{"product_id":"mergers-acquisitions-isbn-9780470262108","title":"Mergers \u0026 Acquisitions","description":"This book was designed not only for owners and managers of middle market businesses but as a training text for middle market M\u0026amp;A investment bankers and consultants. It discusses the art and science of middle market M\u0026amp;A as well the all-important psychology and behind-the-scenes negotiations pursued with a particular emphasis on obtaining the absolute highest value when selling a business. Subjects addressed include valuation, taxation, negotiations, M\u0026amp;A conventions, among many others from the buy-side and sell-side perspectives.  \u003cp\u003eSubtitled “Tales of A Deal Junkie,” this serious but occasionally irreverent book tells it like it is, including anecdotes to provide a “feel” for what really goes on in middle market transactions. The author, a former practicing CPA and a business valuation expert, is a veteran M\u0026amp;A investment banker with years of real life experience. He also is a widely-acclaimed instructor in the M\u0026amp;A field and a nationally-respected practitioner who has trained thousands of investment bankers. No comparable book on the market today provides this degree of comprehensive and invaluable insight.\u003c\/p\u003e \u003cp\u003eAbout the Author xxi\u003c\/p\u003e \u003cp\u003eAcknowledgments xxiii\u003c\/p\u003e \u003cp\u003eForeword xxv\u003c\/p\u003e \u003cp\u003ePreface: A Profession xxvii\u003c\/p\u003e \u003cp\u003eA Career in Middle Market Investment Banking xxvii\u003c\/p\u003e \u003cp\u003eThe Origins of a Deal Junkie xxvii\u003c\/p\u003e \u003cp\u003eThe Deal Junkie Arrives (Almost) xxviii\u003c\/p\u003e \u003cp\u003eWhy Another M\u0026amp;A Book? xxix\u003c\/p\u003e \u003cp\u003eMy Intended Audience xxx\u003c\/p\u003e \u003cp\u003eHappy Families xxxi\u003c\/p\u003e \u003cp\u003eDisclaimers, Apologies, and Modest Lies xxxiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Middle Market Is Different! 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBusiness Process Innovation, Growth Spurts, Regulatory Imperatives, and Capital 1\u003c\/p\u003e \u003cp\u003eNot “Mom-and-Pop” Businesses 3\u003c\/p\u003e \u003cp\u003eThe Upper Market 4\u003c\/p\u003e \u003cp\u003eWhat Exactly Is the Middle Market? 5\u003c\/p\u003e \u003cp\u003eDoes Size (Alone) Matter? 6\u003c\/p\u003e \u003cp\u003eBrokers and Investment Bankers Servicing the Three Markets 7\u003c\/p\u003e \u003cp\u003eChapter Highlights 7\u003c\/p\u003e \u003cp\u003eNotes 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Drivers of Middle Market Activity and the Sellers 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLiquidity and Umbrella Drinks 11\u003c\/p\u003e \u003cp\u003eBaby Boomers 11\u003c\/p\u003e \u003cp\u003eTechnology and the Information Age 12\u003c\/p\u003e \u003cp\u003eIt’s Not Your Father’s M\u0026amp;A World, Either 13\u003c\/p\u003e \u003cp\u003eThe Glass Ceiling that Sometimes Drives Transactions 14\u003c\/p\u003e \u003cp\u003eBig Fish and Little Fish 14\u003c\/p\u003e \u003cp\u003eChapter Highlights 14\u003c\/p\u003e \u003cp\u003eNote 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Finding—and Understanding—Buyers in the Middle Market 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eScared Money 17\u003c\/p\u003e \u003cp\u003eUnderstanding Buyer and Investor Types 18\u003c\/p\u003e \u003cp\u003eIdentifying Potential Buyers 29\u003c\/p\u003e \u003cp\u003eWhich Door to Open to the Buyers? 