Which seminars are you interested in?
Intensive seminar:
Buying and selling companies
Date and registration
Intensive seminar: buying and selling companies
Thursday, 7 November 2024, Munich
Seminar content: in-depth information on assessing corporate value, identifying suitable target companies, drafting letters of intent, due diligence, drafting contracts and conducting successful negotiations.
The current situation in the economy offers a number of interesting prospects for the future of company acquisitions and sales. To a large extent, however, whether an M&A deal is a success depends on the know-how of the different stakeholders and how exactly they put the instruments of buying and selling companies to use. Based on the know-how we have gathered from more than 20 years of M&A projects, we have designed an intensive seminar based closely on business practice, primarily aimed at shareholders, board members, CEOs/managing directors and M&A managers. As a participant of this seminar you will be provided with carefully collated guidance on business valuations, professional methods and the instruments of company acquisitions/sales.
Seminar content
- How do you calculate the value of a company?
- How do you identify suitable target companies?
- What should you include in a letter of intent?
- Which factors must be considered during due diligence procedures?
- What mistakes is it important to avoid?
- What constitutes a ‘buyer/seller-friendly’ contract?
- How do you conduct successful negotiations?
Seminar programme
1. Mergers & Acquisitions Basics
- Key concepts
- Market stakeholders
- The current market situation
- Different M&A arrangements
- Different types of transactions
2. The selling process
- Transaction phases
- Example of a timing schedule
- Prerequisites, success factors and risks
- The role of M&A consultants
3. The buying process
- Buying phases
- Example of a timing schedule
- Acquisition motivations and key success factors
- The role of M&A consultants
4. Introduction to business valuation
- Market and financial surplus-based valuation methods
- Actual example based on discounted cash flow (DCF) analysis (participants receive an Excel file)
Lunch break
5. Special issues affecting company valuations
- Influence of pricing
- Selected problems
- Assessing flexibility: real options
6. Pre-contractual agreements
- Confidentiality agreements and contractual penalties
- Exclusivity
- Letters of intent, memorandums of understanding, heads of agreement
- Indicative/binding offers
7. Due diligence
- Objectives, design options and sub-domains
- Data rooms
- Financial due diligence
- Commercial due diligence
- Human resource due diligence
- Legal due diligence
8. From contract negotiations to handovers
- The scope and role of contract negotiations
- Selling forms
- Assurances and guarantees with an example of a catalogue of ‘reps and warranties’
- Negotiation tactics
- Company acquisition agreements (German-, English-speaking countries)
- Signing and closing
- Examples from practice of successful transactions
- Reasons for failure
Intensive seminar:
Corporate financing and company valuation
Date and registration
Intensive seminar: corporate financing and company valuation
Thursday, 14 November 2024, Munich
Seminar content: in-depth information on assessing the value of a business, financing options, mezzanine financing and many other issues relating to financing requirements.
The conditions affecting business valuations and financing have changed radically in recent years. Prepare for the new challenges posed by industry as part of a small circle of managing directors and board members.
Seminar content
- How are companies currently valued?
- What practical methods of business valuation are available to you?
- What financing options are there beyond traditional bank loans?
- How can you benefit from the rise in mezzanine financing?
- How are you adjusting to stricter financing requirements?
Seminar programme
1. The influence of the current economic situation on company valuations
2. Practical methods of business valuation
- The comparable company approach
- Typical industry transaction multiples
- The capitalisation of earnings method
- The discounted cash flow (DCF) method
- Enterprise value/equity value/weighted average cost of capital (WACC)/free cash flow/perpetual growth
- Examples from practice: the course participants are given a spreadsheet with an example for calculating company value using three methods: the comparable company approach, the capitalisation of earnings method and the DCF method
- Current company valuations by sector of industry
3. Particular issues affecting company valuations
- Influence of pricing
- The Cash-Free Debt-Free rule/escrow accounts/earn-out/debtor warrants
- Selected problems
- Pension provisions/sustainable growth and going-concern value/capital structure/personal taxes
Lunch break
4. The influence of the current economic situation on corporate financing
5. The instruments of equity financing
- Venture capital and private equity
- Minority interests vs. majority interests
- Management buy-outs (MBOs)
- Employee participation
- Influence of equity providers
6. The instruments of debt financing
- Bank loans, supplier and customer loans
- Debt securities/corporate bonds
- Financial covenants – agreements between lenders and debtors
7. Mezzanine financing – a mixed form of company equity and debt capital
- Equity mezzanine vs. debt mezzanine
- The instruments of mezzanine financing
- Silent partnerships (typical vs. atypical)/profit participation certificates/convertible and warrant bonds/equity kickers/subordinated loans/profit participation loans
8. Special financing approaches
- Acquisition financing
- Financing during a corporate crisis (restructuring)
Comprehensive, practical, easy to understand:
The benefit derived by previous participants of our M&A and corporate finance seminars.
“The seminar gave me a comprehensive overview of M&A topics.”
“Lots of actual examples from business practice and a good exchange of ideas with other participants.”
“Excellent information that I can apply to a project I’m currently working on.”
“Really good instruction on M&A practices in a pleasant atmosphere.”
Any questions on our seminars that we can help with?
We would be happy to talk you through the topics or the process of our seminars. Let’s get to know each other.
Sandra Preuss • Managing Partner
Michael Klumpp • Managing Partner
