NSS Workshop Series for CEOs and Business Owners

How to Build and Retain Value for Your Company in a Slow Recovery!

Wednesday, Sept 28 2011 | 7:30am-9:30am

Host Place: NENS, New England Networking Solutions, 1 Presidential Way, Suite 104 B, Woburn, MA 01801

Click here to register!

Moderator: Carol Kunik, Vistage Expert

Speakers:

• Dan Adams, NENS
• Ron Adams, Capstone Partners, LLC
• Beth Arnold, Foley Hoag, LLP
• Ben Weller, Next Stage Solutions, Inc.
• Steve Wishner, Corporate Director and Managing Director of Exigent

Host: NENS, New England Networking Solutions,  1 Presidential Way, Suite 104B, Woburn, MA 01801

Sponsor: Next Stage Solutions, Inc.

Value Creation Topics:

• The Role your Company Culture plays
• Identify Your Value Drivers
• Balance Variable and Fixed Costs
• Leverage Technology for Scalability
• Continuous Improvement Methodologies
• Leverage IP for new Revenue streams
• Assess Competitive Risk

Join our Panel of Experts in an interactive discussion how to build and retain value creation in uncertain times.  What is value creation and why should you care?  Value creation is achieved by positively affecting the valuation of your business and is an ongoing process.

Many CEOs are so busy right now working in the business, that they lose sight of the longer term goals. The workshop intends to lead you back to a longer term view focusing on value creation inside and outside your business. Our panel of experts will propose ways to maximize the impact value drivers can have in realizing success.

The uncertain economy demands disruptive innovation, yet that implies risk that is harder to achieve. Agility is more important than ever, you want to be a speedboat rather than an ocean liner.  We will discuss how to incorporate hidden values into your strategy and how to attain value short-term and for the future health of your company. Value creation starts at inception and gets more complex with maturity.

Who should attend?

Exclusively for CEOs, Presidents, Founders, Board Members and Investors.

On May 11, 2011, NSS held a CEO Workshop concerning Budgeting and Forecasting.  The group discussed the different measurement criteria, value drivers and how to lead an ongoing budget process within your business. Flexible budgets, annual budgets and rolling forecasts were compared.  Here are two articles you may want to read that are relevant to this topic.

Contact Ben Weller, BD & CFO of NSS at weller@nextstagesolutions.com or call at 617-449-7728 ext. 710 for a consultation.

1. Let It Roll: Why more companies are abandoning budgets in favor of rolling forecasts by Russ Bangham of CFO Magazine, May 2011
2. Use a Rolling Forecast to Spot Trends by Harvard Business School Working Knowledge, March 13, 2006

Budgets and Forecasts represent two parts of a business management continuous improvement process. A successful enterprise must first have a clear understanding of its strategic plan. In fact Budgets and Forecasts are the financial GPS tools that carry strategy through to implementation.

How do you communicate and manage the goals for your team?

The workshop posed the following questions to our CEO participants;

• Do you see a budget as a Strategic or a Tactical tool?
• How can your budget reflect your strategy?
• Do you see your budget as more of a tactical tool, i.e. the performance yardstick for annual goals and compensation plans?
• Is the budget made up of strictly financial metrics?
• Where do you capture operational goals and performance measurement metrics?
• Is your budget implementation process a reflection of your company’s culture or is it a process within itself?
• Do you recognize your business and industry drivers within your budget?
• Does your budget have an expiration date, or do you keep it alive through continuous improvement forecasting?

Ben Weller, BD & CFO for Next Stage Solutions compiled the following check list as a hand out:

The measure of how you execute strategy is captured in the topic of Budget. But different areas of your business require different measurement criteria.

Budgets can refer to:

• Marketing Strategies
• Sales Plans
• Operational performance
• Human Resource development
• Capital Investment
• Financing Strategy
• Ownership Return

And can take on many measurement dimensions

• Fiscal
• Continuous Improvement goals
• Key Performance indicators
• Strategic Planning Milestones
• Benchmarked Metrics
• Customer Satisfaction

Budget Implementations can take on the personality of the organization

• Size of Company and distribution of authority
• Top Down versus bottom up management style
• Fiscal Micro management vs  Strategical Macro management
• Cash Flow is Primary Focus
• Performance vs External Expectations is a Priority