32\u003c\/p\u003e \u003cp\u003eChapter Highlights 34\u003c\/p\u003e \u003cp\u003eNote 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Preparing a Middle Market Business for Sale and Running the Business while Selling It 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThree Periods to Prepare to Sell a Middle Market Business 37\u003c\/p\u003e \u003cp\u003eLitigation 43\u003c\/p\u003e \u003cp\u003eSumming Up 44\u003c\/p\u003e \u003cp\u003eChapter Highlights 44\u003c\/p\u003e \u003cp\u003eNote 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Rewarding and Retaining Key Staff in Connection with a Business Sale: Blackmail or Justice? 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 47\u003c\/p\u003e \u003cp\u003eKey Employee Rewards in General 49\u003c\/p\u003e \u003cp\u003eTiming Reward Payments 50\u003c\/p\u003e \u003cp\u003eTiming Tax Issues in Rewarding Key Employees 51\u003c\/p\u003e \u003cp\u003eThe Importance of Clarity and Documentation—Avoiding Vague Promises 51\u003c\/p\u003e \u003cp\u003eWhen to Negotiate Noncompete and Nonintervention Agreements with Key Employees 52\u003c\/p\u003e \u003cp\u003eBeing Alert to Potential Problems When Promises Made Are Not Consistent with the Duties and\/or Influence of Key Employees 53\u003c\/p\u003e \u003cp\u003eA Way to Avoid Key Employee Problems in the First Place 54\u003c\/p\u003e \u003cp\u003eThe Special Problems of Absentee Owners 54\u003c\/p\u003e \u003cp\u003eWrap-Up 55\u003c\/p\u003e \u003cp\u003eChapter Highlights 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Crystal Balls and Timing the Sale of a Middle Market Business 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBubbles, Cycles, and Business Values 58\u003c\/p\u003e \u003cp\u003eOther Timing Opportunities—Roll-Ups 62\u003c\/p\u003e \u003cp\u003eChapter Highlights 63\u003c\/p\u003e \u003cp\u003eNotes 64\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The Confidential Information Memorandum 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Acquisition Profile 66\u003c\/p\u003e \u003cp\u003eConfidential Information Memoranda—Overview 66\u003c\/p\u003e \u003cp\u003eClients and Confidential Information Memoranda: An Intense Collaboration 66\u003c\/p\u003e \u003cp\u003eFinancial Statements in the Confidential Information Memorandum 74\u003c\/p\u003e \u003cp\u003eChapter Highlights 78\u003c\/p\u003e \u003cp\u003eNotes 80\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Confidentiality While Doing the Deal 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConfidentiality in General 82\u003c\/p\u003e \u003cp\u003eEmployees and Confidentiality: Two Approaches 83\u003c\/p\u003e \u003cp\u003eThe Investment Banker and Confidentiality: Communications between Banker and Client; Preventing Premature Disclosure 84\u003c\/p\u003e \u003cp\u003eThe Executive Summary and Confidentiality 85\u003c\/p\u003e \u003cp\u003eWeb Site Business-for-Sale Listings 85\u003c\/p\u003e \u003cp\u003eNondisclosure Agreements 86\u003c\/p\u003e \u003cp\u003eSecurities Laws and Confidentiality 88\u003c\/p\u003e \u003cp\u003eChapter Highlights 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Middle Market Investment Bankers and Intermediaries 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Telecom Deal 95\u003c\/p\u003e \u003cp\u003eUsing Professional Investment Banking Assistance and In-House Teams 95\u003c\/p\u003e \u003cp\u003eChoosing the Right Investment Bank 100\u003c\/p\u003e \u003cp\u003eChapter Highlights 106\u003c\/p\u003e \u003cp\u003eNote 107\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 The External M\u0026amp;A Team, and Using the Team Correctly 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe External M\u0026amp;A Team 110\u003c\/p\u003e \u003cp\u003eUsing the Team Properly and Sequencing the Professionals; Separating the Tasks and Single Negotiators 113\u003c\/p\u003e \u003cp\u003eChapter Highlights 116\u003c\/p\u003e \u003cp\u003eNote 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Anyone Can Do M\u0026amp;A—Right? 