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Creating Shareholder Value and Advising Buyers and Sellers of Privately Held Companies

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Creating Shareholder Value and Advising Buyers and Sellers of Privately Held Companies Presented by: W. James Lloyd, CPA/ABV, ASA, CFE 2009 Southeastern Accounting Show August 27, 2009
Presentation Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Premise Number One ,[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Premise Number Two ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Premise Number Three ,[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Creating Shareholder Value ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Revenue Growth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Operating Expenses ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Return on Invested Capital ,[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
ROIC Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Cost of Capital ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
WACC as a Hurdle Rate ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Calculating WACC ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Cost of Equity ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Cost of Equity ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Build-up Method ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page Source: Stocks, Bonds, Bills, & Inflation Yearbook by Morningstar
Build-up Method - Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
WACC Calculation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Spread between ROIC and WACC ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Reducing the WACC ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Revised WACC Additional Leverage ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Revised WACC Lower Cost of Equity ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
MEASURING SHAREHOLDER VALUE
Value Measurements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Discounted Cash Flow Models ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Net Cash Flow ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Basic DCF Formula Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page Value = CF 1 + CF 2 + … CF n (1+ r) 1 (1+ r) 2 (1+ r) n Where: CF = Net cash flow from operations r = Discount rate (WACC)
Discounted Cash Flow Analysis ,[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Advantages of DCF Models ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Economic Value Added Models ,[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
EVA Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
EVA Modeling ,[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Advantages of EVA Models ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
LOOKING FOR OPPORTUNITIES
Looking for Opportunities ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Looking for Opportunities ,[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Revenue Growth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Reinvestments ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Operating Costs ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Balance Sheet Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Balance Sheet Analysis – Con’t ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
DEVELOPING A PLAN
Planning for Improvement ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Business/Strategic Plan ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Business Plan ,[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
GETTING EMPLOYEES ON BOARD
People ,[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Performance Based Compensation ,[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Performance Based Compensation ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Performance Based Compensation Example ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Value Creation is a Process ,[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
ADVISING SELLERS
Advising Sellers ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Advising Sellers ,[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
FMV vs. Investment Value ,[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Strategic vs. Financial Buyers ,[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Methodologies for Determining a Range Of Values ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
DCF Models ,[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Merger & Acquisition Method ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Public Guideline Company Method ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Is the Company Ready to Sell? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Managing Engagement Risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
CASE STUDIES
Case Study #1 ,[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Case Study #2 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
ADVISING BUYERS
Advising Buyers ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Identifying Potential Synergies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Factors to Consider ,[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
Managing Engagement Risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Prepared for 2009 Southeastern Accounting Show August 27, 2009 Incomplete Work Product Page
W. James Lloyd, CPA/ABV, ASA, CBA Pershing Yoakley & Associates, P.C. (865) 673-0844 [email_address] www.pyapc.com ,[object Object]

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Creating Shareholder Value and Advising Buyers and Sellers of Privately Held Companies

Notes de l'éditeur

  1. Sometimes relatively small changes in product/service mix can have a substantial impact on results Need to know customer profitability