{"product_id":"practitioners-complete-guide-to-m-as-with-website-isbn-9780470920442","title":"Practitioner's Complete Guide to M\u0026As, with Website","description":"\u003cb\u003eThe ultimate guide to the ins and out of mergers and acquisitions\u003c\/b\u003e  \u003cp\u003e\u003ci\u003ePractitioner's Complete Guide to M\u0026amp;As\u003c\/i\u003e provides the practical tricks of the trade on M\u0026amp;As: what they need to know, what they have to know, and what they need to do. Numerous examples and forms are included illustrating concepts in discussion.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWritten in a straight-talking style\u003c\/li\u003e \u003cli\u003eA highly, practical application-oriented guide to mergers and acquisitions\u003c\/li\u003e \u003cli\u003eCovers strategy development; deal flow and target identification; due diligence; valuation and offers; tax structuring; negotiation; and integration and value creation\"\u003c\/li\u003e \u003cli\u003ePresents information using bullet points rather than lengthy narrative for ease of reading\u003c\/li\u003e \u003cli\u003eNumerous exhibits, forms, and examples are included\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThis practical guide takes you through every step of the M\u0026amp;A process, providing all the necessary tools that both the first-time M\u0026amp;A player as well as the seasoned practitioner need to complete a smart transaction.\u003c\/p\u003e  \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003eTOPIC 1 Strategy Development, Then M\u0026amp;A 1\u003c\/p\u003e \u003cp\u003eTOPIC 2 M\u0026amp;A Process: Front to Back 13\u003c\/p\u003e \u003cp\u003eTOPIC 3 Why M\u0026amp;A? 17\u003c\/p\u003e \u003cp\u003eTOPIC 4 Deal Criteria 19\u003c\/p\u003e \u003cp\u003eTOPIC 5 Deal Sourcing 26\u003c\/p\u003e \u003cp\u003eTOPIC 6 Fees for Services 29\u003c\/p\u003e \u003cp\u003eTOPIC 7 Financial and Strategic Buyers 36\u003c\/p\u003e \u003cp\u003eTOPIC 8 How Long Will It Take to Complete the Deal? 38\u003c\/p\u003e \u003cp\u003eTOPIC 9 Confidentiality Agreements 39\u003c\/p\u003e \u003cp\u003eTOPIC 10 \"Concern Capture\" Due Diligence 44\u003c\/p\u003e \u003cp\u003eTOPIC 11 Keep Deal Conversations Quiet 53\u003c\/p\u003e \u003cp\u003eTOPIC 12 Auctions 54\u003c\/p\u003e \u003cp\u003eTOPIC 13 Seller’s Prospectus 62\u003c\/p\u003e \u003cp\u003eTOPIC 14 Pay for Inherent Capabilities Only 65\u003c\/p\u003e \u003cp\u003eTOPIC 15 Platform Value 68\u003c\/p\u003e \u003cp\u003eTOPIC 16 Buyer and Seller Value Perspectives 70\u003c\/p\u003e \u003cp\u003eTOPIC 17 Integration Initiatives Will Determine Deal Value 73\u003c\/p\u003e \u003cp\u003eTOPIC 18 Unlock Hidden Value: The Lean Enterprise 75\u003c\/p\u003e \u003cp\u003eTOPIC 19 The Real Deal: Lean 78\u003c\/p\u003e \u003cp\u003eTOPIC 20 Valuation: An Introduction 82\u003c\/p\u003e \u003cp\u003eTOPIC 21 Discounted Cash Flow: An Introduction 86\u003c\/p\u003e \u003cp\u003eTOPIC 22 Free Cash Flow 90\u003c\/p\u003e \u003cp\u003eTOPIC 23 Fair Return on a Deal 95\u003c\/p\u003e \u003cp\u003eTOPIC 24 Risk-Free Rates 104\u003c\/p\u003e \u003cp\u003eTOPIC 25 Equity Risk Premiums 105\u003c\/p\u003e \u003cp\u003eTOPIC 26 What Is Business Risk? 106\u003c\/p\u003e \u003cp\u003eTOPIC 27 Entropy: Tendency toward Negative Variation 110\u003c\/p\u003e \u003cp\u003eTOPIC 28 Equity Investor Risk 112\u003c\/p\u003e \u003cp\u003eTOPIC 29 Beta 113\u003c\/p\u003e \u003cp\u003eTOPIC 30 Systematic Risk 116\u003c\/p\u003e \u003cp\u003eTOPIC 31 Unsystematic Risk 118\u003c\/p\u003e \u003cp\u003eTOPIC 32 Beta with or without Debt 119\u003c\/p\u003e \u003cp\u003eTOPIC 33 Beta: Levered or Unlevered 120\u003c\/p\u003e \u003cp\u003eTOPIC 34 Beta Application in Determination of CU 123\u003c\/p\u003e \u003cp\u003eTOPIC 35 Levered Beta Moves as Debt to Equity Moves 125\u003c\/p\u003e \u003cp\u003eTOPIC 36 Size Premium 127\u003c\/p\u003e \u003cp\u003eTOPIC 37 Weighted Average Cost of Capital 130\u003c\/p\u003e \u003cp\u003eTOPIC 38 Terminal Values, Terminal Value Multiples, and Terminal Value DCFs 137\u003c\/p\u003e \u003cp\u003eTOPIC 39 Discounted Cash Flow Valuation Illustrated 142\u003c\/p\u003e \u003cp\u003eTOPIC 40 Leverage: The Real Deal 147\u003c\/p\u003e \u003cp\u003eTOPIC 41 Debt Limits 149\u003c\/p\u003e \u003cp\u003eTOPIC 42 Debt