Insights of a Maverick Investment Banker_Sample

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Contents Preface Buyer Hunting Seven Pitfalls to Avoid When Building for Sale Company Selling Myths Teaching From the Trenches Rip Your Company-Muscles GDP Kerosene Synergies From Entrepreneurial Investors Swell, Sell Or Slaughter Start It, Build It, Sell It 5 7 17 25 31 37 41 47 51 55
Preface This book represents a collection of articles I wrote for the Firm Value newsletter between 2007 and 2012, some of which have never been published in English before. My goal was to share with you my experiences in raising capital and selling companies in the challenging investment markets of Central Eastern Europe. I hope you will find my writings interesting and instructive. Building a profitable business, positioning it as a marketable product, financing its growth and eventually monetizing it is always challenging and usually a long and arduous process. Most often, small to medium sized businesses are sold when the founders have reached a plateau from which they have no appetite to make another run, for lifestyle or risk management reasons. Why take on the burden of recruiting a management team or scale to the next level when you can walk away with a multiple of profits and enjoy other activities, perhaps including launching another business? For entrepreneurs, creating something new is more exciting than tweaking and optimising an existing business. Let strategic or private equity investors define a new vision, hire professional managers, pile cash into new equipment and ascend the next mountain. Wishing you a good read and rising equity value. Istvan ‘Steve’ Preda Glen Allen, Virginia, August 2013 5
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