{"product_id":"middle-market-m-a-isbn-9781119828105","title":"Middle Market M \u0026 A","description":"\u003cp\u003e\u003cb\u003eAn in-depth and practical exploration of middle-market mergers and acquisitions from leading experts in the field\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn the newly revised Second Edition of \u003ci\u003eMiddle Market M \u0026amp; A: Handbook for Advisors, Investors, and Business Owners\u003c\/i\u003e, mergers and acquisitions experts Kenneth H. Marks, Christian W. Blees, Michael R. Nall, and Thomas A. Stewart deliver a comprehensive overview of mergers, acquisitions, divestitures, and strategic transactions of privately held companies with revenues between $5 and $500 million per year.\u003c\/p\u003e \u003cp\u003eYou'll discover the market trends, perspectives, and strategies commonly affecting business transitions in all phases of a deal, as well as the processes and core subject areas (e.g. valuation, structure, taxation, due diligence, etc.) required to successfully navigate and close transactions in the private capital markets.\u003c\/p\u003e \u003cp\u003eThe latest edition of this handbook includes new discussions about:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe middle market landscape and the evolution and impact of private equity on the private capital markets\u003c\/li\u003e \u003cli\u003eThe concepts of mergers and acquisitions from an owner's point of view\u003c\/li\u003e \u003cli\u003eWays in which transition and value growth planning can optimize the value owners and investors can realize in sell-side and buy-side transactions\u003c\/li\u003e \u003cli\u003eNew technologies being used in the M\u0026amp;A process\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePerfect for advisors, investors, and business owners, the new edition of \u003ci\u003eMiddle Market M \u0026amp; A\u003c\/i\u003e is a must-read roadmap of the strategic transaction landscape that provides solid, practical guidance for attorneys, accountants, investment bankers, corporate development, exit planners, investors, lenders and the owners, entrepreneurs, and leaders of middle market companies.\u003c\/p\u003e \u003cp\u003ePreface xxiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xxix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Middle Market Overview 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Middle Market 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerformance and Impact 4\u003c\/p\u003e \u003cp\u003eDefinition 5\u003c\/p\u003e \u003cp\u003eCharacteristics of Middle Market Companies 7\u003c\/p\u003e \u003cp\u003eOwnership 7\u003c\/p\u003e \u003cp\u003eAccess to and Use of Capital 8\u003c\/p\u003e \u003cp\u003eOrganization 8\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Private Capital Markets 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSegmented Markets 12\u003c\/p\u003e \u003cp\u003eHow Market Players View Risk 17\u003c\/p\u003e \u003cp\u003eCapital Providers 17\u003c\/p\u003e \u003cp\u003eOwners’ and Managers’ Views of Risk\/Return 18\u003c\/p\u003e \u003cp\u003eBuyers 20\u003c\/p\u003e \u003cp\u003eMarket Activity 26\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Valuation Perspectives for the Private Markets 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrivate Business Valuation Can Be Viewed Through Different Standards of Value 32\u003c\/p\u003e \u003cp\u003eMarket Value 34\u003c\/p\u003e \u003cp\u003eInvestment Value 37\u003c\/p\u003e \u003cp\u003eFair Market Value 37\u003c\/p\u003e \u003cp\u003eFair Value 37\u003c\/p\u003e \u003cp\u003eIncremental Business Value 38\u003c\/p\u003e \u003cp\u003eOwner Value 38\u003c\/p\u003e \u003cp\u003eLBO Value 39\u003c\/p\u003e \u003cp\u003eCollateral Value 39\u003c\/p\u003e \u003cp\u003eBook Value 39\u003c\/p\u003e \u003cp\u003eValuing Intangibles 39\u003c\/p\u003e \u003cp\u003eWhy the Different Versions of Value? 