To Receive CPE Credit
|
|
- Edgar Houston
- 6 years ago
- Views:
Transcription
1 Preparing Yur Cmpany fr Liquidity Event Business Value Drivers Daniel Barder BKD Transactin Services Dallas Chris Schumann BKD Transactin Services Indianaplis March 19, 2013 T Receive CPE Credit Participate in entire webinar Answer plls when they are prvided If yu are viewing this webinar in a grup Cmplete grup attendance frm with Title & date f live webinar Yur cmpany name Yur printed name, signature & address All grup attendance sheets must be submitted t training@bkd.cm within 24 hurs f live webinar Answer plls when they are prvided If all eligibility requirements are met, each participant will be ed their CPE certificates within 15 business days f live webinar 2 1
2 Preparing Yur Cmpany fr Liquidity Event Business Value Drivers Daniel Barder BKD Transactin Services Dallas Chris Schumann BKD Transactin Services Indianaplis March 19, 2013 Agenda Market Makers Hw Private Equity Grups (PEGs) Think & Hw It Affects the Value f Yur Business Seller s Mindset & Business Evlutin Cycle The Glden Perid Cncept Business Enhancement What Des Prfessinalizing a Business Mean? 4 2
3 Market Makers Hw Private Equity Grups (PEGs) Think & Hw It Affects the Value f Yur Business 5 Why Are PEGs S Interested in Buying Yur Cmpany? 6 3
4 What Are They Buying? 7 Hw D PEGs Evaluate Their Investments in Businesses They Buy? Target Returns = Beta Return + Alpha Return BETA is market rate returns based n risk (think stck market) ALPHA is ability t create abve-market rate returns (think beating stck market) 8 4
5 Hw D PEGs Evaluate Their Investments in Businesses They Buy? Alpha The value PEGs add by managing, prfessinalizing & grwing the business. This is PEG s secret sauce, aka investment thesis PEGs are lking fr underdevelped cmpanies in niche markets that are fragmented Fr this they will aggressively pay tp dllar. There are a limited number f cmpanies that prvide Alpha pprtunities 9 What Characteristics Are PEGs Lking Fr? Revenue cycle Market share Defensible niche Custmer stickiness Cncentratins Trends Sustainability Management team Capabilities Mtivatin Management systems Infrmatin technlgy Valuatin Reasnable value Fair price future cash flw 10 5
6 What Is My Cmpany Wrth? EBITDA x Multiple Lks simple, but decisins yu make every day impact what s ging t happen 11 It s All Abut Cash Yur P + L bttm line = Add back interest expense Add back yur taxes Add back yur depreciatin Add back nnrecurring expenses Add back ut-f-perid adjustments Subtract nnrecurring revenues Yur Adjusted EBITDA 12 6
7 What Determines the Multiple? Market psitin Custmers Industry Gegraphy Management team Equipment/physical plant 13 What Are They Paying? Surce: GF Data Fall
8 Seller s Mindset & Business Evlutin Cycle 15 Seller s Mindset Owner s Feelings Fear f unknwn future Fear f lsing meaning & purpse Fear f being taken advantage f Ignrance abut the prcess Cncern fr emplyees Will I receive enugh prceeds t accmplish my gals? My family s gals? 16 8
9 Seller s Mindset Dgmatic Can t get elsewhere the same returns I m currently receiving frm business (may be a reality in 2013) 17 Business Evlutin Cycle Used by Permissin: Jhn Aplin 18 9
10 Where Are Yu in This Evlutin? If I sell my business, am I prepared? What d I knw abut what I have? Accidental successes It s all abut me Lack f understanding abut internal ecnmics Undefined r incmplete market strategy Sun & planets rganizatinal structure Unplished Classic entrepreneurial business 19 Business Transitin It s a Prcess Transitin prcess shuld prvide pprtunity t recgnize strengths, deal with weaknesses & imprve peratins & bttm line 20 10
11 The Glden Perid Cncept 21 The Glden Perid Cncept 22 11
12 Preparing the Business 23 Sell-Side Due Diligence Why shuld seller cnsider sell-side diligence? Answer: Sell-side diligence is abut helping deal clse at apprpriate value 24 12
13 Sell-Side Due Diligence When shuld I cmplete sell-side diligence? Answer: Pure financial diligence is typically cmpleted cncurrently with deal bk & distributed t qualified buyers. Wrk is ften dne in cnjunctin with investment bankers Advanced planning may be cmpleted fr sellers lking t imprve their business prir t taking it t market 25 Enterprise Assessment & Data Analytics 26 13
14 BKD Data Analytics Data Analytics Fur-Step Prcess 27 Enhancing Business Executin Strategy Elements Hw t Prfessinalize a Business Build upn yur cre strengths ( secret sauce ) Define market strategy Size bx (physical element) Tame cmplexity (prcess element) Ability t manage cmplexity & scale Managing by grup thery (prduct lines, prperty, values) Manage prcesses, nt peple (peple element) Create culture f change Prcess defines rganizatin, nt functin Create standard wrk Successfully apply infrmatin technlgy (IT element) 28 14
