SO, YOU WANT TO SELL YOUR LEASING BUSINESS. By Bruce Kropschot

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SO, YOU WANT TO SELL YOUR LEASING BUSINESS. By Bruce Kropschot"

Transcription

1 SO, YOU WANT TO SELL YOUR LEASING BUSINESS By Bruce Kropschot There comes a time in the life of most entrepreneurial business owners when he or she starts to think seriously about an exit strategy. The owner may be contemplating retirement, doing estate planning or having health concerns. Sometimes the owner just becomes bored with the business or is suffering from burnout. In other cases, business factors, such as severe competition or lack of capital, may make a sale advisable or even imperative. Individual owners of equipment leasing businesses face special challenges in selling their business in today s environment. Small leasing companies and lease brokerage firms face their own unique issues in finding a buyer willing to pay a premium value for the business. This article will provide some historical perspective to the acquisition market for leasing companies. I will then share with you some tips that I have found to be important in my many years of helping leasing company owners maximize the fruits of their labor; I hope they will help you in planning your exit strategy. Historical Perspective on Leasing Company Acquisitions The 1980s and the 1990s were decades of tremendous consolidation in the equipment leasing industry. The proverbial whales seemingly had an insatiable appetite for eating the minnows. The three largest equipment finance and leasing companies in the U.S., GE Capital, CitiCapital and CIT, are the surviving entities of what once were dozens of independent equipment leasing companies. Much of the earlier acquisition activity in the leasing industry involved either the large diversified financial service companies buying niche businesses or new entrants to leasing acquiring a platform business. The acquisition of small leasing companies and lease brokers did not become popular until the mid 1990s. The acquisition market necessarily follows the law of demand and supply, and the market is most vibrant when there are both many interested buyers and many motivated sellers. Of course, the relative motivation of a seller is generally heavily dependent upon the selling price that can be obtained, although the need for competitively priced funding has become a contributing factor for many sellers. Two factors combined in the mid 1990s to make small leasing companies and lease brokers more attractive to buyers. First, lease securitization became a popular method for larger leasing companies to finance small ticket leases, and many of these companies used gain on sale accounting to recognize much of their profits on securitized leases at the time of securitization. Second, the initial public offering market was receptive to leasing companies, and a number of small ticket lessors took advantage of this

2 2 opportunity to access the public equity market. Such companies included Granite, First Sierra, T & W, LINC and UniCapital, all of which were active acquirers of small leasing companies and lease brokers and all of which initially used gain on sale accounting for lease securitizations. These 5 companies made approximately 60 leasing company acquisitions in the mid to late 1990s. The acquisition of leasing businesses that had previously sold or brokered most of their leases was particularly attractive to the newly-public lessors because they could finance the leases originated by the acquired companies at substantially lower interest rates through lease securitizations. This advantageous financing and gain on sale accounting allowed the acquirers to recognize greater profits at the time of securitization than the acquired companies had recognized upon their sale or brokering of leases. However, in the second half of 1998 the gain on sale accounting method lost favor among investment analysts who follow leasing companies, and the 4 newly public leasing companies (excluding Granite, which was acquired by Fidelity National Financial in early 1998 and closed down in 2001) succumbed to pressure from the investment community to discontinue the use of gain on sale accounting for securitizations. This greatly reduced these companies earnings and had a dramatic adverse impact on their stock prices. The diminished stock values of First Sierra, LINC, T & W and UniCapital and the inability to show immediate increases in earnings per share by using gain on sale accounting for acquired companies lease originations combined to bring the small leasing company acquisition binge to an abrupt halt. Soon their rapid growth and problems related to the management of the growth led LINC, T & W and UniCapital into bankruptcy; SierrraCities.com (formerly First Sierra) survived by being acquired by American Express for less than its IPO price. The demise of most of the aggressive acquirers of small leasing companies and lease brokerage firms ended the short era of huge acquisition premiums being paid for such businesses. The market value of leasing companies that have little or no retained lease portfolio is not likely to ever recover to the acquisition pricing levels experienced from 1995 to Sellers of such companies must realize that most of their earnings are now recorded at the lease inception, but most acquirers will recognize income over the life of the lease. Thus most acquired companies without a portfolio will produce a loss for their parent company in the first year or two. This is unacceptable to many acquirers, and those acquirers willing to accept start-up losses will certainly discount their acquisition valuation accordingly. Who are the acquirers of leasing companies today? The large leasing companies are already in most of the markets they desire to be in, and many of the major bank leasing companies are busy integrating the leasing businesses that came together in the wave of bank consolidations. Despite the reduced demand for leasing company acquisitions and prices that are down from the peak, acquisition prospects for successful leasing businesses are not totally negative. A number of community and regional banks are

3 3 exploring opportunities in the leasing industry for the first time, and they could be good matches for smaller privately owned leasing companies and lease brokerage firms. Many such banks are very liquid, and the yields available in equipment leases are attractive to them. Also, private equity groups and venture capital firms have substantial funds to invest, and a few of these groups have recently considered investments in well-run equipment leasing businesses. For lease brokerage firms, other lease brokers or small leasing companies are potential acquirers, although an acquirer in the same business generally does not pay as high of a price as a buyer that does not have similar expertise. Timing of the Sale Since the business owner often does not know in advance when a sale of the company may become desirable or necessary, the owner should constantly be prepared for that eventuality. Furthermore, by planning for the eventuality of a sale as part of the company s strategic planning process, the owner will be better able to optimize the timing of the sale. The owner who retains timing flexibility is better able to maximize the value of the business than the owner who is forced to make a quick sale for personal or business reasons. The optimum time to sell a business is generally thought to be when earnings are approaching their peak. However, it could be a mistake to wait until the company s growth rate has slowed down and it no longer has the momentum that justifies a high price/earnings multiple. Buyers are most interested in companies that have several years of impressive growth and good prospects for the future. The owner should also remember that most buyers would want the top one or two executives to commit to a three to five year employment agreement. The value of the company will be diminished if an owner/ceo waits until retirement to sell. The timing of a sale can be influenced by factors not directly related to the company being sold. In periods of high interest rates, buyers generally pay less for companies than when interest rates are low. Similarly, demand for acquisitions is usually less during recessions, causing a softening of selling prices. Competitive conditions and industry trends can also be important to a seller in determining the appropriate time to sell. A business owner who has planned ahead will likely have a business that is ready to sell and more attractive to buyers than the owner who has not prepared for an eventual sale. Preparation for the Sale Following are some suggestions for owners on how to prepare their equipment leasing company for sale, whether that sale is expected in one year or ten years:

4 4 If necessary, strengthen the management team. Much of the premium the buyer pays is for management expertise. Make sure there is both quality and depth of management, including one or more individuals with the potential to succeed the chief executive officer. (Of course, this may not be possible in a one-person lease broker business.) Buyers fear that an owner/ceo will not be as effective or as motivated to stay with the company after receiving a substantial amount of cash upon the sale of the company. Try to sustain a stable growth pattern. Buyers are much more likely to pay a premium based on projected future results if the historical trend is one of steady growth instead of many ups and downs. Become an expert in one segment of the market. Equipment leasing companies that specialize in one or a few market niches and service those niches well attract a wider range of prospective acquirers and sell for a higher premium than companies that are generalists. Also, companies that provide value-added services are more attractive than those that are in a commodity-type business. If you do not have a lease portfolio, try to develop non-recourse or recourse borrowing relationships so that you can retain a portion of your lease originations. Some funding sources will provide servicing, and there are also firms that provide servicing on an out-sourcing basis. However, you should develop your own servicing capability as soon as your portfolio reaches a size where it is economical to do so. The more capabilities you have in-house, the more valuable you will likely be to an acquirer. Obtain an audit of the year-end financial statements by a CPA firm if you have a retained lease portfolio; a review report by a CPA firm is likely to be sufficient for a company that does not have a portfolio. The CPA firm does not need to be a large national one, but it should have an established reputation in your local area, and the CPA responsible for your relationship should understand accounting and tax rules applicable to equipment leasing businesses. Develop good systems for financial statement preparation and management reporting, consistent with the size and needs of your company. Prospective acquirers expect to receive timely interim financial statements and management reports. Since much of the buyer s due diligence efforts will be directed to financial analysis, the seller s credibility can be heavily influenced by the quality of the accounting personnel and financial reporting systems. Use the preferred accounting methods, and err on the side of conservatism. Most prospective buyers will do enough due diligence work to uncover aggressive accounting practices for such items as bad debt reserves and residual valuations, so don t be embarrassed by insupportable accounting assumptions. Prepare detailed annual budgets and long-range projections. It is difficult to get where one is going without a road map. Every equipment leasing company, even one-person firms, should develop the discipline of preparing business and financial plans. The long-term strategic plan should be tied into the owner s exit strategy. Have an attorney experienced in equipment leasing review your lease documentation and internal procedures to make sure they adequately protect the

5 5 company s interests. More than one leasing company acquisition has fallen through because the buyer was uncomfortable with the lease documentation. As the time to sell the business approaches, retain a professional merger and acquisition advisor who understands the equipment leasing business and who has sold other equipment leasing companies. The experienced advisor can provide an indication of the company s probable market value, recommend a deal structure that will best fit the owner s needs, introduce prospective acquirers who are interested in acquiring equipment leasing companies, market the company s strengths and growth potential and guide the owner through the selling and negotiation process. Most prospective acquirers have experience in acquiring other companies, whereas most sellers sell only once. Thus, sellers that do not have an experienced merger and acquisition advisor guiding them can be at a distinct disadvantage in the selling process. Getting your equipment leasing business in the best position for a possible sale is not an easy task. However, following the recommendations outlined above will not only make your business more valuable to a buyer but should also improve your business s longterm prospects. You can be sure that competition for business will become even more intense in the coming years, and small companies that do not have the capital availability or borrowing costs of the major companies will be at a competitive disadvantage. However, the highly focused small leasing company that is always striving for improvement can continue to be successful. So, regardless of the timing of your exit strategy, as the owner of a small leasing business, you should always be looking for ways to make your leasing company more valuable. * * * * * * * * Bruce Kropschot is President of Kropschot Financial Services of Vero Beach, Florida, a merger and acquisition advisory firm for the equipment leasing and financing industry, which he founded in Mr. Kropschot has been active in the equipment leasing industry for 30 years and has served as a senior executive of 3 large leasing companies. Kropschot Financial Services has arranged the sale of over 130 equipment leasing and specialty finance businesses and numerous portfolios. The firm also arranges lease funding, subordinated debt and equity for leasing companies and performs business valuations. Mr. Kropschot is a CPA and holds BBA and MBA degrees in accounting and finance from the University of Michigan. He has served on the Board of Directors of ELA, EAEL and UAEL and is also a member of NAELB.

