November, 2023

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Business Valuation: Differing Reasons Will Dictate Methodology

BV Specialists

I hear the phrase “the value is the value” oftentimes when discussing appraisal work with those not familiar with the profession. With machinery and equipment appraisals, the primary differences in value are fairly straightforward. They tend to correlate to the approach you most heavily rely upon and the definition of value that's estimated. Fair Market Value - Installed will drive a considerably higher value than any type of liquidation premise.

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US Public Company Board Diversity in 2023: How Corporate Director Diversity Can Contribute to Board Effectiveness

Harvard Corporate Governance

Posted by Merel Spierings, The Conference Board, on Friday, November 24, 2023 Editor's Note: Merel Spierings is Senior Researcher at The Conference Board ESG Center in New York. This post relates to Corporate Board Practices in the Russell 3000, S&P 500, and S&P MidCap 400: Live Dashboard, a live online dashboard published by The Conference Board and ESG data analytics firm ESGAUGE , in collaboration with Debevoise & Plimpton , the KPMG Board Leadership Center , Russell Reynolds Asso

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In digital and AI transformations, start with the problem, not the technology

Mckinsey and Company

For digital and AI transformations to succeed, companies need to understand the problems they want to solve and rewire their organizations for continuous innovation

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Music Licensing Giant BMI Sells to Private Equity Firm

NYT M&A

Broadcast Music Inc., one of the major performing rights organizations in the United States, collected $1.57 billion and distributed $1.47 billion for its 2022 fiscal year.

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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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Tesla in November 2023 : Story twists and turns, with value consequences!

Musings on Markets

I was planning to start this post by telling you that Tesla was back in the news, but that would be misleading, since Tesla never leaves the news. Some of that attention comes from the company's products and innovations, but much of it comes from having Elon Musk as a CEO, a man who makes himself the center of every news cycle. That attention has worked in the company's favor over much of its lifetime, as it has gone from a start-up to one of the largest market cap companies in the world, disrup

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EXCLUSIVE: Game-Changer In Cannabinoid Market? OBX Acquires Nucl3o

Benzinga

Open Book Extracts (OBX), a cannabinoid product manufacturer, has inked a term sheet to acquire Nucl3o, a processor of high-purity cannabinoid isolates, Benzinga Cannabis has learned exclusively. This acquisition marks a significant move in the cannabinoid industry, as it combines OBX's large-scale production capabilities with Nucl3o's expertise in cannabinoid ingredient manufacturing, elevating both companies' global distribution.

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Cyber Governance: Growing Expectations for Information Security Oversight and Accountability

Harvard Corporate Governance

Posted by Subodh Mishra, Institutional Shareholder Services, on Monday, November 6, 2023 Editor's Note: Subodh Mishra is Global Head of Communications at Institutional Shareholder Services (ISS) Inc. This post is based on an ISS Corporate Solutions memorandum by Liam Hardy, Senior Associate, ISS Corporate Solutions. Digital technology impacts businesses in myriad ways.

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Digital logistics: Technology race gathers momentum

Mckinsey and Company

A survey of more than 250 global shippers and logistics providers reveals that technology investments are set to increase, with numerous companies already piloting advanced use cases.

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Jezebel to Be Resurrected by Paste Magazine

NYT M&A

The pioneering feminist website is being sold to Paste by G/O Media, which had shut down the site this month.

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Understanding Discovery Obligations In Era Of Generative AI

Law 360 M&A

Attorneys and businesses must adapt to the unique discovery challenges presented by generative AI, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

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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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Why Global Investment Firm KKR's Shares Are Shooting Higher Today

Benzinga

KKR & Co. Inc. (NYSE: KKR ) has agreed to acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing its ownership to 100%. In 2021, KKR completed a strategic transaction that valued Global Atlantic at approximately $4.7 billion by acquiring a controlling 60% interest. Global Atlantic's assets under management have more than doubled, increasing from $72 billion in 2020 to $158 billion today, KKR said.

