If the LOI is where the deal is born, diligence can be where it dies an early death. In the worst cases, poor diligence sets the acquirer up for significant heartache post closing.
With that in mind, what can we do to ensure that sellers are ready, buyers are efficient, and deals go smoothly through closing and beyond?
Please meet our moderator, Bill Heerman and our panelists, Tim Troha, Brian Myeroff, and Lee Fanyo:
Bill Heermann has deep expertise in building and running industrial manufacturing and construction companies. In his current Partner role with Newport Board Group, Bill helps ambitious business owners achieve the business’s full potential, often assisting them through M & A transactions.
Previously he was president of a Colorado specialty industrial contractor, serving the manufacturing and process markets. In that role he significantly grew the revenue line, reduced the company’s financial breakeven point, profitably navigated through the 2007 – 2009 downturn, and instilled processes and procedures to produce more with fewer resources.
Before that Bill was Co-Owner and Executive Manager of Tava Technologies. During his tenure, this local process controls and automation firm achieved listing on NASDAQ, expanding to national and limited international operations. The company’s software and hardware system implementation services growth that culminated in acquisition by a foreign entity. Among other roles there, as VP of Sales and Marketing Bill marketed process automation solutions and other services to the power, mining, oil & gas, food, pharmaceutical, water/wastewater, and governmental sectors.
Industria Partners provides strategic guidance to energy and industrial businesses across the U.S. Collectively, it’s partners have completed approximately 100 transactions totaling over $5 billion in value.
Tim is a co-founder and partner of Industria with more than 15 years of experience in corporate finance and analysis. Most recently, Tim was a Director in the Energy group at KPMG Corporate Finance. Previously, he was a Principal in the Energy Services & Technologies group at St. Charles Capital until its acquisition by KPMG in 2014. He began his career in the Division of International Finance at the Federal Reserve Board of Governors in Washington, D.C., and earned an MBA with honors from the Leeds School of Business, University of Colorado, Boulder. He also attended the London School of Economics, and graduated cum laude from Kenyon College with a dual degree in Economics and Political Science.
Brian is a Director and the Denver market leader of BKD’s Transaction Services division. With more than ten years of experience with mergers and acquisitions, he provides buy-side and sell-side financial due diligence services to private equity and strategic investors. He has experience across a wide range of industries, including manufacturing and distribution, home health, waste management, automotive, telecommunications, retail, consumer products and business services including tech-enabled and eDiscovery services.
He has led or participated in more than 150 transactions and focuses on determining acquisition targets’ quality of earnings and working capital requirements through analysis of financial statements and discussions with key management personnel. He reviews purchase and financing agreements to determine propriety of deal structure and the inclusion of applicable diligence findings. He also has completed various carve-out and stand-alone engagements on behalf of strategic sellers and portfolio companies in their divestiture of operating segments.
Prior to joining BKD, Brian was a director with the transaction services practice of an international consulting firm in Chicago and Denver and a senior associate with the transaction services practice of a Big Four accounting firm in Chicago. He performed several asset-based loan engagements for top-tier financial institutions in their consideration of borrowing base implications.
Brian is a magna cum laude graduate of The Ohio State University, Columbus, with a bachelor’s degree in business administration with a concentration in accounting and a master’s degree in accounting.
Lee Fanyo is a corporate lawyer at Lewis, Bess, Williams & Weese P.C. He advises public and private companies and their management on acquisitions, dispositions, financing and other matters that affect business operations. He has substantial experience in representing the energy industry.
Colorado Super Lawyers® named Lee a Rising Star in 2016, 2017 and 2018.
Before joining the firm, Lee served as a judicial law clerk to the Honorable Justice Allison H. Eid on the Colorado Supreme Court. Before law school, Lee worked as an engineer at a large aerospace manufacturer where he assisted in the design of Global Positioning System (GPS) satellites and defensive missiles.
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