41\u003c\/p\u003e \u003cp\u003eValuation as a Range Concept 42\u003c\/p\u003e \u003cp\u003eValue Worlds and Deals 43\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two For the Business Owner\/Operator and Entrepreneur 45\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Transition, Succession, and Exit Planning 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Decision Framework 49\u003c\/p\u003e \u003cp\u003e1. Owner Ambitions and Goals 50\u003c\/p\u003e \u003cp\u003e2. Industry Cycle 51\u003c\/p\u003e \u003cp\u003e3. Business Cycle 52\u003c\/p\u003e \u003cp\u003e4. Company Foundation 53\u003c\/p\u003e \u003cp\u003eA Team Approach 53\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Value Growth and Optimization 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIncreasing the Return on Invested Capital 57\u003c\/p\u003e \u003cp\u003eStrategic Position 58\u003c\/p\u003e \u003cp\u003eCustomer Base 59\u003c\/p\u003e \u003cp\u003eCost Structure and Scalability 60\u003c\/p\u003e \u003cp\u003eWorking Capital 60\u003c\/p\u003e \u003cp\u003eHuman Capital 61\u003c\/p\u003e \u003cp\u003eReducing the Risk of Investment 62\u003c\/p\u003e \u003cp\u003eAwareness and Planning 63\u003c\/p\u003e \u003cp\u003eGrowth Plans and Relative Position 63\u003c\/p\u003e \u003cp\u003eLeadership Team 63\u003c\/p\u003e \u003cp\u003ePredictability of Revenues and Earnings 65\u003c\/p\u003e \u003cp\u003eConcentrations 65\u003c\/p\u003e \u003cp\u003eCompliance 66\u003c\/p\u003e \u003cp\u003eKeeping Current 67\u003c\/p\u003e \u003cp\u003eEase the Transfer of Ownership 67\u003c\/p\u003e \u003cp\u003eFinancial Information 68\u003c\/p\u003e \u003cp\u003eContracts 69\u003c\/p\u003e \u003cp\u003eTitle to Assets 69\u003c\/p\u003e \u003cp\u003eCorporate Structure and Attributes 70\u003c\/p\u003e \u003cp\u003eDon’t Lose Focus on the Core Business 70\u003c\/p\u003e \u003cp\u003eSummary 71\u003c\/p\u003e \u003cp\u003eFormula Definitions 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three The M\u0026amp;A Practice and Processes 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Practice Management 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrimary M\u0026amp;A Advisors 78\u003c\/p\u003e \u003cp\u003eMarketing the M\u0026amp;A Practice 80\u003c\/p\u003e \u003cp\u003eTarget Audience 80\u003c\/p\u003e \u003cp\u003eNetworking 81\u003c\/p\u003e \u003cp\u003eMarketing and Advertising 81\u003c\/p\u003e \u003cp\u003ePretransaction Consulting 82\u003c\/p\u003e \u003cp\u003eValuation Services 82\u003c\/p\u003e \u003cp\u003eOther Consulting Services 82\u003c\/p\u003e \u003cp\u003eBecoming an Expert 82\u003c\/p\u003e \u003cp\u003eClient Acceptance 83\u003c\/p\u003e \u003cp\u003eConfidentiality 84\u003c\/p\u003e \u003cp\u003eClient Engagement 84\u003c\/p\u003e \u003cp\u003eIdentification of the Parties 85\u003c\/p\u003e \u003cp\u003eScope of Service 85\u003c\/p\u003e \u003cp\u003eLimitations and Disclosures 86\u003c\/p\u003e \u003cp\u003eFees— Selling Advisor 86\u003c\/p\u003e \u003cp\u003eExample Fee Structures 88\u003c\/p\u003e \u003cp\u003eTermination and Tail 89\u003c\/p\u003e \u003cp\u003eBuy-Side Engagements 89\u003c\/p\u003e \u003cp\u003eLicensure Issues in the M\u0026amp;A Business 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Sell-Side Representation and Process 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSelling Process Overview 93\u003c\/p\u003e \u003cp\u003eStep 1: Preliminary Discussions with Seller 94\u003c\/p\u003e \u003cp\u003eWhat Is the Transaction? 