15 Enterprise Value Prject (24 36 Mnths frm Planned Transactin) Objectives Cause wner t think like a buyer Exhibit track recrd Prfessinalize Attract quality buyers Use runway t imprve EBITDA margins Enhance peratins infrastructure Demnstrate sustainability Highlight transferability Situatinal each cmpany 29 Business Enhancement Apprach 30 15
16 Business Enhancement What Des Prfessinalizing a Business Mean? 31 Mld a Strng Management Team Success f cmpany shuld depend n entire rganizatin, nt a few peple Lss f ne r tw key persnnel shuld nt negatively affect cmpany Need strng secnd-in-cmmand & junir-level management 32 16
17 Business Plan Develp business plan reasnable & attainable assumptins Clearly define internal & external grwth pprtunities Identify & explain peratin r margin imprvements (investment in technlgy, imprved supplier terms) Identify capital expenditures Identify capital requirements (internal CF, utside capital) Hit yur numbers 33 Financial Statements Effective financial cntrls Audited r reviewed financial statements GAAP internal financial statements Dependable accunting department Gives sense f security, credibility Lwers due diligence csts Lwers hldbacks 34 17
18 Invest in the Future Putting ff needed expenses may nt add value Review & address peratinal prcesses Ensure systems & cntrls are in place Invest in technlgy r equipment Give best appearance pssible Als applies t investment in human capital 35 Management Other persnnel Imprve Margins & Prfitability Eliminate unprfitable prducts &/r custmers Examine expenses (excessive, persnal/family-related, nnrecurring expenses) Review & imprve supplier cntracts Sell divisins r lcatins if they significantly lwer earnings & are nt strategic Manage wrking capital 36 18
19 Custmer Cncentratin T much revenue with t few custmers can give appearance that business may be risky Imprve quality (prfitability) & diversificatin f custmers Attempt t get sales cntracts r agreements Be prepared fr hldbacks in transactin 37 Balance Sheet Clean up Wrking capital Obslete inventry Lans t sharehlders Will clarify assets & liabilities in transactin 38 19
20 Cntrlled Ownership Different wners = different bjectives Beneficial t buy ut minrity sharehlders Can ensure smther transactin & may increase value 39 Pre-Due Diligence Litigatin Crprate recrds Cntracts Financial recrds Allw time t fix what might impact value 40 20
21 Timing If selling yur cmpany is yur exit plan, timing can be single mst imprtant factr t cnsider Buy lw, sell high applies t business sales as well Sell n yur wn terms In difficult market, deal structure & partner ging frward are critical Dn t be a lne ranger 41 Daniel Barder Transactin Services dbarder@bkd.cm Chris Schumann Transactin Services cschumann@bkd.cm 21
22 Cntinuing Prfessinal Educatin (CPE) Credits BKD, LLP is registered with the Natinal Assciatin f State Bards f Accuntancy (NASBA) as a spnsr f cntinuing prfessinal educatin n the Natinal Registry f CPE Spnsrs. State bards f accuntancy have final authrity n the acceptance f individual curses fr CPE credit. Cmplaints regarding registered spnsrs may be submitted t the Natinal Registry f CPE Spnsrs thrugh its website: The infrmatin in BKD webinars is presented by BKD prfessinals, but applying specific infrmatin t yur situatin requires careful cnsideratin f facts & circumstances. Cnsult yur BKD advisr befre acting n any matters cvered in these webinars. 43 CPE Credit Up t 1 CPE credit will be awarded upn verificatin f participant attendance; hwever, credits may vary depending n state guidelines Fr questins, cncerns r cmments regarding CPE credit, please the BKD Learning & Develpment Department at training@bkd.cm 44 22
The Latest M&A Outlook & Business Value Drivers
The Latest M&A Outlk & Business Value Drivers Anthny M. Girdan BKD Crprate Finance agirdan@bkd.cm Daniel A. Barder BKD, LLP dbarder@bkd.cm T Receive CPE Credit Participate in entire webinar Answer plls
More informationAn Update on Troubled Debt Restructurings
An Update n Trubled Debt Restructurings Lyle Alexander Partner BKD, LLP lalexander@bkd.cm Chris Van Lng Senir Manager BKD, LLP cvanlng@bkd.cm T Receive CPE Credit Participate in entire webinar Answer plls
More informationTo Receive CPE Credit
2013 Hme Health PPS Final Rule Therapy Reassessments & M1024 Case Mix Cdes 12/18/12 Karen Vance, OTR Supervising Cnsultant kvance@bkd.cm T Receive CPE Credit Participate in entire webinar Answer plls when
More informationTaking the Stress Out of the Florida Medicaid Disproportionate Share Hospital (DSH) Surveys & Financial Reporting Considerations
Wednesday, February 18, 2015 2 3 p.m. Central time Taking the Stress Out f the Flrida Medicaid Disprprtinate Share Hspital (DSH) Surveys & Financial Reprting Cnsideratins Je Watt, CPA Partner BKD, LLP
More informationSpecifications. RE: Architecture Firm with Professional Team. Business Overview. Established for over 30 years with a 25% profit margin!
