M&A Source Education

The M&A Source is dedicated to providing the best education for Intermediaries who operate in the lower middle market.  The M&A Source has developed a wide range of courses on various topics that will help you provide value to your clients and manage your practices.

The courses that are listed below are most commonly offered during our M&A Source Conferences which are typically held twice a year.  In addition to the conference many of the M&A Source courses are offered at regional events.  You can contact M&A Source headquarters for more information on upcoming course offerings.

Courses & Descriptions

Course #301
Introduction to Mergers and Acquisitions (8 credit hours)
Learn what is involved in the mergers and acquisitions (M&A) process, the intermediary’s role and value within the process and the ethical decision-making that must be applied throughout. Introduction to the M&A process is geared toward individuals who are considering developing a professional practice as an M&A advisor. Such individuals may be general business brokers who want to understand the differences in activity and skills required in the middle-market; professionals and executives who have been involved in transactions but who have not acted specifically as a deal-maker and other professionals who have some related experience in middle-market transactions, but have not functioned as business brokers themselves, such as lawyers, accountants, etc. No prerequisites.

Course #304
Legal Aspects of Mergers and Acquisitions (8 credit hours)
Discover the fundamentals and techniques used in dealing with key transaction documents. Discuss tax structuring concepts and how to effectively work and negotiate with attorneys. Leave with an understanding of key components and strategies relating to confidentiality agreements, engagement letters, letters of intent and comprehensive agreements. No prerequisites.

Course #307
Financing the M&A Acquisition (8 credit hours)
Find out how buyers structure deals from a financing standpoint. Discuss the various types of financing (employed debt, equity and subordinated debt) and the relationship between buyer types, financing options, value and price. Learn how M&A business acquisitions are financed and how to educate sellers about financing structures, thus managing their price expectations and increasing your odds of closing more deals. Please bring a financial calculator to class. No prerequisites.

Course #310
Marketing M&A (8 credit hours)
Learn how to successfully contact and retain sellers of mid-market companies, how to motivate owners to sell and how to guide them through the selling decision. Discuss the importance of educating business owners about the middle market and selling their companies, targeting middle market owners and using that education as a selling tool to obtain clients on retainer. No prerequisites.

Course #311
How to Develop a Buy-Side Practice (8 credit hours)
Learn how to develop an effective buy-side practice by using a proven business model. Get tips on how to explain the value and need for buy-side advisory services to your clients and discuss marketing strategies that have been successful for others. This course is recommended for those who have taken Course #301 and have at least one year of intermediary experience. No prerequisites.

Course #325
Succession Planning (8 credit hours)
It is estimated that only five percent of business transfers are handled through business brokers. Why not capitalize on 100 percent of this burgeoning "succession planning" market opportunity? Learn how to earn fees as a succession planning facilitator through the succession planning process and strategies. Discuss topics such as business valuation, minority discounts, transfer tax saving strategies, buy/sell agreements, giving to family members, ESOPs, CRTs and positioning strategies to maximize the price. Courses #210, #220 and #221 are prerequisites, or equivalent business valuation experience.

Course #335
Maximizing the Value of the Privately Held Company (8 credit hours)
Measure and create value by understanding why “cash is king.” Discuss how the cost of capital is computed and what benchmarking methods pinpoint opportunities to maximize business value. Explore the value drivers of business and the 100 strategies to maximize business value. Evaluate specific value-added services that financial consultants and business intermediaries can provide to maximize business value at the “deal stage” when a business is sold. Courses #210, #220 and #221 are prerequisites, or equivalent business valuation experience.

Course #340
Fundamentals of Distribution Business M&A (4 credit hours)
Distribution businesses comprise a significant segment of the service sector in the U.S., which in total accounts for more than 70% of GDP. Distribution businesses account for a growing number of M&A transactions each year. This relevant course is designed to acquaint attendees with basic principles and tools necessary to understand important value drivers, risk factors and other attributes of distribution businesses - regardless of the complexity of the business. M&A professionals should develop a greater level of confidence in representing distribution companies through the M&A process. It is recommended that participants have several years of intermediary experience; CBI or equivalent professional background; and completed Course #301, #307 or #380.

Course #341
M&A Research (8 credit hours)
Gain overall strategies to enhance the methods and incorporate key sources to assist in investigating, researching and analyzing any transaction, industry, company or client. It is not intended to provide specific sources but to create the structure (i.e. lists) as a guide to the most likely source (best category) for answers to questions regarding the deal process. No prerequisites.

