Corporate Finance for Smaller Companies

Overview

This course draws on the relevant material contained in the one day “buying a company” and “selling a company” courses. 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.

Course Content:

Background & overview

Ø       Objectives of buyers & sellers

Ø       Common errors

Ø       Family companies

Ø       Resolving problems of succession

Acquisitions 

Ø       The acquisition plan

Ø       Preparing the management

Ø       Representations, warranties & indemnities

Ø       Deciding on deal size

Ø       Measuring risk

Ø       Approach tactics

Valuation

Ø       Is the company saleable?

Ø       Is it the right time to sell it?

Ø       NAVs, DCF & PERs

Ø       Valuation with comparables

Ø       Disagreement on multiples

Disposals

Ø       Appointment of advisers

Ø       Disclosure to advisers

Ø       Engagement letter & fees

Ø       Rationale for sell-side due diligence

Ø       Preparing the management

Ø       Grooming & separation issues

Ø       Confidentiality letter

Ø       Writing an Information Memorandum

Bank finance

Ø       Banker’s expectations

Ø       The business plan

Ø       Relationship management