Business Overview RE: Architecture Firm with Prfessinal Team Established fr ver 30 years with a 25% prfit margin! Specificatins Price $1,450,000 Prfit Margin 25% Service Area Hustn & Dallas Revenue $1,668,433
More informationTaking the Stress Out of the Missouri Medicaid Disproportionate Share Hospital (DSH) Surveys & Financial Reporting Considerations
Thursday, January 29, 2015 2 3 p.m. Central time Taking the Stress Out f the Missuri Medicaid Disprprtinate Share Hspital (DSH) Surveys & Financial Reprting Cnsideratins Je Watt, CPA Partner BKD, LLP jwatt@bkd.cm
More informationThe Exemplar 5 Step Financial Planning Process
The Exemplar 5 Step Financial Planning Prcess Step 1: N Obligatin Meeting Step 2: Data Take Meeting Step 3: Plan Delivery Meeting Step 4: Implementatin Meeting Step 5: Annual Review Meeting Step 1: Cnducting
More informationTaking the Stress Out of the Louisiana Medicaid Disproportionate Share Hospital (DSH) Surveys & Financial Reporting Considerations
Thursday, February 12, 2015 2 3 p.m. Central time Taking the Stress Out f the Luisiana Medicaid Disprprtinate Share Hspital (DSH) Surveys & Financial Reprting Cnsideratins Je Watt, CPA Partner BKD, LLP
More informationManitex International, Inc. (NASDAQ:MNTX)
Manitex Internatinal, Inc. (NASDAQ:MNTX) Cnference Call Secnd Quarter 2016 August 4th, 2016 Frward Lking Statements & Nn GAAP Measures Safe Harbr Statement under the U.S. Private Securities Litigatin Refrm
More informationIntroduction to Finance... 5 Definitions... 5 Finance Financial Markets... 10
Cntents Intrductin t Finance... 5 Definitins... 5 Finance... 5 Financial Markets... 5 Mney... 5 Mney vs. Barter Ecnmy... 5 Functins f Mney... 5 Evlutin f Mney... 6 Questins... 6 The Financial System...
More informationEOFY tax strategies for small businesses
As we apprach the end f the financial year (EOFY), there are a number f smart strategies yu culd cnsider t help yu streamline yur finances and legitimately save n yur tax bill. Insurance premiums Sme insurance
More informationChapter 1. Introduction and Overview of Audit & Assurance
Assurance & Auditing Textbk Ntes Chapter 1 Intrductin and Overview f Audit & Assurance Audit prcess in Fcus 1.1 Auditing & Assurance Defined - An assurance is an engagement where an auditr r cnsultant
More informationQuick Reference Guide
Quick Reference Guide Accunting Standard Update 2016-01 "Financial Instruments Overall: Recgnitin and Measurement f Financial Assets and Financial Liabilities" Why d I need this Quick Reference Guide?
More informationInternal Control Requirements for Adopting New Accounting Standards
Internal Cntrl Requirements fr Adpting New Accunting Standards Backgrund In previus articles, BKD discussed the U.S. Securities and Exchange Cmmissin s (SEC) expectatins regarding the requirement t disclse
More informationUsing Accrual Data in GFS
Using Accrual Data in GFS Gabriel Quirs Deputy Directr Statistics Department March 6, 2017 Reprductins f this material, r any parts f it, shuld refer t the as the surce. Outline Hw GFS Methdlgy develped
More informationANCESTRY.COM LLC REPORTS Q FINANCIAL RESULTS
REPORTS Q2 FINANCIAL RESULTS Ancestry.cm Subscriber Grwth f 5% Year-Over-Year Q2 Nn-GAAP Revenues $138 millin, Up 16% Year-Over-Year Adjusted EBITDA Grwth f 26% Year-Over-Year PROVO, Utah, July 30, Ancestry.cm
More informationYou can get help from government organizations that are not connected with us
2011 Evidence f Cverage fr Medi-Pak Advantage MA (PFFS) Chapter 9: What t d if yu have a prblem r cmplaint (cverage decisins, appeals, cmplaints) BACKGROUND SECTION 1 Intrductin Sectin 1.1 What t d if
More informationFinancial Statement Analysis, (FIN-621)
Lessn-5 ACCOUNTING CYCLE/PROCESS (Cntinued) Preparing Balance Sheet frm Trial Balance: We have assumed that the first mnth i.e. July was taken up in setting up f the business and n business activity as
More informationThe CIA certification has 4 parts. The CCSA exam and the CGAP exam are single part specialty exams.
Abut this bk The CIA certificatin has 4 parts. The CCSA exam and the CGAP exam are single part specialty exams. The CIA exam parts are: PART 1 THE INTERNAL AUDIT ACTIVITY S ROLE PART 2 CONDUCTING THE INTERNAL
More informationRequest for Proposals # Tulsa Transit CNG Fuel Station Maintenance Amendment# 3 October 9, 2018
This amendment prvides additinal infrmatin t firms respnding t RFP #19-1902 CNG Fuel Statin Maintenance issued by. Purpse: This amendment answers questins psed by prpsers wh attended the Pre- Prpsal Meeting.
