Mergers & Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests

Mergers & Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests

Dennis J. Roberts

Language: English

Pages: 450


Format: PDF / Kindle (mobi) / ePub

This book was designed not only for owners and managers of middle market businesses but as a training text for middle market M&A investment bankers and consultants. It discusses the art and science of middle market M&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&A conventions, among many others from the buy-side and sell-side perspectives.

Subtitled "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&A investment banker with years of real life experience. He also is a widely-acclaimed instructor in the M&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.














and are embedded in the basic purchase price calculation. The problem is the third category, at least in terms of the individual accounts, such as inventories, payables, and receivables. It can be elusive and a moving target but it doesn’t have to be. Operating businesses will have a balance sheet by the end of the day that looks at least somewhat different in terms of its constituent parts than it did at the beginning of the same day. Since the buyer is entitled to the balance sheet, the

firms that have decided to foray into M&A have brought in an experienced M&A professional or investment bank to establish the core expertise that they will need to enter this very different world form the one they are used to. Cultural Issues in Investment Banking Practices—Some Further Thoughts M&A investment banking is concerned with large sums of money, whether that is the proceeds to the client or the banker’s fees. Large sums of money, as it has been sometimes been my sad and

development of arguments so abstracted that they lose sight of their beginnings. At one time or another, it occurs to most of us with an exposure to the science of business valuation that much of this science is also highly abstracted, in that it involves concept built upon concept, resulting in decks of cards that can be shaky and unrelated to the handy referential point of what actually happens when businesses are actually sold in the M&A or securities markets. This is about the valuation of

very day, even as I hopped a flight to Seattle to offer as many mea culpas and apologies as the situation required, which was a lot. In the end, Charles forgave us and stuck with us, though it probably took him a while to forget the unnecessary unpleasantness. Within the year, we helped him sell his business for a fairly spectacular price. Last I heard, Charles was spending his time cruising the waterways of the Pacific Northwest. McLean, VA—October 2000 Kamran, one of our senior analysts, had

what. Our only consolation—and greatest hope—was that the numerous cell phone calls that distracted him, allowing him to revel in his perceived self-importance, would keep him out of the conference room while we got our work done. Unfortunately, Doug insisted on re-entering the conference room at the conclusion of each call, interrupting the progress and growing ever more annoying with each departure and return. The deal took three steps forward during each of Doug’s absences and two and

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