How to Maximize the Value When Selling Your Management Company

How to Maximize the Value When Selling Your Management Company WHITE PAPER How to Maximize the Value When Selling Your Management Company INSIDE THIS REPORT Rational for Selling Management Company Valuation Acquisition Deal Structure Tips to Optimize Your Exit Value

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

Mergers & Acquisitions. Turnaround & Restructuring. Litigation Support & Expert Testimony. Valuation Services

Mergers & Acquisitions. Turnaround & Restructuring. Litigation Support & Expert Testimony. Valuation Services Turnaround & Restructuring Litigation Support & Expert Testimony Mergers & Acquisitions Valuation Services Turnaround & Restructuring Turnaround & Restructuring Turnaround & Restructuring MCA Financial

More information

DAILEY RESOURCES, INC.

DAILEY RESOURCES, INC. DAILEY RESOURCES, INC. PREPARING FOR THE SALE OF YOUR PRIVATELY HELD BUSINESS For an entrepreneur, selling his or her business can be the largest and most important deal of his or her career. Whatever

More information

Mike Bollinger - Profile. Independent Pharmacy - Today. Discussion Topics. Independent Pharmacy - Today 6/19/2012. Mike Bollinger June 22, 2012

Mike Bollinger - Profile. Independent Pharmacy - Today. Discussion Topics. Independent Pharmacy - Today 6/19/2012. Mike Bollinger June 22, 2012 Mike Bollinger - Profile Mike Bollinger June 22, 2012 Presenting to the members of: Business Management / Marketing, BA - University of New Orleans Manager, Independent Pharmacy - Majoria Drugs Sales Consultant,

More information

One COPYRIGHTED MATERIAL. Leveraged Buyout Overview. http://www.pbookshop.com. Part

One COPYRIGHTED MATERIAL. Leveraged Buyout Overview. http://www.pbookshop.com. Part Part One Leveraged Buyout Overview leveraged buyout (LBO) is a fundamental, yet complex acquisition commonly used in the investment banking and private equity industries. We A will take a look at the basic

More information

Mergers & Acquisitions for Financial Advisory Practices Navigating the Age Wave

Mergers & Acquisitions for Financial Advisory Practices Navigating the Age Wave Executive White Paper Mergers & Acquisitions for Financial Advisory Practices Navigating the Age Wave By Todd Doherty February 2014 www.keymanagementgrp.com info@keymanagementgrp.com (888) 848-3349 Toll-

More information

Valuing the Business

Valuing the Business Valuing the Business 1. Introduction After deciding to buy or sell a business, the subject of "how much" becomes important. Determining the value of a business is one of the most difficult aspects of any

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

More information

KEYS TO ENTREPRENEURIAL SUCCESS

KEYS TO ENTREPRENEURIAL SUCCESS An Advertising Supplement to the Orange County Business Journal September 29, 2014 KEYS TO ENTREPRENEURIAL SUCCESS ROUNDTABLE Stephen Freeman Partner K&L Gates Larry Gregson Audit Partner KSJG Caroline

More information

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today ATEL Growth Capital Fund 8, LLC Financing Tomorrow s Technologies... Today RISK FACTORS Investors are encouraged to carefully read the Prospectus for ATEL Growth Capital Fund 8, LLC which has been provided

More information

Want to Buy a Construction Company?

Want to Buy a Construction Company? Why Would Anyone Want to Buy a Construction Company? If You re Thinking of Selling Your Company or Buying Your Competitor, You Need to Read This Article By Hugh L. Rice and Andrew W. Arnold Acquisitions

More information

Seller Financed Business Sales Unexpected Problems Arise

Seller Financed Business Sales Unexpected Problems Arise Seller Financed Business Sales Unexpected Problems Arise Dan Maloney CPA CFP CM&AA With the credit crisis continuing, seller notes continue to be used as a source of financing for the purchase of entrepreneurial

More information

About Hedge Funds. What is a Hedge Fund?

