{"product_id":"mergers-and-acquisitions-playbook-isbn-9780470627532","title":"Mergers and Acquisitions Playbook","description":"\u003cp\u003e\u003cb\u003eThe ultimate \"tricks of the trade\" guide to mergers and acquisitions\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eMergers and Acquisitions Playbook\u003c\/i\u003e provides the practical tricks of the trade on how to get maximum value for a middle-market business. This book uniquely covers how to prepare for a sale, how to present the business most positively, and how to control the sale timetable.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWritten in a straight-talking style\u003c\/li\u003e \u003cli\u003eProvides the tricks of the trade on how to get maximum value for a middle-market business\u003c\/li\u003e \u003cli\u003eShows how the sellers can take capitalize their inherent \"unfair advantages\"\u003c\/li\u003e \u003cli\u003eExamines the differences between \"value\" and \"currency\"\u003c\/li\u003e \u003cli\u003eExplains how to handle bankruptcy and distress company sales\u003c\/li\u003e \u003cli\u003eOffers tips on managing your lawyers in the documentation process\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eFilled with empirical examples of successful-and unsuccessful-techniques, this practical guide takes you through every step of the M\u0026amp;A process, from how to manage confidentiality, how to create competition (or the impression of competition), to what to do once the deal is closed.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Why People Sell Businesses 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHonesty Is the Best Policy 2\u003c\/p\u003e \u003cp\u003eMost Common Reasons People Sell 4\u003c\/p\u003e \u003cp\u003eRetirement 5\u003c\/p\u003e \u003cp\u003eDifferences among Co-Owners 5\u003c\/p\u003e \u003cp\u003eIllness or Death 6\u003c\/p\u003e \u003cp\u003eChange in Strategic Position 7\u003c\/p\u003e \u003cp\u003eFinancial Sponsor Liquidity Event 8\u003c\/p\u003e \u003cp\u003eFinancial Pressure 9\u003c\/p\u003e \u003cp\u003eUnsolicited Offer 9\u003c\/p\u003e \u003cp\u003eProactively Making the Sale Decision 10\u003c\/p\u003e \u003cp\u003eNotes 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Should the Seller Hire an Intermediary? 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Do Investment Bankers Do, Anyway? 14\u003c\/p\u003e \u003cp\u003eCriteria for Selecting an Investment Banker 19\u003c\/p\u003e \u003cp\u003eGeneral M\u0026amp;A Experience 19\u003c\/p\u003e \u003cp\u003eSpecific M\u0026amp;A Experience 19\u003c\/p\u003e \u003cp\u003eMarketing Philosophy 20\u003c\/p\u003e \u003cp\u003eContacts 20\u003c\/p\u003e \u003cp\u003eTemperament 22\u003c\/p\u003e \u003cp\u003eInvestment Banker Fees 23\u003c\/p\u003e \u003cp\u003eChoosing the Right Investment Banker 29\u003c\/p\u003e \u003cp\u003eNotes 32\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 What Is the Business Worth? 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValuation Methodologies 34\u003c\/p\u003e \u003cp\u003eBook Value 34\u003c\/p\u003e \u003cp\u003eMultiple of Some Measure of Earning Power or Cash Flow 36\u003c\/p\u003e \u003cp\u003eIntangibles Such as Technology or Market Position 38\u003c\/p\u003e \u003cp\u003eThe Synergy a Seller Could Provide a Buyer 39\u003c\/p\u003e \u003cp\u003eApplying Valuation Theory to Real-World Situations 42\u003c\/p\u003e \u003cp\u003eCases Where Dividing the Business Created Value 43\u003c\/p\u003e \u003cp\u003eCases Where a Strategic Buyer Unlocked Value 47\u003c\/p\u003e \u003cp\u003eNotes 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The Difference between “Value” and “Currency” 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMediums of Exchange in M\u0026amp;A 52\u003c\/p\u003e \u003cp\u003eCash 52\u003c\/p\u003e \u003cp\u003eNotes 52\u003c\/p\u003e \u003cp\u003eStock 54\u003c\/p\u003e \u003cp\u003eStock Options 56\u003c\/p\u003e \u003cp\u003eContingent Payments 57\u003c\/p\u003e \u003cp\u003eSale of a Company’s Stock 59\u003c\/p\u003e \u003cp\u003eNotes 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Taking Advantage of the Seller’s Unfair Advantages: Prepping and Timing 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreparation 64\u003c\/p\u003e \u003cp\u003eEnvironmental Issues 64\u003c\/p\u003e \u003cp\u003eLawsuits 66\u003c\/p\u003e \u003cp\u003eTidy up the Financial Statements 67\u003c\/p\u003e \u003cp\u003eCosmetic Issues 68\u003c\/p\u003e \u003cp\u003eWeb Site Upgrades 68\u003c\/p\u003e \u003cp\u003eManagement Changes 68\u003c\/p\u003e \u003cp\u003eTiming 71\u003c\/p\u003e \u003cp\u003eLong-Term Timing Dimension 71\u003c\/p\u003e \u003cp\u003eShort-Term Timing Dimension 73\u003c\/p\u003e \u003cp\u003eInvolving the Management Team 75\u003c\/p\u003e \u003cp\u003e(Not) Involving Company Employees 80\u003c\/p\u003e \u003cp\u003eInforming the Workforce 81\u003c\/p\u003e \u003cp\u003eDealing with Leaks 82\u003c\/p\u003e \u003cp\u003eConclusion 86\u003c\/p\u003e \u003cp\u003eNotes 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Preparing the Documents 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Offering Memorandum 90\u003c\/p\u003e \u003cp\u003eExecutive Summary 91\u003c\/p\u003e \u003cp\u003eIndustry Description (Optional) 92\u003c\/p\u003e \u003cp\u003eThe Business 92\u003c\/p\u003e \u003cp\u003eFinancial Review 100\u003c\/p\u003e \u003cp\u003eExhibits 103\u003c\/p\u003e \u003cp\u003eThe Executive Summary 106\u003c\/p\u003e \u003cp\u003eThe Management Presentation 110\u003c\/p\u003e \u003cp\u003eThe Data Room 112\u003c\/p\u003e \u003cp\u003eThe Definitive Purchase Agreement 116\u003c\/p\u003e \u003cp\u003eNotes 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Identifying and Cultivating the Right Buyers 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStrategic Buyers 118\u003c\/p\u003e \u003cp\u003eFinancial Sponsors 125\u003c\/p\u003e \u003cp\u003eDiversification Parties 132\u003c\/p\u003e \u003cp\u003eEmployee Stock Ownership Plans 133\u003c\/p\u003e \u003cp\u003eManagement 136\u003c\/p\u003e \u003cp\u003eFamily Members 139\u003c\/p\u003e \u003cp\u003eNotes 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 How Many Buyers to Approach? 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNegotiated Sale 144\u003c\/p\u003e \u003cp\u003eLimited Auction 150\u003c\/p\u003e \u003cp\u003eBroad Auction 152\u003c\/p\u003e \u003cp\u003eNotes 155\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Approaching Prospective Buyers 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConfidentiality 158\u003c\/p\u003e \u003cp\u003eDistributing the Offering Memorandum to Buyers 165\u003c\/p\u003e \u003cp\u003eSecuring Buyers’ Indications of Interest 168\u003c\/p\u003e \u003cp\u003eAppendix 9A: Confidentiality Agreement 174\u003c\/p\u003e \u003cp\u003eAppendix 9B: Sample Process Letter 179\u003c\/p\u003e \u003cp\u003eAppendix 9C: Indication of Interest 181\u003c\/p\u003e \u003cp\u003eNotes 183\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Management Presentations and Plant Tours 185\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eManagement Presentations 186\u003c\/p\u003e \u003cp\u003eManagement Presentation Blocking and Tackling 186\u003c\/p\u003e \u003cp\u003ePractice Makes Perfect 189\u003c\/p\u003e \u003cp\u003eManagement Presentation Pitfalls 189\u003c\/p\u003e \u003cp\u003eFacility Tours 190\u003c\/p\u003e \u003cp\u003eNext Steps 193\u003c\/p\u003e \u003cp\u003eNotes 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Negotiating the Purchase Price 