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Sydney NSW, Australia Strategy, M&A
Manager
6 years experience
  • Business Case Preparation
  • Financial Modeling
  • Business Strategy
  • M&A
  • +7
Hire Patrick
Paris, France M&A
Manager
6 years experience
  • Business Case Preparation
  • M&A
  • Corporate Finance
  • Financial Analysis
  • +6
Hire Amine
Langhorne, PA, USA Strategy, M&A
Associate
4 years experience
  • Business Case Preparation
  • Financial Modeling
  • M&A
  • Corporate Finance
  • +6
Hire Parth
USA Investment Management
Analyst
4 years experience
  • Business Case Preparation
  • Financial Modeling
  • Corporate Finance
  • Financial Analysis
  • +2
Hire Oliver
Singapore Strategy, Private Equity
Manager
6 years experience
  • Business Case Preparation
  • Business Strategy
  • Business Development
  • Financial Analysis
  • +20
Hire Edgar
Chicago, IL, USA Strategy, M&A
Associate
4 years experience
  • Business Case Preparation
  • Financial Modeling
  • Business Strategy
  • M&A
  • +8
Hire Stanislaw
Lima, Peru Strategy, M&A
Analyst
4 years experience
  • Business Case Preparation
  • Financial Modeling
  • Business Strategy
  • M&A
  • +8
Hire José Alejandro
Strategy, M&A
Senior
5 years experience
  • Business Case Preparation
  • Financial Modeling
  • Business Strategy
  • M&A
  • +6
Hire Quang
Fintalent's business case preparation consultants can help you prepare solid business case documents as part of the due diligence process. Business case document prepared by our consultants are designed to adequately lay out proposed investments that can meet both the organisations objectives as well as increase shareholder value.

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Frequently asked questions

What clients usually engage your Business Case Preparation Consultants?

We work with clients from all over the world. Our clients range from enterprise and corporate clients to companies that are backed by Private Equity or Venture Capital funds. Furthermore, we work directly with Family Offices, Private Equity firms, and Asset Managers. Most of our enterprise clients have dedicated Corporate Development, M&A, and Strategy divisions which are utilizing our pool of Business Case Preparation talent to add on-demand and flexible resources, expertise, or staff to their in-house team.

How is Fintalent different?

Fintalent is not a staffing agency. We are a community of best-in-class Business Case Preparation professionals, highly specialized within their domains. We have streamlined the process of engaging the best Business Case Preparation talent and are able to provide clients with Business Case Preparation professionals within 48 hours of first engaging them. We believe that our platform provides more value for Corporates, Ventures, Private Equity and Venture Capital firms, and Family Offices.

Our Hiring Process – What do ‘Community-Approach’ and ‘Invite-to-Apply’ mean?

‘Invite-to-Apply’ is the process by which we shortlist candidates for the majority of projects on our platform. Often, due to the confidential nature of our clients’ projects, we do not release projects to our whole platform but using the matching technology and expertise of our internal team we select candidates who are the best fit for our clients’ needs. This approach also ensures engagement with our community of professionals on the Fintalent platform, and is a benefit both to our clients and independent professionals, as our freelancers have direct access to the roles best suited to their skills and are more likely to take an interest in a project if they have been sought out directly. In addition, if a member of our community is unavailable for a project but knows someone whose skill set perfectly fits the brief, they are able to invite them to apply for the role, utilizing the personal networks of each talent on our platform.

Which skills and expertise do your Fintalents have?

The Fintalents are hand-picked and vetted Business Case Preparation professionals, speak over 55 languages, and have professional experience in all geographical markets. