Please take the opportunity to peruse our bimonthly newsletter, Merger & Acquisition Focus which covers many issues involved in business sales, acquisitions and mergers. You will find each issue full of valuable information about due diligence, business valuation, financing, buy-sell agreements, legal requirements, tax implications, deal structure, human resources and other aspects of these transactions.

Issue:  August/September 2008

• Sunny days or storm clouds? A look at what's on the M&A horizon
• Price management - Addressing an overlooked aspect of integration
• Uncover your company's key value drivers
• Ask the advisor - How is the dollar's declining value likely to affect the sale of my business?

Issue:  June/July 2008

• The journey ahead - Map out succession, retirement and estate plans before you exit your business
• New accounting rules may affect your M&A deal
• Focus on the future - Anticipating acquisition success with strategic due diligence
• Ask the advisor - What is a fairness opinion and do I need one?

Issue:  April/May 2008

• Improve your turnaround's forecast for long-term success
• Does your business measure up? Benchmarking financial performance
• Put your money where your mouth is....Communicating effectively with M&A stakeholders
• Ask the Advisor? How can I prepare my business for a tighter credit cycle?

Issue:  October/November 2008

• What to do when a buyer backs out
• Destination: M&A success - An integration manager can help get you there
• Justifiable risk? The dangers and rewards of cross-border acquisitions
• Ask the advisor - What do I need to consider when acquiring a business in a regulated industry?

Issue:  February/March 2008

• Don't let fraud derail your deal
• Buying damaged goods.....How to evaluate a distressed company's potential
• Board appeal.....Your directors can help steer you through an M&A
• Ask the advisor? Can a shareholder agreement prevent conflict among business owners?

Issue:  Year End 2007

• Don't fumble your acquisition - Hidden risks could take you out of the game
• How collars can help ensure the value of your M&A deal
• Staying power - Retain customers after an acquisition
• Ask the advisor - Should a business seller always accept the highest bid?

Issue:  October/November 2007

• How to retain key employees during the M&A process.
• Steer clear of purchase price adjustment disagreements.
• Leveraged recaps offer a liquidity alternative to selling.
• Ask the advisor - Should I include a go shop clause in my sale agreement?

Issue:  August/September 2007

• Good deal or bad deal - Avoiding common mistakes when selling a business.
• An earnout can break your price negotiation impasse.
• Lurking dangers - Don't fail to plan for your M&A deal's tax consequences.
• Ask the Advisor - How should my company prepare for the buyer visit?

Issue:  June/July 2007

• Intellectual property and due diligence - How buyers and sellers should prepare
• Use your acquisition as a tool for growth
• Dream team - Let professionals guide your M&A deal
• Ask the Advisor - What should I consider when choosing a lending partner for my acquisition?

Issue:  April/May 2007

• Protecting your proprietary information - How a clean team can help.
• Will your business be ready when a buyer comes knocking?
• Distressed companies - Increase your chance of getting a fair market price.
• Ask the Advisor - What factors should my company consider before acquiring a spin-off?

Issue:  February/March 2007

• Line up your financing early
• Measures that matter - How M&A professionals track the industry
• Valuing C corporation assets - A potentially contentious situation
• Ask the advisor - Is there still a distinction between strategic and financial acquirers?

Issue:  Year End 2006

• Options for taking your company public.
• Drafting an effective letter of intent.
• How smart buyers view company debt and cash.
• Ask the Advisor - How can SWOT analysis be used to aid an M&A?

Issue:  August/September 2006

• Lock in your financial interests - Key person insurance protection.
• After the Sale: Retirement and estate plan considerations.
• Counting cash (flow) - How buyers and sellers arrive at different valuations.
• Ask the advisor: How does the Sarbanes-Oxley Act affect my private company?

Issue:  October/November 2006

• Important questions to ask before acquiring a company.
• Who's responsible for what, when? You and your advisor's role in the sale process
• Valuing a business for gift, estate, and other tax purposes.
• Ask the advisor - Why should I consider an earn-out provision?

Issue:  June/July 2006

• Win - Win, Keys to negotiating a successful M&A deal
• When the market is right - Understanding economic cycles can help you time a business sale
• Is industry destiny when it comes to selling your company?
• Ask the Advisor - Aside from my company's financial results, what do prospective buyers consider important?

Issue:  April/May 2006

• Securing your base - Ensure employee support after acquiring a company
• How private equity can help your business grow
• Case Study - Timeline of a successful M&A transaction
• Ask the advisor - Is it possible to sell my C corporation without paying current taxes?

Issue:  February/March 2006

• Intangible but valuable - A strong brand fosters growth, attracts buyers
• Complete the deal and save on taxes - The benefits of installment sales for C corporations
• 5 things you should know about prospective M&A advisors
• What does it mean when it's said companies are sold, not bought?

Issue:  2005 Year End

• Show me the money - Sources of capital to grow your business
• What's your business worth? - It's in the eye of the beholder
• Stock ownership plans can benefit owners, and reward employees
• Ask the advisor - differences in selling a C corporation vs. an S corporation

Issue:  October/November 2005

• The key to capital - Understanding how lenders & investors evaluate your company's financial ratios.
• Avoid conflicts with a shareholder agreement.
• Not-so-extreme makeover - Normalizing earnings makes your company more attractive to potential buyers.
• Ask the advisor - Moving real estate into a limited partnership.

Issue:  August/September 2005

• Why a strategic divestiture might help your business flower
• Now may be the time to sell your tech company
• Attract investors with your business plan
• Ask the advisor - Acquiring a distressed company

Issue:  June/July 2005

• How appraisers value closely held companies
• Timing the sale of your business
• Achieving liquidity while retaining control with a leveraged recap
• Ask the advisor - Letters of Intent

Issue:  April/May 2005

• Recognize legitimate red flags during the due diligence process
• The problem with internal rate of return
• Heading off the postmerger integration blues
• Ask the advisor

Issue:  February/March 2005

• Selling your private business to a public company
• You have liquidity options besides an outright sale
• Finding alternatives to traditional financing collateral