About Hedge Funds. What is a Hedge Fund? About Hedge Funds What is a Hedge Fund? A hedge fund is a fund that can take both long and short positions, use arbitrage, buy and sell undervalued securities, trade options or bonds, and invest in almost

More information

INVESTMENT DICTIONARY

INVESTMENT DICTIONARY INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and

More information

What is the fair market

What is the fair market 3 Construction Company Valuation Primer Fred Shelton, Jr., CPA, MBA, CVA EXECUTIVE SUMMARY This article explores the methods and techniques used in construction company valuation. Using an illustrative

More information

CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance

CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance PURPOSE OF THE ACADEMIC MAJORS The Bachelor of Science in Business Administration at CSUN offers options in Finance, Real

More information

Investment Banks, Security, Brokers and Dealers, and Venture Capital Firms

Investment Banks, Security, Brokers and Dealers, and Venture Capital Firms Investment Banks, Security, Brokers and Dealers, and Venture Capital Firms Investment Banks Investment banks are best known as Intermediaries that help corporations raise funds Investment banks provide

More information

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW

More information

ROARING FORK ADVISORS COMMERCIAL REAL ESTATE INVESTMENT MANAGEMENT

ROARING FORK ADVISORS COMMERCIAL REAL ESTATE INVESTMENT MANAGEMENT ROARING FORK ADVISORS COMMERCIAL REAL ESTATE INVESTMENT MANAGEMENT Overview Roaring Fork Advisors provides real estate portfolio consulting services to developers, investors and private lenders, including

More information

The material in this document is intended to provide only general information to Canadian Western Bank s clients and the public, and not for the

The material in this document is intended to provide only general information to Canadian Western Bank s clients and the public, and not for the Business Valuation The material in this document is intended to provide only general information to Canadian Western Bank s clients and the public, and not for the purposes of providing professional advice.

More information

Buyers and Sellers of an S Corporation Should Consider the Section 338 Election

Buyers and Sellers of an S Corporation Should Consider the Section 338 Election Income Tax Valuation Insights Buyers and Sellers of an S Corporation Should Consider the Section 338 Election Robert P. Schweihs There are a variety of factors that buyers and sellers consider when deciding

More information

Chapter 7: Capital Structure: An Overview of the Financing Decision

Chapter 7: Capital Structure: An Overview of the Financing Decision Chapter 7: Capital Structure: An Overview of the Financing Decision 1. Income bonds are similar to preferred stock in several ways. Payment of interest on income bonds depends on the availability of sufficient

More information

WHITE PAPER: Creative Management Buyout Strategies

WHITE PAPER: Creative Management Buyout Strategies WHITE PAPER: Creative Management Buyout Strategies Abstract: Private equity firms particularly those that focus on buying smaller companies (less than $100 million in value), will often structure the financing

More information

VENTURE CAPITAL 101 I. WHAT IS VENTURE CAPITAL?

VENTURE CAPITAL 101 I. WHAT IS VENTURE CAPITAL? VENTURE CAPITAL 101 I. WHAT IS VENTURE CAPITAL? Venture capital is money provided by an outside investor to finance a new, growing, or troubled business. The venture capitalist provides the funding knowing

More information

REALIZING VALUE - BUYING AND SELLING YOUR BUSINESS

REALIZING VALUE - BUYING AND SELLING YOUR BUSINESS REALIZING VALUE - BUYING AND SELLING YOUR BUSINESS Presented By: Norm Snyder and Jeff Capron November 2009 805 King Farm Boulevard, Suite 300 Rockville, Maryland 20850 301.231.6200 301.231.7630 F www.aronsoncompany.com

More information

onetravel@aol.com 954-540-3697

onetravel@aol.com 954-540-3697 onetravel@aol.com 954-540-3697 Valuation Principles Good Afternoon! I want to thank all of you who have attended our round table discussion in regards to valuations. Having an independent valuation can

More information

LEASING MEDICAL EQUIPMENT? It s as Easy as ABC.

LEASING MEDICAL EQUIPMENT? It s as Easy as ABC. LEASING MEDICAL EQUIPMENT? It s as Easy as ABC. By Edward G. Detwiler, ASA The pleasantries of a newly signed lease often include smiles, handshakes, and conversation describing an agreement in which both

More information

Article from: Reinsurance News. February 2010 Issue 67

Article from: Reinsurance News. February 2010 Issue 67 Article from: Reinsurance News February 2010 Issue 67 Life Settlements A Window Of Opportunity For The Life Insurance Industry? By Michael Shumrak Michael Shumrak, FSA, MAAA, FCA, is president of Shumrak

More information

Life Settlements 2012: the Secondary Market for Life Insurance Policies

Life Settlements 2012: the Secondary Market for Life Insurance Policies Life Settlements 2012: the Secondary Market for Life Insurance Policies Executive Summary A Life Settlement is the sale of a life insurance policy to third party investors for an amount greater than the

More information

Strategic Advisers Fundamental Research Process: A Unique, Style-Based Approach

Strategic Advisers Fundamental Research Process: A Unique, Style-Based Approach STRATEGIC ADVISERS, INC. Strategic Advisers Fundamental Research Process: A Unique, Style-Based Approach By Jeff Mitchell, Senior Vice President, Director of Research, Strategic Advisers, Inc. KEY TAKEAWAYS

More information

Business Exit for Retirement Strategies

Business Exit for Retirement Strategies Are you a business owner contemplating retirement? Thinking of selling or transitioning your business? Are you counting on your business to fund your retirement? Maybe you don t think that you have anything

