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Corporate finance for smaller companies

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Training course summary

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This course draws on the relevant material contained in the one day "buying a company" and "selling a company" courses together with some advice from the "management buy-out" course. It should primarily be of interest to directors of smaller private companies, family owned businesses and their advisers. Particular problems concerning succession and bank finance are also discussed. It is not easy to pass on a family company from one generation to the next and, if this preferred objective proves unviable, the company will need to be sold. Alternatively, outside private equity may be available to fund a management buy-out in order to release some value to relations whilst incentivising the remaining management to expand the company by acquisition. The sale or purchase of a company is a complicated process for all parties concerned. Participants will learn to evaluate the options available and to structure a satisfactory deal for themselves or their clients.

Regions:
  • All Areas
Delivery:
  • In House
Category:
Difficulty:
  • Intermediate

Further Details

The following sets out the content of the course in the approximate order in which it will be discussed during the day. Background & overview • Objectives of buyers & sellers • Common errors • Family companies • Resolving problems of succession Acquisitions • The acquisition plan • Risk tolerance • Representations and warranties • Approach tactics • Negotiation Disposals • Appointment of advisers • Sell-side due diligence • Preparing the management • Grooming & separation issues • Confidentiality letter • Information memorandum Valuation • Is the company saleable? • Is it the right time to sell it? • What offer to expect? • Disagreement on multiples • Common misconceptions • Net asset value & discounted cash flow • Valuation by comparison & PERs • Short-cut valuations Bank finance • Preparation • The business plan • Key ratios Structuring the deal • Objectives of the parties • Negotiating an earn-out • Pricing a management buy-out

Guide price

£3,200 per day + VAT

 

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