95\u003c\/p\u003e \u003cp\u003eValue Expectations 95\u003c\/p\u003e \u003cp\u003eProcess 96\u003c\/p\u003e \u003cp\u003eStep 2: Data Collection 97\u003c\/p\u003e \u003cp\u003eStep 3: Industry Research and Identifying Buyers 100\u003c\/p\u003e \u003cp\u003eResearch Market Buyers 101\u003c\/p\u003e \u003cp\u003eStep 4: The Marketing Book 101\u003c\/p\u003e \u003cp\u003ePreparation 103\u003c\/p\u003e \u003cp\u003eSeller Motivation 104\u003c\/p\u003e \u003cp\u003eFinancial Disclosures 105\u003c\/p\u003e \u003cp\u003eSpecific EBITDA Presentations 105\u003c\/p\u003e \u003cp\u003eBalance Sheet Presentation 105\u003c\/p\u003e \u003cp\u003eOther Financial Disclosures 106\u003c\/p\u003e \u003cp\u003eProspective Financial Presentation 106\u003c\/p\u003e \u003cp\u003eStep 5: Marketing Process 106\u003c\/p\u003e \u003cp\u003eClear the List with the Seller 107\u003c\/p\u003e \u003cp\u003eInitiate Contact with Buyers 107\u003c\/p\u003e \u003cp\u003eObtain Nondisclosure Agreements 108\u003c\/p\u003e \u003cp\u003eDistribute the Book 108\u003c\/p\u003e \u003cp\u003eFollow Up, Discuss, and Set Expectations 108\u003c\/p\u003e \u003cp\u003eStep 6: The Auction Dynamic and Negotiations 109\u003c\/p\u003e \u003cp\u003eNegotiated Sale 109\u003c\/p\u003e \u003cp\u003ePrivate Auction 111\u003c\/p\u003e \u003cp\u003ePublic Auction 112\u003c\/p\u003e \u003cp\u003eStep 7: Buyer Interest and Transaction Structure 113\u003c\/p\u003e \u003cp\u003eTerm Sheets 114\u003c\/p\u003e \u003cp\u003eIndication of Interest (IOI) 114\u003c\/p\u003e \u003cp\u003eLetters of Intent 114\u003c\/p\u003e \u003cp\u003eDeal Structure 116\u003c\/p\u003e \u003cp\u003eAsset versus Stock Structure 116\u003c\/p\u003e \u003cp\u003eOther Tax Deferral Techniques 117\u003c\/p\u003e \u003cp\u003eStep 8: Due Diligence 120\u003c\/p\u003e \u003cp\u003eStep 9: Definitive Agreements 121\u003c\/p\u003e \u003cp\u003eStep 10: Closing Process 122\u003c\/p\u003e \u003cp\u003ePrice and Valuation Changes 123\u003c\/p\u003e \u003cp\u003eTerms and Conditions Changes 123\u003c\/p\u003e \u003cp\u003eThird-Party Challenges 123\u003c\/p\u003e \u003cp\u003eAllocation of Risk 124\u003c\/p\u003e \u003cp\u003eOther Preclosing Mistakes 124\u003c\/p\u003e \u003cp\u003ePostsale Integration 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Corporate Development and the Buy-Side Process 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Acquire? 129\u003c\/p\u003e \u003cp\u003eThe Dismal Ds 130\u003c\/p\u003e \u003cp\u003eAlternatives 131\u003c\/p\u003e \u003cp\u003eThe Acquisition Process 132\u003c\/p\u003e \u003cp\u003eThe Pipeline and Filter 133\u003c\/p\u003e \u003cp\u003eApproaching the Target 134\u003c\/p\u003e \u003cp\u003eThe Balance between a Deep Dive and Locking In the Deal 135\u003c\/p\u003e \u003cp\u003eLower-Middle Market versus Middle Market Deals 136\u003c\/p\u003e \u003cp\u003eValuation from a Strategic’s Perspective 137\u003c\/p\u003e \u003cp\u003eStructuring the Transaction 140\u003c\/p\u003e \u003cp\u003eThe Bid 141\u003c\/p\u003e \u003cp\u003eDue Diligence 141\u003c\/p\u003e \u003cp\u003eIntegration 144\u003c\/p\u003e \u003cp\u003ePractical Tips and What Causes Deals to Fail 146\u003c\/p\u003e \u003cp\u003eWhat Should We Acquire? 146\u003c\/p\u003e \u003cp\u003eWhy Are We Doing This? 147\u003c\/p\u003e \u003cp\u003eAlignment of Interests 147\u003c\/p\u003e \u003cp\u003eRecruit the Right Advisors Early 148\u003c\/p\u003e \u003cp\u003eAllocate Enough Resources 148\u003c\/p\u003e \u003cp\u003eEvery Interaction Is a Negotiation 149\u003c\/p\u003e \u003cp\u003eIf It Can Go Wrong, It Will Go Wrong 149\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Buy-Side Representation 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBuyer Clients 151\u003c\/p\u003e \u003cp\u003eStrategy 152\u003c\/p\u003e \u003cp\u003eThe Filter 153\u003c\/p\u003e \u003cp\u003eFinancing 154\u003c\/p\u003e \u003cp\u003eQuality of Earnings 154\u003c\/p\u003e \u003cp\u003eCoordination 156\u003c\/p\u003e \u003cp\u003eIntegration 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Technology in the M\u0026amp;A Process 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eVirtual Data Room 158\u003c\/p\u003e \u003cp\u003eMarket Insight and Data 159\u003c\/p\u003e \u003cp\u003eDeal Sourcing and Exchanges 162\u003c\/p\u003e \u003cp\u003eDue Diligence Software 163\u003c\/p\u003e \u003cp\u003eProject Management Software 164\u003c\/p\u003e \u003cp\u003eComprehensive M\u0026amp;A Software 164\u003c\/p\u003e \u003cp\u003eSupporting Tools 165\u003c\/p\u003e \u003cp\u003eArtificial Intelligence and Technology Trends 165\u003c\/p\u003e \u003cp\u003eTechnology Providers 167\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Professional Standards and Ethics 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHolistic Advice 171\u003c\/p\u003e \u003cp\u003eEthical and Professional Standards 172\u003c\/p\u003e \u003cp\u003eCompetence and Professionalism (Reputation) 173\u003c\/p\u003e \u003cp\u003eBest Practices (Activities) 173\u003c\/p\u003e \u003cp\u003eEthics (Behavioral Boundaries) 174\u003c\/p\u003e \u003cp\u003eThe Middle Market Standard 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four M\u0026amp;A Technical Discussions 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Financial Analysis 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Reporting Motivation 179\u003c\/p\u003e \u003cp\u003eEbitda 181\u003c\/p\u003e \u003cp\u003eBalance Sheet Analysis 184\u003c\/p\u003e \u003cp\u003eWorking Capital 185\u003c\/p\u003e \u003cp\u003eNormalization 190\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Market Valuation 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReasons for Appraisal 196\u003c\/p\u003e \u003cp\u003eDetermine the Value Subworld 196\u003c\/p\u003e \u003cp\u003eCalculate the Benefit Stream 197\u003c\/p\u003e \u003cp\u003eSynergies 203\u003c\/p\u003e \u003cp\u003eDetermine Private Return Expectation 205\u003c\/p\u003e \u003cp\u003eSpecific Investor Return 206\u003c\/p\u003e \u003cp\u003eGeneral Acquisition Selling Multiples 207\u003c\/p\u003e \u003cp\u003eDerive Value 208\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Deal Structure 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStructural Priorities 213\u003c\/p\u003e \u003cp\u003eBusiness and Economic Terms 214\u003c\/p\u003e \u003cp\u003eTax Structure 218\u003c\/p\u003e \u003cp\u003eLegal Structure 222\u003c\/p\u003e \u003cp\u003eMergers 224\u003c\/p\u003e \u003cp\u003eInitial Analysis of Both Entities 224\u003c\/p\u003e \u003cp\u003eStrategic Rationale 225\u003c\/p\u003e \u003cp\u003eValuation Modeling 225\u003c\/p\u003e \u003cp\u003eUnderstanding Cost, Operational, and Cultural Differences 226\u003c\/p\u003e \u003cp\u003eDeveloping the Integration Plan 227\u003c\/p\u003e \u003cp\u003eDeal Structure and Negotiations 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Financing Sources and Capital Structure 