More informationCODE OF CONDUCT AND ETHICS POLICY ON CONFLICTS OF INTEREST
CODE OF CONDUCT AND ETHICS POLICY ON CONFLICTS OF INTEREST Magna Internatinal Inc. Plicy n Gifts & Entertainment 1 POLICY ON CONFLICTS OF INTEREST Magna emplyees have a duty t act in Magna s best interest.
More informationBest Execution & Client Order Execution Policy. October P age 1 6. BE31/10/17 v1
Best Executin & Client Order Executin Plicy Octber 2017 BE31/10/17 v1 P age 1 6 Cntents 1. Backgrund... 3 2. Order placement... 3 3. Order executin factrs... 3 4. Order executin plicy... 3 5. Order executin
More informationAre you ready for the FUTURE of your Quality Management system?
1 Are yu ready fr the FUTURE f yur Quality Management system? BACKGROUND Quality Management System standard, ISO 9001 has made sme majr changes released in September 2015. Organizatins are studying and
More information1.1 Introduction Completing a Probation period - appointment confirmed Extending Probation Termination Considered...
Cntents 1.1 Intrductin...1 1.2 Cmpleting a perid - appintment cnfirmed...3 1.3 Extending...5 1.4 Terminatin Cnsidered...8 Cpyright 2009 University f Cambridge Last Mdified: March 2009 Page: 1 1.1 Intrductin
More informationUnderstanding Self Managed Superannuation Funds
Understanding Self Managed Superannuatin Funds Hw t read this dcument Managing yur finances t meet yur day t day requirements as well as yur lng-term gals can be a cmplex task. There are all srts f issues
More informationTerms of Reference - Board of Directors (approved by the Board on 12 April 2018)
Terms f Reference - Bard f Directrs (apprved by the Bard n 12 April 2018) 1. Respnsibility and Principal Duties The Bard f Directrs has the verall respnsibility fr the gvernance f the Cmpany and fr supervising
More informationArtists working with communities; communities working with artists providing arts access to all.
grant applicatin Prince f Wales Armuries, 2nd Flr, 10440 108 Avenue, Edmntn, AB T5H 3Z9 p. 780.424.2787 f. 780.425.7620 e. grants@edmntnarts.ca Cmmunity Arts Prgram Grant Guidelines Deadline: May 1 Annually
More informationTitle II, Part A Private School Principal s Consultative Meeting
2017 2018 Title II, Part A Private Schl Principal s Cnsultative Meeting HOSTED BY DCPS FEDERAL PROGRAMS THURSDAY, AUGUST 3, 2017 LOCATION: MOSH TIME 1:00 3:00PM Thursday, August 3, 2017 Agenda Welcme Title
More information3200 Riverside Drive, Columbus, OH
3200 Riverside Drive, Clumbus, OH 43221-1725 WRITE AN RX FOR YOUR SUCCESS Denise L. Tumblin, CPA WTA Veterinary Cnsultants 3200 Riverside Drive, Clumbus, OH 43221-1725 Phne: 614-486-9700 E-mail: dtumblin@wellmp.cm
More informationESTABLISHING A BUSINESS
Definitins p18 1. Define: Cmmand ecnmy (Cmmunism) 2. Define: Cmpetitin 3. Prvide term fr: Recgnises crpratins as legal persns with certain rights and respnsibilities in the same way that individual citizens
More informationHOC Works Program Requirements
HOC Wrks Prgram Requirements Last Revisin: March 2018 INTRODUCTION The Husing Opprtunities Cmmissin f Mntgmery Cunty (HOC) established the HOC Wrks prgram in 2015 in rder t guarantee that HOC emplyment
More informationAutomotive Diversification Programme Round 3
Autmtive Diversificatin Prgramme Rund 3 Versin July 2015 Cntents Purpse f this Guide... 3 Eligibility Test... 3 Eligible Perid... 4 Capital Equipment Items... 4 Recnfiguratin... 4 Activities Undertaken
More informationESTABLISHING A BUSINESS
INSTRUCTOR'S Chapter MANUAL 3 INSTRUCTOR'S MANUAL ESTABLISHING A BUSINESS CHAPTER 3 ESTABLISHING A BUSINESS Chapter cntent Intrductin The legal frm f wnership Develping a business plan fr the new business
More informationMasco Corporation Reports Fourth Quarter and 2017 Year-End Results February 08, 2018
Masc Crpratin Reprts Furth Quarter and 2017 Year-End Results February 08, 2018 2017 Furth Quarter Key Highlights Sales fr the furth quarter increased 7 percent t $1.9 billin; in lcal currency, sales increased
More informationJUNE 2018 YEAR END TAX PLANNING GUIDE
JUNE 2018 YEAR END TAX PLANNING GUIDE The end f anther financial year is fast appraching and as yur accuntant, we believe part f ur client brief is t help yu minimise yur tax liability within the framewrk
More informationPERFORMANCE DEVELOPMENT SYSTEM. Supervisory and Management Staff Appraisal. Department: Reviewer s Name: Review Period:
PERFORMANCE DEVELOPMENT SYSTEM Supervisry and Management Staff Appraisal Emplyee Name: Title: Department: Reviewer s Name: Title: Review Perid: t Date f Entry t Psitin: Date f Last Review: Type f Review:
