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Insight Newsletter
Deal Structure
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.
An Industry Consolidated | Summer 09 Insight
by Mark D. Working
Value and Synergy Through Realignment.
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.
The Bank Covenant Primer | Fall 06 Insight
by Michael T. Newsome
Understanding the trigger points of financial covenants may head off future problems.
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.
Creativity + Timing = Opportunity | Spring 08 Insight
by William S. Hanneman
Taking another look at ESOPs.
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.
Facing the Wave of Refinancing | Fall 09 Insight
by Michael T. Newsome
Demand for debt capital by middle-market companies may exceed supply.
Financing With Growth Equity | Winter 12 Insight
by Michael J. Black
Equity capital could be an alternative for financing a rapidly growing business.
Fundamentals of Leasing | Summer 04 Insight
by Michael T. Newsome
How best to finance the equipment your company needs usually centers around the question of leasing or conventional debt. Unfortunately, leases are often misunderstood.
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.
How to Prepare for Different Types of Buyers | Winter 12 Insight
by William S. Hanneman
There is a difference between financial and strategic buyers.
The Junior Secured Tranche B Loan | Fall 03 Insight
by Michael T. Newsome
Banks have significantly curbed lending based on cash flow; now companies are turning to junior secured debt as an alternative.
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?
Mezzanine Debt—An Alternative in Tight Credit Markets | Summer 09 Insight
by Michael T. Newsome
Where can creditworthy businesses turn for capital?
Minority Equity--Structural Considerations | Spring 05 Insight
by Mark D. Working
To succeed at fund raising when banks won’t help, you need to understand private equity investors.
Negotiating the Optimal Purchase Price | Summer 11 Insight
by William S. Hanneman
Successfully closing deals hinges on understanding negotiating styles and tactics.
The Next Big Thing--CLOs | Winter 07 Insight
by Michael T. Newsome
Collaterlized Loan Obligations (CLOs) will change the nature of lending relationships.
Personal Guaranties Build Character | Fall 04 Insight
by Mark D.Working
Personal guarantees seem to be a simple and easy way to achieve financing for your business, but when the guaranty involves millions of dollars, the implications should be carefully considered.
Private Equity Bridges the Gap | Winter 06 Insight
by Mark D. Working
A private equity partner is one avenue to address your business and personal objectives.
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.
Second Lien Financing Redux | Winter 06 Insight
by Michael T. Newsome
Once reserved for restructure or rescue financing, second lien notes have quickly grown to replace subordinated-debt mezzanine financing.
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?
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 Protect Against Rising Interest Rates | Spring 03 Insight
by Michael T. Newsome
Now is the time to develop an interest rate strategy.
Turnaround Equity | Spring 01 Insight
by Mark D. Working
In today’s economic environment, distressed companies seek help from “non-traditional” sources of capital.
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.
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