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Table of Contents

  • Foreword
  • Preface to the Central European edition
  • Glossary
  • PART I. INTRODUCTION
    • Chapter 1. The challenge of exiting your business
    • Chapter 2. Three overarching themes
      • A successful exit is seldom spontaneous, but the result of a carefully prepared process
      • Business owners underestimate the planning and effort required to successfully exit
      • There is often a mismatch in negotiating strength between owner/managers and professional investors
  • PART II. BUSINESS EXIT PLANNING
    • Chapter 3. An introduction to Business Exit Planning
    • Chapter 4. Know thyself
      • Understand your motives
      • The special case of retirement
    • Chapter 5. Begin with the endgame in sight
    • Chapter 6. Exit options to consider
      • Intergenerational Transfer
      • Initial Public Offering (IPO)
      • Merger
      • Hiring professional management
      • Management Buyout (MBO)
      • Refinancing
      • Employee Share Ownership Plan (ESOP)
      • Liquidation
    • Chapter 7. Choosing the right exit option
    • Chapter 8. Building your team to assist your exit
      • The lawyer
      • The accountant
      • The taxation expert
      • The financial advisor
      • Selecting advisors: an overview
      • Your advisors’ ethical standards
    • Chapter 9. Building a business with sustainable value
      • Look at your business from an investor’s perspective
      • Corporate governance
      • Pre-Transaction restructuring
      • Identify company risks or skeletons in the closet and devise a strategy for dealing with them
      • Operational improvements to the business
      • Non-arm’s-length situations
    • Chapter 10. Business Plan and valuation
      • Reasons for making a Business Plan
      • Should you perform a valuation of your business?
      • Recasting financial statements
      • Building a Business Plan
      • Introductory comments on valuation
      • Discounted Cash Flow analysis
      • Comparables analysis
      • Other types of valuation methodologies
      • Adjustments to valuations
    • Chapter 11. Tax planning
    • Chapter 12. Estate planning
    • Chapter 13. The use of insurance in your exit strategy
    • Chapter 14. What to do if you have co-shareholders or minority shareholders?
    • Chapter 15. Exit strategy (marketing strategy)
      • What type of investors should be targeted?
      • Should there be a listing or asking price?
      • Should there be a competitive process?
    • Chapter 16. Timing your exit
    • Chapter 17.Your contingency plan
    • Chapter 18. Business Exit Planning report
  • PART III. MANAGING THE TRANSACTION
    • Chapter 19. Introduction to Transaction Management principles
    • Chapter 20. Competitive process
      • Overview of a competitive process
      • Confidentiality through the sale process
      • Involving company staff in the sale process and communications with investors
      • Marketing your company: from long list to short list
      • The Information Memorandum (IM)
      • Non-binding offers and their valuation
      • The Due Diligence phase
      • Binding offers
      • Transaction structuring
      • Head of Agreement, Heads of Terms or Term Sheet
      • Sale and Purchase Agreement (SPA)
      • Closing the Transaction
    • Chapter 21. Non-competitive processes
    • Chapter 22. Negotiating a Transaction
      • Negotiating the sale of a company
    • Chapter 23. Cross-border Transactions
  • PART IV. CONCLUSIONS
    • Chapter 24. Revisiting the three overarching themes
      • The need for preparation and a systematic approach
      • Underestimation of the level of effort required to successfully exit
      • Mismatch in negotiation strength
    • Chapter 25. You have raised your cash? What next?
    • Chapter 26. The macroeconomic effects of succession failure
  • Bibliography
  • Endnotes

© 2010 Euro-Phoenix Financial Advisors Ltd.