More information

The Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX

The Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX The Advisors Inner Circle Fund Westwood LargeCap Value Fund Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX Before you invest, you may want to review the Fund s complete prospectus,

More information

Business Succession Planning

Business Succession Planning Business Succession Planning with Key Person Coverage and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business. But are you taking the

More information

The ABCs of Venture Capital A Primer from the National Venture Capital Association

The ABCs of Venture Capital A Primer from the National Venture Capital Association The ABCs of Venture Capital A Primer from the National Venture Capital Association Courtesy of the Entrepreneurs Forum of the Great Northwest c/o Tipperary Press P.O. Box 81 Spokane, WA 99210 e-mail: EFGNW@aol.com

More information

Finding sources of capital. Secured and unsecured borrowing Selling equity Government programs Frequently overlooked sources

Finding sources of capital. Secured and unsecured borrowing Selling equity Government programs Frequently overlooked sources Finding sources of capital BusineSS Coach series Secured and unsecured borrowing Selling equity Government programs Frequently overlooked sources Business Coach series The fundamentals of finance The situation

More information

CHARLES WAYNE PROPERTIES, INC.

CHARLES WAYNE PROPERTIES, INC. CHARLES WAYNE PROPERTIES, INC. Office Retail Industrial Hotel Land SUMMARY Investment Sales Site Selection & Tenant Representation Leasing Advisory Services INVESTMENT SALES Charles Wayne Properties investment

More information

Managing Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA

Managing Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA Managing Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA About the Author Ray Meadows is the president of Berkeley Investment Advisors, a real estate brokerage and investment advisory firm. He

More information

A Strategic Approach to Residential Mortgage Lending

A Strategic Approach to Residential Mortgage Lending A Strategic Approach to Residential Mortgage Lending Presented by Tracy Jean Ashfield Strategic Mortgage Solutions The Consulting and Training Division of Prime Alliance Solutions, Inc. October 19, 2009

More information

VALUED REPRESENTATION When Selling a Business

VALUED REPRESENTATION When Selling a Business VALUED REPRESENTATION When Selling a Business VR Has Sold More Businesses In The World Than Anyone. SELLING YOUR BUSINESS The entrepreneurial boom has changed the face of business around the globe. Today,

More information

The M&A Process and the Role of a Financial Advisor

The M&A Process and the Role of a Financial Advisor The M&A Process and the Role of a Financial Advisor My Background 1996 University of Florida undergrad with BS in Finance 1998 Geneva Companies / sub of Citigroup doing small M&A deals 1999 University

More information

Chris Pan, CWM, MFP-USA. MBA (Financial Management)-Aust MBA (Marketing)-UK Email: wwpan@singnet.com.sg Http://www.FMDynamics.com

Chris Pan, CWM, MFP-USA. MBA (Financial Management)-Aust MBA (Marketing)-UK Email: wwpan@singnet.com.sg Http://www.FMDynamics.com Chris Pan, CWM, MFP-USA MBA (Financial Management)-Aust MBA (Marketing)-UK Email: wwpan@singnet.com.sg Http://www.FMDynamics.com Its Your Business and Your Life. If your re like most small business owners,

More information

Niche medical billing service with stable, reliable government clients

Niche medical billing service with stable, reliable government clients Niche medical billing service with stable, reliable government clients This 25+ year old company provides a narrow niche medical billing service that primarily serves city and county government agencies

More information

SPDR S&P 400 Mid Cap Value ETF

SPDR S&P 400 Mid Cap Value ETF SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional

More information

Program Outline. Practice Transition Presentation by Lisa Cribben: Transition Planning for an Optometry Practice

Program Outline. Practice Transition Presentation by Lisa Cribben: Transition Planning for an Optometry Practice Program Outline Practice Transition Presentation by Lisa Cribben: Transition Planning for an Optometry Practice When to Start planning What steps are part of a transition Questions to ask and answer to

More information

U.S. Treasury Securities

U.S. Treasury Securities U.S. Treasury Securities U.S. Treasury Securities 4.6 Nonmarketable To help finance its operations, the U.S. government from time to time borrows money by selling investors a variety of debt securities

More information

Rethinking Seller-Financing!

Rethinking Seller-Financing! Jeff Bennett 201-580-4228 jeff@thenotecoach.com www.thenotecoach.com Rethinking Seller-Financing! How Real Estate Agents Can Close More Deals and Earn Higher Commissions By Jeff Bennett As a real estate

More information

Meeting the Needs of Private Equity in the Finance Organization

Meeting the Needs of Private Equity in the Finance Organization Meeting the Needs of Private Equity in the Finance Organization When there is a change in a company s ownership, significant changes are generally required in its finance organization. This is especially

More information

Three Investment Risks

Three Investment Risks Three Investment Risks Just ask yourself, which of the following risks is the most important risk to you. Then, which order would you place them in terms of importance. A. A significant and prolonged fall

More information

JEFFERIES REPORTS FISCAL FIRST QUARTER 2016 FINANCIAL RESULTS

JEFFERIES REPORTS FISCAL FIRST QUARTER 2016 FINANCIAL RESULTS JEFFERIES REPORTS FISCAL FIRST QUARTER 2016 FINANCIAL RESULTS NEW YORK March 15, 2016 -- Jefferies Group LLC today announced financial results for its fiscal first quarter 2016 and a summary of developments

