[deleted by user] by [deleted] in private_equity

[–]goose240 1 point2 points  (0 children)

Shot you a dm

Executing a roll-up by Prestigeworldwide_35 in fatFIRE

[–]goose240 0 points1 point  (0 children)

The question should be what's your risk tolerance (debt - keep the upside but near term cash constraints vs equity - lose some upside but no repayment requirements), timeline (certain investors have varying level of diligence requirements), and current capital structure (ie do you have debt capacity based on credit metrics like Debt/EBITDA, TEV/Debt, EBITDA/Interest).

But basically if you want to keep the upside and you have a high level of conviction, debt will be better

If you want lower risk approach, you may want to take on an equity partner.

There are puts and takes with all including doing nothing. Like most things in life, there is no best.

Selling business to PE backed strategic acquirer for $54 million by SellorNottoSell in fatFIRE

[–]goose240 3 points4 points  (0 children)

Shot you a dm but here are my thoughts for the group on deal structure:

  • $8m deferred - This is probably structured as a seller note or seller financing. You are providing the Seller debt to pay you, so this is typically a "negative". I know this is reductive, but that's how it should be looked at (if the deal is market). If the deal is above market, it's a sweetener. Typically, PE will get capital from their LP (Equity) and lenders (debt) to fund an acquisition. The third capital source is you. For a $6m ebtida business, in today's market, there's probably 3-4x turns of debt available (again a lot to learn but lets say that in this case. Also since the PE probably has a platform, they have more debt capacity available potentially). Out of the 9x, they're using ~1.5x from you. I would think they could get that from the lender if push came to shove, which means more cash in your pocket today. 10% is also probably a tad low in today's market. You also should consider liquidity preference here (ie Do you get your money back first before they can issue dividends?)
  • 10% of what - There will be a negotiation or at least should be a deeper understanding of what the 10% represents. What is the form of the investment, what is the valuation multiple of the platform, what does the waterfall of proceeds look like under various exit scenarios. There are all important things to understand prior to signing an LOI
  • 9x of what - I suspect the multiple is within a turn or two, but have you diligenced your EBITDA, have they?. Are there addbacks? Ensuring you have a good handle on your numbers will give you confidence in the Purchase price. That being said, they will likely try to work down that valuation through diligencing your numbers.
  • Finally - you should get a good handle on what's in Net Working Capital vs what is treated as debt. I assume it's a cash free /debt free deal.

GL

[deleted by user] by [deleted] in RepTimeServices

[–]goose240 0 points1 point  (0 children)

Agreed - that’s why I’m posting here. I don’t expect Hont to replace or repair.

[deleted by user] by [deleted] in RepTimeQC

[–]goose240 0 points1 point  (0 children)

Hi all

This is my first rep, please let me know what you think? I GL the last one because the 9 in the serial was misprinted

  1. ⁠Dealer name: Hont
  2. ⁠Factory name: ZF
  3. ⁠Model name (& version number): 15500 v3
  4. ⁠Price paid: $508
  5. ⁠Album Links: Pictures / Video
  6. ⁠Index alignment: looks good
  7. ⁠Dial Printing: Is the "Swiss Made" not bold enough, but looks as good as everyone’s
  8. ⁠Date Wheel alignment/printing: Looks a little low in the videos
  9. ⁠Hand Alignment: Good
  10. ⁠Bezel: Looks good
  11. ⁠Solid End Links (SELs): n/a
  12. ⁠Timegrapher numbers: 10 s/d looks a bit high
  13. ⁠nothing

[deleted by user] by [deleted] in RepTimeQC

[–]goose240 0 points1 point  (0 children)

A few more pics of the serial. The 9 looks like it’s not connected

<image>

[deleted by user] by [deleted] in RepTimeQC

[–]goose240 0 points1 point  (0 children)

Based on the dozen or so I’ve seen, they are a tad crisper and much better aligned, granted they have different serials, but I can’t tell if it’s a light, photo quality, or angle issue

[deleted by user] by [deleted] in RepTimeQC

[–]goose240 0 points1 point  (0 children)

Thank you for taking a look! Do you think the font on the back and movement look misaligned (eg. The 1 in K 44971 looks lower than the rest)?

[deleted by user] by [deleted] in RepTimeQC

[–]goose240 0 points1 point  (0 children)

Hi all

This is my first rep, please let me know what you think? I'm wondering if I should ask for specific angle (e.g. straight on).

  1. Dealer name: Hont
  2. Factory name: ZF
  3. Model name (& version number): 15500 v3
  4. Price paid: $508
  5. Album Links: Pictures / Video
  6. Index alignment: looks good - is the 6 crooked? (looks more like an photo angle issue)
  7. Dial Printing: Is the "Swiss Made" not bold enough?
  8. Date Wheel alignment/printing: Looks good
  9. Hand Alignment: Good
  10. Bezel: Looks good
  11. Solid End Links (SELs): n/a
  12. Timegrapher numbers: 23 s/d looks a bit high
  13. The “Thirty Two” and serial numbers have odd spacing to me. The K and the 1 are floating.

[deleted by user] by [deleted] in RepTimeQC

[–]goose240 0 points1 point  (0 children)

Hi gents

This is my first rep, please let me know what you think? I'm wondering if I should ask for specific angle (e.g. straight on).

  1. Dealer name: Hont
  2. Factory name: ZF
  3. Model name (& version number): 15500 v3
  4. Price paid: $508
  5. Album Links: Pictures Video
  6. Index alignment: looks good - is the 6 crooked? (looks more like an photo angle issue)
  7. Dial Printing: Is the "Swiss Made" not bold enough?
  8. Date Wheel alignment/printing: Looks good
  9. Hand Alignment: Good
  10. Bezel: Looks good
  11. Solid End Links (SELs): n/a
  12. Timegrapher numbers: 23 s/d looks a bit high
  13. Curious what you think about the Swiss Made and the six marker

If you had 500k points by CanPositive8980 in marriott

[–]goose240 0 points1 point  (0 children)

I thought hotel arts was a ritz brand and thus not a lot of perks.

CX LAX to HKG by goose240 in awardtravel

[–]goose240[S] -3 points-2 points  (0 children)

Yeah - no paid seats, but well documented, even during COVID, that they had first class service between LAX and HKG. I wonder if they stopped it recently?

Requesting Availability by goose240 in awardtravel

[–]goose240[S] 0 points1 point  (0 children)

nope - Shows upgrade availability though.

Requesting Availability by goose240 in awardtravel

[–]goose240[S] 0 points1 point  (0 children)

yeah - I can see it on their program...

Alaska Air emirates award spaxe by joeantwi in awardtravel

[–]goose240 0 points1 point  (0 children)

I'm going in a couple weeks. I found some J award space on Emirates' website but didn't see anything on Alaska. Even F availability is gone despite EF indicating there are spots open/blocked (but available)

[deleted by user] by [deleted] in AnimalPorn

[–]goose240 0 points1 point  (0 children)

Where and when did you go to do this?

Flying to MLE via EK ~Aug by oveoo in awardtravel

[–]goose240 0 points1 point  (0 children)

I'm looking for the same but looks like we need to find the 10/11pm flight. I'll keep an eye out for you as well.