More informationUnited Bank for Africa Plc Audited Results for the Year Ended December 31, 2017
United Bank fr Africa Plc Audited Results fr the Year Ended December 31, 2017 Africa's Glbal Bank UBA SUSTAINS STRONG PERFORMANCE GROWING COTRIBUTION AND MARKET SHARE FROM PAN AFRICAN NETWORK This Earnings
More informationConvergence: Preparing for the Latest Financial Reporting Changes
Cnvergence: Preparing fr the Latest Financial Reprting Changes June 5, 2013 Preparing fr the Latest Financial Reprting Changes Althugh the jint bard meetings that have marked the cnvergence prjects are
More informationTERMS OF REFERENCE. Audit and Risk Committee (the "Committee") of Wilmcote Holdings Plc (the "Company")
References t the "Bard" shall mean the full Bard f Directrs. MEMBERSHIP - The Bard has reslved t establish a cmmittee f the Bard t be knwn as the Audit and Risk Cmmittee. - The Cmmittee shall cmprise at
More informationABLE Accounts: 10 Things You Should Know
ABLE Natinal Resurce Center 1667 K Street, NW Suite 640 Washingtn, DC 200006 (202) 296-2040 inf@ablenrc.rg ABLE Accunts: 10 Things Yu Shuld Knw 1. What is an ABLE accunt? ABLE Accunts, which are tax-advantaged
More informationKCA Deutag Alpha Limited ( KCA Deutag or the Group ) Results for the three months ended 30 June 2018
Fr immediate release KCA Deutag Alpha Limited ( KCA Deutag r the Grup ) Results fr the three mnths ended 30 June 2018 KCA Deutag, ne f the wrld s leading drilling and engineering cntractrs, is pleased
More informationRISK MANAGEMENT AND BUSINESS CONTINUANCE A FAIS Standard. An AC Guidance Note. July 2010
RISK MANAGEMENT AND BUSINESS CONTINUANCE A FAIS Standard An AC Guidance Nte July 2010 Risk Management and Business Cntinuance - A FAIS standard The General Cde f cnduct deals in a number f ways with the
More informationDANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES. Three-Month. Three-Month Period
Adjusted Diluted Net Earnings Per Share frm Cntinuing Operatins Diluted Net Earnings Per Share frm Cntinuing Operatins (GAAP) 29, 30, 29, 30, $ 0.81 $ 0.57 $ 2.29 $ 2.01 Pretax amrtizatin f acquisitin-related
More informationChartered Accountants & Tax Professionals. A Guide to Research & Development Tax Relief for SME Companies
Chartered Accuntants & Tax Prfessinals A Guide t Research & Develpment Tax Relief fr SME Cmpanies P a g e 1 Table f Cntents Backgrund t the relief What are the benefits fr small cmpanies Meaning f R&D
More informationIn Force Fixed Annuity Block Reinsurance
In Frce Fixed Annuity Blck Reinsurance A Strategy t Imprve Return n Capital Many insurers are experiencing lw r negative returns n in-frce fixed annuity blcks f business. In mst cases this is driven by
More informationKCA Deutag Alpha Limited ( KCA Deutag or the Group ) Results for the three months ended 31 March 2018
Fr immediate release KCA Deutag Alpha Limited ( KCA Deutag r the Grup ) Results fr the three mnths ended 31 March 2018 KCA Deutag, ne f the wrld s leading drilling and engineering cntractrs, is pleased
More informationEnterprise Risk Management Focusing on the Right Risks
Enterprise Risk Management Fcusing n the Right Risks Assciatin Cnference September 17, 2014 P L n L e A l n s a r n L t f i l C 3 1 0 2 cliftnlarsnallen.cm Discussin Objectives 1.Discuss factrs driving
More informationIndependent Director and Audit Committee
Independent Directr and Audit Cmmittee Rules summary The listed cmpany s bard f directrs is representing the sharehlders. They are respnsible fr making decisins n the cmpany s imprtant plicies and strategies.
More informationNAVIPLAN PREMIUM LEARNING GUIDE. Set insurance goals
NAVIPLAN PREMIUM LEARNING GUIDE Set insurance gals Cntents Set insurance gals 1 Learning bjectives 1 NaviPlan planning stages 1 Client case 2 Describe the assumptins and analysis methds available fr determining
More informationFor personal use only
8 March 2017 KABUNI ENTERS INTO A LETTER OF INTENT FOR POTENTIAL SALE OF ITS OPERATING SUBSIDIARIES AND ALSO RESETS STRATEGIC PRIORITIES The Bard f Directrs f Kabuni Ltd. (the Cmpany r Kabuni ) is pleased
More informationConsumer Buy to Let Mortgage
Cnsumer Buy t Let Mrtgage What is it? Cnsumer buy-t-let (CBTL) mrtgages are any buy-t-let cntracts that are nt entered int by an individual whlly r predminantly fr the purpse f a business. They are usually
More informationFAQs What does my insurance cover? What will this event cost? I don t know who my insurer is. How can I find out?
