Investment banks prepare for 2025 crunch
Financial Times - Banking
JANUARY 5, 2025
Boutiques counting on M&A rebound to support elevated valuations and star hires
Sports Investment Banking: How to Win the Super Bowl and the World Cup in the Same Year
Mergers and Inquisitions
DECEMBER 4, 2024
This sector is the most different in terms of valuation and technical analysis because of nuances around licensing, player salaries, and different revenue streams. Be prepared to discuss a recent sports deal (ideally involving a team or league) and have a rough idea of the trends, drivers, and valuation differences (see below).
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Bulge Bracket IB Or Boutique IB - Which one to choose?
Wizenius
JULY 9, 2023
The choice between working in a bulge bracket investment bank or a boutique investment bank depends on individual preferences and career goals. Specialization and Niche Expertise: Boutique IB Firms specialize in specific industries or sectors, offering in-depth knowledge and tailored advice.
Insurance Broker Valuation Multiples: Q3 2024 Projections
Sica Fletcher
JUNE 11, 2024
The following report contains our projections for Q3 2024 insurance broker valuation multiples. Insurance Broker Valuation Multiples: Q3 2024 Projections Using these numbers as a baseline, let’s examine the insurance industry more closely to identify influential factors behind its specific changes.
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Why Investment Banking? How to Answer the Most Boring But Persistent Interview Question of All Time
Mergers and Inquisitions
OCTOBER 16, 2024
But most coverage suggests generic answers about wanting to learn a lot, liking financial analysis or valuation, or wanting to “understand different industries.” a summer internship that converts into a full-time offer vs. a boutique internship in your 1 st or 2 nd year of university). They don’t reflect market changes over time.
How much equity should you give away when taking investment for growth?
Growth Business
OCTOBER 25, 2024
The stake will depend directly on the amount you want to raise compared to your business’s total valuation. Generally, the larger the company, the higher the multiple and valuation an investor would pay for an equity stake.
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CCA Welcomes Miles Gally to Our Investment Banking Team
Chesapeake Corporate Advisors
MAY 12, 2023
Baltimore, MD, MAY 12, 2023 —To support its continued growth as a top boutique investment banking and corporate advisory firm in the Mid-Atlantic region, Chesapeake Corporate Advisors (CCA) recently welcomed Miles Gally to the investment banking team.
CCA Promotes Tim Brasel to Managing Director
Chesapeake Corporate Advisors
MAY 6, 2024
Baltimore, MD, May 7, 2024 – Chesapeake Corporate Advisors (CCA), a boutique investment banking and corporate advisory firm in the Mid-Atlantic region, announced that Timothy Brasel has been named a Managing Director in the firm’s investment banking group.
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Know Your Insurance Agency: Purchase Price Calculations
Sica Fletcher
JUNE 14, 2024
M&A professionals prefer it over other valuation methods for this reason, because it provides buyers with a clearer picture of how much the agency is worth to them. While valuation multiples – especially for private companies – have been a hidden source of information for decades, it has become more transparent in the last few years.
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02-09-2024 Newsletter: Intention to Lateral?
OfficeHours
FEBRUARY 9, 2024
Given that we were mainly doing sell-sides at the EB, a lot of the analysis work was valuation as well as positioning the company and helping the management team with the presentations. At the EB, we were a lot more thoughtful about the buyers we reached out to and tended to have tighter processes. WHY CHOOSE US?
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Equity Research vs. Investment Banking: Careers, Compensation, Exits, and AI/Automation Risk
Mergers and Inquisitions
JANUARY 22, 2025
At the junior levels , entry-level professionals in both fields spend a lot of time in Excel working on models, valuations, and documents such as equity research reports and investment banking pitch books. Equity research at the senior levels does require sales skills, but its more about being a conduit than a closer.
How to Get an Investment Banking Internship
Mergers and Inquisitions
DECEMBER 20, 2023
Internships at regional boutique banks. Big 4 or independent valuation firm internships. You should also start learning the technical side (accounting, valuation, and basic M&A and LBO concepts) and begin networking with alumni. Internships at local venture capital or private equity firms. Wealth management.
