Gary hirshberg

It was late Friday afternoon when Roger received a call from his lawyer. Roger had sold his business almost two months earlier for $7.54 million. His lawyer told him that the buyer wanted a purchase price adjustment. The buyer is alleging that Roger breached his warranty and representations regarding the accuracy of the company’s accounts receivables. This breach affects the amount of working capital of his former company. Rogers’s breach occurred between the final due diligence review and the closing date of the transaction. Roger was shocked. He could not believe what he was hearing. Working capital “true-ups,” earnout provisions and valuations of COVID-19 effected companies are the three most frequent areas that cause major disputes after the deal has closed. It happens more than you think. Grant Thornton, the sixth largest U.S. accounting and advisory firm, surveyed almost 200 U.S.-based M&A professionals, who had completed more than 1,300 deals last year. The firm found … [Read more...] about Gary Miller: Avoiding buyer-seller disputes that plague almost half of mergers and acquisitions

Unquestionably, the COVID-19 pandemic has negatively affected all aspects of our lives. In the business community, revenues, earnings and valuations have plummeted affecting governments, most businesses and individuals alike. As both public and privately held companies search for additional debt capacity and/or potential buyers, the COVID-19 pandemic has and is affecting debt terms and availability, company valuations, and purchase prices paid for companies. As a result of this current environment, a new financial metric for measuring financial performance has been created. It is called EBITDAC (Earnings Before Interest, Taxes, Depreciation, Amortization, COVID-19) or Adjusted EBITDA. Companies have always tried to flatter their financial performance and earnings by using various accounting treatments. So, creating a new financial performance metric, EBITDAC, is no surprise. Currently, a great deal of discussion and controversy among the largest investment banks, accounting firms and … [Read more...] about Gary Miller: Companies valuing their businesses with a new performance metric during COVID-19

TALLAHASSEE (CBSMiami/NSF) — Gov. Ron DeSantis formally launched the 2021 legislative session Tuesday with a State of the State address that touted the state’s actions during the COVID-19 pandemic and touched on hot-button issues that lawmakers will face over the next 60 days. DeSantis did not announce major new initiatives during the 28-minute speech but tried to contrast Florida with what he described as a “calamitous reality” in other states of closed schools and shuttered businesses. READ MORE: Stimulus Check Update: When Could Another Economic Relief Payment Arrive? Frequently interrupted by applause as he spoke in the House chamber, DeSantis said Florida had taken the right approach during the pandemic of focusing on caring for seniors, allowing businesses to reopen and making sure children could receive in-person instruction. He said the consequences of keeping students out of schools in other states will be “catastrophic and long-lasting.” “The failure of so many … [Read more...] about Florida Governor Ron DeSantis Addresses COVID-19, Jobs, Schools & Economy During State Of State

President Biden Joe Biden Senate Democrats negotiating changes to coronavirus bill Rural Americans are the future of the clean energy economy — policymakers must to catch up WHO official says it's 'premature' to think pandemic will be over by end of year MORE ’s nominees to lead two financial sector watchdog agencies will lay out their plans for a tougher regulatory regime and stricter oversight during their confirmation hearings Tuesday. Biden’s picks to lead the Securities and Exchange Commission (SEC) and Consumer Financial Protection Bureau (CFPB) will testify before the Senate Banking Committee and face questions about their plans to reverse years of light-touch regulations during the Trump administration. The nominations of Gary Gensler Gary Gensler On The Money: Senators push for changes as chamber nears vote on .9T relief bill | Warren offers bill to create wealth tax Financial regulators home in on climate risks On The Money: … [Read more...] about Biden’s Wall Street watchdog picks to offer clues on regulations

Postmaster General Louis DeJoy Louis DeJoy Biden believes Postal Service leadership 'can do better,' White House says, as DeJoy faces scrutiny The Hill's 12:30 Report - Presented by Facebook - Divided House on full display The Hill's Morning Report - Presented by The AIDS Institute - Ahead: One-shot vax, easing restrictions, fiscal help MORE is set for a grilling by the House Oversight and Reform Committee on Wednesday over his leadership of the U.S. Postal Service as Democrats push President Biden Joe Biden Senate Democrats negotiating changes to coronavirus bill Rural Americans are the future of the clean energy economy — policymakers must to catch up WHO official says it's 'premature' to think pandemic will be over by end of year MORE to pave the way for his ouster. While Wednesday won’t be the first time DeJoy faces a tough crowd of Democrats on the Oversight and Reform Committee demanding answers about mail delivery delays, this time … [Read more...] about DeJoy set for grilling by House Oversight panel