Middle Market Strategies: How Private Companies Use the Markets to Create Value [NOOK Book]

Overview

The middle market represents about 1% of all U.S. businesses but produces about 40% of the gross domestic product. Winning the middle market is critical to business owners, and vital to the U.S. economy. Providing a comprehensive framework for understanding the market for private mid-sized businesses, Middle Market Strategies helps owners avoid unnecessary risks and enjoy some well-deserved returns by sharing the lessons learned from hundreds of featured business owners.

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

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Overview

The middle market represents about 1% of all U.S. businesses but produces about 40% of the gross domestic product. Winning the middle market is critical to business owners, and vital to the U.S. economy. Providing a comprehensive framework for understanding the market for private mid-sized businesses, Middle Market Strategies helps owners avoid unnecessary risks and enjoy some well-deserved returns by sharing the lessons learned from hundreds of featured business owners.

Using ninety real-world case studies, Middle Market Strategies helps inform better business decisions by providing answers to the most pressing questions, including:

How do the markets work?

How can they be used to improve business value?

Which strategies work best?

What are the rules and how do you work with them?

How are middle market businesses different from larger and smaller businesses?

What separates successful businesses from others?

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Product Details

  • ISBN-13: 9780470486252
  • Publisher: Wiley
  • Publication date: 5/18/2009
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 240
  • File size: 564 KB

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 xi

Acknowledgments xiii

Chapter 1 Market Overview 1

Confluent Trends 3

Overcoming Walls 7

Winning the Middle Market 8

Why Is Winning Important? 9

Part I Market Windows 11

Chapter 2 Rise of the Middle Market 15

Evolution of Small Companies 15

Restructuring of Large Companies 20

The Globalization Paradox 23

Winning the Middle Market 25

Chapter 3 Market Segmentation Matters 27

Investor Return Expectations 29

Capital Access and Costs 29

Market Works and Institutions 30

Behavior of Players 32

Capital Market Theories 33

Diverse Players Provide Capital Needs 33

Capital Providers' View of Risk and Return 35

Owners and Managers' View of Risk and Return 37

Capital Market Segmentation Matters 38

Winning the Middle Market 40

Notes 40

Chapter 4 Middle Market Structure 41

What This Market Needs 42

Using the Theory 43

Valuation 45

Capitalization 48

Transfer 50

Triangulating Vince's Position 52

Note 53

Chapter 5 Middle Market by Industry 55

Changing Definition of Industries 55

Service Sector 56

Wholesale Distribution Sector 60

Retail Sector 64

Manufacturing Sector 67

Construction Sector 71

Part II Market Works 77

What Went Wrong? 78

Chapter 6 Monetizing the Middle Market 81

Private Equity 82

Individual Shareholder Equity 85

Mezzanine Capital 86

Impact of Monetization 91

Chapter 7 The Information Imperative 93

Financial Statements as a Base 94

Owners, Managers, and Industry Specialists 95

Business Valuation Professionals 97

Intermediaries or Infomediaries 98

Data-Gathering Institutions 100

Impact of Information on the Market 101

Information Attracts Capital 102

The Information Insurgency103

Chapter 8 Traffic Cops, Regulators, and Rule Makers 105

Governmental Regulation 105

Regulation by Capital Market Authorities 109

Regulation by Mutual Adjustment and Cooperation 114

Regulation by Competition 115

Chapter 9 Who Gets What, When, Where, and How 119

Assigning Resources within a Firm 120

Allotting Resources within Industries 122

Distributing Resources among Market Segments 125

Allocation by Society 126

Winning the Middle Market 127

Note 127

Chapter 10 Transfer Trends 129

More Deals 130

More Sellers 130

More Buyers 131

More Transfer Methods 132

Transfer Complexity 133

Transfers among Those within the Company 135

Transfers to Those Outside the Company 136

More Complexity 137

Impact of Transfer Trends 139

Chapter 11 Market Makers and Matchmakers 141

A Historical Precedent 142

Purveyors of Debt and Equity 144

Market Makers, Matchmakers 146

Turnaround Artists 148

Winning the Middle Market 148

Chapter 12 Market Cycles 149

Business and Transfer Cycles 150

Recession 154

Recovery 156

Growth 157

Decline 158

Winning the Middle Market 161

Chapter 13 New Rules of the Game 163

Motivational Rule Changes 163

Capital Rule Changes 167

Informational Rule Changes 169

Operational Rule Changes 171

Market Rule Changes 176

Transfer Rule Changes 179

Part III Walls 181

The Devil in the Demographic Details 182

Chapter 14 Motivational Walls 185

The Will to Win 186

The Risk Barrier 188

The Priority Wall 189

The Timing Wall 192

Overcoming Motivational Walls 193

Chapter 15 Capital Walls 195

Sales and Earnings Walls 196

Access to Capital Walls 199

The Cost of Capital Wall 203

The Only Wall That Matters 207

Chapter 16 Operational Walls 209

Management Team Walls 211

The Productivity Wall 214

That Vision Thing 218

Strategic Planning Wall 219

The Only Wall That Matters 222

Chapter 17 Market Walls 223

Limited Ability to Make Markets 225

Supply Chain Walls 228

Path-to-Market Walls 230

The Only Wall That Matters 234

Chapter 18 Transfer Walls 235

The Wall of Complexity 236

The War of the Worlds Wall 238

Transfer Segment Walls 241

The Timing Wall 243

The Only Wall That Matters 245

Note 246

Chapter 19 Winning the Middle Market 247

Living in a Market 248

Walls 249

Winning the Middle Market for Owners 249

Winning the Middle Market for the United States 250

Appendix Demographic Study 253

Index 259

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