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Restructuring the Hold
Optimizing Private Equity and Portfolio Company Partnerships
Thomas C. Anderson (Author), Mark G. Habner (Author)
9781119635185, Wiley
Hardback, published 15 January 2021
368 pages
23.1 x 16 x 3.6 cm, 0.567 kg
Establishing an effective partnership and achieving improved outcomes for investors and management teams during the hold cycle 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. Restructuring the Hold 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. 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. Restructuring the Hold 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: With guidance from Restructuring the Hold, 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.
List of Figures xi Foreword xv Preface xxi About the Authors xxv Acknowledgments xxix Introduction 1 Core Audience 4 Organization of the Book 6 Chapter 1: Private Equity 9 The Asset Class 11 The Middle-Market 17 The Investment Cycle 22 The Motivation 24 Chapter 2: New Ownership 31 The Ideal Partnership 33 Anticipating Management Sentiment 36 Key Investment Period Roles 42 Operating Partner Involvement 49 Core Values 55 Chapter 3: Month 1: Consternation 59 Onboarding Together 62 Confirming Portco Leadership 69 Teaming Authentically 77 Overcoming Resistance 81 Chapter 4: Month 2: This Might Be Okay 87 Baselining the Investment Period 90 Reporting Monthly Financials 94 Starting with Momentum 97 Identifying Value Sources 101 Chapter 5: Month 3: Guarded Enthusiasm 113 Generating and Aggregating Ideas 116 Evaluating and Prioritizing Opportunities 122 Profiling and Planning Initiatives 127 Suspending Strategic Planning Formalities 137 Finalizing the Value Creation Plan 141 Chapter 6: Quarter 2: A Bit Overwhelmed 147 Ensuring Leadership Coverage 150 Organizing the Value Creation Team 159 Managing the Value Creation Program 162 Targeting, Tracking, and Triaging Value Creation 165 Chapter 7: Quarter 3: Gaining Momentum 173 Managing with Performance Indicators 176 Standardizing Operating Cadence 182 Incorporating the Board of Directors 189 Overcoming Bumps in the Road 195 Chapter 8: Quarter 4: Ringing the Bell 203 Confirming VCP Results 206 Rewarding Success 210 Planning Strategy Pragmatically 212 Integrating Plans and Budgets 216 Investment Period Outputs 227 Chapter 9: Year 2: Improving Infrastructure 229 Organizing Effectively 231 Operating Efficiently 238 Sourcing Strategically and Spending Economically 247 Financing Internally 256 Chapter 10: Year 3: Expanding Beyond 263 Optimizing Profitability 266 Pricing Intelligently 271 Pipelining Systematically 279 Integrating Pragmatically 286 Chapter 11: Year X: The Exit 297 Exit Timing 300 The Exit Process 302 Exit Preparation 305 Enjoying the Rewards 309 Chapter 12: Conclusion 313 References 317 Index 319
Subject Areas: Finance & accounting [KF]