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAnybody Can Do This? 119\u003c\/p\u003e \u003cp\u003eThe Deal the Client Never Got 121\u003c\/p\u003e \u003cp\u003eExperience and M\u0026amp;A 122\u003c\/p\u003e \u003cp\u003eChapter Highlights 123\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Two Types of Auctions: The Informal Auction and the Controlled Auction 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAuctions in General 125\u003c\/p\u003e \u003cp\u003eDocument Rooms and Sequencing in the Controlled and Effective Auctions 127\u003c\/p\u003e \u003cp\u003eEffective Auctions: A Summary 128\u003c\/p\u003e \u003cp\u003eThe Need for Auctions: What a Buyer Will Not Tell a Seller; How the Seller Finds Out; Is This Really Fair? 130\u003c\/p\u003e \u003cp\u003eChapter Highlights 133\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Financial Services Agreements, Estimating Professional Fees, and the Importance of Integrity around Large Sums of Money 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Services Agreements, Broadly Considered 135\u003c\/p\u003e \u003cp\u003eLawyers and Investment Banking Financial Services Agreement Reviews 136\u003c\/p\u003e \u003cp\u003eLarge Sums of Money and Odd Behaviors 137\u003c\/p\u003e \u003cp\u003eSuccess or Contingent Fees Formulas (The Lehman Variations) 140\u003c\/p\u003e \u003cp\u003eHow Transaction Value Is Measured 142\u003c\/p\u003e \u003cp\u003eRetainers (Commitment Fees) 147\u003c\/p\u003e \u003cp\u003eBasic Contract Period 148\u003c\/p\u003e \u003cp\u003eTrailer Periods 149\u003c\/p\u003e \u003cp\u003eBreakup Fees 149\u003c\/p\u003e \u003cp\u003eCarve-Outs and Approaches to Carve-Outs 150\u003c\/p\u003e \u003cp\u003eCompensation to the Investment Banker in Warrants, Options, or Other Equity 151\u003c\/p\u003e \u003cp\u003eIntegrity and Investment Banking and Large Sums of Money 152\u003c\/p\u003e \u003cp\u003eBankers Fees Paid at Settlement—More about Large Sums of Money 153\u003c\/p\u003e \u003cp\u003eClients’ Overall Estimate of Professional Fees for a Typical Engagement 155\u003c\/p\u003e \u003cp\u003eChapter Highlights 155\u003c\/p\u003e \u003cp\u003eNotes 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Investment Banking Representation on the Buy Side 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Buy Side 166\u003c\/p\u003e \u003cp\u003eBuy- versus Sales-Side Representation 167\u003c\/p\u003e \u003cp\u003eBuy-Side Fees 168\u003c\/p\u003e \u003cp\u003eIt’s All in the Planning 169\u003c\/p\u003e \u003cp\u003eHow Many Targets at One Time? 171\u003c\/p\u003e \u003cp\u003eThe Platform Philosophy versus the Financial Approach to Acquisitions 171\u003c\/p\u003e \u003cp\u003eWho on the Buy Side Should Negotiate? 172\u003c\/p\u003e \u003cp\u003eOrchestration (or Art) versus Science 173\u003c\/p\u003e \u003cp\u003eWho Does the Investment Banker Represent? Possible Conflicts of Interest in Buy-Side Representation 174\u003c\/p\u003e \u003cp\u003eChapter Highlights 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 The Letter of Intent: The Most Critical Document? 