More information

Meet challenges head on

Meet challenges head on Meet challenges head on Deal Advisory / Global We can help you master Financial Restructuring. Enhancing value through financial restructuring. / 1 Your vision. Our proven capabilities. Despite its challenges,

More information

Small Business Exit Strategy. How to get out, when its time to get out

Small Business Exit Strategy. How to get out, when its time to get out Small Business Exit Strategy How to get out, when its time to get out Learning Objectives At the end of this module, you will be able to: Identify business exit strategy options, including various selling

More information

Financial Decision Making and the Techniques Used in Financial Analysis

Financial Decision Making and the Techniques Used in Financial Analysis Financial Decision Making and the Techniques Used in Financial Analysis Learning Objectives By the end of this chapter, you should be able to: Discuss the financial analyst's role in an organization. List

More information

Price Equals Value Plus Terms

Price Equals Value Plus Terms SUCCESSION PLANNING/BUSINESS VALUATION When a firm changes hands, a satisfying deal for both buyer and seller is in the trade-off details. Price Equals Value Plus Terms REPRINTED WITH PERMISSION FROM THE

More information

M&A Insurance Heats Up Despite Lower Deal Volumes

M&A Insurance Heats Up Despite Lower Deal Volumes M&A Insurance Heats Up Despite Lower Deal Volumes Recent trends in the M&A marketplace and maturing products fuel growth By Jay Rittberg Sales of insurance policies for buyers and sellers involved in mergers

More information

Financing for the Next Level C E O - S O L O M O N G L O B A L H O L D I N G S

Financing for the Next Level C E O - S O L O M O N G L O B A L H O L D I N G S Financing for the Next Level J. LUKE WESTERMAN C E O - S O L O M O N G L O B A L H O L D I N G S Table of Contents How to get your business growth capital Overview of capital sources Debt Traditional Financing

More information

What You Need. You Borrow MONEY. To Know Before. The Five C s of Lending and Leasing:

What You Need. You Borrow MONEY. To Know Before. The Five C s of Lending and Leasing: What You Need To Know Before You Borrow MONEY 5 The Five C s of Lending and Leasing: WE ALL KNOW THAT money and our ability to manage it is what keeps our facilities running smoothly. Usually how we handle

More information

Timing of Hiring a Turnaround Management Firm. Turnarounds & Crisis Management Solutions to Complex Business Problems

Timing of Hiring a Turnaround Management Firm. Turnarounds & Crisis Management Solutions to Complex Business Problems Solutions to Complex Business Problems Atlanta Chapter, Georgia Society of CPA s October 21, 2010 by Mark D. Kaplan, Principal Restructuring Profit Advisors, LLC 400 Trowgate Lane Atlanta, Georgia 30350

More information

SPDR Wells Fargo Preferred Stock ETF

SPDR Wells Fargo Preferred Stock ETF SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus

More information

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest

More information

Chief Executive Officers of All National Banks, Department and Division Heads, and All Examining Personnel.

Chief Executive Officers of All National Banks, Department and Division Heads, and All Examining Personnel. AL 2000 9 O OCC ADVISORY LETTER Comptroller of the Currency Administrator of National Banks Subject: Third-Party Risk TO: Chief Executive Officers of All National Banks, Department and Division Heads,

More information

Insurance Agents & Brokers Mergers & Acquisition Activity is Accelerating

Insurance Agents & Brokers Mergers & Acquisition Activity is Accelerating Insurance Agents & Brokers Mergers & Acquisition Activity is Accelerating Insurance agents and brokers in the U.S. are benefitting from the beginning of a long-awaited hard market, a slowly improving U.S.

More information

Financial Advisor Value Proposition Page 2. Financial Advisor Types Page 4. Investment and Financial Planning Careers Page 5

Financial Advisor Value Proposition Page 2. Financial Advisor Types Page 4. Investment and Financial Planning Careers Page 5 Index Financial Advisor Value Proposition Page 2 Financial Advisor Types Page 4 Investment and Financial Planning Careers Page 5 Selecting a Sound Financial Advisor Page 6 Common Advisor Concerns Financial

More information

Guide to buying your first home. January 2015

Guide to buying your first home. January 2015 Guide to buying your first home January 2015 Guide to buying your first home Buying a home is the largest purchase most people are likely to make and for first time buyers securing a mortgage for the first

More information

2014 Family Wealth Conference

2014 Family Wealth Conference 2014 Family Wealth Conference James Bertram William Blair & Company Sarah Mercurio William Blair & Company Business Succession: Planning the Next Step for Your Most Valuable Asset Summary of Financial

More information

Investing on hope? Small Cap and Growth Investing!

