| Preface |
|
xi | |
| Acknowledgments |
|
xiii | |
| Topic 1 Strategy Development, Then M&A |
|
1 | (12) |
| Topic 2 M&A Process: Front to Back |
|
13 | (4) |
| Topic 3 Why M&A? |
|
17 | (2) |
| Topic 4 Deal Criteria |
|
19 | (7) |
| Topic 5 Deal Sourcing |
|
26 | (3) |
| Topic 6 Fees for Services |
|
29 | (7) |
| Topic 7 Financial and Strategic Buyers |
|
36 | (2) |
| Topic 8 How Long Will It Take to Complete the Deal? |
|
38 | (1) |
| Topic 9 Confidentiality Agreements |
|
39 | (5) |
| Topic 10 "Concern Capture" Due Diligence |
|
44 | (9) |
| Topic 11 Keep Deal Conversations Quiet |
|
53 | (1) |
| Topic 12 Auctions |
|
54 | (8) |
| Topic 13 Seller's Prospectus |
|
62 | (3) |
| Topic 14 Pay for Inherent Capabilities Only |
|
65 | (3) |
| Topic 15 Platform Value |
|
68 | (2) |
| Topic 16 Buyer and Seller Value Perspectives |
|
70 | (3) |
| Topic 17 Integration Initiatives Will Determine Deal Value |
|
73 | (2) |
| Topic 18 Unlock Hidden Value: The Lean Enterprise |
|
75 | (3) |
| Topic 19 The Real Deal: Lean |
|
78 | (4) |
| Topic 20 Valuation: An Introduction |
|
82 | (4) |
| Topic 21 Discounted Cash Flow: An Introduction |
|
86 | (4) |
| Topic 22 Free Cash Row |
|
90 | (5) |
| Topic 23 Fair Return on a Deal |
|
95 | (9) |
| Topic 24 Risk-Free Rates |
|
104 | (1) |
| Topic 25 Equity Risk Premiums |
|
105 | (1) |
| Topic 26 What Is Business Risk? |
|
106 | (4) |
| Topic 27 Entropy: Tendency toward Negative Variation |
|
110 | (2) |
| Topic 28 Equity Investor Risk |
|
112 | (1) |
| Topic 29 Beta |
|
113 | (3) |
| Topic 30 Systematic Risk |
|
116 | (2) |
| Topic 31 Unsystematic Risk |
|
118 | (1) |
| Topic 32 Beta with or without Debt |
|
119 | (1) |
| Topic 33 Beta: Levered or Unlevered |
|
120 | (3) |
| Topic 34 Beta Application in Determination of Cu |
|
123 | (2) |
| Topic 35 Levered Beta Moves as Debt to Equity Moves |
|
125 | (2) |
| Topic 36 Size Premium |
|
127 | (3) |
| Topic 37 Weighted Average Cost of Capital |
|
130 | (7) |
| Topic 38 Terminal Values, Terminal Value Multiples, and Terminal Value DCFs |
|
137 | (5) |
| Topic 39 Discounted Cash Flow Valuation Illustrated |
|
142 | (5) |
| Topic 40 Leverage: The Real Deal |
|
147 | (2) |
| Topic 41 Debt Limits |
|
149 | (2) |
| Topic 42 Debt Adds Value: Derivation of Dt |
|
151 | (4) |
| Topic 43 The Leveraged Buyout; Definition and Valuation |
|
155 | (5) |
| Topic 44 Valuing the Leveraged Buyout |
|
160 | (29) |
| Topic 45 Real Option Valuation: An Introduction |
|
189 | |
| Topic 48 Real Option Valuation: Application and Illustration |
|
173 | (6) |
| Topic 47 MU Values Are Not All the Same |
|
179 | (4) |
| Topic 48 Discounts and Premiums |
|
183 | (9) |
| Topic 49 Discounted Cash Flow Valuations: Minority or Control |
|
192 | (2) |
| Topic 50 Inflation in DCF Valuations |
|
194 | (1) |
| Topic 51 Integration, Alignment, and Synergy Benefits: Plan It Out |
|
195 | (2) |
| Topic 52 Integration, Alignment, and Valuing Synergy Benefits |
|
197 | (11) |
| Topic 53 Venture Capital Valuation |
|
208 | (3) |
| Topic 54 Discount Rates and Valuing Free Cash Flow |
|
211 | (11) |
| Topic 55 Growth, C*, and Return: The Engine to Increased Valuations and Deferred Tax Advantage |