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eContent and Precedents of a Good Letter of Intent 178\u003c\/p\u003e \u003cp\u003eThe Buyer\/Seller Advantage Curve 178\u003c\/p\u003e \u003cp\u003ePreliminary versus Confirmatory Due Diligence 179\u003c\/p\u003e \u003cp\u003eExclusivity, Confidentiality, and the Letter of Intent 179\u003c\/p\u003e \u003cp\u003eAffirmative Response Clauses 180\u003c\/p\u003e \u003cp\u003eWeaknesses and Opportunities—Disclosure and Accuracy of Preliminary Due-Diligence Data 181\u003c\/p\u003e \u003cp\u003eThe “Honey, I Did the Deal” Rule Thoroughness of Business Terms 182\u003c\/p\u003e \u003cp\u003eUse of Subtlety and the Effect of Precise Words in Letters of Intent: What the Definition of “Is” Is 183\u003c\/p\u003e \u003cp\u003eNegotiating Protocol and the Letter of Intent 184\u003c\/p\u003e \u003cp\u003eThe Reverse Letter of Intent 185\u003c\/p\u003e \u003cp\u003eLOIs from the Buy Side Point of View 185\u003c\/p\u003e \u003cp\u003eChapter Highlights 186\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Some Thoughts on the Psychology of M\u0026amp;A Negotiations 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Few Preliminary Thoughts on Negotiation 188\u003c\/p\u003e \u003cp\u003ePreparation 188\u003c\/p\u003e \u003cp\u003eClients and Negotiation 189\u003c\/p\u003e \u003cp\u003ePoliticians and Honesty 189\u003c\/p\u003e \u003cp\u003eHonesty and Integrity Are Still the Best Policies Making a Friend 190\u003c\/p\u003e \u003cp\u003eDangers of Written Argument 191\u003c\/p\u003e \u003cp\u003eEvery Deal Dies a Thousand Deaths 193\u003c\/p\u003e \u003cp\u003eThe End of the Middle Part of an M\u0026amp;A Negotiation Just Before the Letter of Intent 205\u003c\/p\u003e \u003cp\u003eThe Difficult or Unreasonable Negotiator 207\u003c\/p\u003e \u003cp\u003eOne Last Thought on Negotiations: A Confession 207\u003c\/p\u003e \u003cp\u003eChapter Highlights 208\u003c\/p\u003e \u003cp\u003eNotes 209\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Initial Meetings with Buyers, Pricing the Company, and Pacing the Negotiations 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStrange Role Reversals and First Meetings 212\u003c\/p\u003e \u003cp\u003eEncourage All Offers, No Matter How Low . . . Getting Them into the Tent 217\u003c\/p\u003e \u003cp\u003eThe Truth, the Whole (?) Truth, and Nothing but the Truth 217\u003c\/p\u003e \u003cp\u003eTiming, Sequencing, and Pacing the Deal while Pricing the Company 218\u003c\/p\u003e \u003cp\u003eChapter Highlights 219\u003c\/p\u003e \u003cp\u003eNote 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Consideration and Deal Structure 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIt’s the Terms, \u003ci\u003eNot the Price\u003c\/i\u003e, Stupid! 221\u003c\/p\u003e \u003cp\u003eConsideration and Consideration Types 222\u003c\/p\u003e \u003cp\u003eDeal Structure 223\u003c\/p\u003e \u003cp\u003eFrequently Offered Consideration Types—Overall 224\u003c\/p\u003e \u003cp\u003eIn Summary: Weighing and Comparing Offers 227\u003c\/p\u003e \u003cp\u003eRecommending Against Deal Consideration 228\u003c\/p\u003e \u003cp\u003eFor Buyers: Creative Uses of Consideration as a Deal making Device 229\u003c\/p\u003e \u003cp\u003eStock and When It Is Priced 229\u003c\/p\u003e \u003cp\u003eA Final Thought on Consideration Mixes 230\u003c\/p\u003e \u003cp\u003eChapter Highlights 230\u003c\/p\u003e \u003cp\u003eNotes 231\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 Earnouts 233\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Earnouts Are Dreaded but Very Frequently a Deal Component 234\u003c\/p\u003e \u003cp\u003eWhose Earnings Are These Anyway? 235\u003c\/p\u003e \u003cp\u003eAvoid Confusion: Understand the Differences between Two Types of Earnouts 236\u003c\/p\u003e \u003cp\u003eElements of Negotiation in a Comfort (True) Earnout 237\u003c\/p\u003e \u003cp\u003eWhen an Earnout Is Simply Frosting on the Cake 242\u003c\/p\u003e \u003cp\u003eEarnouts and Taxes 242\u003c\/p\u003e \u003cp\u003eChapter Highlights 243\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 The Proof Phase, or the Final Days 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConfirmatory Due Diligence 247\u003c\/p\u003e \u003cp\u003eThe Definitive Agreement 248\u003c\/p\u003e \u003cp\u003eThe Final Days: Investment Bankers and Attorneys 250\u003c\/p\u003e \u003cp\u003eThe Critical Importance of Speed in the Final Days 250\u003c\/p\u003e \u003cp\u003eThe Closing and the Surprise at Closing 251\u003c\/p\u003e \u003cp\u003eChapter Highlights 253\u003c\/p\u003e \u003cp\u003eNotes 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 After the Nuptials: Postmerger and Acquisition Failures 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Brief Honeymoon, Perhaps; A Successful Marriage, Less Frequently 256\u003c\/p\u003e \u003cp\u003eChapter Highlights 259\u003c\/p\u003e \u003cp\u003eNote 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22 Does a Sales-Side Client Need an Appraisal before Going to Market? 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFour Basic M\u0026amp;A Marketplace Valuation Contexts 263\u003c\/p\u003e \u003cp\u003eFormal versus Preliminary Valuation in the Marketplace 264\u003c\/p\u003e \u003cp\u003eInvestment and Dynamic Value 265\u003c\/p\u003e \u003cp\u003eThe Answer 265\u003c\/p\u003e \u003cp\u003eAppraisal Costs 266\u003c\/p\u003e \u003cp\u003eA Preliminary Valuation in the Marketplace 266\u003c\/p\u003e \u003cp\u003eChapter Highlights 268\u003c\/p\u003e \u003cp\u003eNotes 268\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 23 The Rules of Five and Ten and the Super Rule of Five in M\u0026amp;A Valuation 271\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Foundation for the Valuation of Middle Market Businesses 272\u003c\/p\u003e \u003cp\u003eThe Rules of Five and Ten, Cocktail Party Conversation, and Quick Calculations 273\u003c\/p\u003e \u003cp\u003eTwo Bell Curves 273\u003c\/p\u003e \u003cp\u003eThe Super Rule of Five 275\u003c\/p\u003e \u003cp\u003eThe Greater Fool Theory (Buyer Beware) 278\u003c\/p\u003e \u003cp\u003eChapter Highlights 279\u003c\/p\u003e \u003cp\u003eNotes 279\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 24 An Introduction to the Basic Art and Science of Valuation (Sales-Side versus Buy-Side) as Applied to M\u0026amp;A Transactions, and Flavors of EBITDA Explained 281\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSo How Much Is It Worth? Valuation 101 282\u003c\/p\u003e \u003cp\u003eValuing Economic Assets in General and Business in Particular 283\u003c\/p\u003e \u003cp\u003eM\u0026amp;A and EBIT(DA) 284\u003c\/p\u003e \u003cp\u003eAnother Approach to Valuation: The Discounted Future Earnings (DFE) Method versus Multiples 287\u003c\/p\u003e \u003cp\u003eChapter Highlights 290\u003c\/p\u003e \u003cp\u003eNotes 291\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 25 A Brief Discussion of Multiples and Multiple Realities 293\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMultiples in General 294\u003c\/p\u003e \u003cp\u003eRisk and Multiples 295\u003c\/p\u003e \u003cp\u003eDerivative Multiples versus Actual Deal-Driving Multiples 295\u003c\/p\u003e \u003cp\u003ePublic Market versus Private Market Multiples 296\u003c\/p\u003e \u003cp\u003eArbitrage and Roll-Ups: A Practical Example of Public versus Private Company Valuation and Multiples 297\u003c\/p\u003e \u003cp\u003eChapter Highlights 298\u003c\/p\u003e \u003cp\u003eNotes 299\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 26 Qualitative Values Inherent in the Target Company 301\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eQuantitative and Qualitative Valuation 302\u003c\/p\u003e \u003cp\u003eTwo Law Firms 302\u003c\/p\u003e \u003cp\u003eValue Drivers Go Well Beyond the Numbers 303\u003c\/p\u003e \u003cp\u003eObsolescence, or . . . Go into Plastics, Young Man 304\u003c\/p\u003e \u003cp\u003eThe Use of a Value Driver Analysis