And all methods and uses need to focus on Business Drivers

• Variable Sales and Cost (Marginal Profitability)
• Fixed Costs
• Project Costs (New Product Introduction)
• Occupancy Costs
• Variable Energy Costs
• Headcount
• Average Selling Prices (Competitive Positioning)
• Efficiency (Labor and Machine Operations)
• Productivity

What Profiles of budget design fit with various industries

• Software
• Life Science
• Medical Device
• Manufacturing
• Food Production
• Professional Services

What are the various focuses of forecasting and where do they apply

• Traditional Rolling 12 Month forecast
• Sales Driven Top down vs trend based
• Cash Flow vs P&L
• Analysis vs Plan
• Current State vs Future State (This involves lean accounting and is a whole other topic)

If you are interested in this topic and would like to explore rolling forecasts further for your business, NSS provided a customized one-day workshop.

Contact Ben Weller, BD & CFO of NSS at weller@nextstagesolutions.com or call at 617-449-7728 ext. 710

NSS Workshop Series for CEOs and Business Owners

If you are a service provider receiving this, please share it with your clients, a value add for you, thank you.

Private Equity Transactions: Raising Growth Capital and what You Need to Know!

Time: Thursday, March 31 2011 | 7:30am – 9:30am

Place: Bridge Bank | 1050 Winter Street | Suite 1000 | Waltham, MA  light breakfast

Bring your questions to this interactive discussion with a great panel:

Moderator:

Frank Leibly, Partner,  Alcon Partners

Panelists:

Paul Harting, CEO, Neuroptix

Ethan Flaherty, Partner,  Pabian & Russell

Laura Kevghas, Partner,  Mirus Capital

Scott Goodwin, Partner, Wolf & Company

Host:

Dick Sweeney, Partner, Bridge Bank

Discussion Topics:

• What is Private Equity, and how is it relevant to my business?
• What kinds of transaction structures are common?
• What questions should I be prepared to answer?
• Should I hire an investment banker or business broker?
• What are some of the metrics to consider building value?
• What are the steps towards a capital raise?
• What does a due diligence process look like?
• What to expect after a transaction is complete?
• Is now a good time for a private equity transaction?
• We will share horror stories and how to prevent them.

Who should attend?

CEOs and presidents of companies with $10MM+/- of revenue who are considering next steps for their company.

If you do not match the above criteria, please forward this email to clients and colleagues who are.They will appreciate it. Thanks.

About the NSS CEO Workshops Series:

Next Stage Solutions, Inc (NSS) is a financial consulting firm providing CFO and Controller support to growing businesses on an interim or ongoing basis. Through its extensive network, NSS began offering the workshops in 2010 exclusively to CEOs and presidents of growing companies.  These workshops are interactive in nature and encourage company leaders to explore new ways of tackling the complexities a 21st century business, to learn from each other and gain new and more effective tools in leading their business to the next stage.

 

Register today at info@nextstagesolutions.com or 617-449-7728

The workshop was sponsored by NSS and hosted by WilmerHale Venture Group. The NSS CEO Workshop Series is intended for CEOs of revenue producing companies.

The board room was chuck full at the WilmerHale Venture Group office in Waltham. The invited speakers were Joan McArdle of Mass Resource Capital, Jane Braun of Silicon Valley Bank, Robin Lockwood of Flybridge Venture Partners and Christopher Mirabile of RacePoint Capital LLC.  The panel discussion was led by Lee Schindler of WilmerHale.

The focus was around changes in the funding arena and how that has affected each group.  We then opened it up to a dialogue with the CEOs.

Here are some interesting facets of this discussion (loosely defined by NSS):

