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Tamara Sakovska. The Private Equity Toolkit
Table of Contents
Guide
Pages
THE PRIVATE EQUITY TOOLKIT. A STEP-BY-STEP GUIDE TO GETTING DEALS DONE FROM SOURCING TO EXIT
Preface
Chapter 1: First Thoughts on Deal Sourcing
Chapter 2: Thematic Deal Sourcing
Chapter 3: Opportunistic Deal Sourcing
Chapter 4: Deal Selection: Eliminating the Wrong Deal
Chapter 5: Deal Selection: Identifying the Right Deal
Chapter 6: Assessing the Top Management Team
Chapter 7: Analyzing the Business Plan
Chapter 8: Valuation
Chapter 9: Deal Structuring
Chapter 10: Deal Execution: Transaction Process and Due Diligence
Chapter 11: Deal Execution: Legal Documentation
Chapter 12: Adding Value Through Active Ownership
Chapter 13: Exit Strategies and Deal Monetization
Acknowledgments
About the Author
1 First Thoughts on Deal Sourcing. Key Topics in Chapter 1:
Introduction to Deal Sourcing
Deal Sourcing Strategies
Assessment of Your Current Deal Sourcing Capabilities
Where Do Deals Come From?
2 Thematic Deal Sourcing. Key Topics in Chapter 2:
The Benefits of Thematic Deal Sourcing
Thematic Deal Sourcing: ICEBERG Roadmap™1
1. Identify a sector theme and build aninvestment thesis
2. Conduct an in-depth analysis of the selected industry
3. Elaborate on your knowledge by mapping out key players operating in the industry
4. Build a network of experts and company executives to fill knowledge gaps
5. Establish a long list of potential deal targets and initiate coverage of these companies
6. Rank the companies by attractiveness and approach two or three potential deal targets at a time
7. Go visit companies to convert deal ideas into real transactions
Notes
3 Opportunistic Deal Sourcing. Key Topics in Chapter 3:
Developing an Edge in Opportunistic Deal Sourcing
DATABASE Roadmap™1 for Opportunistic Deal Sourcing
Opportunistic Deal Sourcing: DATABASE Roadmap™
1. Develop a clear point of view about what kind of deals your fund wants to target
2. Articulate a concise and memorable message about your mandate
3. Team up with intermediaries who consistently add value
4. Add new relevant connections to your network
5. Build a strong brand
6. Apply creative thinking to supplement your opportunistic deal flow
7. Set-up a dedicated digital platform to manage your deal origination workflows
8. Establish a business development team fully devoted to deal sourcing
Notes
4 Deal Selection—Eliminating the Wrong Deal. Key Topics in Chapter 4:
Introduction to the Deal Selection Process
Eliminating the Wrong Deal Through Negative Screening
Notes
5 Deal Selection—Identifying the Right Deal. Key Topics in Chapter 5:
Positive Screening Framework
Notes
6 Assessing the Top Management Team. Key Topics in Chapter 6:
Management Practices in Private Equity
What Makes a Great CEO
What Makes a Great Private Equity CEO
Management Assessment
Notes
7 Analyzing the Business Plan. Key Topics in Chapter 7:
Introduction to Business Plan Analysis
Typical Issues in Business Plans
Business Plan Analysis Framework
1. What does this company do? Does it need to exist? What customer need does it serve?
2. What macro factors are likely to affect this business during my investment horizon?
3. What do I need to know about the industry to put the company's business plan into context?
4. What are the key building blocks of this company's business model?
5. How is this company positioned at present compared to its competitors?
6. What does the company do well and what does it do badly?
7. How has this business done historically?
8. What 5-year projections am I underwriting as an investment base case? What are the key sources of value creation during my investment horizon?
9. What are the risks? What is my downside investment case?
10. Does my investment case add up?
Notes
8 Valuation. Key Topics in Chapter 8:
Value, Price and Cash
Valuation Metrics
Valuation Methods
From Valuation to Pricing
Notes
9 Deal Structuring. Key Topics in Chapter 9:
Capital Structure
Management Incentive Plan
Advanced Deal Structures
Notes
10 Deal Execution: Transaction Process and Due Diligence. Key Topics in Chapter 10:
Transaction Process
Due Diligence: Introduction
The Ten Principles of a Good Due Diligence Process
Due Diligence: Key Workstreams
Commercial Due Diligence (“CDD”)
Financial and Tax Due Diligence (“FDD”)
Operational Due Diligence (“ODD”)
Legal Due Diligence (“LDD”)
Other Due Diligence
Notes
11 Deal Execution: Legal Documentation. Key Topics in Chapter 11:
1. Non-Disclosure Agreement
2. Engagement Letters
3. Offer Letter
4. Sale and Purchase Agreement (“SPA”)
5. Articles of Association (“Articles”)
6. Shareholders’ Agreement (“SHA”)
7. Debt Documentation
Notes
12 Adding Value Through Active Ownership. Key Topics in Chapter 12:
Active Ownership: Value Creation Strategy
From Paper to Action: 100-Day Plan
Governance and Reporting
When the Deal Goes South
Notes
13 Exit Strategies and Deal Monetization. Key Topics in Chapter 13:
Exiting a Minority Transaction
Exiting a Majority Transaction
Exit Timing
Conventional Exit Routes
IPO
Strategic Sale
Sponsor-to-Sponsor Buyout
Alternative Deal Monetization Strategies
The Finishing Touch: Ensuring a Successful Exit
Notes
References. Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Index
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