Purchase and Sale Agreements--the Seller's Perspective | Summer 07 Insight
by Mark D. Working
Once the sale price has been agreed, many sellers believe the rest is just paperwork. Think again,as many important issues still need to be decided and the owner needs to stay involved.
Reconciling Purchase Price and Working Capital | Winter 06 Insight
by Frank S. Buhler
Day-to-day and seasonal fluctuations in working capital investment is always the subject of debate when closing the sale of a privately held business.
Seller Math--The Missing Variables | Fall 02 Insight
by Mark D. Working
Seller Math is a flawed economic argument often used by owners when considering a sale of their company.
Shareholders Agreements--The Buy, Sell Provision | Summer 03 Insight
by William S. Hanneman
Buy/sell agreements provide investors in private businesses an escape mechanism, but are these agreements counter-productive?
Should Your Business Raise More Capital? | Spring 09 Insight
by William S. Hanneman
It’s the quality of your ownership, not the quantity of your shares.
Size Matters | Spring 07 Insight
by Michael T. Newsome
Why small good businesses are valued differently than their larger counterparts.
The Appeal of EBITDA Multiples | Fall 02 Insight
by William S. Hanneman
EBITDA multiples are quick and convenient to calculate, but these attributes are precisely its downfall.
The Controlled Auction | Spring 07 Insight
by William S. Hanneman
Creating competition among multiple bidders results in a higher value and better terms for the seller.
The Corporate Imperative--Building Economic Value | Fall 05 Insight
by Michael T. Newsome
Measuring the adequacy of operating earnings against invested capital.
The Journey Through Special Assets | Winter 03 Insight
by Michael T. Newsome
If you encounter the bank’s Special Assets Group (SAG), what should you expect and how should you respond?
Strategic Value Determination | Summer 11 Insight
by Mark D. Working
The value of a business will differ among buyers with different outlooks.
The Ticking Time Bomb--Third Party Consents | Spring 06 Insight
by Mark D. Working
Uncertainties and transferability issues can blow up the sale.
Time To Leverage the Balance Sheet | Spring 05 Insight
by Mark D. Working
Lenders are ready and willing to make loans, but businesses remain wary; for some this could be a mistake.
Value - In the Eye of the Beholder | Fall 06 Insight
by William S. Hanneman
Not everyone looks through the same economic lens.
Value vs. Price | Summer 05 Insight
by Mark D. Working
Many owners view the value and price of businesses as the same, which can be a misconception.
Quality of Earnings | Fall 10 Insight
by William S. Hanneman
It’s not how much money a company is making that counts; it’s how it makes its money.
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