• Significant changes in activity around Angel Groups, almost a flip side between VC and Angel funding.
• More syndications between Angels and VCs.  Angels are valuation centric.
• Huge migration in the VC world and closing of funds from 800-900 down to 600-700 VC funds
• Because of high multiples among some VCs,  Angels are filling some of that gap
• With uncertainties in economy it has been hard for companies to commit to expansions
• Lots of Re-Capitalizations are happening.  Good timing.  With lower interest rates it is advisable to reconsider a re-cap with the layers of debt and the different view from lenders a company may have.  Mass Capital Resources provides this type of re-cap with a 2-3yr interest only financing.  Mass Capital is currently doing deals in the $1M to $5M range and at an interest rate typically between 10% and 12%.
• Companies are starting to invest again.  All agreed that they are seeing an uptick in business activities.
• There is a huge Global push
• More VCs give smaller checks
• VC’s today are investing in companies that are capital efficient or not at all.
• It’s more difficult to get investment in a product or services business than it is in a software business.
• How do you get a highly leveraged company to an exit in today’s market?  Not really any differently.
• How can an entrepreneur know how much money to raise?  Determine what the life of an investment is and then try to match it with the right investor.  For example, an investment of $500K to $2.5M over the life of the investment probably won’t be appealing to a typical VC.  Putting in $30M over the life of the investment would be more appealing.
• How often do Angels and VC participate in similar events?  There are some forums when a mixture of investors is present.
• How about grants as a way to get some funding?  That may be a good thing (it’s non-dilutive) as long as it fits your business strategy.  Do not lose focus.
• Whether or not an angel or VC invests in the company depends in large part on how good the entrepreneur is.  “Can he/she do it?”
• Best thing to do if you’re raising money – Don’t go around town asking for money.  Instead, spend your time building relationships with investment community, asking questions like “what would you do if you were me?”
• M&A activity is picking up and deal flow is up

Our next CEO Workshop will be Tuesday, November 9 from 7:30am-9:30am and the topic will be around “Merger & Acquisitions”.  Save the date!

Steve Dance is part of the NSS team.  He brings over 30 years of high level financial expertise in Life Sciences and High Tech. Steve has raised over $500MM in capital.

Most Satisfying: In your CFO work you have done in the past, what is the most satisfying feedback you got from the CEO?

That the CEO could always count on me to be calm and focused during a crisis.

Most Inventive: Given that as CFO we understand the importance of providing our clients with more than just accounting and financial reporting, share with us a project that truly made you a value creator.

The sale of one of my previous employers to a major biotechnology company was a complex process, with many potential obstacles arising during the negotiation and due diligence process.  As CFO, I was part of the negotiation team and provided the bulk of the due diligence materials.  I was responsible for resolving the many issues that came up during the sale process.  I believe I was able to establish a strong level of trust with the acquirer’s team and we were able to reach agreement on all the issues, and the sale was successfully concluded.

Most Positive: CFOs have different skill set, yet often we are viewed as one of the same.  Tell us a story where your actions made a powerful positive change and why.

I was CFO for a biotech company in California that had 300 employees, over 200 of whom were located in Europe, principally in Lyon, France, following a recent acquisition.  Since I speak French, I was able to establish good relations with the finance group in France, and ultimately the rest of the management team.  I played a key role in ensuring that the needs of the European team were met and consequently was appointed President of European Operations in addition to my CFO duties.  The good relationships that I built with the European organization also enabled me to negotiate successfully with the French labor union to avoid a workers’ strike that would have halted manufacturing.

Best Business Book: What should every CEO be reading going forward in this tepid economy?

The Wall Street Journal – still a great way even in this digital age to keep on top of what is happening in the business world.

Funniest Fact: Tell us something funny about you.

I was raised in Wimbledon, England and when I was a kid I used to go and watch the tennis at Wimbledon every year.  In those days the players used to walk through the crowds on their way to the courts.  One time I got too close to a player and he accidentally trod on my foot.  My foot was sore for days afterwards; the player won his match.

Laurie Taylor joined the NSS team recently.  He has over 20 years of experience and has worked with multiple start-up as Controller. We are delighted to have him on board.

Most Satisfying: In your CONTROLLER work you have done in the past, what is the most satisfying feedback you got from the CEO?

Nineteen out of twenty client companies have offered me a full time position during the engagement.

Most Inventive: Given that as CONTROLLER we understand the importance of providing our clients with more than just accounting and financial reporting, share with us a project that truly made you a value creator.

I began a two person project to determine why a major bank’s ATM conversion had an out of balance total of $19M after the merger of the two banking systems.   The bank booked a 200k reserve to cover this reconciliation exposure.  I requested a Bank Tiger team to assist my current consulting team and at the end of the project we had completely reconciled the account and were only unable to account for $9k in bank funds.  We also discovered a major systems glitch that was the result of the systems merger and trained the banking staff to recognize the problem and how to correct the system if it occurred again.

Most Positive: CONTROLLER’s have different skill set, yet often we are viewed as one of the same.  Tell us a story where your actions made a powerful positive change and why.

