Category Archives: Best Practices

M&A Tax Checklist

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After valuation, one of the most important negotiated numbers in an M&A transaction is tax. Tax in corporate M&A is pretty much a “zero-sum” game — tax impact from a deal structure that is tax-beneficial to the seller will usually be tax-adverse to the buyer, and vice versa.

Today, I’m going to offer up a concise M&A tax planning checklist. The basic idea here is to gather the info and run the numbers to analyze both the present and future tax effects of each deal structure under consideration; that is, a) the immediate taxes associated with the acquisition, and b) the future taxes and benefits associated with realizable basis step-ups, NOL carryovers, and so forth over time. Both present and future details must be analyzed for all deal structures. Only then can a negotiation ensue where buyer and seller compare figures and divide up perceived costs and benefits…ideally, equitably.

If you’re a competent financial modeler, you can easily do your own back of the envelope tax analyses. You can find a good explanation of NOLs and a template to run different transaction scenarios here. A tax professional is needed, of course, to crunch the definitive numbers.*

Here is the information you’ll need to run your analyses:

  1. Stock and asset basis
  2. Seller plans for proceeds (i.e., “individual shareholders to receive proceeds and hold purchaser stock for negotiated period”, etc.)
  3. Applicable tax rates for all parties (target, target shareholders, purchaser)
  4. Depreciation and amortization schedules for acquired assets
  5. Tax status of sellers (suspended losses, special tax status, relevant estate planning considerations, etc.)
  6. Management participation and compensation related to deal structure (if any)
  7. Planned asset dispositions (if any)
  8. Available target NOLs and other loss/credit carryovers
  9. Purchaser NOLs (may limit target gains)
  10. Availability and timing of taxable income vis a vis applicable deductions/loss carryovers

Understanding tax implications of deal structures from the seller’s perspective frequently means the difference between closing and not closing a strategic acquisition. Use this checklist and methodology to balance your motivations with your seller’s chief concern and goal: maximizing after tax proceeds from selling the business.

Posted by: Mory Watkins

*This posting doesn’t constitute tax advice; always seek tax guidance from a tax professional.

Earnouts (Part Two)

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Some while ago, I posted about earnouts and how a quarter of all business acquisitions have an earnout component in one form or another. I examined the difficulty of creating a good earnout, and I offered up a couple choice pieces of advice.

Today, I’d like to take another look at earnouts, but this time concentrating more on seller implications. Sellers aren’t always rational during the sales process, but for the most part they are dialed into concerns related to the after-tax proceeds from the sale of their business. It gets a little trickier than you might think when the sale involves earnouts, so both buyer and seller would do well to understand the fundamentals of earnout tax considerations*.

The best way to think of an earnout is that it is a type of “installment” sale, but with contingent payments (I’ll get to the latter part in a moment). An installment sale is a sale in which at least one payment will be received after the close of the taxable year in which the sale occurs. The key feature of an installment sale is, of course, that it essentially recognizes taxable gain as payments are received, rather than all at once in the year of disposition. Loss of installment sale status accelerates tax payments so that tax may even be due before the actual cash is collected (note that the installment method will automatically apply by default unless the seller elects out).

Okay, special installment rules apply where there is a contingent payment (i.e., earnout) that occurs as part of the sale because the aggregate selling price cannot be determined by the close of the taxable year in which the sale occurs. The tax man will determine which of three categories the sale falls under — 1) a sale with a stated maximum selling price, 2) a sale with a fixed period, or 3) a sale with neither a stated maximum selling price nor a fixed period:

  • A sale with a stated maximum selling price will assume that all contingencies are met such that it maximizes the payments to the seller and accelerates payments to the earliest date or dates under the purchase agreement.
  • For a sale where the maximum selling price cannot be determined but the maximum period over which payments may be received can, the seller has to recover the basis ratably over that period. Then, if the actual payment received is less than the amount of basis that should be recovered, the taxpayer usually doesn’t recognize a loss, but instead the excess is carried forward (and the loss may be recognized in the final year).
  • For a sale with neither a stated maximum selling price nor a fixed period, the IRS will closely scrutinize whether a sale has actually occurred (the seller may be just receiving rent or royalties). If a sale is deemed to have occurred, the seller usually must recover his basis in equal annual installments over a period of 15 years.