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Letter of Intent 198\u003c\/p\u003e \u003cp\u003eCase-Specific Negotiating Strategies 201\u003c\/p\u003e \u003cp\u003eCase 1: One Clearly Superior Offer 202\u003c\/p\u003e \u003cp\u003eCase 2: Four Comparable Offers 204\u003c\/p\u003e \u003cp\u003eCase 3: A “High Price with Tough Terms” Offer versus a “Lower Price with Reasonable Terms” Offer 206\u003c\/p\u003e \u003cp\u003eCase 4: Three Offers with High Prices and Tough Terms 207\u003c\/p\u003e \u003cp\u003eCase 5: One High Price Offer with Tough Terms 208\u003c\/p\u003e \u003cp\u003eCase 6: Six Offers with Different Forms of Consideration 209\u003c\/p\u003e \u003cp\u003eCase 7: Five Offers with Different Legal Structures and Different Forms of Consideration 213\u003c\/p\u003e \u003cp\u003eNegotiating Dynamics 215\u003c\/p\u003e \u003cp\u003eAppendix 11A: Letter of Intent 217\u003c\/p\u003e \u003cp\u003eNotes 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Moving from Letter of Intent to Closing 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Negotiating Dynamics Have Reversed 226\u003c\/p\u003e \u003cp\u003eExclusivity 226\u003c\/p\u003e \u003cp\u003eMaintaining Performance between the LOI and Closing 227\u003c\/p\u003e \u003cp\u003eNegotiating Out the Purchase Agreement 229\u003c\/p\u003e \u003cp\u003eBuyer Due Diligence 230\u003c\/p\u003e \u003cp\u003eHart-Scott-Rodino Filing 232\u003c\/p\u003e \u003cp\u003eKeeping the Closing Process on Track 234\u003c\/p\u003e \u003cp\u003eWhat if It’s Not Meant to Be? 237\u003c\/p\u003e \u003cp\u003eSeller’s Exposure if the Buyer Does Not Close 237\u003c\/p\u003e \u003cp\u003eInterim Milestones and Backup Buyers 238\u003c\/p\u003e \u003cp\u003eAppendix 12A: Definitive Purchase Agreement 240\u003c\/p\u003e \u003cp\u003eNotes 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Sales Forced by Bankruptcy or Financial Duress 249\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Painful Decision to Act 250\u003c\/p\u003e \u003cp\u003eTime Is of the Essence 251\u003c\/p\u003e \u003cp\u003eSenior Lender Dynamics 252\u003c\/p\u003e \u003cp\u003eSecured Party Sales 256\u003c\/p\u003e \u003cp\u003eSales Engineered before Filing, but Closed in Bankruptcy Court 257\u003c\/p\u003e \u003cp\u003eSales Engineered and Closed in Bankruptcy Court 259\u003c\/p\u003e \u003cp\u003eNotes 267\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Working with Lawyers 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLegal Involvement from Day One 270\u003c\/p\u003e \u003cp\u003eThe Lawyer’s Distinct Role 270\u003c\/p\u003e \u003cp\u003eDeal Makers versus Deal Breakers 271\u003c\/p\u003e \u003cp\u003eRetaining the Right M\u0026amp;A Lawyer 272\u003c\/p\u003e \u003cp\u003eThe Legal Check-Up 274\u003c\/p\u003e \u003cp\u003eCollaborating with the Investment Banker 274\u003c\/p\u003e \u003cp\u003eDrafting and Negotiating the Purchase Agreement 275\u003c\/p\u003e \u003cp\u003eEffective versus Ineffective Lawyering 278\u003c\/p\u003e \u003cp\u003eManaging the M\u0026amp;A Lawyer 280\u003c\/p\u003e \u003cp\u003eAppendix 14A: Seller’s Attorney Pretransaction Checklist 281\u003c\/p\u003e \u003cp\u003eNote 288\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 After the Sale Has Closed 289\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePost-Closing Immediate Cooperation 290\u003c\/p\u003e \u003cp\u003eEmployee Notification 290\u003c\/p\u003e \u003cp\u003eCustomer Notification 291\u003c\/p\u003e \u003cp\u003eSupplier Notification 292\u003c\/p\u003e \u003cp\u003eGeneral Public Notification 292\u003c\/p\u003e \u003cp\u003eThe Month Following Closing 293\u003c\/p\u003e \u003cp\u003eAlternative Notification Methodology 293\u003c\/p\u003e \u003cp\u003ePost-Closing Subsequent Matters 295\u003c\/p\u003e \u003cp\u003ePost-Closing