Contained in a Preliminary Valuation Report 306\u003c\/p\u003e \u003cp\u003eChapter Highlights 306\u003c\/p\u003e \u003cp\u003eNote 306\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 27 M\u0026amp;A Conventions and Establishing Balance Sheet Targets 307\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConventions and Their Need and Basis 307\u003c\/p\u003e \u003cp\u003eThe Balance Sheet in General 308\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Conventions in General 309\u003c\/p\u003e \u003cp\u003eEntities and Businesses—Redux 310\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Balance Sheet Conventions, or, Who Gets the Balance Sheet? 310\u003c\/p\u003e \u003cp\u003eOther Nonoperational Assets beside Cash 312\u003c\/p\u003e \u003cp\u003eEstablishing Targets for Deliverables, Usually the Balance Sheet—A Moment in Time 313\u003c\/p\u003e \u003cp\u003eThe Balance Sheet: At the Time of Negotiation or at the Time of Settlement? 314\u003c\/p\u003e \u003cp\u003eWorking Capital Targets on the Balance Sheet 314\u003c\/p\u003e \u003cp\u003eNet Worth Targets on the Balance Sheet 315\u003c\/p\u003e \u003cp\u003eDouble-Counting Target Purchase Price Adjustments 316\u003c\/p\u003e \u003cp\u003eSettlement of Differences—Truing Up 316\u003c\/p\u003e \u003cp\u003eOperating in the Normal Course of Business 316\u003c\/p\u003e \u003cp\u003eThe Balance Sheet and Normalization 317\u003c\/p\u003e \u003cp\u003eChapter Highlights 318\u003c\/p\u003e \u003cp\u003eNotes 319\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 28 Special M\u0026amp;A and M\u0026amp;A Valuation Topics 321\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 321\u003c\/p\u003e \u003cp\u003eValuing Real Estate on the Balance Sheet 321\u003c\/p\u003e \u003cp\u003eTechnology Valuation: Is It a Business Yet? 324\u003c\/p\u003e \u003cp\u003eValuing the Nonprofitable Business 326\u003c\/p\u003e \u003cp\u003eValuing Rapidly Growing Businesses for Venture Capital and Similar Investments—Is This Really Valuation? 329\u003c\/p\u003e \u003cp\u003eChapter Highlights 335\u003c\/p\u003e \u003cp\u003eNotes 336\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 29 Common M\u0026amp;A Taxation Issues 337\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Brief Tax Overview 338\u003c\/p\u003e \u003cp\u003eEntity Selection: S Corporations versus C Corporations and Asset versus Stock Deals 339\u003c\/p\u003e \u003cp\u003eThe Effect of Timing of S Corporation Elections and the Built-In Gains Tax 340\u003c\/p\u003e \u003cp\u003eOther Transaction Structural Issues 341\u003c\/p\u003e \u003cp\u003eEarnouts 341\u003c\/p\u003e \u003cp\u003eThe Effect of Tax Accounting Methods 342\u003c\/p\u003e \u003cp\u003eReorganization Deal Structures (Taking Stock) 343\u003c\/p\u003e \u003cp\u003eDisposing of Business Interests by Gifting Prior to a Sale and Charitable Remainder Trusts 344\u003c\/p\u003e \u003cp\u003eDivisive Reorganizations 345\u003c\/p\u003e \u003cp\u003eSmall Business Corporations 346\u003c\/p\u003e \u003cp\u003eHow Much Do Taxes Matter During the Negotiation? 346\u003c\/p\u003e \u003cp\u003eChapter Highlights 346\u003c\/p\u003e \u003cp\u003eNotes 347\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 30 The Business of Middle Market Investment Banking 349\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Investment Banking? 