Latest Podcast Episode
Peter Cook | Why Transparency is the Key to Success
In this episode, I’m joined by Peter Cook of Everingham & Kerr, a mergers and acquisitions advisory firm that specializes in providing intermediary services for lower-middle market companies and entrepreneurs. Peter will share his philosophy around transparency and will also discuss: Mentioned in this episode: Transcript Patrick Stroth: Hello there. I’m Patrick Stroth, trusted authority in executive and transactional liability and founder of Rubicon M&A Insurance Services, now a proud member of the Liberty Company Insurance Broker Network. Welcome to M&A Masters where I speak with the leading experts in mergers and acquisitions, and we’re all about one thing here. That’s a clean exit for owners, founders and their investors. Today I’m joined by Peter Cook, Director of Everingham & Kerr. Founded in 1988, Everingham & Kerr is a merger and acquisition advisory firm that specializes in providing intermediary services for lower-middle market companies and entrepreneurs. And if anybody has been lucky enough to be on Everingham & Kerr’s feed showing their activity, they are prolifically active in the lower middle market M&A space. So it’s a real treat to have you. Peter, thanks for joining me today. Peter Cook: Thanks so much, Patrick. Appreciate it. Patrick: Now, before we get into Everingham & Kerr and just this voluminous amount of work that you guys are doing, let’s start with you. How did you get to this point in your career? Peter: Well, it’s been an interesting ride, Patrick. I started out as an attorney, way back when, and practiced for about five years. Was a member of the New Jersey Bar, and really was disenchanted with what I was doing. It wasn’t very exciting for me. And lo and behold, went to a Christmas party met somebody that was a big investor in a startup company in the mid 90s. And very shortly
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Notable M&A Trends to Watch Out for in 2023
When the world’s largest transactional insurance broker talks… you listen. I’m talking about Marsh McLennan, a Fortune 500 firm with a global reach that wrote more than 1,000 Representation and Warranty (R&W) insurance policies in 2022. Their Transactional Risk Insurance 2022: Year in Review report is an excellent resource for anyone involved in M&A, as well as the specialized insurance products like R&W that have become essential to deal-making. It’s a report worth taking a close look at…because in addition to reporting on trends from the past year… they are also looking ahead and forecasting what they believe will happen
The Biggest Danger to M&A Sellers – and How to Avoid it
I got a call earlier today… one that I wasn’t exactly happy to receive. But I feel like I should share the situation that I learned about because it showcases the importance of transactional liability insurance to cover M&A transactions. Here’s the situation… The caller had sold their industrial supply company in the Midwest for just about $3.5M. But, as the deal neared close, additional inventory, not initially part of the deal, was discovered. Buyer and Seller agreed that this inventory was worth $150,000. And the Buyer suggested that they would pay the Seller in installments of $10,000 over 15
Latest Podcasts
Peter Cook | Why Transparency is the Key to Success
In this episode, I’m joined by Peter Cook of Everingham & Kerr, a mergers and acquisitions advisory firm that specializes in providing intermediary services for lower-middle market companies and entrepreneurs. Peter will share his philosophy around transparency and will also discuss: Mentioned in this episode: Transcript Patrick Stroth: Hello there. I’m Patrick Stroth, trusted authority in executive and transactional liability and founder of Rubicon M&A Insurance Services, now a proud member of the Liberty Company Insurance Broker Network. Welcome to M&A Masters where I speak with the leading experts in mergers and acquisitions, and we’re all about one thing here. That’s a clean exit for owners, founders and their investors. Today I’m joined by Peter Cook, Director of Everingham & Kerr. Founded in 1988, Everingham & Kerr is a merger and acquisition advisory firm that specializes in providing intermediary services for lower-middle market companies and entrepreneurs. And if anybody has been lucky enough to be on Everingham & Kerr’s feed showing their activity, they are prolifically active in the lower middle market M&A space. So it’s a real treat to have you. Peter, thanks for joining me today. Peter Cook: Thanks so much, Patrick. Appreciate it. Patrick: Now, before we get into Everingham & Kerr and just this voluminous amount of work that you guys are doing, let’s start with you. How did you get to this point in your career? Peter: Well, it’s been an interesting ride, Patrick. I started out as an attorney, way back when, and practiced for about five years. Was a member of the New Jersey Bar, and really was disenchanted with what I was doing. It wasn’t very exciting for me. And lo and behold, went to a Christmas party met somebody that was a big investor in a startup company in the mid 90s. And very shortly
Doug McCormick | How can M&A Masters tap into the power of human capital?
