Key Milestones and Documents in the M&A Process
An experienced investment bank can help business owners navigate through the nuances and negotiations included in the various agreements, documents, and processes to ensure a successful outcome.
How Long Does It Take to Sell My Business?
If you are thinking about selling your business, you might be wondering how long the process will take. This is a common question, and the answer is a bit more complicated than many realize. In this article, we will provide an overview of the sale process while highlighting several factors that can delay or expedite […]
Debt and Equity Capital Available During the Company Lifecycle
When it comes to the typical lifecycle of a company, one way to view it is through the lens of an investor – in other words, the types of investment capital a company can receive given its lifecycle stage. This capital can take the form of debt or equity, and sometimes a combination of the […]
Why We are Optimistic for M&A in 2024
Following the red-hot M&A market that came on the heels of Covid-19, momentum swung sharply in 2023 as economic uncertainty and high interest rates took a toll on deal volume and valuations. A new year brings with it an evolving deal environment that we expect to become more positive as 2024 progresses. Here are a […]
Understanding Net Working Capital in M&A
Net working capital (“NWC”) is one of the most complex, but critical components of an M&A transaction. NWC is a commonly misunderstood concept within an M&A transaction, although at its core, the formula is relatively simplistic: current assets minus current liabilities on a company’s balance sheet. However, the determination of a Seller’s NWC is often […]
How Robust is your Financial Reporting?
When it comes to the M&A process, pre-sale preparation can significantly enhance valuation and the chances of success. Ideally, pre-sale preparation begins years before the owner intends to sell the business. When preparing for a sale, an important question to ask is: “How robust is my company’s financial reporting?” This may be a challenging question to […]
Cash-Free, Debt-Free in M&A
Owners of a company are exploring a sale. They have hired an investment bank to market the company and are at the point in the process where offers are due. They know that the offers are going to provide a proposed value of the business, likely based on a multiple of the Company’s EBITDA. When the offers […]
What is Adjusted EBITDA?
Most business owners have either heard of or are familiar with EBITDA (if you are unfamiliar, you can learn more about EBITDA here). EBITDA is commonly used as a proxy for free cash flow and therefore most often serves as the valuation basis in a transaction. If you’ve ever heard someone say, “I received ‘eight […]
The Evolution of Sell-Side M&A
Our firm has decades of experience advising middle market M&A transactions, and while the basic process of executing a deal has remained the same, there have been changes in the market that have dramatically changed how we execute. Following several years of heightened deal activity, it’s worth reflecting on how the M&A world – specifically […]
How To Advise Clients on Unsolicited Offers
M&A volume and valuations have moved closer to reality in recent months, but the capital available to execute M&A transactions remains elevated. This is simply a function of private equity funds needing to deploy capital and the strategic buyers’, with cash on their balance sheets, pursuit of growth and market share. With increased competition, more […]