Lastly, three common situations to watch out for…

  1. In cases where the earnout numbers get kind of crazy (very large contingent payments that are “difficult” to achieve), be aware that the maximum selling price rules above can both accelerate recognition of and change the timing and nature of gains.
  2. In cases where the earnout numbers get “lumpy” (an earnout gain is recognized in early years, but little or no earnout gain is earned later), the seller may be ultimately left with a large capital loss that can be hard to deduct.
  3. Stock sales with a Section 338(h)(10) election that include an earnout deserve special consideration due to a common trap that results in excess gain recognition in the year of sale.

Buyers and sellers are increasingly using earnouts to bridge the valuation gap and get deals done. Becoming more aware of seller-side tax treatment of earnout arrangements can help strategic buyers inject additional value into transactions.

Posted by: Mory Watkins

*This posting doesn’t constitute tax advice; always seek tax guidance from a tax professional.

The Role of the Board…

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Large financial decisions are the purview of Boards of Directors, and few business decisions are bigger (or have more repercussions) than corporate acquisitions and divestitures. Today’s BODs want to be kept apprised of all material strategic developments, and want more information and more frequent updates than ever before. Considering that 93% of all acquisitions valued over $100 million now result in litigation, I can’t say I blame them.

Today, I’m going to share some thoughts about the interaction between BODs and their corporate dealmakers.

Before I begin, it’d be helpful to first understand a little bit about how BODs work. Boards walk a fine line between protecting and growing corporate assets, and they have a legal duty called the duty of care to make decisions about M&A on behalf of their companies that are “reasonably informed, in good faith and rational judgment, without the presence of a conflict of interest.” The words reasonably informed are key, and the BOD takes this part of its duty especially seriously.

In today’s market, deal professionals can expect lots of questions, a certain amount of conservatism, and even some resistance to acquisitions from their Directors. Communications between the two parties may be further strained by varying degrees of acquisition experience and gaps in M&A knowledge among board members. In short, it can sometimes feel for deal professionals very much like an uphill battle to get a deal approved.

There is no sure-fire recipe for successful interaction with a Board, but I can at least offer some advice on what information they need and some best practices for communicating.

First, let’s address the contents of a standard deal package for Directors. In my experience, there are five principal pieces of deal information that a Board needs and asks for from its Corporate Development staff (roughly in order of importance):

  • Deal Rationale: As a corporate development professional presenting to a BOD, you should always lead with your deal rationale, including relevant info regarding valuation, management, strategy, products/services, market size, etc.  You should describe your deal in the most concise and cogent manner possible. In plain English, you’re trying to answer, “Why should we do this?” Please re-confirm all the points of your deal hypothesis each and every time you bring the Board up to date.
  • Financial Impact Analysis: The near term financial impact of any proposed acquisition will be foremost on the Board’s mind as it listens and evaluates. Here, you must provide just one thing to address the Board’s needs: an accretion analysis. Recall that Directors are notoriously myopic, and near term financial impact will probably be the single most important, and sometimes the only, factor in determining whether your acquisition will go forward or not. Sorry, but that’s life.
  • Process/Timeline Update: You should comment directly on the deal process and anticipated timeline for completing the acquisition. Buying a company is a large, complicated project, and project management of key corporate affairs happens to also be a duty of the Board. Timing is a major deal consideration for the BOD; don’t under estimate its importance.
  • Due Diligence Update: You should provide an update on due diligence. Make it brief if there are no issues, but be sure to mention anything material that has popped up during your inquiries (it’s your duty to keep them informed) and link your comments to details about potential impediments to closing (see above, Timeline).
  • Alternatives: Lastly, and very importantly, you should always provide a couple alternatives to your proposed transaction. “Huh?!?”, you might say. “But why…?” Well, in a nutshell, in corporate development your job is to provide a way to get from point “A” to point “B” via outside (inorganic) means. You must furnish several viable paths to strategic success; everything can’t be riding on one deal or one strategy. Lots of people forget to do this, but by showing the Board several different potential approaches and solutions, you are actually both doing yourself a favor and helping the Board meet its fiduciary duty of care responsibilities.

