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BEST PRACTICES
For Building Successful Exit Strategies

Thu, Dec 5 @ 8:00 am - 5:00 pm

Why Shrewd Sellers Prepare
For Exits Starting from Day One

Best Practices for Building Successful Exit Strategies

Details

For smart sellers, exits are not spontaneous.

These days, sponsors aren’t revving up for sales processes or auctions just a few months ahead of time.  Instead, they’re lining up at the starting gates not only before they’re talking with prospective buyers but also before they’ve even closed their own deals on the buyside!!

For their part, buyers are increasingly —

  • Being more and more methodical about exit planning, e.g., meeting regularly to determine whether the timing or the best exit avenues have changed
  • Collecting more data from their portfolio companies to build compelling growth arguments for the next buyers
  • Assembling teams of specialists who focus on a portfolio company’s exit plan
  • In some cases, on-boarding highly-paid partners whose responsibility is to focus exclusively on exits

This conference is going to dive deep into how PE firms can start preparing from Day One, and continuing through the entire hold period, for an exit. You’ll hear from peers about their best practices on topics such as —

  • Timing the exit process — A McKinsey study shows how you can reap as much as an extra five or six times EBITDA by selling at the right time. And we’ll discuss what factors go into determining when the time is right for an exit – and even when it only seems right but isn’t.
  • Measuring readiness — It’s crucial to conduct regular scans of how a portfolio company is progressing towards an exit. Here are some key questions —
    • How do you judge that the timing needs to be changed?
    • Is the exit route still right?
    • Have value creation targets been met?
    • Are there new targets that must be put in place?
  • Building a compelling narrative for potential buyers — We’ll look at
    • what data you need to collect,
    • preparing sell-side quality of earnings reports,
    • conducting market studies and other tactics
    • building potential buyers’ confidence in the company’s future value using tactics like pilot programs or field trials.
  • Keeping your management team motivated and excited through the process, and making sure your bankers are communicating well with them.
  • Identifying potential stumbling blocks — These include unexpected customer consolidation, undisclosed risks, unexpected volatility in financial results, and unpredictable government moves like the imposition of tariffs or budget shutdowns.

Chaired by

Caroline Young, HKW -- Hammond, Kennedy, Whitney

Caroline L. Young

Partner
HKW — Hammond, Kennedy, Whitney

Date

Thursday, December 5, 2019

8:00am – 5:00pm

Location

Midtown Manhattan, NY

Sponsor

Taft logo

Register now to gain valuable insights as our panelists assess the outlook for exits when you attend The Capital Roundtable’s amazing new all-day conference on Best Practices for Building Successful Exit Strategies, on December 5 in New York City.

Key Reasons to Attend

Three Key Reasons Why You Should Join Us

 

  1. Understand why your eventual exit should be in focus even before you sign the purchase and sale agreement
  2. Learn key tactics to make your exit process more systematic from day one
  3. Hear how geopolitical uncertainties and the macroeconomic environment are affecting middle-market exits
Key Points Being Covered
  • Whether firms should have dedicated staff focused on exits
  • The value of setting up exit committees, and who should be on them
  • How rising protectionism affects potential exit routes
  • What the economic cycle means for mid-market exits
  • The advantages and disadvantages of a shorter holding period
  • What work should be done before you begin the exit process

 

  • The relative merits of narrow versus broad processes
  • The pluses and minuses of trade sales, secondary sales, and IPOs
  • Whether the IPO route really has potential for middle-market firms
  • How strategic corporate development staff view the PE auction process
  • When to bring in bankers and how to select the right ones for your portfolio companies
  • Buyers’ most common concerns and how to allay them

 

  • Understanding and handling potential pitfalls mid-process (like sudden customer changes)
  • How to apply data-driven analytics to understand when your portfolio companies are ready to exit
  • How to build a standardized, easily repeated exit process
  • How to keep your management team focused on value creation later in your hold period
  • How to demonstrate that there’s runway left for the next buyer
  • How to narrow the buyer-seller valuation gap with earn-outs and other deal terms
  • How to assuage strategic buyer concerns about back office issues
  • How to get certainty about the close
Chairperson Info

Caroline Young joined Hammond Kennedy Whitney (aka HKW) in 2001. Her primary responsibilities include overseeing divestitures and collaborating with HKW’s operations team and its portfolio companies’ management teams to focus on value creation and exits. She has overseen the successful exits of more than 20 portfolio companies. In addition, she works with HKW’s sourcing team on deal generation initiatives.

Previously she practiced law at Wooden & McLaughlin LLP, representing corporate defendants in complex commercial litigation, product liability, and professional malpractice cases.  She earned a law degree from the University of Virginia School of Law and a bachelor’s degree from the University of Vermont, graduating summa cum laude. She’s active with a number of not-for-profit organizations, including The Children’s TherAplay Foundation and the Providence Cristo Rey High School.

