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Testimony in House Subcommittee Hearing: “The Proxy Advisor Duopoly’s Anticompetitive Conduct”

Harvard Corporate Governance

Posted by Nell Minow, ValueEdge Advisors, on Friday, July 4, 2025 Editor's Note: Nell Minow is the Vice Chair of ValueEdge Advisors. I am very grateful for the opportunity to share my thoughts on proxy advisory firms and antitrust concerns. I welcome your questions and will submit supplemental materials as necessary following this session. My connection to this field is that when I left the Justice Department’s Antitrust Division during the Reagan administration as a special assistant to now-Ju

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Startup Survival Rates: The Risk Factor in Valuation You Should Think More About

Equidam

When Y Combinator’s demo day showcases 250 promising startups to a room of eager investors, there’s an uncomfortable truth lurking beneath the pitch decks and growth projections: half of these companies will fail , with 1 in 5 shutting down within the first 12 months. Outside of Y Combinator, the rate is higher. Yet most valuation models treat survival as a binary outcome—either the company succeeds spectacularly or it disappears entirely.

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The Board Observer: Considerations and Limitations

Harvard Corporate Governance

Posted by Michelle Gasaway, and Jeremy Winter, Skadden, Arps, Slate, Meagher & Flom LLP, on Wednesday, July 2, 2025 Editor's Note: Michelle Gasaway and Jeremy Winter are Partners at Skadden, Arps, Slate, Meagher & Flom LLP. This post is based on their Skadden memorandum. Overview Appointing a board observer has long been a tool in an investor’s arsenal.

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Effective Integration Strategies for a Seamless Merger

Sun Acquisitions

Mergers and acquisitions (M&A) are exciting opportunities to unlock growth, drive innovation, and enhance market competitiveness. Far from being disruptive, a well-managed merger or acquisition can create a more vital, dynamic organization capable of delivering excellent value to customers, employees, and stakeholders. The key lies in seamless integration—bringing together the strengths of both entities to maximize potential while preserving the unique qualities that made each successful.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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HCM executive discusses how AI is transforming compliance, auditing, and employee experience

ThomsonReuters

As artificial intelligence (AI) continues to transform industries, payroll is emerging as a key area ripe for innovation. Yutaka Takagi, Principal Product Evangelist at isolved, believes AI is not just a futuristic concept for payroll — it’s already reshaping how companies process pay, ensure compliance, and enhance employee experience. In a recent interview, Takagi shared insights into how AI is being integrated into payroll systems, the strategic advantages it offers, and the challenges

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3 pieces of financial info to share when selling your business [infographic]

JPAbusiness

We are often engaged by business buyers to assist them in undertaking due diligence on target businesses. In the early stages of that process I often come across vendors who have an accountant, business broker or other advisor who is very coy about sharing what I would call basic financial information on the business.

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Guidance on Maryland’s Multiple Points of Use Certificate for New “Tech Tax”

Gross Mendelsohn

Long-awaited guidance on Maryland’s Multiple Points of Use (MPU) certificate is here. This is paramount for businesses that purchase or use digital, data, IT and cloud services both in Maryland and other states. The MPU certificate will help businesses minimize their tax liability under new state laws. The MPU certificate originates from the new tax framework under the Budget Reconciliation and Financing Act (BRFA) of 2025, effective July 1, 2025.

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M&A as a Force for Good: Creating Positive Social Impact

Sun Acquisitions

Mergers and acquisitions (M&A) often bring to mind financial gains, market expansion, or operational efficiencies. While these are undeniable benefits, the transformative potential of M&A extends beyond balance sheets and boardrooms. When approached thoughtfully, mergers and acquisitions can be a powerful force for good, driving meaningful social impact and creating value for communities, employees, and the planet.

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Investing in the manufacturing workforce to accelerate productivity

Mckinsey and Company

The advanced industrial manufacturing workforce is retiring, and new workers need training for complex roles. Reducing time to proficiency could be critical to unlocking increased productivity.

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Business Valuation for Buying a Coffee Shop

Peak Business Valuation

The coffee shop industry has seen steady growth in both sales and pricing over the past several years. This upward trend presents strong opportunities for prospective coffee shop owners. If you hope to enter this thriving market, consider obtaining a business valuation for buying a coffee shop. Business valuations provide a critical look into a coffee shop’s performance, helping buyers know exactly what they are getting into.