350\u003c\/p\u003e \u003cp\u003eSome Ironies of the M\u0026amp;A Profession 351\u003c\/p\u003e \u003cp\u003eAttention Deficit Disorder and the M\u0026amp;A Banker 352\u003c\/p\u003e \u003cp\u003ePeople Skills 352\u003c\/p\u003e \u003cp\u003eEntry Points to Investment Banking in General 353\u003c\/p\u003e \u003cp\u003eCultural Issues in Investment Banking Practices—Some Further Thoughts 358\u003c\/p\u003e \u003cp\u003eMarketing: Half of Investment Banking Is Business Development 362\u003c\/p\u003e \u003cp\u003eMultiple Marketing Approaches 364\u003c\/p\u003e \u003cp\u003eNetworking in General 371\u003c\/p\u003e \u003cp\u003eServing Clients and Executing Engagements Well 374\u003c\/p\u003e \u003cp\u003eSecurities Law Issues 376\u003c\/p\u003e \u003cp\u003eEngagement Intake Management 378\u003c\/p\u003e \u003cp\u003eSuccess in Life and M\u0026amp;A 379\u003c\/p\u003e \u003cp\u003eThe $10 Trillion Opportunity 380\u003c\/p\u003e \u003cp\u003eChapter Highlights 381\u003c\/p\u003e \u003cp\u003eNotes 382\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 31 A Postscript: The Capital Markets 385\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNotes 395\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 32 Another Postscript: The Unbundled Approach to Formal Valuation 397\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Bird, a Plane? 397\u003c\/p\u003e \u003cp\u003eNotes 399\u003c\/p\u003e \u003cp\u003eIndex 401\u003c\/p\u003e \u003cb\u003eDennis J. Roberts,  CPA, CVA, ABV,\u003c\/b\u003e is Chairman of The McLean Group, LLC, a national M\u0026amp;A firm whose primary focus is on Middle Market businesses. He lectures, teaches, and writes on M\u0026amp;A, business valuation, and corporate finance to national audiences, having more than thirty-five years of accounting and investment-banking experience involving a multitude of transactions across a wide variety of industries and markets. He is a regular contributor to various journals, including Thomson's \u003ci\u003eValuation Strategies\u003c\/i\u003e and the \u003ci\u003eJournal of Accountancy\u003c\/i\u003e. He testifies frequently as an expert witness and was the chief valuator of the Nixon Watergate Tapes.  Mergers \u0026amp; Acquisitions  \u003cp\u003eAn Insider's Guide to the Purchase and Sale of Middle Market Business Interests\u003c\/p\u003e \u003cp\u003eThe first book on mergers \u0026amp; acquisitions (M\u0026amp;A) to authoritatively convey the unique issues and circumstances of Middle Market M\u0026amp;As—those companies valued between $5 million to $300 million with sales of $6 million to $600 million—\u003ci\u003eMergers \u0026amp; Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests\u003c\/i\u003e addresses the many challenges, pitfalls, and difficulties inherent in transactions involving Middle Market businesses.\u003c\/p\u003e \u003cp\u003eDestined to become the guide every Middle Market M\u0026amp;A seller keeps by their side, this how-to resource presents real-world anecdotes and vignettes alongside the technical content to help sellers understand how deals can successfully take place most effectively for the greatest return on their investments.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eMergers \u0026amp; Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests\u003c\/i\u003e addresses the unique issues and circumstances of Middle Market M\u0026amp;As, including how to start, market, and run an M\u0026amp;A practice, as well as discussion on licensing and regulatory requirements, forms, and much more. Author Dennis Roberts shares his decades of M\u0026amp;A experience, with expert discussion of:\u003c\/p\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eHow to find and understand buyers in the Middle Market\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to run a Middle Market business while preparing it for sale\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eKeeping confidentiality while doing the deal\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eInformal and controlled auctions\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eThe psychology of M\u0026amp;A negotiations\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eThe basic art and science of valuation as applied to M\u0026amp;A transactions\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eConfirmatory due diligence, the definitive agreement, and closing\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eDoes a sales-side client need an appraisal before going to market?