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Investors and lenders in the private capital markets today have abundant, relatively cheap capital for companies that have their houses in order and are looking to grow, particularly those that have identified an acquisition target with proven earnings and a foreseeable return on investment. In fact, if your company is not considering an acquisition as part of its growth strategy, the time may be right to do so. Think of financing an acquisition as an exercise with two parts that work in concert: 1 structuring a desired deal with a suitable target and 2 obtaining the funding.
A desired deal is one that is engineered specifically with the big picture in mind. Set clear financial objectives for an acquisition and create benchmarks to gauge attractiveness of potential target companies. To safeguard your team from getting emotionally over-committed to a specific business, carefully balance the price being offered for the target, the strategic problem or opportunity it addresses, the likely near-term cash flow of the target, the integration strategy, the inherent risks and the deal structure.
The Big Idea: The New M&A Playbook
Valuation is almost always a priority issue for everyone involved but keep in mind that the structure and terms of the transaction are just as important. Value the target acquisition as a standalone business first. Then value the acquisition in the context of your business, giving consideration to the likely cost savings and potential revenue lift that can result from combined capabilities.
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A desired deal meets the needs of the buyer, the seller and the funding sources. Be open to the iterative nature of the process, allowing lessons learned and market information to continually refine and shape the focus of the acquisition plan. The desired deal is built out of the synchronization of six essential elements, as shown below.
In an illustration of the impact of a desired deal, a US-based research company acquired a smaller, niche company in Europe to fulfill its growth strategy. By synchronizing the six elements listed above, it was able to realize several advantages: including gaining access to new customers and new capabilities in that geography and attracting a financial backer that provided acquisition and growth capital to boot.
Valuation: Mergers, Buyouts and Restructuring, 2nd Edition
The integrated capabilities meant that the combined company could negotiate bigger contracts on a global scale with greater credibility and, ultimately, accelerate growth and significantly increase the value of the combined businesses. The transaction was structured to pay for existing value as evidenced by the historical financials and business backlog and to compensate the sellers for operational execution and growth in the coming years.
Of course, no deal goes down without funding. The final answers to these are often outcomes from structuring the deal as discussed above. Unless your company has the capital on hand to fund the transaction, test the planned deal with funding sources before committing. Covering the latest trends, developments, and best practices for the post-Madoff era, this comprehensive, hands-on resource walks readers through every step of the process, offering practical advice for keeping deals on track and ensuringpostclosing integration success.
Filled with case studies and war stories illustrating what works and why, the third edition of Mergers and Acquisitions from A to Z offers valuable tools, checklists, and sample documents, providing crucial guidance on: preparing for and initiating the deal; regulatory considerations; due diligence; deal structure; valuation and pricing; and financing even during turbulent market conditions. This is the classic guide to mergers and acquisitions, now completely updated for today's market.
From the seemingly insatiable appetite for middle-market companies that private equity firms and other buyers had in and , thereby driving valuations through the roof, to the fast ending to the party and the sobering effects of a virtual halt in to , sending valuations on a downward spiral, this was not a good time if you prefer merry-go-rounds to roller-coaster rides at the amusement park. These figures represent the worst six months on record since the end of Mergers and acquisitions are a vital part of both healthy and weak economies and are often the primary way in which companies are able to provide returns to their owners and investors.
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Mergers and Acquisitions
Business Valuation. Chapter 3 Acquisitions, Recapitalizations, and Exits. Selling the Company, Creating Shareholder Liquidity. Chapter 4 Capital Structure and Financing Strategy. Assimilating the Drivers.
Boosting Current Performance
Developing Liability Limits. Chapter 5 Sources of Capital and What to Expect. Bootstrapping Sources and Techniques. Angel Investors. Commercial Banks. Asset-Based Lenders. Commercial Finance Companies.
Leasing Companies. Private Equity. Venture Capital Funds. Mezzanine Funds. Buyout Funds. Hedge Funds.
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