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Bulge Bracket Banks: 2024 Edition

Brian DeChesare

I never expected to revisit the topic of bulge bracket banks so quickly because the full list changes slowly, and we updated it a few years ago. But the events of 2023, including the UBS acquisition of Credit Suisse and the rise of firms like Wells Fargo, Jefferies, and RBC, have shaken up the traditional list. As of 2024, I consider the following to be the list of bulge bracket banks (note that the “potential” category is speculative and could include other, similar firms beyond the

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2023 Annual ESG Preparedness Report

Harvard Corporate Governance

Posted by Frederik Otto, Jeannette Lichner and Adélaïde Levassor, The Sustainability Board, on Monday, November 27, 2023 Editor's Note: Frederik Otto is Executive Director, Jeannette Lichner is Senior Advisor, and Adélaïde Levassor is Advisor of The Sustainability Board (TSB). This post is based on the 2023 Annual ESG Preparedness Report by Mr. Otto, Ms.

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Global economics intelligence executive summary, October 2023

Mckinsey and Company

The global outlook is unchanged despite weaker readings in trade, consumer confidence, and business activity. Still-elevated inflation and interest rates are acting as headwinds to economic growth.

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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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Algorithmic Pricing Agents and Price-Fixing Facilitators: Antitrust Law's Latest Conundrum

Mogin Rubin M&A

It is an application of artificial intelligence (“AI”) that many businesses, agencies, legislators, lawyers, and antitrust law enforcers around the world are only beginning to confront. It is also among the top concerns of in-house counsel across industries. Competitors are increasingly setting prices through the use of communal, AI-enhanced algorithms that analyze data that are private, public, or a mix of both.

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Comment on New URAR Redesign Spec Released by Mary T Thompson

Appraisers Blog

In reply to jaydee. Exactly! They keep wanting us to be INSPECTORS. We all know that the final responsibility rests with the Appraisers and the detail they want from us is completely unreasonable. We are not trained to provide remaining life for components! Hell Even inspectors do not do this…and why?

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EXCLUSIVE: Janover Expands Fintech Frontier With Acquisition Of Groundbreaker Technologies, Bolstering SaaS Offerings in Real Estate

Benzinga

Janover Inc (NASDAQ: JNVR ), a B2B fintech marketplace connecting commercial property borrowers and lenders, announced that it has acquired Groundbreaker Technologies, Inc., a profitable Software-as-a-Service (SaaS) platform for commercial property professionals to raise equity capital and manage investors through an easy-to-use fintech portal. Also Read: EXCLUSIVE: Janover's Q3 Shows Strong Sales Growth but Increased Net Loss, Focuses on AI and Strategic Partnerships What Happened?

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Mark Cuban Sells Stake In NBA's Mavs To Vegas Billionaires

Law 360 M&A

Mark Cuban has agreed to relinquish his majority stake in the NBA's Dallas Mavericks to the Adelson family in a deal that values the franchise at a reported $3.5 billion. The new owners, led by Miriam Adelson, administrator of the estate of her late husband and casino magnate Sheldon, announced the purchase Wednesday afternoon.

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Hispanics Underrepresented on U.S. Boards Despite Recent Gains

Harvard Corporate Governance

Posted by Subodh Mishra, Institutional Shareholder Services, on Thursday, November 16, 2023 Editor's Note: Subodh Mishra is Global Head of Communications at Institutional Shareholder Services (ISS) Inc. This post is based on an ISS Corporate Solutions memorandum by Sandra Herrera Lopez, PhD, Vice President, ESG Content & Data Analytics at ISS Corporate Solutions.

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Seeing around corners: How to excel as a chief of staff

Mckinsey and Company

A chief of staff can be instrumental to a CEO’s success while also advancing their own career. Here are eight pieces of advice from those who have mastered the role.

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Best Practices for Out-of-State Mortgage Lending

N Contracts

Mortgage Company Best Practices for Lending Outside Your State Following the 2008 financial collapse, Dodd-Frank granted the newly formed Consumer Financial Protection Bureau (CFPB) enforcement authority over mortgage lending at the federal level.

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Comment on Leaving the Appraisal Profession by Raymond

Appraisers Blog

In reply to Terrence Bilodeau. Terrence, back in 2004, I decided to terminate my lender clients to concentrate on seeking non lender clients, such as legal firms, large accounting and property management firms in my market area. My appraisal income took a hit for 3-4 years. But, I re-established my client base. My individual fees have increased and my turn time is seldom a issue.

