Conversations with Thought Leaders from the M&A Community

Tom Turner – Deutsche Bank Principal Finance – Credit Market Update

Posted on July 23, 2008

 
 Tom Turner – Deutsche Bank Principal Finance – Credit Market Update: Play Now | Play in Popup

Disclaimer: The opinions or recommendations expressed are those of the author and are not representative of Deutsche Bank AG as a whole.

Tom TurnerTom Turner is a Vice President in the Principal Finance Group of Deutsche Bank, the world’s sixteenth largest bank ranked by shareholder equity. Principal Finance delivers global expertise across a wide range of markets, industries and asset classes. The Principal Finance group provides leveraged financing solutions to middle market and larger borrowers. It can provide liquidity for both performing and non-performing assets in transactions ranging from $20 million to $2 billion. Acting on a principal basis, DB can execute transactions that otherwise may not be possible in traditional capital markets. Investments take the form of senior, subordinated or mezzanine debt, customized credit derivatives and selected equity.

Focus areas include:
Illiquid Asset Financing
Acquisition financing
Contract monetization
Project/Infrastructure finance in developed and emerging markets
Renewable energy financing

In this interview Tom talks about the current state of the credit markets and gives his insight as to the future course of the liquidity crisis currently underway. Prior to joining Deutsche Bank, Tom was employed on the agency side of the street where he was responsible for managing debt financings in aggregate principal amount exceeding $50 billion.
Length: This audio interview is about 23 minutes long.

Deborah Douglas – Breaking Down Glass Walls

Posted on June 25, 2008

 
 Deborah Douglas - Breaking Down Glass Walls: Play Now | Play in Popup

Deborah DouglasLike NFL football and (until recently) NASCAR racing, M&A has traditionally been a bastion of male domination. For many years now our guest Deborah L. Douglas has been proving that, as with most other human activities, women can compete and can compete well.

Deborah began her M&A career in the late 1970’s with Touche Ross & Co. (a Big 8 accounting firm now part of Deloitte & Touche) and eventually rose to become that firm’s Director of Merger & Acquisition Activities. In 1989 the Deloitte and Touche merger provided Deborah with the opportunity to leave public accounting unfettered by a non-compete. She formed the Douglas Group in St. Louis, an intermediary firm which represents middle market companies as advisor and intermediary in merger and acquisition transactions.

Deborah is the author of an intriguing book called “Cashing In!”, a very down to earth guide to the perils and potential of business sales aimed at business owners, but very relevant to advisors and buyers as well. I really enjoyed reading this book and would recommend that you click on the link above and purchase a copy.

In this interview, Deborah talks about her experience as an M&A intermediary and the obstacles she has encountered as a woman in a man’s world (simple answer – none). She also provides some good insight for any business owner contemplating the sale of her or his company.

Click here to purchase “Cashing In!” by Deborah Douglas on Amazon.

Length: This audio interview is about 16 minutes long.

James O. Futterknecht, Jr - A Pioneer of Private Equity

Posted on April 16, 2008

 
 James O. Futterknecht, Jr - A Pioneer of Private Equity: Play Now | Play in Popup

James O. FutterknechtOur guest today, Jim Futterknecht, has witnessed the private equity industry almost from its beginning. Jim has been involved in the automotive OEM supply industry since joining Excel Industries, Inc. as a line foreman in 1970. He served in a variety of sales and sales management roles at Excel in the 70’s and was elected Vice President of Sales and a member of the Board of Directors of Excel in 1976.

In 1983 Jim was part of a senior management group that purchased Excel in a highly leveraged buyout engineered by Hammond, Kennedy and Whitney Co. Back then there were no “private equity” firms. They were called LBO shops. Excel was the sort of buyout that most investors can only dream of, growing from $40 million in revenues at the time of the acquisition to a public company with over a billion dollars in revenue at the time of its sale.

Over time Jim’s role expanded into operational responsibly as well as sales. In 1986 he led a strategic project resulting in Ford Motor Company becoming Excel’s largest shareholder, largest customer, and largest supplier. In 1990, he was elected Executive Vice President and in 1992 promoted to the position of President and Chief Operating Officer. He became Chairman, Present and CEO in 1995. In 1999 Jim led the merger of Excel into Dura Automotive Systems, Inc and joined the Dura Board.

