$800K of Wishes, Not Add-Backs

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by a professional from Harvard University - Harvard Business School
in Atlanta, GA, USA

4mos ago

$800K of Wishes, Not Add-Backs

►EXECUTIVE SUMMARY 1) THEY WANTED $800K IN ADD-BACKS FOR THINGS THAT HADN'T HAPPENED YET: Software rollup bought a distressed company that was break-even at $1M revenue. Buyer wanted me to accept $800K of "current period improvements" as add-backs — new contracts, staff cuts, cost combines. None of it was in the historicals. That's not an add-back. That's a wish list. 2) WHEN YOUR CLIENT PRESSURES YOU TO LIE, YOU HAVE TO PICK YOUR BOSS: The lower-level buyer wanted inflated numbers. The holdco owner signing the checks wanted the truth. I chose the guy who'd fire me last. Your QoE provider should be the person who tells you what you don't want to hear. 3) DISTRESSED DEALS NEED MORE TIME, NOT LESS — AND EVERYONE WANTS TO RUSH: When a company is mid-restructure — cutting staff, changing offices, renegotiating contracts — the data is volatile garbage. Let the dust settle before you buy, or you're making a decision on quicksand.

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