\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eRich with helpful guidance that covers the \"feel\" of the transaction as well as essential tips on technique, \u003ci\u003eMergers \u0026amp; Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests\u003c\/i\u003e examines a wide and disparate range of material to equip sellers to realize the greatest return on their investments.\u003c\/p\u003e  Praise for Mergers \u0026amp; Acquisitions  \u003cp\u003eAn Insider's Guide to the Purchase and Sale of Middle Market Business Interests\u003c\/p\u003e \u003cp\u003e\"All I can say is WOW. It took the king of Middle Market M\u0026amp;A to finally write THE definitive book to Middle Market investment banking. This book is comprehensive, insightful, and entertaining all at the same time. A must-read for dealmakers.\"\u003cbr\u003e —Andrew J. Sherman, M\u0026amp;A Partner, Dickstein Shapiro, and author, Mergers \u0026amp; Acquisitions from A to Z\u003c\/p\u003e \u003cp\u003e\"Dennis Roberts really hits a home run with his new book, \u003ci\u003eMergers \u0026amp; Acquisitions:An Insider's Guide to the Purchase and Sale of Middle Market Business Interests\u003c\/i\u003e. This book is the definitive authoritative guide on the practice of Middle Market M\u0026amp;A. It answered all my questions, plus some, and gave me a complete frame of reference where I can now feel well informed. I would recommend this well-researched book, which draws on Mr. Roberts's substantial experience in the field, to anyone connected to or wanting to get into M\u0026amp;A.\"\u003cbr\u003e —Parnell Black, CEO, National Association of Certified Valuation Analysts\u003c\/p\u003e \u003cp\u003e\"This comprehensive overview cuts through the jargon and alphabet soup to give the readers a highly informative new perspective on the large and extremely fragmented Middle Market! Only an accomplished industry veteran could author this comprehensive summary of thought-provoking ideas. Arguing for a whole new mindset to better understand the needs of both buyers and sellers in the 'no man's land' marketplace, Roberts does a masterful job separating hype from the reality.\"\u003cbr\u003e —Michael R. Nall, CPA, CM\u0026amp;AA, founder, Alliance of Merger \u0026amp; Acquisition Advisors\u003c\/p\u003e \u003cp\u003e\"A true tour de force by one of the most savvy Middle Market investment bankers I've known. Dennis imparts a rare combination of tremendous substantive knowledge (even to someone like me who has been an M\u0026amp;A lawyer for years), keen insights into the inner workings of Middle Market investment bankers and their banking firms, and a dry wit sprinkled with apocryphal stories and more than a few sports analogies. This is a serious, worthwhile, and enjoyable read!\"\u003cbr\u003e —Steven L. Meltzer, Esq., Pillsbury, Shaw Pittman Former or current member or chairman of managing board, corporate\/technology practice, and life sciences practice\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989608743141,"sku":"NP9780470262108","price":157.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470262108.jpg?v=1761784794","url":"https:\/\/k12savings.com\/es\/products\/mergers-acquisitions-isbn-9780470262108","provider":"K12savings","version":"1.0","type":"link"}