Course #345
Tax Boot Camp for the Merger and Acquisition Professional (8 credit hours)
If you’re a business intermediary who is, plans to be or wants to be involved in larger transactions, tax issues are paramount. Review the Internal Revenue Code, taxes commonly paid by the privately-held business owner, tax rates, types of business entities, the four strategies for saving taxes and tax elections, plus depreciation and amortization methods. Discuss installment sales, allocation of purchase price, the pros and cons of asset sales and stock sales. The course manual includes checklists, reference materials, sample IRS forms and a glossary of business tax terms. A calculator is required for this course. Course #120 is a prerequisite or equivalent tax experience.

Course #350
M&A Opportunities in the Health Industry (4 credit hours)
There are more than 580,000 businesses currently in the healthcare industry. This course is designed to acquaint attendees with the basic tools necessary to understand the healthcare landscape and how best for the M&A intermediary to market their services. The educated and informed intermediary will be better equipped to capitalize on coming regulatory changes affecting the healthcare industry. Participants should be able to gain an insight into this industry segment and determine where opportunities exist. 

Course #355
Managing the M&A Buyer Process (8 credit hours)
This course introduces new tools and processes to efficiently find a buyer who can close a deal. Learn how to establish a “demographic footprint” of the buyer, create a prioritized list of buyers, qualify the target list and create a targeted plan to sell the business. Find out how to talk to buyers and work with them during the initial tour of the business. It is recommended that participants are a CBI or M&AMI or have equivalent background, and have taken Course #301. Other recommended courses include: #304, #307, #335, #341 and #380.

Course #360
Principles of Manufacturing M&A (4 credit hours)
This course is designed to introduce you to the knowledge, tools and skills required to obtain a lower middle-market manufacturing engagement. After this course, you will be able to ask pertinent questions of a potential seller and know what research you should do beforehand. This course will enlighten those who haven’t sold a manufacturing business before, and for those with manufacturing transaction experience, will further refine their understanding of the nuances of a successful engagement. Course prerequisites include either IBBA 301: Introduction to M&A or IBBA 380: Navigating the M&A Process. It is recommended that you have are a CBI, have at least three years of experience, and have taken IBBA 307: Financing the M&A Acquisition.

Course #370
Fundamentals of Service Business M&A (4 credit hours)
The service sector in the U.S. accounts for more than 70% of GDP. Each year service businesses represent more than half of all M&A transactions. This relevant course is designed to acquaint attendees with basic principles and tools necessary to understand important value drivers, risk factors and other attributes of service businesses - regardless of the complexity of the business. M&A professionals should develop a greater level of confidence in representing service companies through the M&A process. It is recommended that participants have several years of intermediary experience; CBI or equivalent professional background; and completed Course #301, #307 or #380. 

Course #380
Navigating the M&A Process (8 credit hours)
Increase the number of transactions closed (and make each one more profitable) – it’s all about negotiation through and within the M&A process. Learn how to assess strengths and weaknesses and gain new tactics and techniques for working through the M&A process. Examine the critical role negotiation plays in each step of the process through discussions about key issues and common concerns in transactions. Prior to this course, participants will be sent a brief case study to complete. The completion of CBI core courses and one year of M&A experience is required.

Course #385
Key M&A Negotiations (8 credit hours)
Learn about the two key negotiation milestones in a mid-market deal: securing the M&A engagement and managing negotiations with prospect(s) to the LOI. Gain the understanding necessary to create effective engagement agreements that are right for the client and fair for the intermediary. Once the engagement agreement has been executed, intermediaries use the full complement of skills and resources to negotiate the best outcome for the client. At these two points, intermediaries have the most influence on the outcome of a professional M&A process for all parties. No prerequisites.

Course #421
Balance Sheet – A Uniquely Powerful Closing Tool (4 credit hours)
If the income statement sets the expectations of price, the balance sheet sets the terms of the deal. Understand the impact that the balance sheet has on the probability of a deal closing, the financing options, or lack thereof, transaction structure, the closing balance sheet and ultimately the after-tax proceeds to the seller. Take away an understanding of the balance sheet and how to navigate the deal points that that will lead to more successful closings. No prerequisites.