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerspective 229\u003c\/p\u003e \u003cp\u003eFinancing Primer 230\u003c\/p\u003e \u003cp\u003eCapital Structure 230\u003c\/p\u003e \u003cp\u003eFactors Shaping the Capital Structure 234\u003c\/p\u003e \u003cp\u003eBasic Deals 237\u003c\/p\u003e \u003cp\u003eBuyouts 237\u003c\/p\u003e \u003cp\u003eRecapitalizations 242\u003c\/p\u003e \u003cp\u003eAcquisitions 243\u003c\/p\u003e \u003cp\u003eSources and Types of Funding 245\u003c\/p\u003e \u003cp\u003eDebt 246\u003c\/p\u003e \u003cp\u003ePrivate Equity 249\u003c\/p\u003e \u003cp\u003ePersonal Guarantees 250\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Due Diligence 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDue Diligence Process 256\u003c\/p\u003e \u003cp\u003eThe Diligence Team 256\u003c\/p\u003e \u003cp\u003eTraditional Due Diligence 257\u003c\/p\u003e \u003cp\u003eFinancial Matters 258\u003c\/p\u003e \u003cp\u003eQuality of Earnings Analysis 258\u003c\/p\u003e \u003cp\u003eBalance Sheet Analysis 260\u003c\/p\u003e \u003cp\u003eRatio Analysis 260\u003c\/p\u003e \u003cp\u003eOther Risks 261\u003c\/p\u003e \u003cp\u003eAudited Financial Statements 261\u003c\/p\u003e \u003cp\u003eGAAP Compliance 262\u003c\/p\u003e \u003cp\u003eTax Structuring and Compliance 262\u003c\/p\u003e \u003cp\u003eCompensation and Benefits 263\u003c\/p\u003e \u003cp\u003eLegal 264\u003c\/p\u003e \u003cp\u003eTechnical Due Diligence 266\u003c\/p\u003e \u003cp\u003eBusiness Due Diligence 267\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Tax Provisions Used in M\u0026amp;A 271\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTax Fundamentals 272\u003c\/p\u003e \u003cp\u003eTransaction Tax Basics 275\u003c\/p\u003e \u003cp\u003eAsset Transactions 275\u003c\/p\u003e \u003cp\u003eStock Transactions 277\u003c\/p\u003e \u003cp\u003eStock versus Asset Sale Example 278\u003c\/p\u003e \u003cp\u003eAsset Transaction Details 280\u003c\/p\u003e \u003cp\u003eBuyer Tax Issues 285\u003c\/p\u003e \u003cp\u003eDetailed Tax Structuring 287\u003c\/p\u003e \u003cp\u003eInstallment Sales 287\u003c\/p\u003e \u003cp\u003eRisk of Forfeiture 288\u003c\/p\u003e \u003cp\u003eAssets That Qualify for Installment Treatment 288\u003c\/p\u003e \u003cp\u003eInstallment Planning Opportunity 289\u003c\/p\u003e \u003cp\u003ePartnership M\u0026amp;A 289\u003c\/p\u003e \u003cp\u003eGeneral Partnership Doctrine 290\u003c\/p\u003e \u003cp\u003ePartnership versus S Corporation 290\u003c\/p\u003e \u003cp\u003ePartnership Gain Tracking Rules 292\u003c\/p\u003e \u003cp\u003ePurchase Price Allocation for Partnership Buyers 293\u003c\/p\u003e \u003cp\u003eCorporate M\u0026amp;A Issues 293\u003c\/p\u003e \u003cp\u003eContributions to Corporations 294\u003c\/p\u003e \u003cp\u003eStock\/Asset Sale Election: Section 338 295\u003c\/p\u003e \u003cp\u003eMergers and Reorganizations 296\u003c\/p\u003e \u003cp\u003eS Corporation Issues 300\u003c\/p\u003e \u003cp\u003eTax Glossary and Reference 302\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Legal Documentation 309\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Attorney’s Role 309\u003c\/p\u003e \u003cp\u003ePreliminary Legal Documents 311\u003c\/p\u003e \u003cp\u003eNondisclosure and Confidentiality Agreement 311\u003c\/p\u003e \u003cp\u003eLetter of Intent 312\u003c\/p\u003e \u003cp\u003eAcquisition Agreements 316\u003c\/p\u003e \u003cp\u003eStructure of the Deal 316\u003c\/p\u003e \u003cp\u003eStock Sale\/Merger 316\u003c\/p\u003e \u003cp\u003eAsset Purchase 317\u003c\/p\u003e \u003cp\u003eRepresentations and Warranties 