{"product_id":"restructuring-the-hold-isbn-9781119635185","title":"Restructuring the Hold","description":"\u003cp\u003e\u003cb\u003eEstablishing an effective partnership and \u003c\/b\u003e\u003cb\u003eachieving improved outcomes for investors and management teams during the hold cycle  \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrivate equity represents a productive and fast-growing asset class—building businesses, creating jobs, and providing unlimited opportunity for investors and management teams alike, particularly if they know how to work together in candid and effective partnerships. \u003ci\u003eRestructuring the Hold\u003c\/i\u003e demonstrates how investors and managers can best work together to optimize company performance and the associated rewards and opportunities for everyone, not just the investors.\u003c\/p\u003e \u003cp\u003eThrough brief references to the parable of the Gramm Company, a middle market portfolio company, readers will follow the disappointments and triumphs of a management team experiencing their first hold period under private equity ownership, from the day they get purchased through the day they get sold. \u003ci\u003eRestructuring the Hold\u003c\/i\u003e provides the reader both general knowledge and more detailed better practices and frameworks relating to specific time periods during the hold. Within this book readers will find:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eAn examination of a typical middle-market private equity hold period\u003c\/li\u003e \u003cli\u003eGuidance for newly acquired management teams on what to expect during the hold period\u003c\/li\u003e \u003cli\u003eDescriptions of better practice operating cadence between investors and management teams\u003c\/li\u003e \u003cli\u003eExamples of effective partnerships between investors and management teams\u003c\/li\u003e \u003cli\u003eDiscussions of topics relevant to typical hold periods, including organizational structures, operations improvement, selling pipelines and acquisition integrations\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWith guidance from \u003ci\u003eRestructuring the Hold\u003c\/i\u003e, private equity principals and portfolio company executives can take steps toward greater collaboration and better outcomes. Through updated practices and strong relationships, they can partner effectively to improve portfolio company performance, which will lead to better outcomes for both investors and management teams.\u003c\/p\u003e \u003cp\u003eList of Figures xi\u003c\/p\u003e \u003cp\u003eForeword xv\u003c\/p\u003e \u003cp\u003ePreface xxi\u003c\/p\u003e \u003cp\u003eAbout the Authors xxv\u003c\/p\u003e \u003cp\u003eAcknowledgments xxix\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eCore Audience 4\u003c\/p\u003e \u003cp\u003eOrganization of the Book 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: \u003c\/b\u003e\u003cb\u003ePrivate Equity 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Asset Class 11\u003c\/p\u003e \u003cp\u003eThe Middle-Market 17\u003c\/p\u003e \u003cp\u003eThe Investment Cycle 22\u003c\/p\u003e \u003cp\u003eThe Motivation 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: \u003c\/b\u003e\u003cb\u003eNew Ownership 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Ideal Partnership 33\u003c\/p\u003e \u003cp\u003eAnticipating Management Sentiment 36\u003c\/p\u003e \u003cp\u003eKey Investment Period Roles 42\u003c\/p\u003e \u003cp\u003eOperating Partner Involvement 49\u003c\/p\u003e \u003cp\u003eCore Values 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: \u003c\/b\u003e\u003cb\u003eMonth 1: Consternation 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOnboarding Together 62\u003c\/p\u003e \u003cp\u003eConfirming Portco Leadership 69\u003c\/p\u003e \u003cp\u003eTeaming Authentically 77\u003c\/p\u003e \u003cp\u003eOvercoming Resistance 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: \u003c\/b\u003e\u003cb\u003eMonth 2: This Might Be Okay 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBaselining the Investment Period 90\u003c\/p\u003e \u003cp\u003eReporting Monthly Financials 94\u003c\/p\u003e \u003cp\u003eStarting with Momentum 97\u003c\/p\u003e \u003cp\u003eIdentifying Value Sources 101\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: \u003c\/b\u003e\u003cb\u003eMonth 3: Guarded Enthusiasm 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGenerating and Aggregating Ideas 116\u003c\/p\u003e \u003cp\u003eEvaluating and Prioritizing Opportunities 122\u003c\/p\u003e \u003cp\u003eProfiling and Planning Initiatives 127\u003c\/p\u003e \u003cp\u003eSuspending Strategic Planning Formalities 137\u003c\/p\u003e \u003cp\u003eFinalizing the Value Creation Plan 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: \u003c\/b\u003e\u003cb\u003eQuarter 2: A Bit Overwhelmed 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEnsuring Leadership Coverage 150\u003c\/p\u003e \u003cp\u003eOrganizing the Value Creation Team 159\u003c\/p\u003e \u003cp\u003eManaging the Value Creation Program 162\u003c\/p\u003e \u003cp\u003eTargeting, Tracking, and Triaging Value Creation 165\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: \u003c\/b\u003e\u003cb\u003eQuarter 3: Gaining Momentum 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eManaging with Performance Indicators 176\u003c\/p\u003e \u003cp\u003eStandardizing Operating Cadence 182\u003c\/p\u003e \u003cp\u003eIncorporating the Board of Directors 189\u003c\/p\u003e \u003cp\u003eOvercoming Bumps in the Road 195\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: \u003c\/b\u003e\u003cb\u003eQuarter 4: Ringing the Bell 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConfirming VCP Results 206\u003c\/p\u003e \u003cp\u003eRewarding Success 210\u003c\/p\u003e \u003cp\u003ePlanning Strategy Pragmatically 212\u003c\/p\u003e \u003cp\u003eIntegrating Plans and Budgets 216\u003c\/p\u003e \u003cp\u003eInvestment Period Outputs 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: \u003c\/b\u003e\u003cb\u003eYear 2: Improving Infrastructure 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrganizing Effectively 231\u003c\/p\u003e \u003cp\u003eOperating