Course #423
Managing the Seller's Options - The Seller's Unending Question (4 credit hours)
Just about every Seller views their transaction or "Deal" as having three options. Option #1 is "take the money and run". Option #2 is "do nothing, keep the company and hope to grow". Option #3 is "take on a growth partner today and wait for a second payday down the road". Understanding and communicating how a "Deal" relates to each option is KEY to managing the Seller's expectations and controlling the negotiation. This course will provide the necessary insight and tools for the intermediary to effectively address the above Seller options. This presentation will use 3 case studies that will provide in-depth analysis for each of the three seller options. The attendees will take away a working understanding of operating cash flow, free cash flow, and how sales growth affects working capital. In addition the course will explain how to model these variables and how they relate directly to the Seller's unending question. This course is a sequel to Course 421: Balance Sheet - A Uniquely Powerful Closing Tool. As a prerequisite for the course, it is suggested that the participant has taken Course 421 and either 307 or 380, and has at least five years business broker/intermediary experience.

Course #425
Understanding Private Equity (8 credit hours)
This course will provide a comprehensive overview of the various types of Private Equity Groups (PEGs) in the market place, how they operate, how they process deal flow, and how they evaluate and price acquisition opportunities. The course will also offer the intermediary informative insights as to how PEGs structure deals. The presentation will use case studies that will describe the financial analysis utilized in control and non-control acquisition transactions. Special attention will also be focused on the effect (advantages/disadvantages) that these type of transactions may have on an intermediary's client, and provide the basis for counseling the client to seek out the best solution.

The course objective is to present the attendee a working knowledge of how the PEGs determine if an acquisition opportunity is a "fit" for their fund, the various capital structures used, the key components in determining ROI bench marks, and the financial modeling approaches to pricing the deal. The course will also share examples of transaction term sheets, and intermediary fee agreements. In addition, the course will suggest ideas on how to best develop a productive relationship with a PEG. As a prerequisite for this course, it is suggested that the participant has previously taken at least one of the following courses: 307, 380, 385, 421 and has at least five years business broker/intermediary experience.

Course #429
M&A Best Practices for Practice Development (8 credit hours)
Review examples of best practices from some of the most successful intermediaries in our business. Break down M&A businesses into several competency areas, such as business planning, leadership, infrastructure and branding. Learn why there is no single best practice or no single competency area that enables an M&A practice to be successful. Bring examples of your own best practices, as well as best practices taken from other professional service firms. Prerequisites for this course are CBI/M&AMI and/or M&A Source membership, along with at least two years of M&A intermediary-level deal making.

Course #430
Advanced M&A Tax Strategies and Deal Structures (8 credit hours)
Review the four strategies for saving on taxes with a quick overview of taxable business transactions. Focus on how to acquaint business brokers/intermediaries with specific advanced M&A tax strategies and deal structures to include pre-transaction intra family transfers using family limited partnerships, private annuities and self-canceling installment notes; pre-transaction company split-ups, spin-offs and spilt-offs that receive non-taxable divisive reorganization treatment; partial liquidation distributions when a portion of a company is sold; stock sales treated as asset sales under Section 338(h)(10). Discuss non-taxable acquisitive reorganizations which include statutory mergers and forward or reverse triangular mergers. Cover charitable remainder trusts in detail, plus the tax benefits of an ESOP, using an acquired company's net operating loss carryover, the qualified small business company gain rollover and various other advanced M&A tax saving strategies. Course #345 and at least five years business broker/intermediary experience are the prerequisites.

Course #455
Structuring Mergers and Fold-in Transaction Opportunities (4 credit hours)
Review the current market opportunities available in sourcing “merger” and “fold-in” type of engagements. For purposes of this course, the definition of a “merger” will only apply to the business issues involved in combining two companies. The “fold-in” type transactions to be discussed will cover the practical deal points involved when a company makes an acquisition and relocates that operation into its own facility. Discuss how to seek out these type of engagements, right-fit assessment of the parties, advisor’s role in managing the process, approaches to determining deal value, transaction structuring options and how to get paid at closing. Review successful case study examples. It is required that participants are a CBI or have equivalent background of at least two-three years of M&A intermediary experience and have taken several 300-level courses.

 

 

 

Course #470
Developing Industry Expertise in Service M&A (4 Credit Hours)
Market knowledge and execution capabilities can be enhanced when M&A advisors develop an industry specialization within a market sector. This course presents a systematic and practical approach for attendees to identify an industry and create a personal business plan to become a service industry expert. You will learn how to improve your research through talking with business development officers and private equity firms, and how to recognize the benchmarks of achieving industry expertise. The principles and approaches discussed here could also be used to develop industry expertise in other sectors. This is an advanced course and it is expected that participants have taken Course 370: Fundamentals of Service Business M&A, or have an excellent understanding of the service sector and the M&A process.