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The MBO Guide for Management Teams

Real-life lessons from 20 years in the front line of private equity

By Andy Nash
Cover of The MBO Guide for Management Teams (Paperback) by Andy Nash Cover of The MBO Guide for Management Teams (Mobile Phone) Cover of The MBO Guide for Management Teams (Tablet)

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About the Author

Andy Nash

Andy Nash began his career at Cadbury - Schweppes in 1978 after graduating in Economics and Geography from the University College of Swansea. He carried out a variety of sales and marketing roles at Cadburys progressing to Senior Management where he was ultimately responsible for the Tea and Coffee brands in the group. In 1984 he joined Sterling Heath Ltd., the OTC division of Sterling Drug Inc. ... Read more on Andy Nash

Contents Listing

Acknowledgements
About the Author
Foreword by Chris Allner, Octopus Ventures

Introduction

1. The Market and Some Basic Principles
The private equity market
Why do a deal?
Are you sure you really want to do a deal?
How does an MBO/MBI work?
How many deals are done in the UK?

2. Finding a Deal
How opportunities arise
Sources of MBOs/MBIs
Private companies
Public companies
Research
Marketing phase

3. Getting in Shape for the Deal
The eight Ps
A strong and united management team

4. Doing the Deal - a White Knuckle Ride
Advisors: assembling your team
Auction-busting!
Highlights and stages of the six- to nine-month MBO/MBI process
Elephant traps to avoid

5. Board Structure and Behaviour
Good board/bad board
Chairman and non-executive directors
Investor relations

6. Running an MBO/MBI
What's changed? Mind your four Cs
Hit the ground running
Post-completion priorities
Getting organised: the key areas to focus upon
Unique pressures

7. Success or Failure
The $64,000 question: what are your chances of success?
Common causes of underperformance: what are they?
Main drivers of success in MBOs/MBIs
The work-out situation

8. The MBO/MBI Scorecard

9. Real Deals
Scorecard results
Taunton Cider Ltd
Tubex Ltd
Maybridge plc
Webbs Country Foods Ltd
Cloverleaf Group Ltd
Ashford Colour Press Ltd
Dennis Eagle Ltd
ICA Ltd
The History Press Ltd
Tristar Worldwide Ltd
Intercontinental Brands Ltd

10. The Exit
Desires of management
Management: realising cash from the exit
Investor needs and expectations
Importance of timing
Prerequisites
Exit timing - what is realistic?
Exit value
Types of exit
Advisors
Management's tax planning

11. After the Exit
Corporate issues
Personal Options

12. 12 Golden Rules for Management Teams
Market conditions and outlook

Recommended Reading
Appendix
Example analysis - Taunton Cider
Index
Acknowledgements
About the Author
Foreword by Chris Allner, Octopus Ventures

Introduction

1. The Market and Some Basic Principles
The private equity market
Why do a deal?
Are you sure you really want to do a deal?
How does an MBO/MBI work?
How many deals are done in the UK?

2. Finding a Deal
How opportunities arise
Sources of MBOs/MBIs
Private companies
Public companies
Resear ...

Jacket Text

This book offers an exclusive and remarkably candid look at management buyouts and buy-ins from a man who has had an intimate role in 11 such deals since 1991. Acting in a variety of positions - chairman, executive director, non-executive director, personal coach to a managing director - Andy Nash has seen it all, and in this completely updated second edition again makes a serious and potentially turgid subject both easy-reading and unexpectedly entertaining.

MBOs/MBIs are inherently risky, with failure rates being relatively high. This guide is aimed at prospective and existing managers of such a deal. By detailing all the intricacies and blind spots involved, it aims to increase their chances of success. It looks at how best to establish and accomplish your aims; as well as at elephant traps, bad practices and risks, and how to avoid them.

The deals featured vary greatly: from staggering success to the verge of financial oblivion - and fortunately back again. They range across very different markets: from the world of global drug discovery in mythical Tintagel to heavy metal bashing (dustcarts) in the West Midlands. They have been backed by many different venture capitalists and financed by UK and international banks.

Management buyouts and buy-ins are a high-octane part of the business world. It is a high risk: high reward arena. Metaphorically an MBO/MBI is like fitting an eight-litre V12 engine into an aged VW Beetle and expecting it to perform much better than before, or as someone once colourfully put: "a venture capitalist would expect that if you made love nine times in a night, the baby would arrive in four weeks".

With the demands - and the potential rewards - so high, you can't afford to be without this authoritative guide.

Media Coverage

Corporate Financier Magazine

Fraught With Danger - A management buyout may fail for many reasons between its conception and completion. What are the most common pitfalls?
By Andy Nash

Management

As chairman of Morgan ...

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Media Review


Fraught With Danger - A management buyout may fail for many reasons between its conception and completion. What are the most common pitfalls?14th October 2011

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