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Successful Acquisitions by David Braun

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VALUATION: AN ART, NOT A SCIENCE

We now turn to valuation—establishing the financial worth of the company. This does not mean you should abandon the ongoing process of evaluation. As you begin to review the financial picture, you must be careful to continue your efforts to assess the prospect for its strategic fit. Too often, I have seen clients launch into the financial aspects of a deal and lose their focus on the strategic underpinnings of the union. They become hypnotized by numbers and begin obsessively hunting for a “deal.” They spend weeks poring over Microsoft Excel spreadsheets to arrive at precisely the wrong answer. I always have to remind them that, in the long run, it is more expensive to buy the wrong company cheap than to overpay ...

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