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No Need to Fear the No-Shop Period

If you are a buyer, you love them. If you are a seller, they might make you nervous. In our experience, understanding how “no-shop” periods work is a critical aspect of understanding the merger and acquisition (M&A) process. What is an exclusivity period? During this period, the seller agrees to deal exclusively with only one […]

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The 5 Cornerstones of M&A Due Diligence

We’ve all heard the phrase, “Do your due diligence.” Or the cautionary tale, “They didn’t do their due diligence.” Due diligence is simply research. An investigation to confirm all of the facts before a business transaction takes place. This investigation should be undertaken by both parties – the buyer should confirm all of the facts […]

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How M&A Can Drive Inorganic Growth

Sixty percent of Middle Market companies report that inorganic growth is a key part of their growth strategy, according to research by the National Center for the Middle Market. Each year, approximately 20 percent of Middle Market firms acquire a company and roughly five percent sell or divest part of their organization. The executives of […]

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High Private Equity Demand for Specialty Medical Practices

It is a great time to be the owner of a small- to mid-size specialty practice who is looking to sell. Over the last few years, and particularly within the last 12 months, demand for orthopedics, urology, gastroenterology, radiology, ophthalmology, dermatology, and dental practices among private equity firms has grown, causing a strong increase in […]

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Beyond Valuation: What does an Attractive Offer Look Like?

There is no question that Valuation plays a huge role in considering the right transaction for you. After all, a transfer of assets is occurring, so price certainly matters. That said, the most promising offers incorporate a comprehensive view beyond just price and include elements that are less tangible such as the following three points: […]

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What to Look For In An M&A Advisor Before the Sale

Even if you are a veteran business person with decades of experience, when you decide to contact an M&A advisor for the first time, you may be entering new territory. You may also be feeling a lot of pressure to pick the right team, to understand your options, and to choose the best path forward. […]

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Critical Vocabulary for a Great Deal Structure

Deal structuring, or the process of creating a deal structure that is suitable to both the buyer and the seller, is a defining step in every acquisition or merger. If you are new to the process, it helps to be familiar with some basic vocabulary. We have pulled together this short cheat sheet to help […]

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The Pros and Cons of Investing in Opportunity Zones

Want to get an equity investors attention? Say the words “no capital gains tax” and there is a good chance you’ll earn instant eye contact. Or at least that is what legislators were banking on when they drafted the Investing in Opportunity Act. What is the Investing in Opportunity Act? The Investing in Opportunity Act […]

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When Buy-and-Build Works, And When It Doesn’t

As we have written before, buy-and-build strategies are popular in the private equity world right now. But they don’t work every time. Let’s take a look at what makes a “good” or “bad” buy-and-build approach. An example of success When Investcorp acquired Chicago’s Berlin Packaging for around $410 million in 2007, it was already a […]

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4 Reasons Why Most Business Transactions Are About More Than Price

Selling a business is rarely simple. But selling one that you built from the ground up can feel particularly nuanced. Valuation is certainly a critical part of the selling process, but it isn’t the end of the story. There are other elements that factor into a sale beyond the final sale price. 1. People A […]

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