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Unmasking M&A Valuation Myths: Deal Multiples vs. Discounted Cashflow
The ups and downs in ‘earnings multiples’ is a perennial topic of discussion in the mergers & acquisition (M&A) market. When the M&A market is favorable to sellers, the ratio of the acquired companies’ pre-deal annual profit (EBITDA) relative to the amount paid by the buyers (enterprise value) runs high. When buyers have the upper Read more
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Earnouts: Bridging the Valuation Gap and Avoiding Costly Disputes
The Value of Earnouts Earnout structures are a very useful tool in M&A transactions. They are one of the best ways, if not the best way, to bridge the gap between a seller’s price expectation and what the buyer is willing to pay. Earnouts can also be used to ensure that a seller who is key Read more
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M&A Update: 2022 in Review and What to Expect in 2023
Here’s our Q1 M&A update: both a short version (for those of you stretched for time!) and a long version (for those of you ready to dig into the detail). The 60-Second Read! What Happened in 2022 What to expect in 2023 The Five(ish) Minute Read! What happened in 2022: from a roar to run-of-the-mill Read more
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Tesla and the Innovator’s Dilemma: What Clay Christensen’s classic business book did (and did not) predict about the rise of EVs
In the mid-90s consultant and Harvard academic Clay Christensen published what went on to become a highly influential business text: The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail. While Christensen’s explanation for corporate failure in the face of disruptive technology still resonates strongly, it is the case study he chose to illustrate it Read more
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M&A: Five questions to ask the buyer (and five questions to ask yourself) if you receive an unsolicited approach
Whether it’s welcome or not, many successful businesses will at some point be approached by someone looking to acquire them. Some businesses (especially those that are looking towards a transition in ownership) will anticipate this and be ready to respond. But if your business hasn’t contemplated this possibility yet, here are five questions to ask Read more
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Find focus, engage employees & drive growth: agile business planning’s time has come
Running a business is about getting things done. Yes, I know that is a statement of the blindingly obvious, but for leaders trying to effect change and drive growth in pursuit of longer-term objectives, it is often difficult. They face a persistent challenge: reconciling the seemingly limitless array of things that they could do, against what limited Read more
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Concept and Perspective 