318\u003c\/p\u003e \u003cp\u003eQualifications to Representations and Warranties 319\u003c\/p\u003e \u003cp\u003eIndemnification 320\u003c\/p\u003e \u003cp\u003eTransaction Statistics 321\u003c\/p\u003e \u003cp\u003eConsulting and Employment Agreements 322\u003c\/p\u003e \u003cp\u003eRegulatory Compliance 322\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 Regulation and Compliance 323\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProtecting Investors: Securities Act of 1933 324\u003c\/p\u003e \u003cp\u003eExemptions under the 33 Act 326\u003c\/p\u003e \u003cp\u003eCommonly Used Private Placement Exemptions 327\u003c\/p\u003e \u003cp\u003eKeeping The Markets Honest: Securities Exchange Act of 1934 329\u003c\/p\u003e \u003cp\u003eRequirements and Rules 329\u003c\/p\u003e \u003cp\u003eWilliams Act 330\u003c\/p\u003e \u003cp\u003eAntitrust Issues and Laws You May Encounter in the Deal 331\u003c\/p\u003e \u003cp\u003eHart-Scott-Rodino Act 332\u003c\/p\u003e \u003cp\u003eTransactions Involving Foreign Investors, Foreign Trade, and National Defense Matters 333\u003c\/p\u003e \u003cp\u003eOther Regulatory Issues and Laws You May Encounter in the Deal 334\u003c\/p\u003e \u003cp\u003eBulk Sales Laws 334\u003c\/p\u003e \u003cp\u003eThe WARN Act 335\u003c\/p\u003e \u003cp\u003eThe Investment Banker’s Perspective 336\u003c\/p\u003e \u003cp\u003eSEC Provisions Regulating Broker-Dealers 336\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Brokers No-Action Letter 338\u003c\/p\u003e \u003cp\u003eFinders 344\u003c\/p\u003e \u003cp\u003eInvestment Advisers Act and Investment Company Act of 1940 345\u003c\/p\u003e \u003cp\u003eFINRA Provisions for Broker-Dealers 347\u003c\/p\u003e \u003cp\u003eThe Company’s Perspective 350\u003c\/p\u003e \u003cp\u003eProcess of Issuing, Selling, or Exchanging Securities for a Deal 351\u003c\/p\u003e \u003cp\u003eState Blue-Sky Laws 354\u003c\/p\u003e \u003cp\u003eConsiderations for Public Companies 355\u003c\/p\u003e \u003cp\u003eChapter 20 Cross-Border Considerations 359\u003c\/p\u003e \u003cp\u003eIs Cross-Border M\u0026amp;A the Right Move? 360\u003c\/p\u003e \u003cp\u003eCulture 361\u003c\/p\u003e \u003cp\u003eCountry Risk 365\u003c\/p\u003e \u003cp\u003eFinancial Risk 365\u003c\/p\u003e \u003cp\u003eMarket and Operational Risks 367\u003c\/p\u003e \u003cp\u003eThe Legal Environment 367\u003c\/p\u003e \u003cp\u003eLabor and Employment 370\u003c\/p\u003e \u003cp\u003eNegotiations 371\u003c\/p\u003e \u003cp\u003eDue Diligence 372\u003c\/p\u003e \u003cp\u003eIntegration 372\u003c\/p\u003e \u003cp\u003eSummary 375\u003c\/p\u003e \u003cp\u003eGlossary 377\u003c\/p\u003e \u003cp\u003eNotes 417\u003c\/p\u003e \u003cp\u003eAbout the Authors 423\u003c\/p\u003e \u003cp\u003eAbout the Contributors and Reviewers 427\u003c\/p\u003e \u003cp\u003eIndex 445\u003c\/p\u003e \u003cp\u003e\u003cb\u003eKENNETH H. MARKS\u003c\/b\u003e is Founder and Managing Partner of High Rock Partners, a boutique firm of strategic and M\u0026amp;A advisors. He is an expert in mergers, acquisitions, and financing of emerging growth and middle market companies. \u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHRISTIAN W. BLEES\u003c\/b\u003e is President and CEO of BiggsKofford Certified Public Accountants and BiggsKofford Capital Investment Bank. He is the lead instructor of the Certified Merger \u0026amp; Acquisition Advisor (CM\u0026amp;AA) credentialing program.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eMICHAEL R. NALL\u003c\/b\u003e is Founder of Alliance of Merger \u0026amp; Acquisition Advisors and a recognized speaker on the valuation, growth, and sale of middle market companies.