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Training Course Summary:

This one-day course is primarily for smaller companies, family owned businesses and their advisers. It is not easy to pass on a family business from one generation to the next and, if this preferred objective proves unviable, the company will need to be sold. Alternatively, outside private equity may be available to fund a management buy-out in order to release some value to relations whilst incentivising the remaining management to expand the company by acquisition. The sale or purchase of a company is a complicated process for all parties concerned. Participants will learn to evaluate the options available and to structure a satisfactory deal for themselves or their clients.

Training Course Overview/Content:

Background & overview
Objectives of buyers & sellers
Common errors of buyers & sellers
Family companies
Succession

Acquisitions
Strategy
The acquisition plan
Representations and warranties
Risk tolerance
Approach tactics
Key factors affecting negotiation

Disposals
Appointment of advisers
Preparing the company
Grooming
Disclosure of information
Negotiating the price

Valuation
Is the company saleable?
Is it the right time to sell it?
What offer to expect?
Net asset value & discounted cash flow
Valuation by comparison
Short-cut valuations
Common misconceptions

Bank finance
Preparation
The business plan
Key ratios

Structuring the deal
Objectives of the parties
Earn-outs
Management buy-outs