FAQs What des my insurance cver? Virtually every hme insurance plicy cvers damage caused by fire, even if the fire began n a neighburing prperty, as lng as the fire was nt started intentinally by the insured.
More informationH Results Presentation 9 May 2018
H1 2018 Results Presentatin 9 May 2018 Disclaimer This dcument has been prepared by Cmpañía de Distribución Integral Lgista Hldings, S. A. ( Lgista Hldings r the Cmpany ) fr infrmatin purpses, and des
More informationAudit and Risk Management Committee Charter
Audit and Risk Management Cmmittee Charter Pivtal Systems Crpratin ("Cmpany") 1. Objectives The Audit and Risk Management Cmmittee (Cmmittee) has been established by the bard f directrs (Bard) f the Cmpany.
More informationNon-Teacher Appraisal Goal-Setting Conference Guide
2014-2015 Nn-Teacher Appraisal Gal-Setting Cnference Guide TABLE OF CONTENTS Page Cntents 3 Intrductin 4 Nn-Teacher Gal-Setting Cnference Objectives 4-5 Preparing fr the Nn-Teacher Gal-Setting Cnference
More informationBUSINESS FIRMS Why Do Business Firms Exist?
BUSINESS FIRMS Why D Business Firms Exist? Ecnmics Chapter 7: Business Operatins A business firm is an rganizatin that uses resurces t prduce gds and services that are sld t cnsumers, ther firms, r the
More informationUPDATE ON MORTGAGE SERVICING & APPRAISAL GUIDELINES
THURSDAY OCTOBER 17, 2013 2 3 PM CENTRAL TIME UPDATE ON MORTGAGE SERVICING & APPRAISAL GUIDELINES Agata Maurer Senir Managing Cnsultant BKD, LLP amaurer@bkd.cm Wanda Andersn Senir Managing Cnsultant BKD,
More informationThe Lockwood Foundation Grant Application Instructions
The Lckwd Fundatin Grant Applicatin Instructins 2017-2018 Applicatin Opens January 22, 2018 Applicatins due March 5, 2018 The Bellevue Cllege Fundatin and The Lckwd Fundatin are pleased t annunce the 2017-2018
More informationSummary of revised methodology for setting the allowed revenue for electricity transmission
Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin
More information757 ANGELS Matching Talent and Smart Capital
757 ANGELS Matching Talent and Smart Capital www.757angelsgrup.cm Summary 757 Angels, Inc. cnnects early stage businesses seeking capital with high net wrth investrs wh have an appetite fr early stage
More informationNUMBER: BUSF 3.30 Business and Finance. Other Educational and General Program Accounts ("E" Funds) Date: October 18, 2006 I. PURPOSE OF THE POLICY
NUMBER: BUSF 3.30 SECTION: Business and Finance SUBJECT: Other Educatinal and General Prgram Accunts ("E" Funds) Date: Octber 18, 2006 Plicy fr: Prcedure fr: Authrized by: Issued by: All Campuses All Campuses
More informationCHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF ON DECK CAPITAL, INC.
CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF ON DECK CAPITAL, INC. (Adpted n September 15, 2014, amended thrugh July 29, 2016) PURPOSE The purpse f the Cmpensatin Cmmittee f the Bard
More informationCHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF DROPBOX, INC.
CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF DROPBOX, INC. (Adpted n February 22, 2018, Effective upn the effectiveness f the registratin statement relating t the Cmpany s initial
More informationTHE COMMUNITY NEEDS ASSESSMENT REQUIREMENT FOR THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM
THE COMMUNITY NEEDS ASSESSMENT REQUIREMENT FOR THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM (Extracted, with permissin, frm The Cmmunity Needs Assessment Prcess, Mntana Department f Cmmerce, July
More informationExplanation of a U.S. Address and/or U.S. Phone Number (S3)
Explanatin f a U.S. Address and/r U.S. Phne Number (S3) Custmer Name Custmer Number By cmpleting yur IRS Frm W-8 yu are affirming that yu are nt a citizen r resident f the United States r ther U.S. persn
More informationWhat type of Bank is best suited to do BOLI?
Bank Owned Life Insurance (BOLI) Bank Owned Life Insurance (BOLI) is defined as a cmpany wned insurance plicy n ne r mre f its key emplyees that will infrmally fund the financing f emplyee benefits prgrams.
More informationCRSP Index Governance Committees Terms of Reference. Introduction... 2 Governance and Oversight Control Framework... 3 Index Oversight Committee...
CRSP Index Gvernance Cmmittees Terms f Reference CRSP Center fr Research in Security Prices The University f Chicag Bth Schl f Business Chicag, IL 60603 Intrductin... 2 Gvernance and Oversight Cntrl Framewrk...