So those are the key pieces of information the BOD needs…but any deal professional will tell you that the manner in which deal information is conveyed is awfully important too. Here is my advice on how to effectively communicate with your Directors:

  • Simplify, Simplify, Simplify: In all cases where numbers are needed, you should provide high level, much-simplified financial models and analyses to help the Board quickly grasp your point without getting lost in the details. Provide only the big-picture model or analysis, but make sure to mention that full details are available for those desiring more information.
  • Provide Key Assumptions: Yes, I’ve advised simplifying models and analyses above, but that doesn’t absolve you from responsibility for explaining the key assumptions you’ve made running those high level numbers. Include all the relevant assumptions as well as the facts supporting those assumptions.

Market conditions have intensified pressure on BODs, and they are more fully engaged and hands-on in managing enterprise risks, including those in and around strategic M&A. At the same time, however, Directors understand that deal making drives earnings growth and that acquisitions are increasingly necessary in this slow economy. As a deal professional, you can help your Board manage these disparate duties by understanding their information needs and communicating accordingly.

Posted by: Mory Watkins

Earnouts (Part One)

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Earnouts are an increasingly popular technique in middle market M&A transactions primarily because they permit buyers and sellers to creatively bridge price disagreements. According to Houlihan Lokey, about a quarter of all M&A deals now include an earnout, and the median earnout amount (as a percentage of purchase price) is 10%.

Over the course of my career, I’ve used (and played referee on) numerous earnouts – particularly during some of the roll-up and aggregation work that I’ve done. Today, I thought I’d share a couple general thoughts on best practices for earnouts in Part One of this posting, and then later examine earnouts from the tax perspective in Part Two.

To be clear, an earnout is a form of contingent consideration (other examples are escrows, holdbacks, and closing date balance sheet or working capital adjustments) where a portion of the purchase price is contingent on the future financial performance of the target business. Payment can be contingent on a future milestone event, such as acquisition of new clients or product launches, or, more typically, contingent on exceeding a specified financial target such as gross revenue, net income, or EBIDTA.

Earnouts can be very tricky…you have to anticipate buyer and seller incentives for “gaming” the system, and anticipate changing business conditions and contingencies too. Will the seller stay involved in the business to ensure that the earnout is earned? Will the buyer give assurances that financial resources, such as working capital, will be available to earn the earnout? Will the seller have the right to manage the business as they see fit? Will the buyer have the right to allocate overhead to reduce net income? What method of accounting will be used? Will accounting be consistent with the target’s past practices or with the buyer’s practices? If the earnout target is based on EBIDTA, will expenses be deferred to maximize the sales price? These are just a few of the most basic considerations.

Let me say it loud and clear: there is no such thing as a perfect earnout…but there are a couple pieces of solid advice I can offer to buyers and M&A professionals that may avoid headaches down the road. Here’s a short checklist:

All earnouts should broadly address three topics:

  1. Who controls the post-closing entity;
  2. How the business will be run, post-closing (i.e., as done previously, or perhaps according to new buyer methodology);
  3. The method of accounting for profits, losses and expenses.

All earnouts should have details and specifics regarding:

  1. The relevant performance metrics or milestones;
  2. The timeframe for achieving the earnout;
  3. The process/mechanism for determining payment;
  4. The process/mechanism for disputing payment;
  5. Treatment of certain extraordinary and one-time events;

Lastly, two important pieces of advice:

  • Don’t rely too much on GAAP as a basis for running the numbers – it is fraught with subjective areas and will inevitably lead to disagreements and problems. Instead,…
  • Do attach a sample schedule with a sample earnout computation. An example, like a picture, is worth a thousand words.

Next time, I’ll delve into the basic tax implications of earnouts.

Posted by: Mory Watkins

Successful Corporate M&A (Part Three)

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So, in a nutshell, what are the keys to successful corporate mergers and acquisitions? What follows is my guidance and my opinions taken from a career full of M&A deals. This is practical, time-tested advice for executives desiring to grow their companies via acquisition.

First, let’s get something straight.  Good corporate M&A isn’t luck. Rather, it’s the culmination of a disciplined process wherein the right people find the right deal at the right time and the right price. Judiciously used, corporate M&A is perhaps the most powerful business tool available for achieving size, scale, and diversity, obtaining critical technology, and securing competitive advantage. Good corporate acquisitions both protect and grow shareholder value.

Of course, many pitfalls await — paying too much, losing key employees, misjudging industry considerations, missing red flags in due diligence, becoming bogged in integration problems, and litigation, among others. Most acquisition problems can be avoided by following sound acquisition procedure and deliberately instilling standardized practices in the acquisition program that minimize the amount of miscommunication, mistakes, and disruption.