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Broadcom-VMware Deal Closure Sends AVGO Stock To New Highs On 'Sizable Synergy Potential'

Benzinga

China has finally approved Broadcom ‘s (NASDAQ: AVGO ) acquisition of VMware (NYSE: VMW ), enabling the $61 billion acquisition to close. The stock has been surging for the past year, up about 85%. Over the past month alone, the stock is up 17% and has created a new 52-week high of ~$1000 as it touched $999.87 on Nov. 20. Broadcom is due to report its fourth-quarter (Q4) earnings on Dec. 7 after market close.

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US Chamber Backs Live Nation Arbitration Appeal To 9th Circ.

Law 360 M&A

The U.S. Chamber of Commerce told the Ninth Circuit it supports Live Nation Entertainment Inc. and Ticketmaster LLC in their appeal of a court order refusing to send proposed class action claims against them to arbitration, saying the flawed ruling threatens arbitration benefits for businesses and customers alike.

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SEC Clawback Rules: Practical Considerations and FAQs

Harvard Corporate Governance

Posted by Keith Halverstam, Maj Vaseghi, and Jenna Cooper, Latham & Watkins LLP, on Saturday, November 4, 2023 Editor's Note: Keith Halverstam , Maj Vaseghi , and Jenna Cooper are Partners at Latham & Watkins LLP. This post is based on a Latham memorandum by Mr. Halverstam, Ms. Vaseghi, Ms. Cooper, Joel Trotter , Holly Bauer , and Colleen Smith.

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Reframing employee health: Moving beyond burnout to holistic health

Mckinsey and Company

A new McKinsey Health Institute survey across 30 countries offers insights into how organizations can help create a workplace that prioritizes physical, mental, social, and spiritual health.

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BEYOND FINANCIALS: THE REAL KEYS TO SELLING YOUR BUSINESS

A Neumann & Associates

When it comes time to selling your business, there will be tremendous emphasis on the financials. There is no doubt that the performance of the company leading up to and during the sale process is a prominent factor – both for proper valuation and structuring the ultimate transaction. However, strong financial performance alone does not guarantee a successful experience or even an executed deal.

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Six Flags Merges With Cedar Fair, a Rival Amusement Park

NYT M&A

The deal would generate more than $3 billion in revenue for the companies, they projected in a statement. The merger comes after years of financial challenges for Six Flags.

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Disney To Acquire Remaining Stake In Hulu: Here's How Much Streaming Platform Could Be Worth In Deal With Comcast

Benzinga

A battle between two media giants over the valuation of a leading streaming platform is almost at its end with a deal announced by Walt Disney Co. (NYSE: DIS ) to acquire the stake in Hulu it did not already own. Here are the details. What Happened: Disney shares struggled in 2023 , but the company may have a catalyst or an item that needed more clarity before finally putting it to rest.

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Navigating the New CECL (ASC 326) Standard

Redpath

November 21, 2023 - Accounting standard ASC 326 (also known as CECL) is meant to increase balance sheet transparency and requires entities to recognize estimated credit losses expected to occur over the remaining life of many financial assets. It is important for entities to understand how the new standard may affect them and how to get in compliance.

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When Bill Rolls Off: Continuity and Change on Corporate Boards

Harvard Corporate Governance

Posted by Peter Cziraki (Texas A&M University) and Adriana Robertson (University of Chicago), on Thursday, November 30, 2023 Editor's Note: Peter Cziraki is the Assistant Professor of Finance at Texas A&M University and Adriana Robertson is the Donald N. Pritzker Professor of Business Law at the University of Chicago Law School. This post is based on their recent paper.

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How to develop geopolitical resilience

Mckinsey and Company

Geopolitical tensions have been rising, creating significant risks for companies, especially those operating internationally. Here is how to plan ahead.

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Fraud Management in Banking

N Contracts

Risk Management and Fraud in Banking: An Overview Fraud is a consistent problem for financial institutions, threatening them and their consumers. In 2022, the Federal Trade Commission (FTC) rep orted that consumers lost an estimated $8.8 billion to fraud – a 30% rise from the previous year. The number of cases has only increased in 2023.

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Private equity resorts to buying back companies after IPO flops

Financial Times M&A

EQT, Cinven and General Atlantic among those involved in take-private deals for businesses floated two years ago

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