More informationCourse Information. Here are our core principles and highlights of the course:
Curse Infrmatin The American Bard f Frensic Accunting (ABFA), in cnjunctin with Dr. D. Larry Crumbley, emeritus prfessr at Luisiana State University (LSU) and ne f the leading frensic accunting lecturers
More informationPROJECT CHARTER PLAN VERSION: 1A (DRAFT) <DD-MM-YY> <SECTION NAME>
The fllwing dcument is a sample Wrd template fr the creatin f a prject charter and r prject plan, which will demnstrate hw t apprach any type f prject and manage it effectively. The frmat is very basic
More informationTASSAL GROUP LIMITED ABN
Plicy fr the Selectin and Appintment f Directrs TASSAL GROUP LIMITED ABN 15 106 067 270 Plicy fr the Selectin and Appintment f Directrs (Reviewed by the Bard 25 June 2013) 1 Reviewed by the Bard - 25 June
More informationBolton Global Capital
Bltn Glbal Capital CUSTOMER REQUEST FOR APPROVAL TO PURCHASE PENNY STOCKS INCOMPLETE INFORMATION WILL RESULT IN NON-APPROVAL Acct # -- Rep # Rep Name Client Name (please print) (please print) Legal Address
More informationAccounting Monopoly. Accounting Monopoly. Ed Valenski CPA. (516)
Accunting Mnply Accunting Mnply Ed Valenski CPA (516) 587-2285 Valenski.ed@gmail.cm NYS Certified Business Teacher Part Time Massapequa High Schl, Berner Middle Schl and Birch Lane Elementary Schl Ed Valenski
More informationDRAFT AUDITOR S RESPONSIBILITY UNDER AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA
Finance and Audit Cmmittee Kentucky Cmmunity and Technical Cllege System Fundatin, Inc. Versailles, Kentucky Prfessinal standards require that we cmmunicate certain matters t keep yu adequately infrmed
More informationTeaching performance assessment (Program Standard 1.2)
Teaching perfrmance assessment (Prgram Standard 1.2) Rbust assessment f pre-service teachers is vital in giving students, families and schls cnfidence that graduates frm Australian initial teacher educatin
More informationAirwork Holdings Limited 2017 Annual Results Presentation. August 2017
Airwrk Hldings Limited 2017 Annual Results Presentatin August 2017 IMPORTANT NOTICE This presentatin cntains nt nly a review f peratins, but als sme frward lking statements abut Airwrk Hldings Limited
More informationCorporate Banking 9 December Bank Financing
Crprate Banking 9 December 2015 Bank Financing FINANCING OPTIONS FOR MICRO & SMALL BUSINESSES Intr Steven Burrws, Lending Manager, Cmmercial Clients In cnjunctin with 2 Types f Credit Facilities Shrt-Term
More informationOur vision is: New Zealand values the wellbeing of tamariki above all else.
POSITION DESCRIPTION Oranga Tamariki Ministry fr Children Title: Grup: Reprts t: Lcatin: Direct Reprts: Budget: Senir Advisr Gvernance Team Crprate Services Manager, Gvernance Natinal Office, Wellingtn
More informationVELAN INC. REPORTS ITS THIRD QUARTER 2018/19 FINANCIAL RESULTS
Velan Inc. 7007 Côte de Liesse, Mntreal, QC H4T 1G2 Canada Tel: (514) 748-7743 Fax: (514) 748-8635 www.velan.cm PRESS RELEASE FOR IMMEDIATE RELEASE Fr further infrmatin please cntact: Yves Leduc, President
More informationWhat Does Specialty Own Occupation Really Mean?
What Des Specialty Own Occupatin Really Mean? Plicy definitins are cnfusing, nt nly t dentists but als t many f the insurance prfessinals wh sell them. Belw we will try t prvide an understandable explanatin
More informationRISK INFORMATION CHURCHES CHURCH RISK MANAGEMENT
The infrmatin prvided in this paper is intended t assist church staff in develpment f suitable Risk Management prcesses. Intrductin t Risk Management Risk is the expsure t the pssibility f such things
More informationApproach Paper. A Review of IDB Group s Non-Sovereign Guaranteed Problem Projects
Apprach Paper A Review f IDB Grup s Nn-Svereign Guaranteed Prblem Prjects This wrk is distributed under a Creative Cmmns license https://creativecmmns.rg/licenses/by-nc-nd/3.0/us (CC BY-NC-ND 3.0 US).
