M&A Insights from David Braun and Other Experts

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ATT Time Warner Acquisition

Content Is King: AT&T to Acquire Time Warner

Seeking growth amid a shifting telecommunications industry, AT&T has bet on media content. The company plans to acquire Time Warner for $85 billion in one of the biggest media acquisitions in history. The transaction will likely take over a year to receive regulatory approval, but both AT&T and Time Warner executives are optimistic. AT&T CEO Randall […]

Capstone Advises Kinetrex Energy Exploration & Production in Acquiring Oil Assets in Knox County, Indiana from Trey Exploration

Capstone Advises Kinetrex Energy Exploration & Production in Acquiring Oil Assets in Knox County, Indiana from Trey Exploration

Capstone announced today that Citizens Energy Group through its subsidiary Kinetrex Energy Exploration & Production, has acquired a 50% working interest in oil assets in Knox County, Indiana from Trey Exploration. Capstone Strategic, Inc. (Capstone) announced today that Kinetrex Energy Exploration & Production (KEEP), a subsidiary of Citizens Energy Group (Citizens), has acquired a 50% stake […]

Minority Shareholder Block Acquisition

Can a Minority Shareholder Block an Acquisition?

When you have multiple stockholders you typically have a stockholders’ agreement in place that all stockholders are required to sign. That will usually have what’s called a drag-along provision which states that if the majority of stockholders either approve a sale transaction, everyone else is required to go along with it. If you have a […]

Verify Acquisition Target Unaudited Financials

How to Verify an Acquisition Target’s Unaudited Financials

Obtaining audited financial statements is always best when valuing an acquisition prospect. An audit enhances your confidence and ensures what management has presented is a “true and fair” view of the company’s financial performance and position. We run into plenty of privately-held, middle market companies that don’t have audited financial statements. Many have their financial […]

Can You Conduct Thorough Due Diligence When Data Is Missing?

Can You Conduct Thorough Due Diligence When Data Is Missing?

One of the challenges of due diligence is that you often do not have access to all the data. Of course you want to know every last detail about the acquisition prospect so you can make the best decision. Unfortunately, the real world is never perfect. The prospect may have an incomplete or no record of the […]

David Braun Dog to Wall St

Successful Acquisitions Begin with Trust

Trust is everything. As leaders, we can forget this during the excitement of a deal. We can get caught up in reviewing financials, bogged down in the details of due diligence, or absorbed in mountains of research and completely forget about the humans involved in the transaction. When you take a moment to think, it’s […]

Legal Aspects of M&A Webinar

Are You Prepared for the Legal Aspects of Mergers and Acquisitions?

In order to finalize and close the deal, there are a number of issues to consider including drafting a Letter of Intent, determining deal structure, and papering the acquisition agreement. Learn how to navigate through the legal technicalities of mergers and acquisitions in our upcoming webinar Contemporary Legal Issues in M&A led by M&A attorney John McDonald. John is […]

Marriott Starwood Loyaly Program Integrate

Marriott Begins Integrating Loyalty Programs

Just this Sunday, I received an email about the Ritz-Carlton Rewards and Marriott Rewards combining with Starwood Preferred Guest. According to the email and Marriott’s website, the three loyalty programs will be linked, but operate as independent programs. Marriott does not expect to merge the programs any time before 2018. Marriott International first announced it […]

Yahoo Hack Shows Need for Functional Due Diligence

Yahoo Cyberattack Highlights Need for Functional Due Diligence in M&A

Yahoo says the private information of at least 500 million has been compromised due to a cyber-attack in 2014. In the biggest security breach to date, hackers gained access to sensitive information including names, emails addresses, telephone numbers, birth dates, passwords, and security questions. The security breach has ramifications not just for Yahoo and its […]

GPC Valuation M&A

What Is the Guideline Public Company Method in Valuation?