In this episode, I’m joined by Doug McCormick, Managing Partner and Chief Investment Officer of HCI Equity Partners. He’ll give an inside look at his firm, which partners with family and founder-owned manufacturing, services, and distribution companies in the lower middle market. Doug will break down his firm’s unique strategy that transforms businesses through 3 initiatives. He’ll also share: Why human capital is a gamechanger How his firm’s history has shaped its strategy Why building a team is an art, not a science Insights about helping business owners build legacies And more Mentioned in this episode: https://www.hciequity.com/ https://www.linkedin.com/in/douglasmccormick/ Transcript Patrick Stroth: Hello there. I’m Patrick Stroth, trusted authority in executive and transactional liability and founder of Rubicon M&A Insurance Services. Now a proud member of the Liberty Company Insurance Broker Network. Welcome to M&A Masters where I speak with the leading experts in mergers and acquisitions. And we’re all about one thing here. That’s a clean exit for owners, founders and their investors. Today, I’m joined by Doug McCormick, managing partner and chief investment officer of HCI Equity Partners. Based in Washington, DC, HCI Equity Partners is a lower middle market private equity firm focused on partnering with family and founder-owned manufacturing services and distribution companies. And Doug it’s a great pleasure to have you. This is a much celebrated HCI Equity. Welcome to the podcast today. Doug McCormick: Hey, thanks so much, Patrick. I appreciate you having me on. And I look forward to the discussion. Patrick: Fantastic. Well, now, before we get into HCI Equity Partners, let’s set the table here with you. What brought you to this point in your career? Doug: Sure, sure. So first of all, I’ve been in the private equity industry for a little more than 20 years. I think, like many of your other guests, my
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Richard Parker | An Inside Look at Sell-Side M&A
The sell-side of M&A brings unique challenges and opportunities. In this episode, I’m joined by Richard Parker of Roy Street Advisors for an inside look at a sell-side firm.
Rep and Warranty Insurance Is a “Mature” Product
In the world of M&A, Representations and Warranty (R&W) coverage has become a go-to transaction insurance product. Many PE firms, for example, have made it an almost standard part of any deal that is able to be covered. Simply put, R&W is a mature insurance product and despite its growth in popularity, it has not fallen off in terms of quality.
The Lowdown on “Naked Tail” D&O Insurance
In insurance parlance, if you insure a particular exposure, you’re covered. If not, you’re bare. If you’re looking for a policy that covers something that’s never been covered before, you’re… naked. That’s the situation many privately held, small and middle market companies find themselves in when they seek to sell their business. The Buyer asks them to secure Directors and Officers Liability insurance (D&O), specifically a “tail” policy to make sure there’s a source of insurance coverage in case the Seller is held liable for any wrongful acts against an employee or others – things like human resources issues or
Two Ways TLPE Insurance Might Cover Your Next Deal
Two Ways TLPE Insurance Might Cover Your Next Deal When it comes to acquisitions by PE firms, having Representations and Warranty insurance to cover the deal has become almost S.O.P. – it’s that common. But not every transaction qualifies, such as those under $30M in EV, or deals where the target’s financial records weren’t complete, and the Underwriters declined to cover the deal or at least included many exclusions. There is an alternative to traditional R&W insurance. A specialized new product that can also act as a solid alternative to “tail” policies for Directors & Officers liability coverage, also known
Justin Smith | Scaling Family Businesses
Why do M&A Masters love the lower middle market? You get the opportunity to aggressively scale family businesses… In this episode, I’m joined by Justin Smith of LongWater Opportunities, a private equity firm based in the Midwest. Justin’s firm has firsthand experience growing family businesses, and he’s here to share his expertise.
Case Studies: TLPE and Multiple Sellers
In this series on the protection offered by Transaction Liability Private Enterprise (TLPE) insurance to small- and medium-sized business owners who are selling their companies, I’ve written about how it is especially useful in M&A transactions involving tech companies, as well as so-called “indifferent buyers.”
Case Studies: TLPE and Indifferent Buyers
You’re a small to medium-sized business about to be acquired by a much larger Strategic Buyer. You want some measure of protection during the transaction, and you’d prefer not to let a large portion of the sale proceeds sit in escrow for years in case some or all of it could potentially be clawed back if there is breach of a rep in the purchase agreement.
Case Studies: TLPE Insurance and Tech Companies
There is a new R&W product taking the lower middle market M&A world by storm: Transaction Liability Private Enterprise (TLPE). TLPE insurance is designed to fit a blind spot in deals that Buy-Side R&W policies won’t cover, specifically deals ranging from $1M to now $30M in enterprise value. Historically, these deals have been ineligible for traditional (R&W) coverage. Enter TLPE, which was innovated by London-based CFC Underwriting just one year ago, to offer protection for deals that are either too small or too expensive to justify a Buy-Side R&W policy.