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Guess Which Credit Market is Bigger than Treasuries, Mortgages, and Corporate Bonds? —Business Insider

It's Not Municipal Securities, Consumer Credit, or Commercial Paper:  It's the $17 Trillion Trade Receivables Market   Walter Kurtz at Business Insider writes that it turns out that the biggest financing market is not in corporate bonds or even mortgages. It's trade receivables. According to the Receivables Exchange, $11 trillion of trade receivables is originated by small and mid-size businesses and anothe ...

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3 Silicon Valley Trends That Will Reshape the Financial Services Industry —Forbes

Increased Transparency, More Automation, and More Access to Capital   Rod Ebrahimi, a columnist for the Entrepreneurs section of Forbes, writes that "Thousands of miles away from Wall Street, some David-sized companies in Silicon Valley are cultivating new trends that will change people’s relationship with money." ...

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The McLean Group: New Guidance on When to Use a Recent Round of Financing to Estimate Fair Value

Consider Three Types of Private Preferred Stock Transactions, Each with Varying Degrees of Relevance to an Indication of Fair Value: Simple, Strategic, and Tranched Preferred Financing Last year, the AICPA issued guidance on evaluating private transactions with regards to their relevance in estimating the Fair Value of other securities within an enterprise via the back-solve method. The McLean Valuation Ser ...

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The Bond Vigilantes Have Been Taken Out Back And Shot —Seeking Alpha

Fed Buying Is Having Profound Implications. Bond Vigilantes Have Been Selling Heavily and May Continue. That Means We Still We Won't See Much of an Impact on Interest Rates. Paul Santos at Seeking Alpha claims you don't need to worry about the bond vigilantes anymore.  I, personally, have always been a big fan, and think they will return.  But hey: This is Mr. Santos' opinion piece, not mine, so I'll let hi ...

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SEC Suggests Creation of Small-Business Exchange —Bloomberg

Exchange Would Make it Easier for Companies to Go Public in the U.S. But Would be Limited to Experienced Investors Dave Michaels at Bloomberg reports that a Securities and Exchange Commission panel suggested that an exchange limited to small businesses should be created. The exchange would make it easier for companies to go public in the U.S. but would be limited to experienced investors better able to asse ...

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Deloitte: Hedge Funds Meet to Assess New Pressures in the Year Ahead —CFO Journal

Stakeholders Discuss Greater Institutional Investor Makeup, Governance Structures, Greater Regulatory Scrutiny Deloitte Insights contributes a piece to the CFO Journal on the Wall Street Journal site, part of a series designed to provide financial executives a customized resource to help them address the strategic, operational and regulatory issues they face in managing their finance organizations and caree ...

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5 Must-Ask Questions for Business Buyers —Inc.com

Many Business Buyers Probably Have Some Boilerplate Questions Ready to Ask Business Sellers — But May be Missing the Most Important Ones.   Mike Handelsman, group general manager for BizBuySell.com and BizQuest.com, the Internet's largest and most heavily trafficked business-for-sale marketplaces, recently advised readers at Inc.com that if they're thinking about buying a business, they should put extra eff ...

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Ten Hard-Earned Lessons About Selling a Business —New York Times

“You’re The Boss” Author Josh Patrick Suggests Business Owners Use Credentialed Advisers Who Work Only for You, Employing Intermediaries, Developing a Personal Financial Plan, More.  Josh Patrick is a founder and principal at Stage 2 Planning Partners, where he works with private business owners on creating personal and business value.  Recently he offered some recommendations about selling a business at th ...

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Rob Slee Draws Distinctions: Distressed Deals, Healthy Deals, Zombie Deals, and What’s Important to Value Creation —MidasNation

MidasFund Will Not Acquire Distressed Companies; However, it Will Buy Stable Divisions of Bankrupt Companies.  Here's Why.   "Last week’s announcement that MidasFund had started acquiring zombie companies caused a flurry of emails," writes Rob Slee on the MidasMoments blog of the MidasNation site.  "Many of you asked about the differences between acquiring distressed, zombie and healthy companies. Let’s dig ...