This 3 part-posting will examine the key personnel, procedural, and investment rationales that I believe maximize the chances for corporate M&A success.

Part Three: Investment Rationales

M&A practitioners are aware that investors and public markets have a “show me” skepticism of corporate M&A. It is critically important to understand from the outset what rationale and justification outside parties will expect to hear and, later, what facts and numbers the investment community will wish to analyze in order to validate an acquisition’s
success. The following concepts are the investment community’s principal acquisition success indicators:

  • Hard Cost Savings: The investment community wants to have a clear sense of what “in-the-bag” cost savings can be expected from acquisitions, and when the results and improved profitability will be reflected in the financial results. It is imperative to have detailed yet understandable responses to cost savings questions. Responses should directly address quantifiable improvements such as those due to buying power, shared facilities, reduced personnel, lowered administrative charges, aligned inventories, etc.
  • Demonstrated Organic Growth: The delineation between growth in size and profitability that is bought and growth in size and profitability that is home-grown or organic is perhaps the single most important measure of whether or not value is being created in an acquisition. If the expected cost reductions and top-line enhancements such as cross-selling or new product/service offerings do not increase both size and profitability, the combined company may not be worth more than the sum of its parts in the eyes of the investment community. To address the acquisition versus organic growth question, many investment analysts employ methods similar to retail analysis, using year to year company sales and operating income analysis as proxies for “same store” sales and profitability. Here, analysts re-categorize expenses and painstakingly try to back out the effect of acquisitions from existing operations. The fact that companies and facilities often disappear in integration makes year over to year changes difficult to track and sometimes
    impossible to analyze.
  • Technology Cost Savings: The investment community is particularly fond of technology’s role as a motivation and justification for acquisition. In particular, proprietary MIS platforms often play dual roles as both cost savers and unique competitive advantages in acquisitions. Important information technology solutions that can be replicated throughout an acquirer’s business may provide an important point of differentiation with the investment community to investors.
  • Size and Definition of Market: Lastly, expect that the investment community will repeatedly want to verify that the size and the definition of the buyer’s particular market segment both allow for unabated growth. Investors will want assurance that the market for acquisition targets contains an abundance of targets within the predetermined criteria.

Conclusion

Mergers and acquisitions offer companies the opportunity to quickly grow, diversify, and create lasting shareholder value. Successful corporate M&A comes from detailed and methodical acquisition programs that give top priority to people, procedure, and deal fundamentals throughout.

Posted by: Mory Watkins

Successful Corporate M&A (Part Two)

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So, in a nutshell, what are the keys to successful corporate mergers and acquisitions? What follows is my guidance and my opinions taken from a career full of M&A deals. This is practical, time-tested advice for executives desiring to grow their companies via acquisition.

First, let’s get something straight.  Good corporate M&A isn’t luck. Rather, it’s the culmination of a disciplined process wherein the right people find the right deal at the right time and the right price. Judiciously used, corporate M&A is perhaps the most powerful business tool available for achieving size, scale, and diversity, obtaining critical technology, and securing competitive advantage. Good corporate acquisitions both protect and grow shareholder value.

Of course, many pitfalls await — paying too much, losing key employees, misjudging industry considerations, missing red flags in due diligence, becoming bogged in integration problems, and litigation, among others. Most acquisition problems can be avoided by following sound acquisition procedure and deliberately instilling standardized practices in the acquisition program that minimize the amount of miscommunication, mistakes, and disruption.

This 3 part-posting will examine the key personnel, procedural, and investment rationales that I believe maximize the chances for corporate M&A success.

Part Two: Acquisition Procedures

The acquirer’s focus must be on implementing standard purchasing procedure and mechanics to consummate deals with a minimum of mistakes, miscommunication,
and disruption. The following is my advice regarding the necessary procedural elements of a successful corporate acquisition program:

  • Establish an Internal Deal Network: The most effective way to ensure plentiful
    and quality deal flow is to harness the industry knowledge and contacts of the acquirer’s own frontline managers. By using internal resources, acquirers can quickly build an effective referral network from those who know best which are the best candidates, and who may be receptive to the notion of being acquired.
  • Standardize Screening Criteria: For obvious reasons, it is best to standardize nearly
    everything possible in the acquisition process. Early on, buyers should analyze their standard economics for acquisitions. Acceptable purchase price schemes for different levels of trailing adjusted cash flow, company size, profitability, net worth, working capital, liquidity, etc. should be formally decided upon and promulgated among all persons needing to know. The discipline of having established acquisition guidelines is critical. An acquisition template including analysis of all pertinent deal information and financial history may be distributed to authorized deal personnel to complete for streamlined analysis and approval.
  • Buy Trailing P&Ls; Scrutinize Balance Sheets: It is critical to maintain focus on pricing deals as a multiple of trailing cash flows and not be distracted by notions of sharing combined value with the seller or paying for growth in the seller’s projected earnings. The purchase price should always be set (or at least considered) as a multiple of trailing cash flow, adjusted for non-recurring addbacks and deductions to cash flow, and then further adjusted, if necessary, for the perceived quality of the balance sheet. Sellers are often eager to be compensated for what they believe to be excess asset value on their balance sheet. Here extra discretion is advised. Buyers should carefully consider both the adequacy of the acquired company’s capitalization and the liquidity of acquired assets. Buyers hastily making acquisitions without considering targets’ need for permanent and working capital may soon find that they have severely overpaid.
  • Use Stock Carefully for Acquisitions: In the acquisition game, using stock as currency is an obvious strategy. The caveat to indiscriminately issuing shares for acquisitions is that in the long term the theoretical cost of equity is always greater than the theoretical cost of debt. Upon analysis, an acquirer should be able to determine its break-even point, in terms of accretion, between the cost of using equity and the cost of using debt for acquisitions. Acquirers must pay close attention to this constantly changing statistic and be aware of the utility that slight alterations in the mix of cash and stock in acquisitions can have. Not relying too heavily on (under-priced) stock for acquisitions can prevent incipient symptoms of “acquirer’s curse” wherein share price problems adversely effect acquisitions and vice versa.
  • Quantify the Consideration Amount: Fixing the number of consideration shares instead of the consideration amount for an acquisition (when stock is used) subjects shareholders to the risk that a short term dip in stock price might change the accretive nature of the deal. This risk can be mitigated by fixing the consideration amount and using an averaging formula that prevents either party of the deal from benefiting undeservedly from stock volatility around the time of closing.
  • Analyze Accretion: As discussed above, an accretion analysis that quantifies what the acquirer gets in terms of reportable earnings per share versus what it has had to give up in terms of cash, stock, and assumed debt to get the deal done must be performed for every deal. Accretion analysis is useful as a pricing tool to maintain purchase pricing discipline. In effect, the accretive nature of an acquisition reflects the pricing boundaries that a buyer is able to pay for an acquisition under different conditions and in different deal structures. Accretion analysis also lets a buyer manage and build growth into the price of deals to make up for the fact that the larger the acquirer becomes, the more difficult it will be for a deal to have a meaningful accretive impact on earnings. [NOTE: In addition to analyzing the accretion of every deal in isolation, a buyer must also analyze the accretion of all proposed deals in conjunction with each other because accretion isn’t additive…it’s a quotient. To accurately determine the effect acquisitions will have on reported financial results, an acquirer must iterate scenarios that encompass every likely combination of deals likely to close.]
  • Tie Up the Sellers: The buyer should negotiate to keep the sellers working at the acquired company from the onset of the deal. Maintaining the sellers at the company has the effect of transferring knowledge critical for success, and, where stock consideration is taken, keeping the owners motivated and the acquirer shares in friendly hands. Keeping the sellers involved can be accomplished in many ways, including escrowed purchase price, required stock holding periods, employment contracts, stock options, and earnouts. It should be noted though that earnouts are sometimes difficult to keep track of and must be structured carefully to allow for accurate measurement and corporate consolidation without losing the basis of the earnout.
  • Issue Stock Options Judiciously: Like the issues associated with using stock for acquisitions discussed above, the true and sometimes changing cost of granting options must be continually considered by the acquirer’s management. Acquisition guidelines should be set regarding who is eligible for options, when, and for how many.
  • Simplify the Post Closing Mechanisms: In virtually every acquisition, there are issues that require further follow-up after the deal closes. Simple, but iron-clad, procedures for post closing audits, warranties and purchase price reconciliations should be part of the form acquisition agreements and coordinated with the outside due diligence provider and counsel (discussed above) so that follow-up is timely and automatic. Resolution of post-closing issues can often be accomplished easily by using pledged stock or escrowed cash consideration to satisfy financial target deficits.

