Churchill Downs Incorporated’s Post

CLA (CliftonLarsonAllen) assisted with the buy-side quality of earnings for Highland Rim Capital on their acquisition of Associated Adjusters Network (AAN). The Deal Services team at CLA performed similar analysis on over 323 deals in the first half of 2024 totaling over $5.2 billion of transaction value. CLA goes beyond traditional accounting and financial analysis, and scrutinizes key assumptions underlying the deal. Maximize the efficiency and value of an acquisition or disposition at each stage of transaction. Key services include business succession planning, financial due diligence, M&A advisory services and post-merger integration services. Our transactional services team is also able to provide both buy-side and sell-side due diligence services if you are contemplating a transaction. When you choose CLA, you choose all of CLA. #CLA #CreateOpportunities #PrivateEquity #DealServices #TombstoneThursday #CLASeamless

I love being a part of the Brown & Brown team. Growth like this doesn't happen unless from the top down we all buy into the same mindset. As teammates, we have unwavering support at all levels of the company which allows us to properly consult and service the clients we work for and represent. #BBThePowerOfWE #riskmanagement #commercialinsurance #growthmindset #bewellsuited

🚀 Over two years ago, our startup made a bold bet: AI and workflow automation would revolutionize the M&A landscape. We foresaw three key phases: 1. FUD (Fear, Uncertainty, Doubt): Initial skepticism and apprehension about integrating AI. 2. Experimentation: Companies began exploring AI's potential through pilot projects and trials. 3. Adoption (2024): A significant shift towards embracing AI and automation as core components of M&A strategies. Now, in 2024, we're witnessing this adoption phase materialize. Firms that are building or buying AI capabilities are poised to gain a competitive edge at an accelerated pace. The ability to streamline workflows, enhance decision-making, and uncover insights through AI is proving to be a game-changer. Looking forward to continue conversation and collaboration with M&A practitioners and leaders in this transformative journey. The future of M&A is here, and it's powered by AI. #AI #WorkflowAutomation #MergersAndAcquisitions #Innovation #CompetitiveAdvantage #FutureOfWork #Napa

It's official! Ben Raffle and I will be heading to ACG San Francisco's M&A West next week. If you're planning to be there, please reach out and schedule some time with one of us to learn more about how ScaleNorth can help #middlemarket and #privateequity portfolio companies optimize NetSuite and streamline financial operations. #mergersandacquistions ScaleNorth | NetSuite Solution Provider & Outsourced NetSuite Accounting

WELCOME TO marchFIRST I left a safe corporate job in 2000 to be a part of the merger between Whittman-Hart and US Web/CKs. My manager, Steve Huser, was a true team player and we celebrated our successes and failures together. Our CEO, Bob Bernard, had founded Whitman-Hart in 1984. Our new CFO, Peter Murphy, had at one time been a General Practice Manager with public accounting giant PWC. As the only person with any depth and breadth of real world Corporate Treasury experience, I'll never forget the day I spoke up in a meeting with Bob and Peter. I told them that we were in deep trouble because no one was collecting my money. I was a shareholder. Unfortunately, several months later in 2000, marchFIRST filed for Chapter 11 Bankruptcy reorganization shortly after being recapitalized by a $150 million capital injection from Francisco Partners. In early 2001, marchFIRST filed for Chapter 7 Liquidation, putting thousands of people on the unemployment rolls. It never should have happened. Let's remember that "Revenue is The Journey, but Cash is The Destination." It's important to stay on top of a corporation's finances so that we can avoid any unnecessary hardships down the road. "Revenue is The Journey, Cash is The Destination'" #bankruptcy #liquidation #chase #finance Andrew Salski #depauluniversity #northwesternuniversity