Jim is currently a partner in Hammond, Kennedy and Whitney Co., a small cap private equity firm (www.hkwinc.com). Jim is a graduate of the University of Texas at Austin (1969), happily married for 37 years, and the proud father of 2 adult daughters.

Length: This audio interview is about 27 minutes long.

Stephen Frey - Noted Author and Private Equity Dealmaker

Posted on November 30, 2007

 
 Steve Frey - Noted Author and Private Equity Dealmaker: Play Now | Play in Popup

Steve Frey If you spend much time frequenting airport bookshops (and if you’re reading this you probably do) you’re familiar withThe Vulture Fund Steve Frey, who pioneered the “financial thriller” and is still the leading author in that genre.  With such titles as The Vulture Fund, Shadow Account and The Chairman, Steve shares with us a world of intrigue and adventure in the world of high finance that we can only dream about in our everyday world.  This year SteveShadow Account has been particularly prolific with two new titles, The Successor, which carries forward the saga of fictional private equity titan, Christian Gillette, Chairman of Everest Capital, and The Fourth Order, which introduces Steve’s financial universe to a different kind of intrigue and danger in the clandestine world of Washington, DC.The Chairman

In this interview Steve tells us how he transcended the sometimes mundane world of investment banking to become a world renowned author.  He also shares with us insight into his “day job” as a Managing Director of the private equity firm, Albion Investors of New York City and The Fourth OrderRichmond, VA.  Albion focuses on what Steve describes as “MicroCap” deals, which I frequently describe as “people sized companies”.  As an experienced dealmaker Steve shares his advice for business owners who are considering the sale of their businesses.The Successor

Steve is a Wahoo, having graduated from my alma mater, the University of Virginia at Charlottesville, with both an undergraduate degree and an MBA from the Darden School.

Click Here to purchase books by Steve Frey on Amazon.

 Length: This interview is about 22 minutes.

Michael Hollingsworth - 2007 ABA Deal Points Studies

Posted on November 20, 2007

 
 Michael Hollingsworth - ABA Deal Points Study: Play Now | Play in Popup

Michael HollingsworthAnyone who has spent much time in the M&A business has witnessed this scenario.  The Earps and the Clantons head to the OK Corral for the ultimate showdown that will seal the fate of the West.  Well actually its not often that dramatic, but very frequently counsel for buyers and sellers will face off over issues such as indemnifications, baskets, warranties, etc., etc., etc.  For the other deal participants and particularly for those paying the bills, this can be a very frustrating, time consuming and expensive process.  And sometimes the outcome can be just as fatal for the deal.

Recently an enterprising group of attorneys, members of the Committee on Negotiated Acquisitions of the American Bar Association’s Section of Business Law, decided it was time to take action.  By creating the Private Targets Mergers and Acquisitions Deal Points Study and a companion Private Equity Buyer/Public Target Mergers & Acquisitions Deal Points Study, they have taken much of the guesswork out of the negotiating process.  Knowing that fewer than 15% of acquisition agreements contain indemnification caps above 50% of purchase price saves a lot of time when seller’s counsel is arguing with an intransigent buyer’s counsel who claims with great sincerity “that’s the way its always done”.

Michael Hollingsworth participated in producing both the the Private Targets and Private Equity Buyer Deal Points Studies and shares his knowledge of how they can be used to make the negotiating process more efficient.  Michael is a Partner in the Atlanta office of the Nelson Mullins Law Firm and one of the leading M&A attorneys in the Southeast.

 Length: This audio interview is about 24 minutes.  

Welcome to Mergers.com DealCast

Posted on September 11, 2007

 
 Standard Podcast: Play Now | Play in Popup

Phil LeighIn this interview, I’m interviewed by Phil Leigh of Inside Digital Media about my plans for Mergers.com. We discuss a number of points including my educational background and experience, which encompasses thirty years of focus on corporate finance for middle market companies. We address the process of finding buyers for companies that want to sell, as well as other exit strategies. Phil also questions me about the podcasts that I’ll be doing here with thought leaders in the M & A field, including Private Equity investors, lawyers, accountants, and various intermediaries. Click on the Play button above to hear the 22 minute interview.