Investing on hope? Small Cap and Growth Investing! Investing on hope? Small Cap and Growth Investing! Aswath Damodaran Aswath Damodaran! 1! Who is a growth investor?! The Conventional definition: An investor who buys high price earnings ratio stocks or

More information

Value-Added Financial Solutions for Growing Health Care Companies Specializing in the Following Sectors:

Value-Added Financial Solutions for Growing Health Care Companies Specializing in the Following Sectors: Long-Term Creative Health Capital is a merchant bank focusing exclusively on the health care industry. Our mission is to advise and partner with health care provider, health care facility and health care

More information

The 7 Step Guide to Business Exit Planning

The 7 Step Guide to Business Exit Planning The 7 Step Guide to Business Exit Planning It takes a coordinated Team of Professionals experienced in Mergers & Acquisitions, Corporate Law, Taxation and Financial Planning / Wealth Management to successfully

More information

Finance Companies CHAPTER

Finance Companies CHAPTER CHAPTER 26 Finance Companies Preview Suppose that you are graduating from college and about to start work at that high-paying job you were offered. You may decide that your first purchase must be a car.

More information

Cycles, Concentration and Rebirth in the Real Estate Investment Management Industry. Hawkeye Partners January 2012

Cycles, Concentration and Rebirth in the Real Estate Investment Management Industry. Hawkeye Partners January 2012 Page 1 Cycles, Concentration and Rebirth in the Real Estate Investment Management Industry Introduction Hawkeye Partners January 2012 Investors today are faced with challenges resulting from the continued

More information

Crafting a Forward Looking Investment Portfolio

Crafting a Forward Looking Investment Portfolio BOURSE SECURITIES LIMITED February 15th, 2016 Crafting a Forward Looking Investment Portfolio This week, we at Bourse evaluate the investment considerations and opportunities having looked previously at

More information

SELLING YOUR PRACTICE: to an integrated delivery system

SELLING YOUR PRACTICE: to an integrated delivery system California Physician September 1994 SELLING YOUR PRACTICE: to an integrated delivery system By: Jeremy N. Miller, J.D. CALIFORNIA PHYSICIANS WHO ARE considering whether to sell their practices to and join

More information

Cheap Stock: Final Draft of the AICPA Practice Aid

Cheap Stock: Final Draft of the AICPA Practice Aid Cheap Stock: Final Draft of the AICPA Practice Aid Ryan A. Gandre, CFA rgandre@srr.com Introduction n n n Stock options and other forms of stock-based compensation are frequently issued to company officers

More information

BUYING OR SELLING YOUR BUSINESS

BUYING OR SELLING YOUR BUSINESS BUYING OR SELLING YOUR BUSINESS On a regular basis I and work with buyers and sellers of businesses. In this article, I thought I would walk you through some considerations from an Advisor s point-of-view

More information

Brookfield financial Review q2 2010

Brookfield financial Review q2 2010 Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating

More information

INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE

INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE QUARTERLY SURVEY REPORT FIRST QUARTER 2014 P E P P E R D I N E PRIVATE CAPITAL MARKETS PROJECT

More information

NEWFIELD EXPLORATION COMPANY INSIDER TRADING POLICY. Restated Effective as of March 1, 2013

NEWFIELD EXPLORATION COMPANY INSIDER TRADING POLICY. Restated Effective as of March 1, 2013 NEWFIELD EXPLORATION COMPANY INSIDER TRADING POLICY Restated Effective as of March 1, 2013 The Board of Directors (the Board ) of Newfield Exploration Company (together with its subsidiaries, Newfield

More information

Roy Messing Program Coordinator Ohio Employee Ownership Center Kent State University

Roy Messing Program Coordinator Ohio Employee Ownership Center Kent State University Roy Messing Program Coordinator Ohio Employee Ownership Center Kent State University Program Overview Brief Overview of Succession Planning Background & Basics Selling Options Professional Assistance Helpful

More information

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%.

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%. TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO During the fiscal year ended March 31, 2004, attained record-high total revenues, income before income taxes, and net income. We also made steady progress in

More information

Guide to Sources of Financing for Companies

Guide to Sources of Financing for Companies Guide to Sources of Financing for Companies By John A. Leonard Director, Fairfield and Woods, P.C. Below is a short guide to sources of financing for companies. Twenty-two sources of financing are listed,

More information

Technical Advisory. TA 242 September 30, 2004. Subject: Agency Financials The Importance of Staying in Trust

Technical Advisory. TA 242 September 30, 2004. Subject: Agency Financials The Importance of Staying in Trust INDEPENDENT INSURANCE AGENTS & BROKERS OF LOUISIANA 9818 BLUEBONNET BOULEVARD BATON ROUGE, LA 70810 PHONE: 225/819-8007 FAX: 225/819-8027 www.iiabl.com Technical Advisory TA 242 September 30, 2004 Subject:

More information

Premier Capital Advisors. Investment Banking Mergers & Acquisitions

Premier Capital Advisors. Investment Banking Mergers & Acquisitions Premier Capital Advisors Investment Banking Mergers & Acquisitions Premier Capital Advisors Profile Overview Operating Philosophy Overview Premier Capital Advisors (www.premcap.com) is a leading middle

More information

Stock Market for Beginners November 2013

Stock Market for Beginners November 2013 Stock Market for Beginners November 2013 What is a share? If you own a share, you own a portion of a company. In the same way you can see your ownership of a company as a slice of pie, cut out of a bigger