The Guideline Public Company (GPC) Method is one of the more popular valuation methodologies because people often hear about it in the news or in presentations. This method identifies prices for individual shares of publicly traded companies that are subject to the same industry dynamics as the subject company (the company you are trying to […]

Ford Acquires Chariot, Repositions as Mobility Company

Ford Acquires Chariot, Repositions as Mobility Company

Ford announced it would acquire Chariot, a shuttle-van startup based in San Francisco, in order to expand beyond auto manufacturing and become a mobility company. This is the first acquisition by Ford Smart Mobility, which was established in March of 2016 in order to focus on “emerging mobility services.” Ford reportedly paid $65 million for […]

CU Bank Mergers on the Rise

Credit Union – Bank Mergers on the Rise

The credit union industry is evolving. While many credit unions are consolidating through credit union mergers, others are seizing creative opportunities such as adopting cloud technology to improve efficiencies, focusing on underserved markets, and using partnerships and strategic mergers and acquisitions to grow and bring value to members. One interesting trend to note is credit […]

Valuation vs price strategic M&A

Value vs. Price: Understanding Valuation for Strategic M&A

Valuation, establishing the financial worth of a company, is an important step of the acquisition process. People often get excited about valuation and start crunching numbers in order to reach the best deal. However, before you become too focused on the financials, remember that valuation and price are not the same. I have seen many […]

New Opportunities for Middle Market Growth

New Opportunities for Middle Market Growth

Middle market companies have faced many challenges to growth, but the tide is now turning. Previously, we had observed the dumbbell effect, where at either end of the spectrum massive corporations and small businesses flourished while middle market companies were caught in between. Unlike large multinational corporations, many middle market companies cannot leverage the same […]

What do you have to offer an owner

What Do You Have to Offer an Owner?

“Why should I let you buy my company?” Chances are an owner will ask you this question during the course of your acquisition and you must have a convincing answer. While the strategic fit and benefits of an acquisition may be abundantly clear to you, an owner may not share your perspective. As a leader, […]

Capstone Advises Green Dot of Trinidad and Tobago in Transaction with One Caribbean Media

Capstone Advises Green Dot of Trinidad and Tobago in Transaction with One Caribbean Media

Capstone announced today that Green Dot, a telecommunications provider headquartered in Trinidad and Tobago, has entered into an agreement to sell a 51% stake to One Caribbean Media. The acquisition will allow Green Dot to accelerate subscriber growth and continue expanding into new markets. Capstone Strategic, Inc. (Capstone) announced today that Green Dot, Ltd. (Green Dot) […]

Capstone Launches the M&A Growth Bulletin - Quarterly Newsletter

Launching the New M&A Growth Bulletin

I am excited to announce the launch of our new quarterly newsletter, The M&A Growth Bulletin. This newsletter will deliver essential guidance on growth through M&A along with tips and tactics drawn directly from successful transactions completed in the market. In the first issue of The M&A Growth Bulletin, we will address five common objections leaders […]

What is a company like due diligence

What Is a Company Really Like? Uncovering the Truth in Due Diligence

During due diligence most companies will present you with their formal documents including HR manuals, procedures, financials and organizational charts. It’s not enough to rely on these documents alone; if you want to know what a company is really like, you’ll have to dig a bit deeper. One way to go beyond the surface is […]

walmart acquires jet

Walmart Acquires Integration Strategies for Buyers

Walmart will acquire web retailer for $3.3 billion in order to boost its online business. The deal is the largest ever purchase of U.S. e-commerce startup. While Walmart has plenty of bricks and mortar stores, the company has struggled to grow its online business. Walmart knows it needs to be competitive with Amazon who […]

3 Ways to Maintain Momentum in M&A

3 Ways to Maintain Momentum from LOI to Close

After signing a letter of intent, you expect the deal to close, but there are a number of reasons acquisitions fail ranging from regulatory hurdles to unexpected challenges that arise during due diligence to cultural clashes. In my last post, I discussed reasons deals fall apart even after both parties sign a LOI. Here are […]