Next, the final installment — Investment Rationales necessary for Successful Corporate M&A (Part Three)

Posted by: Mory Watkins

Successful Corporate M&A (Part One)

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So, in a nutshell, what are the keys to successful corporate mergers and acquisitions? What follows is my guidance and my opinions taken from a career full of M&A deals. This is practical, time-tested advice for executives desiring to grow their companies via acquisition.

First, let’s get something straight.  Good corporate M&A isn’t luck. Rather, it’s the culmination of a disciplined process wherein the right people find the right deal at the right time and the right price. Judiciously used, corporate M&A is perhaps the most powerful business tool available for achieving size, scale, and diversity, obtaining critical technology, and securing competitive advantage. Good corporate acquisitions both protect and grow shareholder value.

Of course, many pitfalls await — paying too much, losing key employees, misjudging industry considerations, missing red flags in due diligence, becoming bogged in integration problems, and litigation, among others. Most acquisition problems can be avoided by following sound acquisition procedure and deliberately instilling standardized practices in the acquisition program that minimize the amount of miscommunication, mistakes, and disruption.

This 3 part-posting will examine the key personnel, procedural, and investment rationales that I believe maximize the chances for corporate M&A success.

Part One: People/The M&A Team

In my opinion, more than any other factor, the proper choice of the M&A team dictates an organization’s chances for M&A success. M&A is after all very much a people business, and matching the right personnel to the right role is critical. Team members are functionally spread thin, acquiring new companies, integrating acquired companies, and performing their core, non-acquisition related duties. It is imperative that the M&A team be kept small, focused, highly organized, and above all capable of working well together.

The core members of the M&A team should include:

  • Board of Directors: The M&A process should begin and end with the Board
    of Directors, but the Board should also be kept well informed throughout
    the process. The Board should include members who are experienced
    in M&A and embrace growth via acquisition. Prior to beginning the
    process, the Board should approve the proposed size, customer profile,
    characteristics, and profitability of companies to be pursued.
  • Chief Executive Officer: The CEO should be a strong leader capable of
    solving integration problems, knitting together diverse cultures, and overcoming
    natural human aversion to change. Ideally, the CEO should also be an established industry figure who will serve as an enticement for potential acquisition targets.
  • Chief Financial Officer: In addition to regular duties, the CFO should be capable of performing specialized tasks related to acquisitions, including i) managing wide-ranging integration issues, ii) creating and enforcing standardized practices for financial reporting, budgeting, and compliance, iii) raising capital for acquisitions, and iv) communicating acquisition rationale and results to the investment community.
  • Corporate Development Officer: This individual is the most important member of the M&A team, serving as the company’s central, accountable acquisition authority. The CDO should be responsible for managing all internal and external aspects of the acquisition program, including origination, valuing, structuring, negotiation, due diligence, and closing elements. In addition, the CDO should undertake various strategic planning duties, including industry and competitive analysis.
  • Operations Team: A small team of operationally experienced individuals should be responsible for implementing and overseeing an integration plan constructed from the top down.

And don’t forget the external team — the service providers. Some acquisition functions cannot and should not be handled in-house:

  • Due Diligence: Internal operations managers should visit target companies early and often during the buying process. Depending upon the activity of the acquisition program, travel, time, and skill sets required (such as accounting), due diligence may be best handled by the staff of a national accounting firm. If possible, I recommend that the due diligence firm be the same accounting firm handling the acquirer’s audit function.
  • Acquisition Counsel: Using internally developed form documents and agreements, experienced outside counsel can leverage inside counsel’s time and effort in the acquisition function.
  • Real Estate: Again, depending upon the activity of the acquisition program, issues pertaining to both acquisition real estate and existing real estate portfolio consolidation may be most efficiently handled by a national real estate services provider.
  • Environmental Analysis: Assessment of environmental risk, unfortunately now a major
    risk in all acquisitions, is best outsourced to specialized consultants.
  • Employee Benefits Analysis: Assessment of employee benefits and related compliance risk in acquisitions requires highly specific, and current knowledge and should be outsourced.

Next, the Acquisition Procedures necessary for Successful Corporate M&A (Part Two)

Posted by: Mory Watkins