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Merger Consulting

There are multiple levers that impact a firm's business valuation. The complete list is likely as exhaustive as any buyer due diligence checklist. Understanding how various levers impact a firm's EBITDA (earnings before interest, taxes, depreciation and amortization) multiple and ultimate valuation can play an...

We are certainly strong advocates for disintermediating the investment banking process, particularly when it comes to mergers and acquisitions. Some would argue--incorrectly--that advisors in a transactions are overly valued, especially given today's flatter world, including access to "big data." In fact, this very question was...

No industry continues into infinity without major aberrations, especially those involved in technology or growth. When consolidation follows growth, enemies become friends and bitter rivals can find healthy new profits in strategic (and might I say legal) collusion through M&A. As has been said in the...

We have spoken previously of the double-edged nature of most earnout agreements in M&A. While earnouts have some benefits, there remains difficulty in negotiating, crafting and implementing them successfully. Here we discuss some of these varied nuances. Earnout defined When buyer and seller come together, a buyer...

Seller's remorse at some point in the business sale process is extremely common. Because many business owners often spend their lives building up their companies, but sell them only once, anxiety abounds as a transaction close nears. Virtually no entrepreneurs will know emphatically that they...

I am  a big fan of deal postmortems--the time you take to assess what went right, what went wrong and how you would do things differently if you had to do it all over again. With each done deal, volumes can be gleaned as educational...

Consolidation is a normal part of any industry. They help to establish economies of scale that drive down the cost of goods and services and make the marketplace more competitive – and therefore affordable – for consumers. There are three stages of consolidation in which an industry...

Many business owners struggle with whether to sell their business or hold on a bit longer. Their trepidation is rooted in their uncertainty over which option yields the most rewarding outcome. We often see this level of doubt creep in with business owners who have...