Lighter Capital
MAY 28, 2020
In the midst of this global pandemic, startups are working tirelessly to keep their business running. For many, that means securing financing that will help to maintain business continuity today and also extend to future planning. . The health of your business is more important than ever, and the capital choices you make now will have a lasting impact on the trajectory of your company.
Robert Berry
MAY 27, 2020
Reading Time: 2 minutes I felt like a literary loser back in middle and high school. It wasn’t that I failed English class, it’s just that it didn’t inspire me. I remember being given assignments that, in my mind, … One Tip to Test the Readability of Your Audit Reports Read More ».
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Appraisal Rights
MAY 27, 2020
In April, the North Carolina Business Court issued a decision in an appraisal case stemming out of Reynolds American’s 2017 merger with British American Tobacco. The court ultimately awarded deal price. The Buyer was a 42% shareholder but did not control the Company. The Seller conducted no auction or market check. The Court ultimately deferred to the price negotiated by a Special Committee, citing certain decisions interpreting both North Carolina and Delaware law.
Andrew Stolz
MAY 22, 2020
This is a Valuation Master Class student essay by Lim Lee Bin. Lee Bin wrote this essay in Module 2 of the Valuation Master Class. Invested Capital Growth is one of the most important forecasts in firm valuation. In this essay, I will explain the fundamentals of invested capital growth, its importance, and how to forecast it. Invested Capital Growth and its Impact on Stock Price.
Speaker: Susan Spencer, Principal of Spencer Communications
Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.
Biz Worth
MAY 20, 2020
There are three approaches that are used when valuing a business. This video focuses on the market approach. So, what exactly is the market approach? The market approach is valuing a business based on references to other comparable guideline companies. Those could be either public or private, but you're looking for companies that are comparable. In this video we’ll walk through what the advantages are for the market approach.
Shephard Mullin M&A
MAY 29, 2020
Merger agreements involving acquisitions of private companies often contain terms creating post-merger obligations or “earnouts” in favor of certain classes of selling stockholders. To address potential claims that may arise from such post-merger arrangements, selling stockholders typically designate a “shareholder representative” to handle such claims on their behalf pursuant to specifically delineated rights and duties.
Business Valuation Zone brings together the best content for business valuation professionals from the widest variety of industry thought leaders.
Robert Berry
MAY 18, 2020
Reading Time: 4 minutes “Social media is the biggest risk your organization faces.” This is how I started a presentation at the Institute of Internal Auditors, Pensacola, Florida chapter meeting. At that moment I felt like I was on … Are you auditing your biggest reputation risks? Read More ».
Appraisal Rights
MAY 19, 2020
Business Law Today previously posted this piece discussing key Delaware General Corporate Law differences between merger, conversions and domestications. A sometimes forgotten reason for a merger or other major corporate action is to change the jurisdiction of incorporation and thus, usually, the regulatory or tax regime associated with it. Mergers effectuated even for this purpose may carry appraisal rights if they trigger DGCL 262.
Andrew Stolz
MAY 8, 2020
This is a Valuation Master Class student essay by Lim Lee Bin from June 16, 2018. Lee Bin wrote this essay in Module 4 of the Valuation Master Class. Most valuation models are built for the healthy, on-going company. When used to value a declining company, analysts will face special challenges as the characteristics of a declining company will cause some of the valuation model’s assumptions to break down.
Biz Worth
MAY 6, 2020
Certified Business Valuators utilize three approaches when valuing your business. Here we do an in-depth review of the Income Approach which is focused on valuing a business based on the future anticipated economic benefits such as cash flow. This video focuses on the Discounted Cash Flow method and provides an example of a business that was valued using this method.
Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker
The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l
Cooley M&A
MAY 22, 2020
Yesterday, once again without an open meeting, the SEC voted (with a dissent from Commissioner Allison Lee) to adopt amendments to the requirements for financial statements relating to acquisitions and dispositions of businesses. According to the press release , the amendments are intended to improve disclosure of financial information, facilitate more timely access to capital and reduce the complexity and costs to prepare the disclosure.
Lighter Capital
MAY 26, 2020
It’s a difficult and confusing time to be an entrepreneur. People are relying on you. Investors may be pressuring you or showering you with advice (solicited or not). You’re reading expert opinions, and finding that many experts disagree. We’re all yearning for a crystal ball. What’s next for 2020? A U-shaped recession. A V-shaped recession. Or even a W-shaped recession.
Robert Berry
MAY 12, 2020
Reading Time: 2 minutes Internal Audit documentation can become evidence in an investigation at a moment’s notice. Work performed years ago can once again become relevant based on new information. As a result, all audit work papers should be … The Importance of Audit Workpapers Read More ».
Appraisal Rights
MAY 13, 2020
We previously wrote about the Interoil decision, where the Yukon Court of Appeal overturned a decision applying a discounted cash flow analysis to a Canadian appraisal proceeding, holding that the trial court failed to give proper consideration of merger price. Discussion of the Interoil decision has been significant among Canadian and international law firms, including pieces discussing: Interoil may provide a “roadmap” for Canadian appraisal decisions.
Speaker: Joe Apfelbaum, CEO of Ajax Union
In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.
Andrew Stolz
MAY 1, 2020
This is a Valuation Master Class student essay by Kitipop Sriparn from March 6, 2020. Kitipop wrote this essay in Module 2 of the Valuation Master Class. Commodities are alternative investments. They can provide significant benefits to the portfolio’s diversification as well as inflation protection. They can also be used to trade based on the macroeconomic view of traders, such as arbitrageurs or speculators.
Cooley M&A
MAY 11, 2020
In “La La Land,” Damien Chazelle’s Oscar winning film, the audience thinks it has a formulaic Hollywood love story on its hands: boy and girl meet; boy and girl fall in love; boy and girl break up; and boy and girl get back together. But in a twist on the classic love story, boy and girl never get back together, and although they still might love each other on some level, it’s clear they will never find their way back to each other because of, well, life.
Cooley M&A
MAY 5, 2020
In late February as the COVID-19 pandemic was accelerating, the Delaware Chancery Court issued an important decision that is likely to impact transactions during the expected recession. In Salladay v. Lev , C.A. No. 2019-0048-SG (Del. Ch. Feb. 27, 2020) (“Salladay”), the court held that a conflicted transaction – not involving a controlling shareholder – could only be cleansed through the use of a special committee under Trados II [ 1 ] if the special committee was constituted ab initio (i.e., f
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