Hubris 296\u003c\/p\u003e \u003cp\u003ePost-Closing Legal Matters 297\u003c\/p\u003e \u003cp\u003ePost-Closing Financial Matters 298\u003c\/p\u003e \u003cp\u003eTaxes 299\u003c\/p\u003e \u003cp\u003eCharitable Giving 300\u003c\/p\u003e \u003cp\u003eInvestments 303\u003c\/p\u003e \u003cp\u003eNew Horizons 304\u003c\/p\u003e \u003cp\u003eLeveling the Playing Field 305\u003c\/p\u003e \u003cp\u003eNotes 305\u003c\/p\u003e \u003cp\u003eAbout the Author 307\u003c\/p\u003e \u003cp\u003eIndex 309\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMARK A. FILIPPELL\u003c\/b\u003e is a co-founder and Managing Director at Western Reserve Partners, an M\u0026amp;A boutique. He has nearly thirty years of investment banking experience and has personally completed over 125 merger and acquisition transactions. Prior to co-founding Western Reserve Partners, he was the manager of the Mergers \u0026amp; Acquisitions Department at KeyBanc Capital Markets and McDonald Investments. His clients have included Eaton, Novar Electronics, Claymont Steel Holdings, Liqui-Box, General Electric, Computational Systems, Excel Mining Systems, and MascoTech.\u003c\/p\u003e  \u003cp\u003e\u003ci\u003eMergers and Acquisitions Playbook\u003c\/i\u003e introduces a street-smart approach to the mergers and acquisitions (M\u0026amp;A) process. It’s straightforward, it’s savvy, and it’s designed to prepare you to understand and manage the sale of your business with an investment banker’s know-how.\u003c\/p\u003e \u003cp\u003eDrawing from his nearly three decades of experience, during which he completed over 125 merger and acquisition transactions, author and successful investment banker Mark Filippell uses his wealth of real-world experience and true case studies to reveal the nuts and bolts of valuing your company, marketing it, negotiating the deal points, and closing the transaction—all with an insider’s perspective. \u003c\/p\u003e\u003cp\u003eEven if you don’t plan on selling your business yourself, you’ll need to understand all the players—and “plays”—involved in this transaction that will be the most important of your career as a business owner. \u003ci\u003eMergers and Acquisitions Playbook\u003c\/i\u003e helps you gain invaluable insight, with coverage on: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003ePreparing to sell your business\u003c\/li\u003e \u003cli\u003eWhether or not you should hire an intermediary\u003c\/li\u003e \u003cli\u003eFinding out what your business is worth\u003c\/li\u003e \u003cli\u003eThe difference between “value” and “currency”\u003c\/li\u003e \u003cli\u003eHow to create competition (or the \u003ci\u003eimpression\u003c\/i\u003e of it)\u003c\/li\u003e \u003cli\u003eIdentifying and cultivating the right buyers\u003c\/li\u003e \u003cli\u003eApproaching prospective buyers\u003c\/li\u003e \u003cli\u003eNegotiating strategies\u003c\/li\u003e \u003cli\u003eMoving from letter of intent to closing\u003c\/li\u003e \u003cli\u003eWorking with lawyers\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eWhether you’re in the game or just watching, you’re going to need to know what’s happening—especially if your business is one of the major players. Anecdotal and packed with practical advice on the mergers and acquisitions process from start to finish, \u003ci\u003eMergers and Acquisitions Playbook\u003c\/i\u003e prepares you to enter the M\u0026amp;A process like an expert—no matter what your playing field looks like.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989609234661,"sku":"NP9780470627532","price":52.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470627532.jpg?v=1761784794","url":"https:\/\/k12savings.com\/es\/products\/mergers-and-acquisitions-playbook-isbn-9780470627532","provider":"K12savings","version":"1.0","type":"link"}