More information

Solving for Perpetuation Financing: The Next Generation ESOP

Solving for Perpetuation Financing: The Next Generation ESOP Solving for Perpetuation Financing: The Next Generation ESOP Seven times eight times nine times or more times As the largest brokers have returned to the M&A market with a vengeance, we have witnessed

More information

Managing E&O Insurance Coverage During Mergers & Acquisitions An Axis Insurance Services, LLC White Paper July 3, 2013

Managing E&O Insurance Coverage During Mergers & Acquisitions An Axis Insurance Services, LLC White Paper July 3, 2013 Managing E&O Insurance Coverage During Mergers & Acquisitions An Axis Insurance Services, LLC White Paper July 3, 2013 1 Managing E&O Insurance Coverage During Mergers & Acquisitions In today s business

More information

SELLING YOUR private BUSINESS

SELLING YOUR private BUSINESS SELLING YOUR private BUSINESS BDO Canada Transaction Advisory Services Inc. A plan for success 2 Selling your business The decision to sell is a difficult one for any business owner. While it s natural

More information

Chapter 4: Liquor Store Business Valuation

Chapter 4: Liquor Store Business Valuation Chapter 4: Liquor Store Business Valuation In this section, we will utilize three approaches to valuing a liquor store. These approaches are the: (1) cost (asset based), (2) market, and (3) income approach.

More information

AN INVESTOR S GUIDE. Private Equity Investing Using a Tax-Advantaged Account

AN INVESTOR S GUIDE. Private Equity Investing Using a Tax-Advantaged Account AN INVESTOR S GUIDE Private Equity Investing Using a Tax-Advantaged Account Savvy investors realize that private equity can deliver significant rewards. When those investments are held in a tax-advantaged

More information

Unison Advisors LLC. The date of this brochure is March 29, 2012.

Unison Advisors LLC. The date of this brochure is March 29, 2012. Unison Advisors LLC 2032 Belmont Road NW, #619 Washington, DC 20009 T 646 290 7697 F 646 290 5477 www.unisonadvisors.com The date of this brochure is March 29, 2012. This brochure provides information

More information

Grow or Die 16 in 2008. An Introduction 24 to FHA. Center Stage with Credit Plus. Hard Money Made Easy. Issue 009 March 2008

Grow or Die 16 in 2008. An Introduction 24 to FHA. Center Stage with Credit Plus. Hard Money Made Easy. Issue 009 March 2008 Issue 009 March 2008 TheNicheReport.com 13 Hard Money Made Easy Increase your bottom line with high margin loans. Grow or Die 16 in 2008 Develop your game plan now. An Introduction 24 to FHA The basics

More information

Reverse Mortgage. by Jeffrey D. Smith

Reverse Mortgage. by Jeffrey D. Smith There are finance companies that are offering the "Reverse Mortgage" to seniors (at least age 62). Seniors with a substantial amount of equity in their residence are targets of this aggressive predatory

More information

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should

More information

CLFP EXAMINATION OUTLINE

CLFP EXAMINATION OUTLINE CLFP EXAMINATION OUTLINE Part I 2 Hours (275 points) History and Purpose of Leasing... 75 points Classification and Terminology... 150 points Lessor-Vendor Relationships... 50 points Part II 2 Hours (275

More information

Vehicle Service Contract Finance

Vehicle Service Contract Finance Vehicle Service Contract Finance Niche commercial finance industry with limited competition and high margins The vehicle service contract (VSC) finance industry offers strong returns and a compelling diversification

More information

Asset Management Expertise

Asset Management Expertise Asset Management Expertise The expertise required of the financial professional depends on the nature of the job at hand. If you have handed your money to an asset manager for a specific objective, such

More information

FREQUENTLY ASKED QUESTIONS March 2015

FREQUENTLY ASKED QUESTIONS March 2015 FREQUENTLY ASKED QUESTIONS March 2015 Table of Contents I. Offering a Hedge Fund Strategy in a Mutual Fund Structure... 3 II. Fundamental Research... 4 III. Portfolio Construction... 6 IV. Fund Expenses

More information

M Simpson Associates

M Simpson Associates Download M Simpson Associates A Straight Talking Consultancy Business specialists with the ability to see through the smoke and get to the bottom line quickly Exclusive Business Insight from M Simpson

More information

Chapter 14: Selling a Business: Terms and Financing

Chapter 14: Selling a Business: Terms and Financing Chapter 14: Selling a Business: Terms and Financing Terms and financing can make or break a deal. If the business cannot be financed it probably will not sell. Since most small businesses sell with seller

More information

Key facts to consider when selling your business

Key facts to consider when selling your business Key facts to consider when selling your business Overview You will find limited information within the public domain on the subject of selling a small or medium sized business. This lack of information

More information

F I R M B R O C H U R E

F I R M B R O C H U R E Part 2A of Form ADV: F I R M B R O C H U R E Dated: 03/24/2015 Contact Information: Bob Pfeifer, Chief Compliance Officer Post Office Box 2509 San Antonio, TX 78299 2509 Phone Number: (210) 220 5070 Fax

More information