Dennis J. Roberts - Mergers & Acquisitions: An Insiders Guide to the Purchase and Sale of Middle Market Business Interests

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More Praise for

Mergers & Acquisitions: An Insiders Guide to the Purchase and Sale of Middle Market Business Interests

Mr. Roberts has written a timeless contribution to the art of getting business transactions completed. His years of experience allow him to provide invaluable insights into the nuances of successful deal completion. It gets better: The wisdom is communicated in a highly readable format spiced with on-point illustrations, examples, stories and informed opinions. This book must be on the short list of every investment banker and business owner seeking to gain that all important advantage in todays competitive markets.

Scott D. Miller, CPA/ABV, CVA, author of The Advisers Guide to Mergers, Acquisitions, and Sales of Closely Held Businesses: Advanced Case Analysis and Buying and Selling Businesses: The CPAs role.

Dennis does a tremendous job of looking beyond all of the technical jargon that clutters the world of investment banking, and focusing on the key elements of how deals actually get done. This is a refreshing book, with engaging real-world teachings and clever insights from one of the masters of mid-market M&A.

Howard Johnson, President, Veracap Corporate Finance Limited, Toronto, Canada

Dennis understands the psyche of the middle market and translates his years of experience into a practical, entertaining yet technical text. Bankers and business operators, on either side of a transaction, will benefit from studying at the foot of the master.

Martin ONeill, Author, Building Business Value and Coauthor, Act Like an Owner

Some men know the price of everything and the value of nothing.

Oscar Wilde

About the Author

Dennis J. Roberts, CVA,CPA*/ABV (*no longer practicing), is the chairman of a very active M&A investment bank (The McLean Group) with offices in approximately 30 cities in the United States and Canada. Having acted as the investment banker advisor on numerous transactions over many years, he is also a formal business valuator, having done such prominent business valuations as the Nixon Watergate tapes. He was also the founder and chairman of a multistate regional commercial national banking company. He was a member of the initial committee that established the first eight part AICPA training modules on business valuation for CPAs. He has lectured, taught, and authored courses on M&A subjects for numerous audiences and professional groups, such as the National Association of Certified Valuation Analysts, The Alliance of Merger and Acquisition Advisors, university graduate programs, and many others, including having been engaged as a lecturer by other privately owned M&A investment banks. He lives in Fairfax, Virginia, with his wife Robin Quattlebaum.

Acknowledgments

Acknowledgments seem almost routine, a mere formality... but they are not to authors. This is a very small and totally inadequate way of saying Thank God you were there, or my screw-ups would have been even greater than they are. Not that any of the following contributed in any way to those screw-ups that still remain.

Thanks to Steve Meltzer and Enrique Brito for very detailed word-by-word reviews; Joe Loughran for very helpful edits of my early drafts; Andrew Smith, Andrew Sherman, Chuck Andrews, and Scott Miller for useful insights and comments that I incorporated in one way or the other; Howard Johnson, my co-teacher, who helped me develop many of the thoughts and the overall body of knowledge here years ago (albeit with a Canadian accent); William Offutt, who reviewed and made excellent suggestions on the tax chapter of the book; and all of them for their intelligent comments, observations, and in the nick of time course corrections.

Parnell Black, the founder and CEO of The National Association of Certified Valuations Analysts (NACVA), and Mike Nall, the founder and CEO of the Alliance of M&A Advisors (AMAA) deserve special mention, as they were both instrumental in my own learning by allowing me to teach and create courses for them over many years.

Again, as in most books, I would like to make a dedicationbut in no way as a mere matter of routine, for without the love and patience of family, I would not be able to do what I do. So;

To my children
Debbie, Cathy, and David
And my wife
Robin Quattlebaum

Dennis J. Roberts, 2008

Foreword

A difference of opinion is what makes horse races and missionaries.

Will Rogers

Blessed are they who can laugh at themselves, for they shall never cease to be amused.

Anonymous

This book is intended as a textbook and perhaps a reference book for training those who seek a Middle Market investment banking career. It is intentionally not meant to be a technical book. Enough of those have been written, and I do not believe we need yet another. Enough of my students over the years have either had technical training (accountants, valuation experts, MBAs, finance majors, and so forth), or maybe do not really care to go into those subjects too deeply (business owners, managers, and entrepreneurs).

In fact, the problem in my view with most Middle Market M&A texts is that they are too technical at the expense of feel, and feel is what my students tell me they want. Were I to organize a course from scratch (and I have), I would first teach the elusive feel and only later add the technical subjects that flesh out feel and are frankly secondary to it.

In the 1930s, Percy Boomer wrote one of the best books on golf ever written, On Learning Golf. Percy rightly believed golf was mainly about feel. In this regard, Middle Market M&A quite arguably is a lot like golf. A thorough knowledge of technique alone always proves a poor substitute for a honed feel of the swing in each transaction. Even though I took it up rather late in life, I love golf. Initially I read everything I could put my hands on in terms of the golf swing but it was often (in fact usually) years later only when I successfully actually did something that I had read about that the light came on: Oh. That is what they meant. I can actually feel it. While there is a limit to what a book can do, what I have attempted here is to short cut some of that time between acquiring technique and experiencing feel.

Another virtue of this book is that it uniquely addresses not only the art and science of Middle Market M&A but, at the same time, the buy and sell sides, while admittedly placing more emphasis on the latter.

Finally, other M&A professionals and investment bankers might glean something from peeking into the tent of a fellow M&A professionals experiences, if for no reason other than to satisfy their curiosity. And if this book should happen occasionally to fall into the hands of a Middle Market business seller, or buyer, or capital seeker, then so be it. That would not displease me at all, as there is information here that will be of much assistance to them, too, in conducting their own transactions. It might also prove of use to them in the choice of the best banker available for the task at hand.

I want to warn my readers up front that they are likely to encounter a lot of apparent redundancy in this book. This is for two very conscious reasons: First I have always taught that way, starting with the general and then restating it but in increasingly granular levels. The second is that by its very nature, M&A and this book as result cannot be either proceed nor be taught in an entirely linear fashion. For example, the concepts of preliminary valuations, Letters of Intent (LOIs) and balance sheet conventions among others by necessity need to appear in various chapters but in slightly different contexts. Also because this book was written to be a reference book as opposed to a read straight thru book for those who preferred it that way, I will occasionally repeat some earlier material for the convenience of my readers.

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