Details

Restructuring the Hold


Restructuring the Hold

Optimizing Private Equity and Portfolio Company Partnerships
1. Aufl.

von: Thomas C. Anderson, Mark G. Habner

30,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 28.10.2020
ISBN/EAN: 9781119635208
Sprache: englisch
Anzahl Seiten: 368

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Beschreibungen

<p><b>Establishing an effective partnership and </b><b>achieving improved outcomes for investors and management teams during the hold cycle  </b></p> <p>Private equity represents a productive and fast-growing asset class—building businesses, creating jobs, and providing unlimited opportunity for investors and management teams alike, particularly if they know how to work together in candid and effective partnerships. <i>Restructuring the Hold</i> demonstrates how investors and managers can best work together to optimize company performance and the associated rewards and opportunities for everyone, not just the investors.</p> <p>Through brief references to the parable of the Gramm Company, a middle market portfolio company, readers will follow the disappointments and triumphs of a management team experiencing their first hold period under private equity ownership, from the day they get purchased through the day they get sold. <i>Restructuring the Hold</i> provides the reader both general knowledge and more detailed better practices and frameworks relating to specific time periods during the hold. Within this book readers will find:</p> <ul> <li>An examination of a typical middle-market private equity hold period</li> <li>Guidance for newly acquired management teams on what to expect during the hold period</li> <li>Descriptions of better practice operating cadence between investors and management teams</li> <li>Examples of effective partnerships between investors and management teams</li> <li>Discussions of topics relevant to typical hold periods, including organizational structures, operations improvement, selling pipelines and acquisition integrations</li> </ul> <p>With guidance from <i>Restructuring the Hold</i>, private equity principals and portfolio company executives can take steps toward greater collaboration and better outcomes. Through updated practices and strong relationships, they can partner effectively to improve portfolio company performance, which will lead to better outcomes for both investors and management teams.</p>
<p>List of Figures xi</p> <p>Foreword xv</p> <p>Preface xxi</p> <p>About the Authors xxv</p> <p>Acknowledgments xxix</p> <p>Introduction 1</p> <p>Core Audience 4</p> <p>Organization of the Book 6</p> <p><b>Chapter 1: </b><b>Private Equity 9</b></p> <p>The Asset Class 11</p> <p>The Middle-Market 17</p> <p>The Investment Cycle 22</p> <p>The Motivation 24</p> <p><b>Chapter 2: </b><b>New Ownership 31</b></p> <p>The Ideal Partnership 33</p> <p>Anticipating Management Sentiment 36</p> <p>Key Investment Period Roles 42</p> <p>Operating Partner Involvement 49</p> <p>Core Values 55</p> <p><b>Chapter 3: </b><b>Month 1: Consternation 59</b></p> <p>Onboarding Together 62</p> <p>Confirming Portco Leadership 69</p> <p>Teaming Authentically 77</p> <p>Overcoming Resistance 81</p> <p><b>Chapter 4: </b><b>Month 2: This Might Be Okay 87</b></p> <p>Baselining the Investment Period 90</p> <p>Reporting Monthly Financials 94</p> <p>Starting with Momentum 97</p> <p>Identifying Value Sources 101</p> <p><b>Chapter 5: </b><b>Month 3: Guarded Enthusiasm 113</b></p> <p>Generating and Aggregating Ideas 116</p> <p>Evaluating and Prioritizing Opportunities 122</p> <p>Profiling and Planning Initiatives 127</p> <p>Suspending Strategic Planning Formalities 137</p> <p>Finalizing the Value Creation Plan 141</p> <p><b>Chapter 6: </b><b>Quarter 2: A Bit Overwhelmed 147</b></p> <p>Ensuring Leadership Coverage 150</p> <p>Organizing the Value Creation Team 159</p> <p>Managing the Value Creation Program 162</p> <p>Targeting, Tracking, and Triaging Value Creation 165</p> <p><b>Chapter 7: </b><b>Quarter 3: Gaining Momentum 173</b></p> <p>Managing with Performance Indicators 176</p> <p>Standardizing Operating Cadence 182</p> <p>Incorporating the Board of Directors 189</p> <p>Overcoming Bumps in the Road 195</p> <p><b>Chapter 8: </b><b>Quarter 4: Ringing the Bell 203</b></p> <p>Confirming VCP Results 206</p> <p>Rewarding Success 210</p> <p>Planning Strategy Pragmatically 212</p> <p>Integrating Plans and Budgets 216</p> <p>Investment Period Outputs 227</p> <p><b>Chapter 9: </b><b>Year 2: Improving Infrastructure 229</b></p> <p>Organizing Effectively 231</p> <p>Operating Efficiently 238</p> <p>Sourcing Strategically and Spending Economically 247</p> <p>Financing Internally 256</p> <p><b>Chapter 10: </b><b>Year 3: Expanding Beyond 263</b></p> <p>Optimizing Profitability 266</p> <p>Pricing Intelligently 271</p> <p>Pipelining Systematically 279</p> <p>Integrating Pragmatically 286</p> <p><b>Chapter 11: </b><b>Year X: The Exit 297</b></p> <p>Exit Timing 300</p> <p>The Exit Process 302</p> <p>Exit Preparation 305</p> <p>Enjoying the Rewards 309</p> <p><b>Chapter 12: </b><b>Conclusion 313</b></p> <p>References 317</p> <p>Index 319</p>
<p><b>THOMAS C. ANDERSON</b> is a long-time Operating Partner, Chairman, and Board Director, previously with The Riverside Company, a global investment firm focused on the middle-market. He currently works with companies in active Board roles to accelerate growth and prepare for successful transactions. <p><b>MARK G. HABNER</b> is CEO of BeckWay Group, which he co-founded with Anderson as an operating company serving private equity and their portfolio companies, providing hands-on expertise to accelerate sustainable earnings growth.
<p><b>PRAISE FOR RESTRUCTURING THE HOLD</b> <p><i>"Restructuring the Hold</i> is a must-have for anyone involved in private equity, particularly portfolio company executives both new and veterans alike. Anderson and Habner present a proven and practical roadmap for leaders who recognize the value of uninhibited partnerships in achieving next-level results."<br> <b> —John Sypek,</b> CEO, Area Wide Protective <p>"Written by two successful private equity executives, <i>Restructuring the Hold</i> is a must-read for private equity principals and portfolio company executives who want not just to survive but thrive in the post-pandemic investment market!"<br> <b> —Robert J. Bies,</b> Professor of Management, McDonough School of Business, Georgetown University <p>"Anderson and Habner have lived the positive evolution of the operating role in private equity. Their insightful book serves as an actionable and practical guide to creating significant and lasting value throughout the investment hold period. A very worthwhile read!"<br> <b> —Fred Crawford,</b> Senior Vice Chairman and former CEO, AlixPartners LLP <p><i>"Restructuring the Hold</i> is a best-practices roadmap for navigating the hold period and achieving the full value of strategic and operational improvement. This is an important and thought-provoking manual for anyone in the private equity space."<br> <b> —Ben Gray,</b> Managing Partner, BGH Capital; former Joint Managing Partner, TPG Asia <p>"Through hands-on experience and keen observation at scores of companies, the authors have captured what's at the heart of every successful deal—the partnership between the investing and operating pros at the private equity firm and the CEO and management team at the portfolio company."<br> <b> —Stewart Kohl,</b> Co-CEO, The Riverside Company

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