The TKO Miller Difference
Middle market-sized companies don’t need to sacrifice talent, service and strategy because of size. Finding an advisor that specializes in your industry can be difficult, but it is incredibly important.
TKO Miller brings deep industry and transaction experience to the middle market, with a successful record of closing transactions and exceeding clients’ valuation expectations.
TKO Miller begins by listening. By developing insights. By understanding who you are and what the future may hold for your business.
From there, we develop a path forward together that makes sense for you and your business.
Client objectives drive everything we do… always.
Proper Execution Can Drive Value
Remember, most buyers have done this hundreds of times. They are professionals. Having an advisor means leveling the playing field.
Prepare Objectives and Engage an Advisor
- Determine what you hope to achieve in a transaction
- Hire the right team of advisors; professional help often pays off several fold in increased value
Data Gathering / Material Prep / Buyer List Assembly
- Investment banker (IB) gathers the necessary data to assemble detailed marketing materials
- Identify a national (or global) universe of potential buyers
Contact Buyers / Material Distribution
- IB reaches out to buyers directly to introduce the opportunity
- Detailed marketing materials allow in-depth, simultaneous evaluation by many buyers
(Indications of Interest)
- Interested buyers submit bids based on initial materials only
- All buyers receive same info, so bids can be directly compared
- Most attractive bidders invited to meet with management
- Controlled presentation supervised by investment banker
Data Room / Initial Diligence
- Remaining buyers are given access to an electronic data room monitored by IB
- This is populated with more detailed info on the company
Final Proposals / Signed Letter of Intent
- Following in-depth review of info in data room, interested buyers submit a final bid
- Typically (not always) a single buyer is chosen at this stage
- Final Buyer begins in-depth review of company
- Typically includes third party financial, legal, environmental, and operational review
Purchase Agreement Negotiations
- Alongside final diligence, IB and seller’s attorneys work with buyer to negotiate purchase agreement
- Purchase agreement terms are often as critical as financial considerations of a transaction
- IB works with seller through entire process to maintain transaction momentum
- In the current market, typical transactions take roughly 7-9 months to complete
Selling Your Family-Owned Business
This eBook is your guide to the often-complicated steps of selling a family business. Starting with the advice to keep running the company while you’re selling, we walk you through the entire process, including crafting an exit strategy and pointing out common pitfalls business owners face when selling. Best of all, we’ll show you how to get it right once you’ve made the decision to sell.