|
222 | (3) |
| Topic 56 How Fast Can the Target Grow? |
|
225 | (2) |
| Topic 57 Cash Flow Multiples, Growth Rates, and Discount Rates |
|
227 | (12) |
| Topic 58 Comparable Multiples |
|
239 | (8) |
| Topic 59 Converting FCFM to P/Es and Other Valuation Multiples and Deriving Slot Multiples for Public Companies |
|
247 | (17) |
| Topic 60 EBITDA Valuation Engine |
|
264 | (12) |
| Topic 61 Free Cash Flow Equivalent Impacts for Arbitrary Adjustments to Discount Rates |
|
276 | (2) |
| Topic 62 Transferring Defined Benefit Pension Plan Liability Issues |
|
278 | (4) |
| Topic 63 Environmental Remediation Expenses |
|
282 | (1) |
| Topic 64 Environmental Insurance |
|
283 | (2) |
| Topic 65 Management Warrant Incentive Plans |
|
285 | (5) |
| Topic 66 Negotiation: Introduction and Overview |
|
290 | (2) |
| Topic 67 Negotiation: Values, Offers, Prices, and Risk Assumption |
|
292 | (4) |
| Topic 68 Negotiation: Offer Content |
|
296 | (2) |
| Topic 69 Negotiation: Create Space in Your Ideas |
|
298 | (1) |
| Topic 70 Negotiation: Beware of the Emotions of Private Sellers |
|
299 | (2) |
| Topic 71 Negotiation: Imprint; Do Not Lecture |
|
301 | (2) |
| Topic 72 Negotiation: Handling Tight Spots |
|
303 | (2) |
| Topic 73 Negotiation: Closing the Bid-Ask Negotiating Gap |
|
305 | (3) |
| Topic 74 Negotiation: Be Aware of Leverage and Deal Momentum Shift |
|
308 | (3) |
| Topic 75 Negotiation in the Final Stages |
|
311 | (2) |
| Topic 76 Negotiation: Use Earn-Outs or Noncompete Agreements to Close a Bid-Ask Gap |
|
313 | (5) |
| Topic 77 Negotiation: After the Deal Is Agreed |
|
318 | (3) |
| Topic 78 Negotiation: Bluffing and How to Handle It |
|
321 | (3) |
| Topic 79 Negotiation: When Do You Step Away? |
|
324 | (2) |
| Topic 80 Negotiation: When Do You Proceed? |
|
326 | (2) |
| Topic 81 Negotiation: Do a Time Capsule |
|
328 | (1) |
| Topic 82 Negotiation: Build Trust to Get Closed |
|
329 | (4) |
| Topic 83 Exits under Duress: Have a Plan if the Deal Does Not Work |
|
333 | (1) |
| Topic 84 Structuring the Deal: An Overview |
|
334 | (7) |
| Topic 85 Structuring the Deal: Asset Step-Ups, Noncompete, and Synergy Valuation Engines |
|
341 | (7) |
| Topic 86 Total Shareholder Return |
|
348 | (1) |
| Topic 87 Stakeholder Value Creation |
|
349 | (4) |
| Topic 88 EVAquity: Align Shareholder and Management Interests |
|
353 | (5) |
| Topic 89 Letter of Intent |
|
358 | (1) |
| Topic 90 Purchase and Sale Agreement |
|
359 | (22) |
| Topic 91 Purchase and Sale Agreement: Explanation by Section |
|
381 | |
| Topic 92 Purchase Price Adjustments for Working Capital |
|
370 | (4) |
| Topic 93 Indemnification and Survival Provisions |
|
374 | (5) |
| Topic 94 Escrows |
|
379 | (2) |
| Topic 95 Joint Venture Transaction: Valuation and Structuring Overview |
|
381 | (8) |
| Topic 96 Why Deals Go Bad |
|
389 | (2) |
| Topic 97 After the Deal: Do a Deal Bible |
|
391 | (2) |
| Topic 98 Do the Audits of the Integration and Deal Value Creation Plan |
|
393 | (2) |
| About the Web Site |
|
395 | (2) |
| Index |
|
397 | |
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