What are EBITDA adjustments and why do they matter?
While there are many factors that influence the valuation of a business (including size, profit margins, historical growth, growth potential, competitive positioning, and customer concentration), one of the most closely scrutinized metrics is earnings before interest, taxes, depreciation, and amortization, or EBITDA. The calculation of EBITDA is generally quite simple from an income statement. However, […]
Keeping Score: Can online retailers scale profitably?
I was recently featured in a DigitalCommerce360 article entitled “Keeping Score: Can online retailers scale profitably?”, and with their permission, I am sharing the article below. Don Davis | Dec 30, 2022 Some of the most successful online-only retailers of the past decade have gone public in recent years, but their stocks have taken a big […]
Every Owner Exits – Part III
This month, I conclude my series on exit options (see Part I and Part II) with a discussion of recapitalizations and ESOPs. Recapitalizations Minority recapitalization is a type of investment in which an investor provides debt and equity capital in exchange for a less than 50% ownership stake in a company. Capital can be used […]
Every Owner Exits – Part II
As a follow-up to last month’s blog, I’d like to share some additional thoughts on exit options. Below I discuss the options of going public or selling a business. Go Public When a firm decides to go public, there are three primary options Traditional IPO – the company hires an investment bank to underwrite the […]
10 Questions with Stuart Rose
Stuart Rose is a Partner at Mirus and a recognized expert in direct marketing and retail investment banking. With over 15 years of deal making experience he has completed sell-side and buy-side transactions for clients such as Cuddledown, Victorian Trading Company, Imaginova, S&S Worldwide, AmeriMark, and the Thompson Group. Stuart holds a Bachelor of Arts […]
Mirus: 35 years of M&A
A lot has changed in our world since our firm began doing business in 1987. The US economy is 4.7 times as large as it was when Mirus first opened its doors, and the value of the S&P 500 is up over 17 times. The number of M&A deals in the US per year is […]
Every Owner Exits
There comes a time in every business owner’s life when he or she will move on. Exiting an ownership position can take many forms, from a very public IPO, to a gift to the heirs, a sale to new owners, to, I dare say, a tragic death at the desk. This article highlights the characteristics […]
Four ways a CFO can add value in M&A
The CFO brings a critical perspective to the sale of a business. Typically she’s the one with the best understanding of the “numbers”, the financial history and the overall economics of the business. Most CFOs have got their monthly reporting process down and know how to work efficiently with lenders and auditors. There’s a regularity […]