The Working Capital Negotiation: A Necessary Evil

The Working Capital Negotiation: A Necessary Evil

The working capital target concept is fairly common in M&A transactions. In fact, we have experienced this concept in nearly every transaction that we have participated in over the years. That said, no one — neither the buyer nor the seller — really likes to deal...
Universal Advice for Sellers (Part 3)

Universal Advice for Sellers (Part 3)

This is the third installment in our series on universal advice for sellers. These are the recommendations we find ourselves imparting repeatedly to the sellers with whom we work throughout the sale process. This advice is not only universal, it is timeless. While we...
6 Avoidable Transaction SNAFUs

6 Avoidable Transaction SNAFUs

There are always events that inevitably happen during the course of selling a business that create bumps in the road. A snag comes up in diligence that the seller needs to address. The buyer and seller disagree and the transaction pauses while they re-negotiate the...
Universal Advice for Sellers (Part 2)

Universal Advice for Sellers (Part 2)

This is the second installment of our series on advice we find ourselves imparting to owners time and again before and during a sale process. In Part 1, we shared advice we often relay to owners during Phase I of the sale process. While we don’t have a ready-made list...
The “Unintended Consequences” of a Sale

The “Unintended Consequences” of a Sale

“Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.” – Sigmund Freud We...