Umfang:
1 Online-Ressource (xxx, 465 Seiten)
,
Illustrationen, Diagramme
Ausgabe:
Second edition
ISBN:
9781119828129
,
9781119828143
Serie:
Wiley finance series
Anmerkung:
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&
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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
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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
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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
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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.
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe, Hardcover Marks, Kenneth H. Middle Market M and A Newark : John Wiley & Sons, Incorporated,c2022 ISBN 978-1-119-82810-5
Sprache:
Englisch
Fachgebiete:
Wirtschaftswissenschaften
Schlagwort(e):
Klein- und Mittelbetrieb
;
Mergers and Acquisitions
DOI:
10.1002/9781119828150
URL:
Volltext
(URL des Erstveröffentlichers)
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