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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Secondary share sales: Creating liquidity without going public

Vested

It’s becoming more common – and more necessary – for private companies to offer early shareholders a way to realise some value without raising new capital, going public, or changing direction. These transactions are known as private secondary share sales , or simply “secondaries.

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How to Prepare for M&A Due Diligence: A Seller’s Checklist

Class VI Partner

Key insights Preparing for M&A due diligence is a critical step if you’re considering selling your business in the next few years. Buyers will scrutinize every part of your company, from your balance sheet to your lease agreements. The more buttoned-up you are, the smoother the process will go and the better your chances of closing on favorable terms.

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Marketplace Valuation: Beyond GMV to Real Value Creation

Equidam

When DoorDash went public in December 2020, investors valued the company at $72 billion despite generating just $2.9 billion in revenue. The valuation multiple seemed astronomical until you considered DoorDash’s $24.7 billion in Gross Merchandise Value (GMV). Suddenly, the 3x GMV multiple appeared more reasonable than the 25x revenue multiple.

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Business Valuation for Buying a Medical Spa

Peak Business Valuation

Medical spas are one of the fastest-growing segments in the health and wellness industry. With the rising demand for non-surgical cosmetic treatments, more investors are turning to medical spas. A valuation for buying a medical spa helps buyers understand its fair market value and future potential. Whether you are a first-time buyer or an experienced entrepreneur, knowing the value of a medical spa can lead to better decisions and long-term success.

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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The Long and the Short of It: Institutional Investors’ Views on Activism

Harvard Corporate Governance

Posted by Ali Saribas and Andrew Brady, SquareWell Partners, on Monday, July 7, 2025 Editor's Note: Ali Saribas is a Partner, and Andrew Brady is a Director at SquareWell Partners. This post is based on their SquareWell survey. SquareWell Partners (“SquareWell”) conducted a survey of over 30 institutional investors collectively responsible for more than $35 trillion in AUM from North America, Europe, and Asia.

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Signing Your Appraisal Report

ISA

7/3/2025 12:00:00 AM A common but important question is: Where should an appraiser sign their report? While it may seem like a small detail, signing the report correctly is essential for compliance with both USPAP and ISA Appraisal Report Writing Standards. What USPAP Requires According to the USPAP 2024 Edition: Standards Rule 8-2(a)(xiv) applies to Appraisal Reports Standards Rule 8-2(b)(xvi) applies to Restricted Appraisal Reports Both state the report must: “Include a signed certificat

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Chancery Won't Sink Investor Suit Against Gaming Co. Skillz

Law 360 M&A

Delaware's chancellor has rejected calls to dismiss a derivative suit accusing insiders of mobile gaming company Skillz Inc. of misleading investors about weak prospects ahead of a secondary public offering in 2021, instead ordering a summary judgment proceeding to drill down on the issue of director independence.

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Navigating Maryland’s New Tax Law Changes: Your Questions, Answered

Gross Mendelsohn

As a taxpayer, it’s essential that you understand the new tax law changes in Maryland’s Budget Reconciliation and Financing Act (BRFA) of 2025, effective July 1, 2025, and how you’re impacted.

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Retail Trade Valuation Multiples

Peak Business Valuation

If you need to determine the value of a retail trade business, valuation multiples can provide a data-backed estimate. These numbers indicate the value of a retail trade business based on financial metrics and market trends. To identify applicable retail trade valuation multiples, a valuation expert conducts thorough analyses of various factors. As such, it is important to work with an experienced business appraiser to ensure the most accurate value estimate.

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Tariffs, Targets and Transparency

Harvard Corporate Governance

Posted by Alexa Kierzkowski and Metin Aksoy, on Tuesday, July 1, 2025 Editor's Note: Alexa Kierzkowski and Metin Aksoy are Managing Directors at FW Cook. This post is based on their FW Cook memorandum. ACCOUNTING FOR UNKNOWNS is always the most challenging aspect of executive compensation design—and that exercise is shaping up to be particularly tricky this year.

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Four ways tax and accounting professionals can start using agentic AI right now

ThomsonReuters

The tax and accounting profession is at a crossroads. Relentless deadlines, persistent talent shortages, escalating client expectations, and a continuously shifting and complex regulatory landscape are prompting professionals to search for sustainable ways to stay competitive. The traditional approaches that built successful practices are increasingly insufficient for meeting a pace of change that shows no signs of slowing Enter agentic AI, a technology that has already moved from “nice to

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When AI Follows the Rules but Misses the Point

Reynolds Holding

When a team of researchers asked an artificial intelligence system to design a railway network that minimized the risk of train collisions, the AI delivered a surprising solution: Halt all trains entirely. No motion, no crashes. A perfect safety record, technically speaking, but also a total failure of purpose. The system did exactly what it was told , not what was meant.