The Venture Capital Case Study: What to Expect and How to Survive
Mergers and Inquisitions
JULY 12, 2023
This startup claims that its service can boost Analyst productivity by 30% and generate millions in extra fees for the average bank, and it plans to sell it to boutique banks for $2,000 per month. They want a $2 million seed investment at a $20 million post-money valuation, meaning that we (the VCs) will own 10% if we invest.
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07-04-2023 Newsletter: July 4th PE Platform Sale!
OfficeHours
JULY 4, 2023
small boutique) “ Last thing you want to be is STUCK in a DOWN-CYCLE being a banking analyst thinking I should’ve recruited before when there were more opportunities.” Celebrating 5 Years of Placements (2020-2024) – Empowering Dreams and Unlocking Opportunities! I can’t imagine going through it without Office Hours.” (EB)
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How to Select a Business Broker
Sun Acquisitions
JULY 6, 2022
Brokers offer a range of wide range of services including: Business valuation. Boutique brokerage firms like Sun Acquisitions pride themselves on providing one-on-one business broker services, dedicating as much time as needed to help you in your endeavor. Knowing what you want from a broker will help you narrow down your selection.
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Helping Business Owners Achieve Successful Exits: Proven Strategies for a Smooth Transition
How2Exit
JULY 29, 2024
E234: Helping Business Owners Achieve Successful Exits: Proven Strategies for a Smooth Transition - Watch Here About the Guest(s): Christine McDannell is the founder and principal intermediary of The Magnolia Firm, a boutique business brokerage firm.
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Renewable Energy Investment Banking: How to Make Greens by Going Green
Mergers and Inquisitions
SEPTEMBER 11, 2024
Operating metrics and valuation multiples , especially for the assets and companies that are the most different (see below). So, even if you’re advising entire companies, you must still be familiar with asset-level modeling and valuation and how an entire portfolio works. What Do You Do as an Analyst or Associate?
Confidential Family Office Acquires Peppy’s Car Wash
Chesapeake Corporate Advisors
JUNE 26, 2024
This family office relied on CCA for our deep expertise in developing sophisticated bank models, business valuations, and other tools to model the overall transaction and associated debt service,” said Stuart Knott , Managing Director. “We The company uses modern technology to deliver exceptional service while protecting customer vehicles.
Should I Sell My Insurance Agency?
Sica Fletcher
MAY 8, 2024
While we’ve already written extensively on the process of insurance agency valuation , the following sections focus on what to look for in the earliest stages of considering a sale - in other words, what deciding factors to look for to determine whether you should sell your agency. What Documents Do I Need? hidden behind a paywall or b.)
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When It’s Time to Sell Your Business, an Experienced Team of Trusted Advisors is a Must
Chesapeake Corporate Advisors
MAY 7, 2024
They prepare a business valuation (which tells you what the company is worth), market your business to buyers, facilitate meetings between your management and the buyers’, negotiate with finalists, manage the rigorous due diligence process, and coordinate with the rest of your team.
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Rendia, Inc. Acquired by PatientPoint
Chesapeake Corporate Advisors
OCTOBER 24, 2022
For several years leading up to the sale, the CCA corporate advisory team worked closely with Rendia to increase shareholder value, optimize the business’s valuation, and position the company for the best sale outcome. Tim Hodge, Daniel Fitzgerald, and Amanda Chong of Nelson Mullins served as Rendia’s legal counsel.
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10 Questions to Ask Yourself When You Receive an Unsolicited Offer to Buy Your Business
Chesapeake Corporate Advisors
MAY 4, 2023
Consider whether you are ready to give up the daily responsibilities of running a company and whether the business is at the right point in its maturity to be sold. How does the offer align with your business valuation?
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Confidential Family Office Acquired Peppy’s Car Wash
Chesapeake Corporate Advisors
JUNE 26, 2024
This family office relied on CCA for our deep expertise in developing sophisticated bank models, business valuations, and other tools to model the overall transaction and associated debt service,” said Stuart Knott , Managing Director. “We The company uses modern technology to deliver exceptional service while protecting customer vehicles.