Adds Value: Derivation of Dt 151\u003c\/p\u003e \u003cp\u003eTOPIC 43 The Leveraged Buyout; Definition and Valuation 155\u003c\/p\u003e \u003cp\u003eTOPIC 44 Valuing the Leveraged Buyout 160\u003c\/p\u003e \u003cp\u003eTOPIC 45 Real Option Valuation: An Introduction 169\u003c\/p\u003e \u003cp\u003eTOPIC 46 Real Option Valuation: Application and Illustration 173\u003c\/p\u003e \u003cp\u003eTOPIC 47 M\u0026amp;A Values Are Not All the Same 179\u003c\/p\u003e \u003cp\u003eTOPIC 48 Discounts and Premiums 183\u003c\/p\u003e \u003cp\u003eTOPIC 49 Discounted Cash Flow Valuations: Minority or Control 192\u003c\/p\u003e \u003cp\u003eTOPIC 50 Inflation in DCF Valuations 194\u003c\/p\u003e \u003cp\u003eTOPIC 51 Integration, Alignment, and Synergy Benefits: Plan It Out 195\u003c\/p\u003e \u003cp\u003eTOPIC 52 Integration, Alignment, and Valuing Synergy Benefits 197\u003c\/p\u003e \u003cp\u003eTOPIC 53 Venture Capital Valuation 208\u003c\/p\u003e \u003cp\u003eTOPIC 54 Discount Rates and Valuing Free Cash Flow 211\u003c\/p\u003e \u003cp\u003eTOPIC 55 Growth, C*, and Return: The Engine to Increased Valuations and Deferred Tax Advantage 222\u003c\/p\u003e \u003cp\u003eTOPIC 56 How Fast Can the Target Grow? 225\u003c\/p\u003e \u003cp\u003eTOPIC 57 Cash Flow Multiples, Growth Rates, and Discount Rates 227\u003c\/p\u003e \u003cp\u003eTOPIC 58 Comparable Multiples 239\u003c\/p\u003e \u003cp\u003eTOPIC 59 Converting FCFM to P\/Es and Other Valuation Multiples and Deriving Slot Multiples for Public Companies 247\u003c\/p\u003e \u003cp\u003eTOPIC 60 EBITDA Valuation Engine 264\u003c\/p\u003e \u003cp\u003eTOPIC 61 Free Cash Flow Equivalent Impacts for Arbitrary Adjustments to Discount Rates 276\u003c\/p\u003e \u003cp\u003eTOPIC 62 Transferring Defined Benefit Pension Plan Liability Issues 278\u003c\/p\u003e \u003cp\u003eTOPIC 63 Environmental Remediation Expenses 282\u003c\/p\u003e \u003cp\u003eTOPIC 64 Environmental Insurance 283\u003c\/p\u003e \u003cp\u003eTOPIC 65 Management Warrant Incentive Plans 285\u003c\/p\u003e \u003cp\u003eTOPIC 66 Negotiation: Introduction and Overview 290\u003c\/p\u003e \u003cp\u003eTOPIC 67 Negotiation: Values, Offers, Prices, and Risk Assumption 292\u003c\/p\u003e \u003cp\u003eTOPIC 68 Negotiation: Offer Content 296\u003c\/p\u003e \u003cp\u003eTOPIC 69 Negotiation: Create Space in Your Ideas 298\u003c\/p\u003e \u003cp\u003eTOPIC 70 Negotiation: Beware of the Emotions of Private Sellers 299\u003c\/p\u003e \u003cp\u003eTOPIC 71 Negotiation: Imprint; Do Not Lecture 301\u003c\/p\u003e \u003cp\u003eTOPIC 72 Negotiation: Handling Tight Spots 303\u003c\/p\u003e \u003cp\u003eTOPIC 73 Negotiation: Closing the Bid-Ask Negotiating Gap 305\u003c\/p\u003e \u003cp\u003eTOPIC 74 Negotiation: Be Aware of Leverage and Deal Momentum Shift 308\u003c\/p\u003e \u003cp\u003eTOPIC 75 Negotiation in the Final Stages 311\u003c\/p\u003e \u003cp\u003eTOPIC 76 Negotiation: Use Earn-Outs or Noncompete Agreements to Close a Bid-Ask Gap 313\u003c\/p\u003e \u003cp\u003eTOPIC 77 Negotiation: After the Deal Is Agreed 318\u003c\/p\u003e \u003cp\u003eTOPIC 78 Negotiation: Bluffing and How to Handle It 321\u003c\/p\u003e \u003cp\u003eTOPIC 79 Negotiation: When Do You Step Away? 324\u003c\/p\u003e \u003cp\u003eTOPIC 80 Negotiation: When Do You Proceed? 326\u003c\/p\u003e \u003cp\u003eTOPIC 81 Negotiation: Do a Time Capsule 328\u003c\/p\u003e \u003cp\u003eTOPIC 82 Negotiation: Build Trust to Get Closed 329\u003c\/p\u003e \u003cp\u003eTOPIC 83 Exits under Duress: Have a Plan if the Deal Does Not Work 333\u003c\/p\u003e \u003cp\u003eTOPIC 84 Structuring the Deal: An Overview 334\u003c\/p\u003e \u003cp\u003eTOPIC 85 Structuring the Deal: Asset Step-Ups, Noncompete, and Synergy Valuation Engines 341\u003c\/p\u003e \u003cp\u003eTOPIC 86 Total Shareholder Return 346\u003c\/p\u003e \u003cp\u003eTOPIC 87 Stakeholder Value Creation 349\u003c\/p\u003e \u003cp\u003eTOPIC 88 EVAquity: Align Shareholder and Management Interests 353\u003c\/p\u003e \u003cp\u003eTOPIC 89 Letter of Intent 358\u003c\/p\u003e \u003cp\u003eTOPIC 90 Purchase and Sale Agreement 359\u003c\/p\u003e \u003cp\u003eTOPIC 91 Purchase and Sale Agreement: Explanation by Section 361\u003c\/p\u003e \u003cp\u003eTOPIC 92 Purchase Price Adjustments for Working Capital 370\u003c\/p\u003e \u003cp\u003eTOPIC 93 