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Santander to buy TSB for £2.65bn amid fears of branch closures and job losses

The Guardian M&A

Purchase would be third major ownership shake-up for high street lender in 12 years The Spanish bank Santander is buying the British high street lender TSB for £2.65bn, raising fears of job cuts and branch closures across the combined group. The proposed deal, announced on Tuesday evening, is the result of a takeover tussle in Santander’s home base of Spain, with the lender Sabadell having decided to sell TSB as it faces an €11bn (£9.4bn) hostile approach from a rival, BBVA.

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Grocery Store Valuation Multiples

Peak Business Valuation

The value of a grocery store or supermarket is often influenced by variables such as consumer preferences and supplier prices. These shifting factors can make it difficult to calculate a grocery store’s worth. If you need a quick, general estimate, grocery store valuation multiples are useful tools. Applying the right multiples can help you understand the value of a grocery store or supermarket based on current market trends.

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No Exit

Harvard Corporate Governance

Posted by Brian Broughman (Vanderbilt Law School), Matthew Wansley (Cardozo School of Law), and Sam Weinstein (Cardozo School of Law), on Wednesday, July 2, 2025 Editor's Note: Brian Broughman is a Professor at Vanderbilt Law School. Matthew Wansley and Sam Weinstein are Professors at Cardozo School of Law. This post is based on their paper. The six most valuable companies in the world were once venture-backed startups.

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Digital twins: Boosting ROI of government infrastructure investments

Mckinsey and Company

With global spending on large-scale public infrastructure projects at its highest level in decades, digital twins could improve public sector capital and operational efficiency by 20 to 30 percent.

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PE Dealmakers Best-Suited To Cut Through M&A Challenges

Law 360 M&A

In part two of this M&A market review, industry attorneys dig into how regulatory shifts are impacting the M&A landscape, from increased paperwork to continued scrutiny of tech transactions. They also outline how and why private equity has emerged as a bright spot in the market, playing an outsize role in dealmaking.

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Accountancy teed up to become a whole new ballgame

Accounting Web

Practice strategy

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Towing Company Valuation Multiples

Peak Business Valuation

From assisting drivers with unexpected vehicle issues to relocating illegally parked cars, towing businesses provide essential roadside support services. With the right approach, pursuing business opportunities in the towing industry can be very rewarding. Whether you plan to buy, grow, or sell a towing company, it is important to determine its worth on today’s market.

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The Expanding Compensation Committee Mandate

Harvard Corporate Governance

Posted by Blair Jones and Todd Sirras, Semler Brossy, on Sunday, July 6, 2025 Editor's Note: Blair Jones and Todd Sirras are Managing Directors at Semler Brossy LLC. This post is based on their Semler Brossy memorandum. Introduction Compensation committees have come a long way since their origin. Whereas they traditionally, and exclusively, discussed executive pay, many committees today are vital partners on a wide variety of talent, performance management, culture, leadership development, and o

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TPG Completes Acquisition of AT&T’s 70% Stake in DIRECTV

Business Wire M&A

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG (NASDAQ: TPG), a leading global alternative asset management firm, today announced the completion of its acquisition from AT&T of the remaining 70% stake in DIRECTV it did not already own. With the completion of this transaction, DIRECTV is now a wholly owned portfolio company of TPG Capital, the firm’s U.S. and European private equity platform.

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Determining Replacement Value for Fine Art Prints

ISA

7/7/2025 12:00:00 AM When appraising fine art prints, especially those from the same edition, it is common to encounter a wide range of asking prices across different retail galleries. This variability can create confusion when determining which price to use for insurance appraisals. The key lies in two important considerations: the condition of the client’s print and the venue the client shops.

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RIA Market Update: Q2 2025

Auto Dealer Valuation Insights

RIAs generally outperformed the S&P in Q2 2025, with smaller asset managers returning over 13%, and alternative asset managers facing another quarter of underperformance after a year of strong growth. Year-over-year, alternative investment managers saw the strongest AUM growth, while traditional managers proved better at converting this growth to earnings.

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Taking a business-critical approach to supplier nth-party IT risk management

Mckinsey and Company

Supply chain cybersecurity vulnerabilities frequently make headlines, so being prepared must be a priority. Here’s a new approach to protecting business-critical processes from nth-party risks.

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