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SEC Enrolls in Private Equity 101 —PE Manager

With Limited Resources, the SEC is Using a "Risk Analytics" Strategy to Target Areas of Concern, Explains Exec at Conference Recent examinations of newly SEC-registered private equity firms is helping regulators understand the complex world of private equity, according to delegates and speakers at PEI’s CFOs and COOs Forum 2013 in New York, writes Nicholas Donato at Private Equity Manager.  More: ...

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Fight the Nine Symptoms of Corporate Decline —Harvard Business Review Network Blog

Watch Out for Decreases in Communication, Respect, and Aspiration; Increases in Isolation, Negativity, Rifts.  Good News?  It Can Be Cured. Rosabeth Moss Kantor asks on the Harvard Business Review Blog Network:  How do you know a team, company, or country is on the slippery slope of decline and needs a culture shift?  She writes that she found nine universal warning signs of change-in-the-wrong direction in ...

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2013 M&A Surge Seen if Fiscal M&A Resolved —CBS Marketwatch

Deal Activity Will Likely See a Surge in 2013 if a Meaningful Deficit-Reduction Compromise Can Be Reached  Wallace Witkowski at Marketwatch reported in mid-December that deal activity will likely see a surge in 2013 if a meaningful deficit-reduction compromise can be reached.  Otherwise the market will remain stunted as it was in the past year.   Democrats and Republicans didn't come to a full agreement by ...

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The Impact of Value on M&A Activity

The “Market” is Not Always Right When it Comes to Value, Especially in M&A Transactions The mergers and acquisitions market began a slow recovery this last year after a sharp downturn in 2009. Was the slowdown caused by banks reducing lending activity, cash hoarding by businesses, economic uncertainty, or the simple failure of buyers and seller to agree upon price? Michael Blake takes a look at how valu ...

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Middle Market Leaders Weigh in On Fiscal Cliff, Recovery —President & CEO Magazine

U.S. Middle Market Leaders Express Preferences re: Spending, Debt, and Fiscal Cliff  The National Center for the Middle Market (NCMM) recently (early December 2012) conducted a survey of 1,000 U.S. middle market business leaders across all industry sectors and geographic regions to gauge their preferences for the outcome of the negotiations.  Here's what they found:   ...

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Key Employee Issues in the M&A Process: Blackmailed or Cheated

Document Incentive, Retention, and Non-Compete Agreements; Build a Broad Management Team Business owners need to be careful about vague assurances to “take care of” key employees before an acquisition. Brett Stacey offers tips on how best to manage a transition in a responsible manner that’s likely to address hurt feelings, protect employee morale, and minimize law suits. ...

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Private Capital Markets: The Major Themes

There’s Lots We Know about Private Capital. There are Things We Don’t Know, too—and Need to Be Aware of. Robert T. Slee explains in this excerpt several key macro insights—and related themes—that his recent book Private Capital Markets is based on.  The macro insights are that corporate finance theory doesn’t predict behavior in private capital markets, and valuation, capitalization, and transfer are not di ...

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Mobile Cyber Security War: We are All on the Frontlines

Lots of Room for Innovation on Security. M&A Pros: Here’s What to Watch! What’s an important sector to keep an eye on in terms of M&A? Mobile Security. Mobile devices face at least four threats: Fraud (stealing $$), data theft, and probing and nuisance attacks. There’s room for innovation on everything from voice encryption, payment card processing, digital rights management, user authentication, ap ...

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Want to Be Sure You Don’t Regret a Business Sale? Think Through These Seven Points

Owners: Don't Exit Before You're Ready, Lock Yourself In, or Count on Future Consulting There is no single formula that will result in a happy retirement for business owners. Over 75 percent of business owners say they regretted selling their companies a year after the sale, according to a PwC study entitled “Whose Business is it Anyway?” But there are ways to improve the chances that consultants can help o ...

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Estate Planning for Jedi Masters —CBS Marketwatch

Star Wars Creator Strikes Savvy Deal with Disney Quentin Fottrell at CBS MarketWatch reports that Disney will buy George Lucas' LucasFilm for $4.05 billion in cash and stock, the two companies announced Tuesday: Wade Westhoff, a financial adviser based in Danville, Calif., says of the Disney deal. “This is a textbook example of exit planning for a private business owner.” (Lucas and a spokesman for LucasFil ...

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