I was assigned a project to take over for a Director of Finance at a specialized moving van company.  I first determined that there was a massive amount of misspending going on and no one was managing the AR accounts.  In 6 weeks we were able to make enough corrections that company was stable enough for sale to a much better funded and staffed regional carrier.  The sale of this business unit saved 250 staff member’s jobs as a result of the merger instead of a company closure due to prior management neglect.

Best Business Book: What should every CEO be reading going forward in this tepid economy?

The Why of Work: How Great Leaders Build Abundant Organizations That Win by
David Ulrich and Wendy Ulrich

Funniest Fact: Tell us something funny about you.

I am crazy about WWII aircraft that have massively supercharged engines that “go fast, stay low, and turn left!” also known as the National Championship Air Races held each fall in Reno, NV.  The only rules are that these planes must have a prop and straight wings.

Window of Opportunity | One Month!

Program Highlights:

• Life Science companies with fewer than 250 FTEs eligible
• Project expense years: 2009 and 2010
• Maximum cash or credit amount: $5M
• Multiple projects/applications can be submitted
• Forms and Instructions are now available
• Application decisions will be made within 30 days
• Applications are due no later than 21 July 2010

Introduction:

One of the results of the Health Care Reform Bill was the appropriation of a poll of $1 Billion in tax credits or grants to support the costs of research by small and mid-size life sciences companies paid or incurred in 2009 and 2010. This program is advantageous for companies without income tax liability.

Subject to some exceptions, the QTDP (Qualifying Therapeutic Discovery Project) credit or grant is available to any business with 250 or fewer employees at the time the application is submitted. No applicant will be allocated more than $5 million in QTDP tax credits or cash grants and because of the wide open application process most winning projects will receive less than the requested amount and completion is expected to be very intense.

Applicants will choose between the tax credit and cash grant during the application process.

The final deadline for application submission is 21 July 2010 and submissions after this date will not be considered.

Application Process and Selection Criteria

Life sciences companies must apply to the Treasury Department for an allocation from this incentive pool using IRS Form 8942. The Treasury will approve or deny applications within 30 days of submission.

A QTDP is a project designed to achieve any of the following objectives:

• To treat or prevent diseases or conditions by conducting pre-clinical activities, clinical trials, and clinical studies, or carrying out research protocols, for the purpose of securing approval of a product by the Food & Drug Administration or Public Health Service,
• To diagnose diseases or conditions or to determine molecular factors related to diseases or conditions by developing molecular diagnostics to guide therapeutic decisions, or
• To develop a product, process, or technology to further the delivery or administration of therapeutics.

In addition to the life science component of the selection process the financial impact of the QTDP will be reviewed to determine which submissions will likely:

• create and sustain (directly or indirectly) “high-quality, high-paying” jobs in the U.S., and
• advance U.S. competitiveness in the fields of life, biological, and medical sciences.

The following entities are not eligible for this program:

• Foreign businesses unless more than 50% of their income from the relevant project is subject to U.S. federal income tax,
• Federal, state, or local governments,
• Tax-exempt organizations,
• Partnerships or
• Other pass-through entities.

Additionally, the following are not eligible project expenses: CEO and other officer’s compensation, interest expense, facility maintenance expenses, service costs or such costs as determined by the IRS.

The QTDP credits and grants are subject to recapture if the patents or other resulting property are transferred within five years.

An applicant must complete a separate IRS Form 8942 for each QTDP for which it is seeking a QTDP tax credit or cash grant and this form is due for release 18 June 2010.

The following is a summary of the QTDP Credit Project Credit established in by the Health Care Reform and by IRS Notice 2010-45.  Interested applicants should thoroughly review IRS instructions and form 8942.

Please feel free to contact Lauriston Taylor at Next Stage Solutions; if we may assist you in any way.

Lauriston Taylor, Controller Consultant

o:  617. 449.7728, x-712

c:  978. 397.6412

f:   978. 339.5202

The GPS of Finance

IBM just published an extensive and insightful study about the global chief financial officer.  The 2010 IBM Global CFO Study reveals the importance of the CFO role today and how a financial advisor must be broader and more strategic. It surveyed 1900+ CFOs worldwide from a cross section of enterprise sizes.

Today’s CFO must bring a broad understanding for a business, more than ever.  Figure 1 shows the significant changes over the last 5 years on the importance of five company-wide activities. Notice the largest changes are around managing and mitigating risk (93% increase) and integrating information across the enterprise at 109% increase.