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eTHOMAS A. STEWART\u003c\/b\u003e served as Executive Director of the National Center for the Middle Market, and Editor-in-Chief and Managing Director of \u003ci\u003eHarvard Business Review.\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003eIn the newly revised \u003ci\u003eSecond Edition of Middle Market M\u0026amp;A: Handbook for Advisors, Investors, and Business Owners\u003c\/i\u003e, a team of accomplished experts deliver an insightful and complete overview of mergers, acquisitions, divestitures, and transactions involving privately held companies with revenues between $5 million and $1 billion per year. \u003c\/p\u003e \u003cp\u003eThe veteran authors draw on their combined decades of experience participating in every aspect of M\u0026amp;A to provide readers with a comprehensive roadmap from pre-transaction planning to post-closing strategies. This handbook incorporates current market trends, activities, and insights in every critical functional area including corporate strategy, transition and exit planning, valuation, deal structuring, taxation, due diligence, and more.  \u003c\/p\u003e\u003cp\u003eYou’ll learn about private equity’s impact on the private capital markets and the ways in which transition and value growth planning can optimize the amounts owners and investors can realize in buy-side and sell-side transactions. You’ll also discover new technologies being used in the mergers and acquisitions process, as well as alternate lending and deal structures for acquisitions.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eMiddle Market M\u0026amp;\u003c\/i\u003eA offers practical guidance to mergers and acquisition advisors seeking to provide maximum value to the corporations and people they advise. It also emphasizes the importance of value growth and exit planning from the perspective of owners and clarifies how middle market companies are valued from the perspective of strategic and private equity buyers.  \u003c\/p\u003e\u003cp\u003ePerfect for professionals involved with the valuation, growth, and sale of middle market companies, \u003ci\u003eMiddle Market M\u0026amp;\u003c\/i\u003eA is an indispensable addition to the libraries of attorneys, accountants, corporate development professionals, exit planners, investment bankers, lenders, owners, entrepreneurs, and investors.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePRAISE FOR MIDDLE MARKET M\u0026amp;A\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“The perfect reference book for any M\u0026amp;A transaction. Keep this close by as you make one of the most important decisions of your business life!”\u003cbr\u003e\u003cb\u003e—VERNE HARNISH, Founder, Entrepreneurs’ Organization (EO) and author, \u003ci\u003eScaling Up\u003c\/i\u003e (Rockefeller Habits 2.0) \u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“When the \u003ci\u003eMiddle Market M\u0026amp;A\u003c\/i\u003e handbook was released a decade ago, the marketplace immediately recognized the authority of its authors—all experienced M\u0026amp;A advisors tried and tested in the crucible of dealmaking. It was an instant classic. This \u003ci\u003eSecond Edition\u003c\/i\u003e captures vital lessons learned during the past ten turbulent years, and provides practical tools to prepare buyers, sellers, and intermediaries alike for a future that can be immensely profitable—for the forewarned.”