The growing business handbook : inspiration and advice ... - Sparkler

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238 Selling your business is our business. When it comes to selling your business, you need to talk to people you can rely on to get it right. Cavendish is the UK’s leading independent firm advising exclusively on sell side M&A because that’s all we do. Cavendish also has a capital advisory business that encompasses equity fundraisings and debt advisory services for companies. We’ve found the right buyers and maximised value for some 400 businesses since 1988 – and we can do the same for you. Independent Corporate Finance House of the Year Acquisitions Monthly 2010 Roll of Honour Corporate Deal Of The Year and Boutique Investment Bank Of The Year Europe M&A Atlas 2010 Awards Cavendish Corporate Finance LLP 40 Portland Place, London W1B 1NB Tel: +44 (0)20 7908 6000 www.cavendish.com Unrivalled expertise in selling businesses Authorised and regulated by the Financial Services Authority.
239 Preparing a business for sale 9.4 Peter Gray at Cavendish discusses techniques for improving your worth to potential buyers Maximizing the valuation achieved on a company sale takes time and careful preparation. Work can take place over a few months or even years before a sale to enhance the attractiveness and value of a business to potential purchasers. This is achieved by measures such as: ●● ●● ●● ●● ●● identifying potential purchasers early and positioning the company to attract them; raising the public profile of the company; maximizing recurring profits by reducing or stopping non-recurring costs; improving margins through cost-saving measures; eliminating excess working capital from the balance sheet. A review of the business to determine appropriate pre-sale preparation should cover the following areas. Financial matters Pricing review Even where a company enjoys a degree of pricing power, it may choose not to fully exploit that power. Generally, the pricing policy of a company is designed to maximize long-term rather than short-term profits. This may involve keeping prices sufficiently low to deter potential market entrants. However, in the context of sale, consideration should be given to enhancing margins by increasing prices in the lead-up to the sale to improve the bottom line. Review of costs A review should be undertaken to identify and eliminate all proprietorial costs that would not be incurred by an incoming purchaser. Proprietorial costs may include
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i THIRTEENTH EDITION THE GROWING BU
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iii The perfect property for your
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v Contents Part One Planning for gr
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Contents vii Patenting costs 49 Wha
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Contents ix Part Four People and pe
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Contents xi 6.3 How to find your id
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Contents xiii 9.3 Licensing 233 Ton
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Part One Planning for growth 1
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3 Business models and competitive a
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Business models and competitive adv
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Business models and competitive adv
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Take a look at the map of our campu
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11 How to compete against fastmovin
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How to compete against fast-moving,
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How to compete against fast-moving,
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17 How to build a growth plan 1.3 A
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How to build a growth plan 19 Next
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How to build a growth plan 21 Opera
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23 The SME economic outlook 1.4 Gra
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The SME economic outlook 25 ●●
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27 The growth opportunity 1.5 Manuf
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The growth opportunity 29 To make t
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31 Managing setbacks and turnaround
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Managing setbacks and turnarounds 3
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Managing setbacks and turnarounds 3
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Part Two Ideas and innovation 37
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39 Whole company innovation 2.1 Inn
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Whole company innovation 41 of a pr
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Whole company innovation 43 create
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Whole company innovation 45 Incenti
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47 Innovating out of recession 2.2
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Innovating out of recession 49 expe
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Innovating out of recession 51 Jacq
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53 Exploring patent information 2.3
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Exploring patent information 55 ●
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Exploring patent information 57 Mr
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59 IP challenges for technology ven
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IP challenges for technology ventur
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IP challenges for technology ventur
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65 Making open innovation work 2.5
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Making open innovation work 67 the
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Making open innovation work 69 an i
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Part Three Gaining market share 71
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73 Taking your brand to the next le
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Taking your brand to the next level
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77 With over 1,000 titles in printe
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79 Market intelligence 3.2 Nick Hag
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Market intelligence 81 table 3.2.1
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Market intelligence 83 but also tha
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85 Web marketing 3.3 What’s the p
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Web marketing 87 considerable amoun
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89 Winning new business 3.4 In a do
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Winning new business 91 back away),
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93 Brand rights 3.5 Name? Logo? Dom
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Brand rights 95 trade mark attorney
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97 With over 42 years of publishing
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99 Fit for market 3.6 Confidence is
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Fit for market 101 markets abroad a
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Part Four People and performance 10
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105 Rewarding good performance and
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Rewarding good performance, lowerin
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109 With over 1,000 titles in print
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111 Employment policies 4.2 Belinda
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Employment policies 113 information
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Employment policies 115 Belinda Cop
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117 Taking on an employee 4.3 Help
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Taking on an employee 119 employee
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121 The sharpest minds need the fin
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123 Training for growth 4.4 David G
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Training for growth 125 of the trai
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127 With over 1,000 titles in print
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129 Executive search for smaller bu
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Executive search for smaller busine
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133 Improving workplace performance
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Improving workplace performance 135
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Part Five Cash flow and working cap
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139 ÒThe message is clear - we wan
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141 Cash flow management: an essent
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Cash flow management 143 3 Keep a c
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145 With over 42 years of publishin
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147 Invoice finance for growth 5.2
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Invoice finance for growth 149 the
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Invoice finance for growth 151 ●
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153 Preventing slow payments 5.3 Do
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Preventing slow payments 155 some l
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Preventing slow payments 157 Graydo
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159 Commercial fraud and business i
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Commercial fraud and business ident
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Part Six Efficient SMEs 163
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165 Build the network 6.1 As you gr
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Build the network 167 essential net
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169 The sharpest minds need the fin
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171 Strategic sourcing 6.2 Plan to
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Strategic sourcing 173 So, how and
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175 How to find your ideal office 6
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How to find your ideal office 177 a
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Part Seven Leading growth 179
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181 How small business owners can b
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How small business owners become be
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How small business owners become be
Page 201 and 202: 187 Developing the next layer of ma
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Page 205 and 206: 191 The leadership process 7.3 With
Page 207 and 208: The leadership process 193 Although
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Page 211 and 212: 197 Ethics and the growing company
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Page 217 and 218: Part Eight International expansion
Page 219 and 220: 205 Competing and collaborating wit
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Page 227 and 228: 213 International expansion made ea
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Page 231 and 232: 217 The export challenge 8.3 As a g
Page 233 and 234: The export challenge 219 Market Acc
Page 235 and 236: Part Nine Structures for growth 221
Page 237 and 238: 223 Partnerships and collaborations
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Page 243 and 244: 229 Acquisitions that work 9.2 Stra
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Page 247 and 248: 233 Licensing 9.3 In finding the be
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Page 261 and 262: Part Ten Growth capital 247
Page 263 and 264: 249 Funding your business through t
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Page 267 and 268: 253 The sharpest minds need the fin
Page 269 and 270: 255 Structured finance 10.2 Structu
Page 271 and 272: Structured finance 257 Factoring or
Page 273 and 274: 259 Transforming the finance functi
Page 275 and 276: Transforming the finance function 2
Page 277 and 278: Transforming the finance function 2
Page 279 and 280: 265 Index of advertisers A.Steele A
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