By Dennis J. Roberts
This e-book was once designed not just for proprietors and executives of heart industry companies yet as a coaching textual content for heart industry M&A funding bankers and experts. It discusses the paintings and technology of heart marketplace M&A in addition the all-important psychology and behind-the-scenes negotiations pursued with a selected emphasis on acquiring absolutely the maximum worth whilst promoting a enterprise. matters addressed contain valuation, taxation, negotiations, M&A conventions, between many others from the buy-side and sell-side perspectives.
Subtitled "Tales of A Deal Junkie," this severe yet sometimes irreverent ebook tells it love it is, together with anecdotes to supply a "feel" for what rather is going on in center marketplace transactions. the writer, a former practising CPA and a company valuation specialist, is a veteran M&A funding banker with years of genuine existence adventure. He is also a widely-acclaimed teacher within the M&A box and a nationally-respected practitioner who has proficient millions of funding bankers. No similar booklet out there this present day offers this measure of accomplished and important insight.
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Additional info for Mergers & Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests
The fundamentals of roll-ups proved problematic for several reasons. First, for the most part they were driven by promoters—MBAs and financial engineers who had minimal operational experience running businesses. Those promoters realized early on that their upside profit potential was huge and, once they cashed out or generated exceptional returns through a public offering, they did not need to hang around to deliver the promised economies or synergies. This is not to suggest that in all cases there was an intentional disregard for their investors, as there was certainly more than a little na¨ıvet´e on the part of many of these promoters, too.
If I have failed to appropriately credit any of my sources (cryptoamnesia), it is only because after 15 or more years of sporadic writing and teaching, it is impossible to remember where I learned all of this myself. I do know that some of it certainly came from my own reading but only if corroborated by subsequent experience, much more of it from original on the job experience, and a good deal of it from my colleagues. Finally, I have written this book so that it can be read straight through or can be skipped around as one desires and finds useful.
They still pop up from time to time and will continue to do so. Count on it! As buyers, consolidators or roll-up promoters were a seller’s dream, because in industries they were “rolling up,” they often were willing to pay prices for sellers’ businesses that typically reflected very significant premiums over what the sellers otherwise might be offered. The premiums offered by consolidators or roll-up promoters reflected the fact that roll-ups often were done in haste in anticipation of a planned initial public offering (IPO).