I've spent a little bit more time looking around the accounts of the Cooper Associates Group of Companies this morning. The last Accounts published by its St. James’s Place "Partner Practice" Cooper Associates Wealth Management Limited as at December 31 2022 are very interesting. It seems to me that around October 2022 it acquired another SJP practice for a price of around £2.7 million and in the process increased its borrowings by over £2.2 million, presumably to fund that transaction. Worth noting base rate at the time was around 2.25%. The last reported Balance Sheet of that firm it acquired was dated 8 months earlier. At that date it had a Balance Sheet value of £40,000. The Balance Sheet included intangible goodwill of around £240,000 which presumably arose as a result if it purchasing another SJP practice itself. The FCA realises that the real value of "Goodwill" is effectively anyone's guess so its ignored when firm's submit their Solvency Calculations. If it is ignored in this case the acquired firm's balance sheet would have been worth around negative £200,000. - it had tangible assets of around £60,000 but it owed around £260,000 to various creditors. I'd suggest paying £2.2 million for a business in that shape is one heck of a premium! It looks to me like SJP firms place a very high multiple on the value of the client fees they buy and sell to each other. What is even more interesting is that the accounts for Cooper Associates show it had a Corporation Tax Liability in 2021 of £652,000. That suggests to me profits of around £3.4 million in that year. At December 2022 it was reserving absolutely zero for Corporation Tax. That suggests to me it made no taxable profit at all in 2022 - and yet it seems it was still able to borrow an additional £2.2 million to buy another SJP Practice. I wonder who lent it that. I also wonder if there is more to this latest headline than meets the eye. Am I wrong on any of this St. James’s Place Place or Cooper Associates Group?

WELCOME TO marchFIRST I left a safe corporate job in 2000 to be a part of the merger between Whittman-Hart and US Web/CKs. My manager, Steve Huser, was a true team player and we celebrated our successes and failures together. Our CEO, Bob Bernard, had founded Whitman-Hart in 1984. Our new CFO, Peter Murphy, had at one time been a General Practice Manager with public accounting giant PWC. As the only person with any depth and breadth of real world Corporate Treasury experience, I'll never forget the day I spoke up in a meeting with Bob and Peter. I told them that we were in deep trouble because no one was collecting my money. I was a shareholder. Unfortunately, several months later in 2000, marchFIRST filed for Chapter 11 Bankruptcy reorganization shortly after being recapitalized by a $150 million capital injection from Francisco Partners. In early 2001, marchFIRST filed for Chapter 7 Liquidation, putting thousands of people on the unemployment rolls. It never should have happened. Let's remember that "Revenue is The Journey, but Cash is The Destination." It's important to stay on top of a corporation's finances so that we can avoid any unnecessary hardships down the road. "Revenue is The Journey, Cash is The Destination'" #bankruptcy #liquidation #chase #finance Andrew Salski #depauluniversity #northwesternuniversity

Should you beef up your governance?   If you lead a family business, here are three reasons why you may want to evolve your fiduciary board:   👥 Succession Planning Do you know what would happen next in your organization if you weren’t here tomorrow? The plan can be thought through in advance and a fiduciary board would have the teeth to implement it.   📈 Performance Driver Independent directors supply expertise and an outside perspective - establish trust together as a board and it's a powerful combination that will help your organization get to where it wants to go.   🥇 Low Risk/High Reward There is a perceived risk of losing control if your fiduciary board has independent directors. There are ways for the shareholders to protect their interests and ways for the family to be represented. The benefits independent directors provide outweigh the risks.   Follow us for more insights on the benefits of #good #governance for #private #companies!  #FamilyBusiness #PrivateCompanies #BoardOfDirectors

Well, Gildan is all over the Canadian business news at the moment. Check out my take on what's going on and why it's important for anyone who cares about corporate governance and boards of directors. https://lnkd.in/eWD4Q5ei

Did you know that that one of our oldest client relationships spans over 100 years? We have worked with property investment family office, the Ellis Campbell Group, for over a century, through many ups and downs, successions, recessions, restructurings and joint ventures. To find out more about our work with the Ellis Campbell Group, and others, visit our Case Study page > https://lnkd.in/dU99icbG #RunYourBusinessSmarter #Accountant #BusinessAdvisor