Mergers & Acquisitions

John Wagner - working capital peg

Always shop the deal (almost always)

You never know who your buyer will be, and it’s imperative that—short of accepting a market-clearing price—you take the offering of your company as far and wide as possible.
John Wagner - working capital peg

Why companies sell for less, or don’t sell at all

Why don't companies sell getting top dollar, or sometimes not selling at all? Here are a few reasons.
John Wagner - working capital peg

Taming unrealistic valuation expectations

When selling at a time of strong growth, some owners want the valuation of their businesses pegged not where they are now with financial performance.
John Wagner - working capital peg

Why strategic investors pay more

What are the value implications of a strategic acquirer versus a non-strategic acquirer? It’s simple math.
John Wagner - working capital peg

Acquiring new leadership can ding your valuation

An acquisition is a natural time for leaders to cash out, but you should avoid acquiring new leadership in advance of a sale.
John Wagner - working capital peg

Are you trying to sell too soon?

Every day, investment bankers like us get two or three email requests from funds and strategic investors looking to acquire successful companies. Ironically, with...
John Wagner - working capital peg

Selecting an operative timeframe for valuation

Traditional performance indicators such as EBITDA, OPEX, and COGs are all used in valuing lumber and building material businesses, whether they are lumberyards, retail...
John Wagner - working capital peg

Don’t discount (too much) at the top

In a past column, we covered customer concentration, and we pointed out how crucial it is that you inform potential acquirers what percentage of...
John Wagner - working capital peg

How earnouts change valuation multiples

When a company owner decides to go to market and seek an acquirer, he or she typically searches around for an investment banker (a.k.a....
John Wagner - working capital peg

“Pricing in” a recession

As we head into the thick of 2019, you can read predictions from economists all day long about what the future holds. One will...

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