Middle Market Strategies: How Private Companies Use the Markets to Create Value / Edition 1

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Overview

The middle market-businesses with revenue between $5 million and $500 million-makes up less than 1% of U.S. businesses, but employs thirty-nine million people or over one-third of the workforce. Mid-size businesses are big enough to get the job done and small enough to seize opportunities quickly. Both fragile and vital, their significance in today's volatile economy is even greater as a procession of larger, more familiar companies, once thought too big to fail, close their doors permanently.

So, why do some mid-market businesses win and others lose? Middle Market Strategies answers that question by providing an in-depth look at the market, the obstacles today's owners face, and the strategies successful companies have employed to succeed.

Sharing his decades of strategic experience, author Richard Trottier helps readers come to grips with the private capital markets and their impact on the businesses within them. The book explores these markets from the viewpoint of their key participants—business owners. Readers will discover how winners use market rules, patterns, and mechanisms to overcome walls and create value, and how they turn long-term trends into real-time competitive advantages.

Featuring over ninety case studies, Middle Market Strategies is the first book to view the mid-market as a whole from as many different vantage points as possible. In addition to examining the trends that drive the market, author Richard Trottier examines the rise of the market, what separates it from other markets, its structure and what binds it together, as well as how mid-market companies operate successfully in various industries. By providing this 360 overview, readers will develop effective middle market strategies that drive better decisions, which are only possible when owners fully understand the overall market in which their companies swim.

Providing a comprehensive framework for understanding the market for private mid-sized businesses, Middle Market Strategies explores:

  • How Do the Markets Work?
  • Market Windows
  • Middle Market by Industry
  • Monetizing the Market
  • Traffic Cops, Regulators, and Rule Makers
  • Who Gets What, When, Where, and How?
  • New Rules of the Game
  • Market Walls
  • Motivational Walls
  • Capital Walls
  • Operational Walls
  • And much more

A must-read for CEOs and presidents of mid-market companies as well as business appraisers and capital providers, Middle Market Strategies shows readers how to turn obstacles into equity. 

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Product Details

  • ISBN-13: 9780470464571
  • Publisher: Wiley
  • Publication date: 6/2/2009
  • Edition number: 1
  • Pages: 288
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

Richard M. Trottier is President of Sundial Partners. He has over twenty years of experience in advising clients in acquisition, divestiture, mergers, business valuation, strategic planning, and turnaround planning. He has written numerous articles that have appeared in such publications as Business Appraisal Practice, The Tampa Bay Economy, and Mergers & Acquisitions.

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Table of Contents

Preface.

Acknowledgments.

CHAPTER 1 Market Overview.

Confluent Trends.

Overcoming Walls.

Winning the Middle Market.

Why Is Winning Important?

PART I MARKET WINDOWS.

CHAPTER 2 Rise of the Middle Market.

Evolution of Small Companies.

Restructuring of Large Companies.

The Globalization Paradox.

Winning the Middle Market.

CHAPTER 3 Market Segmentation Matters.

Investor Return Expectations.

Capital Access and Costs.

Market Works and Institutions.

Behavior of Players.

Capital Market Theories.

Diverse Players Provide Capital Needs.

Capital Providers' View of Risk and Return.

Owners and Managers' View of Risk and Return.

Capital Market Segmentation Matters.

Winning the Middle Market.

Notes.

CHAPTER 4 Middle Market Structure.

What This Market Needs.

Using the Theory.

Valuation.

Capitalization.

Transfer.

Triangulating Vince's Position.

Note.

CHAPTER 5 Middle Market by Industry.

Changing Definition of Industries.

Service Sector.

Wholesale Distribution Sector.

Retail Sector.

Manufacturing Sector.

Construction Sector.

PART II MARKET WORKS.

What Went Wrong?

CHAPTER 6 Monetizing the Middle Market.

Private Equity.

Individual Shareholder Equity.

Mezzanine Capital.

Impact of Monetization.

CHAPTER 7 The Information Imperative.

Financial Statements as a Base.

Owners, Managers, and Industry Specialists.

Business Valuation Professionals.

Intermediaries or Infomediaries.

Data-Gathering Institutions.

Impact of Information on the Market.

Information Attracts Capital.

The Information Insurgency.

CHAPTER 8 Traffic Cops, Regulators, and Rule Makers.

Governmental Regulation.

Regulation by Capital Market Authorities.

Regulation by Mutual Adjustment and Cooperation.

Regulation by Competition.

CHAPTER 9 Who Gets What, When, Where, and How.

Assigning Resources within a Firm.

Allotting Resources within Industries.

Distributing Resources among Market Segments.

Allocation by Society.

Winning the Middle Market.

Note.

CHAPTER 10 Transfer Trends.

More Deals.

More Sellers.

More Buyers.

More Transfer Methods.

Transfer Complexity.

Transfers among Those within the Company.

Transfers to Those Outside the Company.

More Complexity.

Impact of Transfer Trends.

CHAPTER 11 Market Makers and Matchmakers.

A Historical Precedent.

Purveyors of Debt and Equity.

Market Makers, Matchmakers.

Turnaround Artists.

Winning the Middle Market.

CHAPTER 12 Market Cycles.

Business and Transfer Cycles.

Recession.

Recovery.

Growth.

Decline.

Winning the Middle Market.

CHAPTER 13 New Rules of the Game.

Motivational Rule Changes.

Capital Rule Changes.

Informational Rule Changes.

Operational Rule Changes.

Market Rule Changes.

Transfer Rule Changes.

PART III WALLS.

The Devil in the Demographic Details.

CHAPTER 14 Motivational Walls.

The Will to Win.

The Risk Barrier.

The Priority Wall.

The Timing Wall.

Overcoming Motivational Walls.

CHAPTER 15 Capital Walls.

Sales and Earnings Walls.

Access to Capital Walls.

The Cost of Capital Wall.

The Only Wall That Matters.

CHAPTER 16 Operational Walls.

Management Team Walls.

The Productivity Wall.

That Vision Thing.

Strategic Planning Wall.

The Only Wall That Matters.

CHAPTER 17 Market Walls.

Limited Ability to Make Markets.

Supply Chain Walls.

Path-to-Market Walls.

The Only Wall That Matters.

CHAPTER 18 Transfer Walls.

The Wall of Complexity.

The War of the Worlds Wall.

Transfer Segment Walls.

The Timing Wall.

The Only Wall That Matters.

Note.

CHAPTER 19 Winning the Middle Market.

Living in a Market.

Walls.

Winning the Middle Market for Owners.

Winning the Middle Market for the United States.

APPENDIX Demographic Study.

Index.

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