Figure 1

The study defines the CFOs into four groups:

1. Value Integrators
2. Disciplined Operators
3. Constrained Advisors
4. Scorekeepers

It evaluates the effectiveness of all four in multiple subject matters and shows the gap or discrepancy between the different styles.  For simplicity, we compare the two opposites, that of the Value Integrator and the Scorekeeper.   The Scorekeeper is defined as a CFO focusing primarily on financial reporting, compliance and accounting with some budgeting and forecasting.

The Value Integrator is viewed as a CFO who continuously improves the finance efficiency and provides broad business insights to the business.  They use technology to achieve greater data accuracy and develop better analytical tools for forecasting and scenario planning. Value Integrators understand the importance of managing enterprise risk and opportunities.  This study points out that Value Integrators consistently outperform the other 3 groups and have provided significant security to businesses in this recent downturn.

Figure 2 shows the 5-year effect most significantly around EBITDA, where the difference is more than 20X. Value Integrators also outperform on the REVENUE and ROIC side, with 49% and 30%, respectively.  These numbers are indeed noteworthy, the differences are truly impressive.

Figure 2

Multiple financial measures in this study are evaluated (see figure 3) and most impressively, Value Integrators achieved sustainability within their companies despite the economic recession.  The study also evaluates enterprise-focused effectiveness and how expectations versus executions show a widening gap. One of the larger gaps (34%) is integration of information across enterprises.  Today’s CFO must integrate information to understand which metrics are important and how often: weekly, daily or realtime.  Proactive CEOs demand proactive data support from their financial team.

Figure 3

The two key capabilities associated with the outperformance of the Value Integrator are:

1. Finance  efficiency – provides business-relevant information and strong analytics based on good data
2. Business Insight – enterprise focused  and risk-based decision making support in a timely manner

Figure 4 shows how Value Integrators outperformed on all aspects of CFO responsibilities.  Using Scorekeepers as the baseline, it is hard to avoid noticing the alarming difference between Scorekeepers and Value Integrators. Very importantly, combining the skill set of finance and enterprise knowledge has a multiplier effect and separates the Value Integrator by a large margin. Finance and risk are embedded in the company.  Risk management and opportunities are in fact a big focus for a forward looking CFO. The support and overall contributions from a CFO to an enterprise are becoming increasingly strategic.

Figure 4

Clearly CFOs need to master and control all tactical aspects of finance.  Historic data provides you with a historical view.  A current view is represented by financial dashboards important to all decision-making.  The forward looking view is vitally important for ongoing sustainability and growth of a business.  Only with the understanding and support of all three can the CFO be truly pro-active in the decision-making process, scenario planning, forecasting and risk management and mitigation.  The new, strategic CFO must possess the expertise and skill set in support of the CEO (figure 5).

Figure 5

The strong emphasis on tactical finance for the past 10 years is partly due to Sarbanes-Oxley.  CFOs have continuously been transaction driven leaving a significant gap between actual and aspiration (see figure 6).  CFOs continue to spend half their time around transactional processing.  NSS thinks that the future mix should be:

40% Decision-support
30% Transactional
30% Control

Today’s economic landscape demands increased worldliness, intellect and knowledge from CEOs and CFOs. This combination gives the CFO more enterprise wide responsibilities as a trusted business partner who understands finance, connects the dots, brings micro- and macroeconomic knowledge and is market and industry savvy.

Figure 6

NSS is interested in your feedback and in how you have navigated through this recession.  The 2010 IBM Global CFO Study shows powerful statistics in support of a Value Integrator as a CFO and why it is so important to drive your business in that direction.  Give us a call to discuss further in how we may support you and your business with our value driven strategic CFO focus and strong ROI.

Rudi Scheiber-Kurtz, CEO
Next Stage Solutions, Inc.
The GPS of Finance

NSS is co-sponsoring four CEO Seminars around the theme of “Moving Forward: A Roadmap to Growth and Best Practices in 2010″ .  The first one was successfully held March 23 at Furman Gregory Deptula.  Our next seminar is scheduled to be on Tuesday, June 15 and we are currently formulating the agenda based on the feedback from the CEOs in attendance at the March meeting.

NSS provided this hand out:

Flexibility

Keep your company nimble, lean and focused.  Just as large companies have divested non-core competencies, carefully consider which aspects of your business should remain fixed costs and which should become variable.  This keeps your business capital efficient and brings greater flexibility in moving your business forward.  Consider outsourcing non-core functions such as HR, finance, legal, sales and marketing.