More informationEXECUTIVE SUMMARY INTERNAL AUDIT REPORT. IOM Kingston JM JULY 2017
EXECUTIVE SUMMARY INTERNAL AUDIT REPORT IOM Kingstn JM201701 17-21 JULY 2017 Issued by the Office f the Inspectr General Page 1 f 9 Reprt n the Audit f IOM Kingstn Executive Summary Audit File N. JM201701
More informationDraft Governance Working Group Summary of Issues, Research Questions and Possible Recommendations. EALI Governance Goal: Enhance Local Self Governance
Draft Gvernance Wrking Grup Summary f Issues, Research Questins and Pssible Recmmendatins EALI Gvernance Gal: Enhance Lcal Self Gvernance The fllwing summary is based n the EALI Gvernance Wrk Grup s answers
More informationDocumentation / Other important Standards with SME perspective
Dcumentatin / Other imprtant Standards with SME perspective SME - Definitin f MSMEs in India (As Per Micr, Small & Medium Enterprises Develpment (MSMED) Act, 2006) Manufacturing Enterprises Investment
More informationMiFID Supervisory Briefing Suitability
MiFID Supervisry Briefing Suitability 19 December 2012 ESMA/2012/850 Date: 19 December 2012 ESMA/2012/850 I. Backgrund 1. ESMA is required t play an active rle in building a cmmn supervisry culture by
More informationAirwork Holdings Limited Half Year 2015 Results Presentation
Airwrk Hldings Limited Half Year 2015 Results Presentatin February 2015 Chris Hart Brian Fuhy Chief Executive Officer Chief Financial Officer IMPORTANT NOTICE This presentatin cntains nt nly a review f
More informationCorporate Governance Principles
Crprate Gvernance Principles Revised 05-03-2018 Amphenl s Crprate Gvernance Principles have been apprved by the Bard f Directrs and, tgether with the Cmpany s Certificate f Incrpratin, as amended and/r
More informationWEDNESDAY, FEBRUARY 26, AM CENTRAL TIME. Ed Del Conte, CPA Senior Associate II Springfield. Jo Anne Felonia Associate Houston
WEDNESDAY, FEBRUARY 26, 2014 10 11 AM CENTRAL TIME An Update n IRS Frm 990 Kevin Ensminger, CPA, CFP Senir Manager Kansas City Ed Del Cnte, CPA Senir Assciate II Springfield J Anne Felnia Assciate Hustn
More informationAcademic and Administrative and Other Related Staff Annual Review
Academic and Administrative and Other Related Staff Annual Review Intrductin Heads f Cllege/Budget Centre (r nminated representative) have the pprtunity t cnsider and t make the fllwing recmmendatins fr
More informationInvestor Teleconference Presentation First Quarter Fastenal Company April 12, 2017
Investr Telecnference Presentatin First Quarter 2017 Fastenal Cmpany April 12, 2017 1 Safe Harbr Statement All statements made herein that are nt histrical facts (e.g., gals regarding Onsite and vending
More informationFinancial Inventory for Couples
Financial Inventry fr Cuples Step 1: Gather Yur Dcuments Take a mment t start gathering all the dcuments, accunts, and tls yu currently use. If yu have never dne this befre, it may take sme time. These
More informationCareFirst Notifies Groups on Facets of Move to Further, new CDH Vendor
Date: February 1, 2018 Market: All Facets grups CareFirst Ntifies Grups n Facets f Mve t Further, new CDH Vendr As mentined in the January 19, 2018 flash, CareFirst BlueCrss BlueShield and CareFirst BlueChice
More informationCHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF PLURALSIGHT, INC. Adopted May 3, 2018
CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF PLURALSIGHT, INC. Adpted May 3, 2018 PURPOSE The purpse f the Cmpensatin Cmmittee (the Cmpensatin Cmmittee ) f the Bard f Directrs (the
More informationLesson Unit content* Activities Links to other units Resource checklist
Unit 2: Finance fr Business Scheme f wrk Guided learning hurs (GLH): 30 Number f lessns: 15! Duratin f lessns: 2 hurs Lessn Unit cntent* Activities Links t ther units Resurce checklist Learning aim A:
More informationQ3FY18 Revenue at Rs crore; up by 4.1% QoQ basis
Majesc Limited Regd. Off.: MNDC, MBP-P-136, Mahape, Navi Mumbai - 400 710 +91-22-22 6150 1800 +91-22-2778-1332 www.majesc.cm Fr Immediate Release Clarificatin Nte With respect t the financial results fr
More informationApproval Process and Arrangements for University Consultancy Work
Apprval Prcess and Arrangements fr University Cnsultancy Wrk 1 Intrductin Cnsultancy activities can be separated int tw types: thse undertaken in City s name (University cnsultancy) and thse undertaken
More informationSmall Business Employees Significantly Trail Their Large Company Counterparts in Retirement Savings and Preparedness
Transamerica Retirement Services 1150 Suth Olive Street Ls Angeles, CA 90015-2211 Cntacts: Michael Altfest/Vivian Dan Edelman (415) 222-9944 michael.altfest@edelman.cm vivian.dan@edelman.cm Small Business
More informationMICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS
Seattle, Washingtn 98101 MICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS D nt cancel any existing plicies until yu receive cnfirmatin f final rates and/r acceptance f the grup by Regence BlueShield (Regence).
More informationFINANCE & AUDIT COMMITTEE
FINANCE & AUDIT COMMITTEE Page 1 f 8 CHARTER f the Finance & Audit Cmmittee f the Bard Of Directrs f Spectral Medical Inc. Purpse The primary functin f the Finance & Audit Cmmittee (the Cmmittee ) f the
More informationPROFICIENCY STANDARD FOR APPROVED PERSONS SELLING EXCHANGE TRADED FUNDS ( ETFs )
MFDA POLICY NO. 8 PROFICIENCY STANDARD FOR APPROVED PERSONS SELLING EXCHANGE TRADED FUNDS ( ) Purpse Under Rule 1.2.3 (Educatin, Training and Experience), an Apprved Persn must nt perfrm an activity that
More information