Who We Are

This Capital Roundtable conference in midtown, New York City, is all-business, all-targeted, all-designed to be a completely focused day of practical information and revealing insights about successful exit strategies. You’ll gain valuable insights from —

  • Three informative panel discussions
  • Two revealing keynote presentations
  • Real-world perspectives from company investors
  • Industry outlooks from noted sector experts
  • War stories and lessons learned from experienced hands

Chaired by
  • Caroline L. Young, Partner, HKW — Hammond, Kennedy, Whitney
Hosted by
  • Burt Alimansky, Chairman & CEO, The Capital Roundtable
Preliminary Speaker List
  • Tiff B. Armstrong, Managing Director, Harris Williams
  • Andrew Bonanno, Partner–Business Development, Kohlberg & Co. LLC
  • Laura E. Boyd, Head–M&A, Norwest Venture Partners
  • Robert T. Brown, Managing Director, Lincoln International LLC
  • Hyman Buchwald, V.P.–Corporate Development, Xylem Inc.
  • William H. Cooper, Managing Director, BlackArch Partners LLC
  • Lee Dranikoff, Managing Director, American Securities
  • Ramsey W. Goodrich, Managing Partner, Carter Morse & Goodrich
  • Alastair Green, Partner, McKinsey & Company
  • Elijah Hammans, Partner, Taft Stettinius & Hollister LLP
  • Jesse Hermann, Resource Partner, Court Square Capital Partners LP
  • Brian Higby, Senior Director, Clorox Company
  • Ted H. Kramer, President & CEO, Hammond Kennedy Whitney & Co. Inc.
  • Robert B. Landis, Partner, Riverside Company
  • Paul Morgan, Associate, McKinsey & Company
  • A. Clayton Perfall, Operating Executive, Tailwind Capital Group LLC
  • Gretchen B. Perkins, Partner, Huron Capital Partners LLC
  • Mary Petrovich, Senior Advisor, Carlyle Group
  • Susan Roddy, Managing Director, Houlihan Lokey Inc.
  • Paul R. Smolevitz, Managing Director, TM Capital Corp.
  • Brendan E. Tierney, Managing Director, Raymond James & Associates Inc.

(Agenda subject to change)

7:30am – 8:30am

Networking & Registration & Breakfast

8:30am – 9:00am

Welcoming Remarks & Audience Self-Introductions

  • Burt Alimansky, The Capital Roundtable
9:00am – 9:30am

Conference Chair’s Introduction —

  • Caroline L. Young, HKW — Hammond, Kennedy, Whitney
9:30am – 10:30am

First Panel
First, Plan Your Exits – Then Let Them Drive Your Value Creation Initiatives

Moderator:

  • Alastair Green, McKinsey & Company

Panelists:

  • Lee Dranikoff, Managing Director, American Securities
  • Jesse Hermann, , Court Square Capital Partners
  • Clayton Perfall, Tailwind Capital Group LLC
  • Paul R. Smolevitz, TM Capital Corp.
10:30am – 11:15am

Networking & Coffee

11:15am – 12:00pm

Morning Conversation —
It’s All About Timing — What to Consider When Assessing Readiness

Moderator:

  • Ramsey W. Goodrich, Carter Morse & Goodrich

Panelists:

  • Ted H. Kramer, HKW — Hammond, Kennedy, Whitney
  • Robert B. Landis, Riverside Company
12:00pm – 12:30pm

Morning Keynote — 

  • Mary Petrovich, Carlyle Group
12:30pm – 1:30pm

Networking & Luncheon

1:30pm – 2:30pm

Second Panel
The Art of Selling to Strategic Buyers – How to Position Your Company to Attract the Best Bids

Moderator:

  • Andrew Bonanno, Kohlberg & Co. LLC

 Panelists:

  • Hyman Buchwald, Xylem Inc.
  • Brian Higby, Clorox Company
  • Susan Roddy, Houlihan Lokey Inc.
  • Brendan E. Tierney, Raymond James & Associates Inc.
2:30pm – 2:45pm

Networking & Dessert

2:45pm – 3:30pm

Afternoon Conversation
Laying the Groundwork for Your Exit – Getting the Data You Need, From Market Studies to Quality of Earnings Reports

Moderator:

  • Paul Morgan, McKinsey & Company

Panelists:

  • William H. Cooper, BlackArch Partners LLC
  • Elijah Hammans, Taft Stettinius & Hollister LLP
  • Gretchen B. Perkins, Partner, Huron Capital

3:30pm – 4:30pm

Third Panel
Running a Top Notch Exit Process — Pros & Cons of Fireside Chats, Check-in Bids, Early Looks, and Broad vs. Narrow Buyer Lists

Moderator:

  • Caroline Young, Hammond Kennedy Whitney & Company Inc.

Panelists:

  • Tiff B. Armstrong, Harris Williams
  • Laura E. Boyd, Norwest Venture Partners
  • Robert T. Brown, Lincoln International LLC
4:30pm

Networking & Adjournment

Space at this conference is limited, so register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Chris Agar today to confirm your attendance at 212-832-7300 ext. 0 or cagar@capitalroundtable.com.

Please note that Capital Roundtable limits the number of registrants from a single firm to three.

Best Rate – Early Registration

Save $300 off the standard fee of $1,495 when you register by Friday, October 18. Just $1,195.

Incentive Registration

Save $200 of the standard fee! Register by Friday, November 8, and the fee for the conference is $1,295.

Conference Rate

$1,495 increasing to $1,595 day of conference, space permitting.

Group Rate

$1095 each until Friday, November 8, when you register two or more people to attend from the same company. This rate increases to $1295 each after Friday, November 8.

You can pay by credit card (using the links above or below) or by check. Mail your check and business card to: New York Business Roundtable Inc., 747 Third Avenue, Suite 200, New York, NY 10017.

Can’t attend but want to hear the program? You can buy the audio package along with the handounts.

This event is sponsored by:

Marquee Sponsor:

Taft logo

Association Partners:

Data Partners:

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Details

Date:
Thu, Dec 5
Time:
8:00 am - 5:00 pm
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Contact Us



747 Third Avenue | Suite 200 | New York City | 10017
212-832-7300

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