Focus

Take a look at your lines of business in product/services and analyze closely which lines are using what resources.  If you have a product that takes 70% of your resources and represents 20% of your revenue, you have a problem.  Evaluate your customer/client revenue streams and determine what portion of total revenue each contributes.  Customers/clients that make up more than 30% of total revenue may in fact be a danger to your long term stability.  Stay diversified and avoid relying on one or two big clients.

Working Capital

Cash is always King.  In this recession, keeping cash flow positive has been harder and harder to achieve, especially for small businesses.  Where once monthly cash flow checks were adequate, today a daily/weekly Financial Dashboard is a necessity.  Financial Dashboards give you key financial indicators such as accounts receivable and inventory turnovers, working capital and current account ratios. Know at all time what your 6-month cash flow looks like and what action you may need to take.  Look beyond the ratios to get a regular pulse of industry trends and changes in technology.  Keep an eye on what the competition is doing, and check their press releases, stock prices and other activities that could impact your business negatively.

Equity/Debt Financing

Equity investors are still in flux.  With the financial meltdown, they have become somewhat more risk averse, leaving a bigger capital gap.  However, many are also making continuous investments and new, smaller funds are being created.  Bootstrap as long as feasible and build your revenue streams or user base.   This will enhance your business valuation over time.  Once you decide to raise funds from  equity investors, take the time for due diligence and investigate what type of equity funder would be the right fit, understand the investor’s needs and interests in terms of size of funds needed, industry expertise and support.

On the debt side of financing, try to diversify your banking relationships, the old ‘do-it-all’ approach is no longer an optimal solution.  Many local banks are starting to lend again, but mostly to businesses with strong balance sheets. There are various financing solutions to consider such as Accounts Receivable, equipment and real estate financing. Consider carefully all details in the term sheets and other agreements and evaluate the different options with extensive cost/benefit analyses.

Opportunities for Growth

With robust financial planning, a recession can provide opportunities.  Growth may not be achieved the same way as before, as direct sales may be impacted by the economy.  Consider the option to grow via merger or acquisition of a:

• technology  that brings greater efficiencies
• business with additional products diversifying your product line
• business with different distribution channels

Even a small company can gain greater market share, but this is only accomplished with a strong financial strategy and a solid understanding of managing and balancing risks.  If you are too risk averse you might miss a valuable opportunity and if you are too risky you may compromise the business.

Financial Strategy

Now more than ever you want to revisit your long term strategy.  In this current economic climate it is essential to have multiple roadmaps and be ready to take detours.  Being a productive CEO or business owner gives you a competitive edge.  Every downturn or recession brings opportunities; know what they are and plan accordingly by developing cost/benefit analyses of your options and revisit them regularly.

2010 will still bring some uncertainties and having the best team of experts will make it a better ride.  Have a 6-month, 18-month and 36-month strategy with milestones and execution points you want to accomplish. Share your short-term and long-term goals and objectives with your employees and create a culture where problem solving, networking and business development are everyone’s business.

We can help!

We thank you for attending this first of four seminars.  If you have any questions or specific issues around best practices in finance and growth for your business, we would be delighted to provide you with a consultation free of charge.  Please contact Rudi Scheiber-Kurtz, CEO of Next Stage Solutions, Inc. at 617-449-7728 ext 704 or email at scheiberkurtz@nextstagesolutions.com to set up an appointment.

NSS Ambassador Laura Kevghas of Mirus Capital Advisors will be one of the panelists.  We hope you can join us.

Wednesday, March 10, 2010

8:00 a.m. – Registration and Breakfast
8:30-10:00 a.m. – Program

Whether you are a buyer or seller, there are opportunities in the current economic climate to maximize your return on a merger, acquisition, or sale of a business. Our panel will review the current M&A market including a discussion of the deals getting done, opportunities for both buyers and sellers, and a review of how to successfully sell or buy a business.

Topics will include:
The Current M&A Market and Trends
The Credit Markets and their Relation to Valuation
Current Business Valuations and the Impact on Estate Planning Opportunities
How to Prepare for and Pursue a Transaction

University of Massachusetts Lowell
MIL Conference Room
Wannalancit Mills
600 Suffolk Street
Lowell, Massachusetts
Directions

RSVP
nutterevents@nutter.com or 617.439.2622