Middle Market Transactions

The internet is replete with examples of valuation formulas and calculators which profess to compute what an operating business is worth, without any context. But, it is buyers and sellers (not calculators, accountants or investment bankers) who determine value based on their assessment of the market and each business’ sustainable competitive advantages . . . or lack thereof.

Have caution with respect to the advice of those who are paid only if you undertake an action – like selling your business or buying another’s. Sometimes it is the “right” time to be a buyer or a seller, but patience, planning and options are the most critical elements in successful business transactions.

Good results do not occur by accident, they are a result of thoughtfulness and hard work. In mergers and acquisitions, the law is the easy part, the hard part is everything else . . . assessing people, process and products, and integrating them seamlessly with your organization over the long run.

We like to think that our experience operating businesses, in the CFO context and otherwise, has given us a unique perspective when evaluating opportunities and managing them over the long term, after all of the other advisors have moved on to the next deal.