A 10-point guide to buying success

Article Abstract:

Brief case studies of two management buy-outs attempted in Great Britain (one successful and one not so successful) precede a discussion of ten pitfalls to avoid when planning a management buy-out. The ten pitfalls can be avoided by: (1) properly assessing the chances for s successful buy-out, (2) achieving proper approval, prior to negotiating with third parties, (3) selecting a professional and cooperative buy-out team, (4) obtaining the services of a financial adviser for the buy-out team, (5) helping the buy-out team devise a realistic and achievable operating plan, (6) negotiating fairly with customers and suppliers of the company prior to the management buy-out, (7) negotiating fairly with the labor force employed by the company, (8) negotiating fairly with corporate vendors, (9) obtaining proper financial support for the buy-out, and (10) developing alternative plans, should the buy-out team fail to secure a workable purchase.

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LMBOs with tax inducement - French style

Article Abstract:

In July 1984 the French Socialist government enacted legislation that provided significant tax incentives to small business owners willing to sell their corporations to members of their management teams, through transactions known as leveraged management buy-outs. Reasons behind this legislation center upon the likely prospect of several of these small businesses bankrupting. Of these corporations, nearly half were experiencing succession problems. The legal aspects of leveraged management buy-outs in France are discussed, including the necessity of employing a holding company to oversee the transaction, the requirement for approval of the transaction by the French Treasury Department, stock dividend limitations related to buy-outs, and regulations related to holding company formation and fiscal year end dates for the parties involved. Brief case studies of some French company buy-outs are provided.

France, Acquisitions and mergers, Corporations, Corporations, French

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M&S at the crossroads

Article Abstract:

Marks & Spencer (M&S) is a company whose strategic financial position weakened due to the internal management and culture. Looking at the company's background and current standing, the importance of its strategy and organization in the long run, which are also the key determinants of performance and shareholder value creation or destruction, is highlighted.

United Kingdom, Financial management, Department Stores, Management dynamics, Finance, Marks and Spencer PLC, Company business management, Company financing

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