\u003cbr\u003e\u003cb\u003e—ALEXANDRA R. LAJOUX, PhD, Lead Author, Art of M\u0026amp;A Series and CKO Emeritus, National Association of Corporate Directors (NACD) \u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“This thoroughly updated and expanded \u003ci\u003eSecond Edition of Middle Market M\u0026amp;A\u003c\/i\u003e is a comprehensive and essential reference and guide for business leaders, advisors, and executives involved in the fast-moving world of M\u0026amp;A. The publication draws on the expertise of an impressive range of leading market professionals to provide practical advice around middle market mergers, acquisitions, divestitures, and strategic transactions.”\u003cbr\u003e\u003cb\u003e—FENTON BURGIN, Head of UK Corporate Finance, Deloitte LLP \u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“Marks and his colleagues have really hit the nail on the head with this book—they cover the academic side of the story, but weave in the lessons and observations of the real market. Their work is a great guide for newcomer and professional alike, providing a cache of key data on the ‘middle market’ and insightful analysis of the data, through the lens of seasoned advisors.”\u003cbr\u003e\u003cb\u003e—NEAL McCARTHY, Managing Director, Fairmount Partners Investment Banking \u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“As someone who has spent his career providing capital to middle market companies, I congratulate the authors for providing a complete guide to middle market M\u0026amp;A. If you are selling your business or seeking additional capital, \u003ci\u003eMiddle Market M\u0026amp;A\u003c\/i\u003e is an essential tool for achieving the best outcome.”\u003cbr\u003e\u003cb\u003e—MIKE DONOGHUE, Co-Founder, Spring Capital Partners \u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e“Understanding how private businesses access capital for growth and successful owner transition is one of the most critical and least understood parts of the small and medium-sized business economy. This second edition of \u003ci\u003eMiddle Market M\u0026amp;A\u003c\/i\u003e is a must read for anyone who needs to master the ever-evolving dynamics of the private capital marketplace. There is no better reference book for equity investors, private company owners and the advisors that unite them.” \u003c\/p\u003e \u003cp\u003e\u003cb\u003e—BRETT PALMER\u003c\/b\u003e, President Small Business Investor Alliance (SBIA)\u003c\/p\u003e \u003cp\u003e“Often overlooked or discussed only as an afterthought, Marks and his co-authors have focused on an increasingly important part of the vibrant M\u0026amp;A market -- the so-called 'middle market' where indeed the most deals take place.  This market is huge as are the implications for buyers of mid-sized companies, their founders and sellers, the myriad advisors, investors and business school students. This book should be on the bookshelf of every one of those groups. This handbook provides not just an overview of the necessary elements for success in mid-market dealmaking, but is a rigorous and, importantly, up-to-date compendium of the broad range of issues that anyone dealing in this market will encounter.”\u003c\/p\u003e \u003cp\u003e\u003cb\u003e—SCOTT MOELLER, \u003c\/b\u003eDirector, M\u0026amp;A Research Centre; Professor, University of London\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989625979109,"sku":"NP9781119828105","price":125.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119828105.jpg?v=1761784861","url":"https:\/\/k12savings.com\/es\/products\/middle-market-m-a-isbn-9781119828105","provider":"K12savings","version":"1.0","type":"link"}