UBS and Credit Suisse: The Next Shoe to Drop in the Financial Crisis of 2023?
Mergers and Inquisitions
MARCH 22, 2023
Before this deal, I had expected that “CS First Boston” would become another elite boutique and a strong competitor to the likes of Evercore, Lazard, and Moelis. Also, many of the elite boutiques will benefit because they’ll be perceived as “lower risk” after this crisis due to their lack of large Balance Sheets. Klein & Co.
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2024 Insurance M&A Transactions: What To Expect
Sica Fletcher
JULY 31, 2024
With such a high level of competition, they face the double-edged sword of higher overall valuations vs. a relatively smaller initial payout as equity becomes an increasingly larger percentage of buyer offers. This has led to very high valuation multiples (~11.5x Senior Attention.
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M&A is Back!
Solganick & Co.
MAY 13, 2024
May 13, 2024 – Los Angeles Business Journal – by Taylor Mills Solganick Says M&A is Back Los Angeles-based boutique investment banking firm Solganick & Co. Interest rate movements will affect public company valuations and lending for deals. Aaron Solganick, CEO of Solganick & Co.
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Common Types of Insurance Agency Sellers
Sica Fletcher
APRIL 11, 2024
Your agency valuation will play a large role in influencing how buyers perceive your agency’s worth. Take time before bringing your agency to market to optimize your daily operations, thus increasing the likelihood of a higher valuation. Pay close attention to the multiple being offered.
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The State of Insurance M&A: 2024 Outlook
Sica Fletcher
MAY 29, 2024
2) our team noted unexpected increases in the valuation multiples offered for insurance agencies, as depicted below. While insurance M&A did see slight dips in deal volume and average value (Fig.2)
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How Some Sellers are Still Thriving in a Difficult M&A Environment
Chesapeake Corporate Advisors
APRIL 8, 2024
But while the macro data appears discouraging, firms like ours are still closing good deals with solid valuations and attractive terms. The same group saw average deal multiples decline over that period, from 8x trailing 12-month EBITDA to 6.4x.
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The Top Insurance Agency Investment Banks of 2024
Sica Fletcher
AUGUST 6, 2024
The Top Insurance Agency Investment Banks of 2024 Sica | Fletcher Sica | Fletcher is a boutique investment bank specializing in M&A advisory services. Dowling & Partners Securities Stats Ardea Partners Ardea Partners is a boutique investment bank specializing in strategic advisory services for insurance agencies.
Growth Equity: The Child Prodigy of Private Equity and Venture Capital, or an Artifact of Easy Money?
Mergers and Inquisitions
MARCH 13, 2024
Valuations are high, the returns depend on future growth, and deals are for primary capital , i.e., new cash the business needs. Financial Modeling: Like private equity, 3-statement models are common, as are valuations and DCF models , but LBO models are less common since not all deals use debt.
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The Money Issue: Los Angeles Business Journal. M&A Hesitation: Banker Fears ‘Rose-Colored Glasses’ Syndrome
Solganick & Co.
FEBRUARY 2, 2024
A lot of these companies that did end up going to market were still trying to lock down valuations from two years ago, from the 2021 glory days where they might get nearly double what they would now,” said Solganick. For Solganick, who specializes in middle market M&A deals in the technology and IT services space, the future looks bright.
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Where to find fintech investment
Growth Business
NOVEMBER 23, 2023
Despite investment in the first half of 2023 dropping to £4.6bn from 2022’s £10.8bn as a result of rising interest rates, high inflation, a decrease in valuations and geopolitical tensions globally, UK fintechs are still attracting more VC investment than all other EMEA fintechs combined, with a significant percentage coming from US investors.
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The Collapse of Silicon Valley Bank: The Start of Great Financial Crisis 2.0?