Efficiently 238\u003c\/p\u003e \u003cp\u003eSourcing Strategically and Spending Economically 247\u003c\/p\u003e \u003cp\u003eFinancing Internally 256\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: \u003c\/b\u003e\u003cb\u003eYear 3: Expanding Beyond 263\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOptimizing Profitability 266\u003c\/p\u003e \u003cp\u003ePricing Intelligently 271\u003c\/p\u003e \u003cp\u003ePipelining Systematically 279\u003c\/p\u003e \u003cp\u003eIntegrating Pragmatically 286\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: \u003c\/b\u003e\u003cb\u003eYear X: The Exit 297\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExit Timing 300\u003c\/p\u003e \u003cp\u003eThe Exit Process 302\u003c\/p\u003e \u003cp\u003eExit Preparation 305\u003c\/p\u003e \u003cp\u003eEnjoying the Rewards 309\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: \u003c\/b\u003e\u003cb\u003eConclusion 313\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReferences 317\u003c\/p\u003e \u003cp\u003eIndex 319\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eTHOMAS C. ANDERSON\u003c\/b\u003e is a long-time Operating Partner, Chairman, and Board Director, previously with The Riverside Company, a global investment firm focused on the middle-market. He currently works with companies in active Board roles to accelerate growth and prepare for successful transactions. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eMARK G. HABNER\u003c\/b\u003e is CEO of BeckWay Group, which he co-founded with Anderson as an operating company serving private equity and their portfolio companies, providing hands-on expertise to accelerate sustainable earnings growth.  \u003c\/p\u003e\u003cp\u003eThe growth of private equity as an investment asset class has skyrocketed in recent years, and if you're not directly or indirectly involved in private equity now, there's a very good chance you soon will be. For many that's far from a comforting thought, particularly for those whose exposure to private equity is limited to the likes of Gordon \"Greed is Good\" Gekko from the 1987 chart-topping movie,\u003ci\u003e Wall Street.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eYet, gone are the days where firms could buy companies cheaply, lever them up with debt, monitor loosely, and then sell at high exit multiples. Today it's all about the real and hard work of creating true and sustainable business value that benefits everyone-company management, employees, and investors alike.\u003c\/p\u003e \u003cp\u003eIn\u003ci\u003e Restructuring the Hold: Optimizing Private Equity and Portfolio Company Partnerships,\u003c\/i\u003e Anderson and Habner draw together their exceptional experience in middle-market private equity to illuminate how management teams and their private equity partners can collaborate for a successful and exciting investment period, characterized by individual development, team accomplishments, accelerated value creation, and outsized returns for all.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eRestructuring the Hold\u003c\/i\u003e walks the reader through a representative middle-market investment period and illustrates the tools and techniques that result in successfully optimizing value. It explains how to establish a collaborative partnership, enact an effective operating cadence, and ensure an evergreen value creation approach. By revealing what to expect, how to avoid pitfalls, where to find opportunity, and how to achieve accelerated results, \u003ci\u003eRestructuring the Hold\u003c\/i\u003e provides a clear and useful guide for anyone involved in the exciting world of private equity.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePRAISE FOR RESTRUCTURING THE HOLD\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003e\"Restructuring the Hold\u003c\/i\u003e is a must-have for anyone involved in private equity, particularly portfolio company executives both new and veterans alike. Anderson and Habner present a proven and practical roadmap for leaders who recognize the value of uninhibited partnerships in achieving next-level results.\"\u003cbr\u003e \u003cb\u003e —John Sypek,\u003c\/b\u003e CEO, Area Wide Protective \u003c\/p\u003e\u003cp\u003e\"Written by two successful private equity executives, \u003ci\u003eRestructuring the Hold\u003c\/i\u003e is a must-read for private equity principals and portfolio company executives who want not just to survive but thrive in the post-pandemic investment market!\"\u003cbr\u003e \u003cb\u003e —Robert J. Bies,\u003c\/b\u003e Professor of Management, McDonough School of Business, Georgetown University \u003c\/p\u003e\u003cp\u003e\"Anderson and Habner have lived the positive evolution of the operating role in private equity. Their insightful book serves as an actionable and practical guide to creating significant and lasting value throughout the investment hold period. A very worthwhile read!\"\u003cbr\u003e \u003cb\u003e —Fred Crawford,\u003c\/b\u003e Senior Vice Chairman and former CEO, AlixPartners LLP \u003c\/p\u003e\u003cp\u003e\u003ci\u003e\"Restructuring the Hold\u003c\/i\u003e is a best-practices roadmap for navigating the hold period and achieving the full value of strategic and operational improvement. This is an important and thought-provoking manual for anyone in the private equity space.\"\u003cbr\u003e \u003cb\u003e —Ben Gray,\u003c\/b\u003e Managing Partner, BGH Capital; former Joint Managing Partner, TPG Asia \u003c\/p\u003e\u003cp\u003e\"Through hands-on experience and keen observation at scores of companies, the authors have captured what's at the heart of every successful deal—the partnership between the investing and operating pros at the private equity firm and the CEO and management team at the portfolio company.\"\u003cbr\u003e \u003cb\u003e —Stewart Kohl,\u003c\/b\u003e Co-CEO, The Riverside Company\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989955756261,"sku":"NP9781119635185","price":40.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119635185.jpg?v=1761786019","url":"https:\/\/k12savings.com\/products\/restructuring-the-hold-isbn-9781119635185","provider":"K12savings","version":"1.0","type":"link"}