| 5:50 Does corporate development only include inorganic growth? |
| 6:00 Do you prefer organic or inorganic growth? |
| 6:30 What are your thoughts on buy vs. build? |
| 7:25 When do you prefer to buy vs. build? |
| 8:45 How often do you pursue partnerships as a corporate development strategy? |
| 9:30 Why would you sell (divest) one of your businesses? |
| 10:10 What percentage of your acquisitions do you ultimately divest? |
| 11:35 What drives the decision to divest? |
| 12:25 How did Leggett & Platt get so big? |
| 13:30 How critical is the institutionalization of M&A knowledge in corporate development? |
| 16:20 What is the most difficult aspect of strategic planning? |
| 18:00 How do you make the decision to divest one of your business units? |
| 19:50 Can most divestitures be prevented? |
| 21:00 Management buy outs (MBOs) |
| 22:25 How do you value a business? |
| 23:25 How do you decide whether to use an investment banker? |
| 24:30 What is the biggest value investment bankers provide? |
| 25:30 Is the decision to sell usually straightforward? |
| 26:20 What is the next step after you have decided to sell? |
| 28:55 How do you structure a stay package for a management team? |
| 32:30 How common is it for the management team to not like the buyer? |
| 33:50 How often does the buyer have no interest in retaining the management team? |
| 35:15 What role does the management team play in the transaction? |
| 36:35 How do you maintain confidentiality? |
| 39:10 Do you need to sell the management team on the reason for the divestiture? |
| 40:00 What are the next steps after you have decided to sell? |
| 42:00 What does the dis-integration process look like? |
| 45:45 How important is timing the sale? |
| 47:50 How long does the sales process usually take? |
| 48:35 What are your favorite valuation models? |
| 49:45 What are the most common problems you see in valuations? |
| 50:35 How has COVID impacted valuations? |
| 51:30 What role does the management team play in the process? |
| 52:10 Is the management team involved in negotiations? |
| 52:40 Do you more commonly sell to strategic acquirers or financial buyers? |
| 55:00 Do financial buyers usually have synergy with the target? |
| 55:30 Divestiture vs. carve out |
| 56:40 Who pays more – financial or strategic buyers? |
| 57:15 Does the buyer usually divulge their sources of synergy? |
| 57:45 How do you determine a transaction structure? |
| 59:40 Asset vs. stock sales |
| 1:01:40 How do you maintain competitive pressure amongst buyers? |
| 1:02:30 What’s the most difficult aspect of divesting a company? |
| 1:03:30 Where do you see the future of divestitures? |
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