Indemnification and Survival Provisions 374\u003c\/p\u003e \u003cp\u003eTOPIC 94 Escrows 379\u003c\/p\u003e \u003cp\u003eTOPIC 95 Joint Venture Transaction: Valuation and Structuring Overview 381\u003c\/p\u003e \u003cp\u003eTOPIC 96 Why Deals Go Bad 389\u003c\/p\u003e \u003cp\u003eTOPIC 97 After the Deal: Do a Deal Bible 391\u003c\/p\u003e \u003cp\u003eTOPIC 98 Do the Audits of the Integration and Deal Value Creation Plan 393\u003c\/p\u003e \u003cp\u003eAbout the Web Site 395\u003c\/p\u003e \u003cp\u003eIndex 397\u003c\/p\u003e \u003cb\u003eDAVID T. EMOTT\u003c\/b\u003e is a seasoned manager with over twenty-five years of progressively greater responsibility in directing corporate strategy development, M\u0026amp;A and joint venture initiatives, performance measurement, strategic planning, control, financing, information technology, and tax planning activities in international and domestic theaters. He currently runs his own consulting business, D.T. Emott Advisory LLC, which provides services to buyers and sellers of companies or operating units.  \u003cb\u003eA hands-on, practical guide to doing Mergers and Acquisitions\u003c\/b\u003e  \u003cp\u003eHighly practical and application-oriented, \u003ci\u003ePractitioner's Complete Guide to M\u0026amp;As\u003c\/i\u003e is designed with appreciation for your demanding obligations, putting the information you require at your fingertips.\u003c\/p\u003e \u003cp\u003eThis hands-on guide takes you through every step of the M\u0026amp;A process, from strategy development and target identification, to due diligence and value creation, written in a straightforward, \"here's what you need to know now\" style.\u003c\/p\u003e \u003cp\u003eWhether you're new to the M\u0026amp;A process or just want a quick refresher, this book helps you know what to watch out for, what to do in specific situations, and how to do it. Its convenient bulleted format covers essential topics, including:\u003c\/p\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eAcquisition criteria\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eDeal fees\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eIn-depth valuation guidance\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003ePlatform value and real options\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eSecrets to unlocking hidden value\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003ePricing LBOs and the real deal about leverage\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eAuctions, and how to play\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eComplete due diligence guidance\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eDeal structuring, taxable and tax-deferred deals\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eNegotiating the deal\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eComplete deal integration guidance\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003ePapering the deal\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eIndemnification, duration, caps, baskets, escrows\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eAnd much more\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThis is the only guide you need to confidently prepare for, undertake, and master the M\u0026amp;A process. Designed for fast knowledge transfer and instruction, it is the ideal introduction for MBA and law school students and associates entering the investment banking, legal, and accounting professions.\u003c\/p\u003e \u003cp\u003ePacked with numerous examples, forms, ideas, approaches, and \"don't forget\" notes for use during live transactions—plus a user-friendly companion website—\u003ci\u003ePractitioner's Complete Guide to M\u0026amp;As\u003c\/i\u003e is the resource CEOs, CFOs, controllers, corporate development executives, and business owners will turn to again and again for merger and acquisition tools and strategies in a quick-reference format.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989838020837,"sku":"NP9780470920442","price":95.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470920442.jpg?v=1761785633","url":"https:\/\/k12savings.com\/products\/practitioners-complete-guide-to-m-as-with-website-isbn-9780470920442","provider":"K12savings","version":"1.0","type":"link"}