Mergers and Inquisitions
MARCH 13, 2023
If you’re familiar with bank accounting, valuation, and regulatory capital (i.e., And the middle-market and boutique investment banks don’t have much presence in commercial lending anyway, so they’re not at risk of bank runs. Wait, Shouldn’t Regulations Have Prevented the Silicon Valley Bank Failure?
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Top 3 Growth Financing Options for Software Companies
Software Equity Group
MARCH 21, 2023
There is a wide variety of early-stage lenders: large institutional investors, boutique specialist lenders, and high-net-worth individuals are common sources of debt financing. Growth debt, also called venture debt, most often comes as a principal loan accompanied by an interest payment.
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Private Equity in China: The Worst of Both Worlds?
Mergers and Inquisitions
AUGUST 16, 2023
Working at the bulge brackets or elite boutiques is better for international funds, while IB experience at the top Chinese banks (CICC, CITIC, Huatai, Haitong, etc.) Investment Banking Experience at Bulge Bracket or Top Domestic Banks – As with PE anywhere, you need a few years of IB experience to be competitive in most cases.
No Return Offer from an Investment Banking Internship: What to Do
Mergers and Inquisitions
AUGUST 23, 2023
All the large investment banks – bulge brackets , elite boutiques , and middle-market firms – use internships as a recruiting tool for Analysts and Associates. No Return Offer” Policy – Some boutique banks hire interns but never plan to bring them back full-time. If you’re in this category, at least it’s easy to explain in interviews!
From Wealth Management to Investment Banking: How to Make the Leap
Mergers and Inquisitions
JUNE 5, 2024
Your “Plan B” options could be anything discussed in the lateral hiring article : Big 4 roles , independent valuation firms , corporate banking , corporate finance , corporate development , credit analysis , real estate lending , etc.
Capital Markets vs. Investment Banking: Deals, Careers, Recruiting, Exits, and Offer Decisions
Mergers and Inquisitions
OCTOBER 18, 2023
Yes, ECM/DCM beats options such as the Big 4 firms, small PE/VC firms, corporate banking, corporate finance, valuation firms, etc. If it’s a 5-person regional boutique , take the BB capital markets offer. If you want a long-term finance career (stay in banking or switch to private equity, corporate development, hedge funds, etc.),
Private Equity Regulation: 2023 Changes and Impact on Finance Careers
Mergers and Inquisitions
SEPTEMBER 6, 2023
Secondary Transactions: If there’s a “secondary transaction,” i.e., an existing investor sells its stake in the fund, the fund must get a Fairness Opinion or valuation opinion to demonstrate that the price and terms are reasonable. In the U.S., Up until now, the HSR filing has mostly been a formality.
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What Makes a Website Valuable? Uncovering the Secrets of E-Commerce M&A with Justin Harris
How2Exit
APRIL 29, 2024
rn rn rn There's an expected decrease in multiples and buyer activity in today's market, affecting business valuations. rn Evolution of Search Algorithms: rn The rise of AI also brings challenges, especially for content-based sites likely to experience diminishing valuations due to changes in search algorithms.
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Metals & Mining Investment Banking: The Full Guide to Ground Zero for the Energy Transition
Mergers and Inquisitions
APRIL 19, 2023
Valuation , such as the different multiples used for mining companies and the NAV model in place of the DCF (see below). Valuation – Since many people perceive gold as a stable, irreplaceable store of value, gold miners often trade at higher multiples than base metal miners (see the examples below).
Want to Find Hidden Acquisition Gems? The Secret to PE Deal Origination in the Middle Market
How2Exit
JANUARY 13, 2025
Further embedding himself in the market, he gained experience at a boutique M&A advisory firm where he honed his skills in B2B lead origination. This perspective can be a significant hurdle, especially when business owners grapple with the valuation of their "baby."
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Eight steps to find the right investment partner for you
Growth Business
OCTOBER 31, 2024
Be clear about your views on valuation and the equity stake you’re willing to offer. Michael Goodwin is co-founder at boutique recruitment investors, Jigsaw Equity More on investment How much equity should you give away when taking investment for growth?
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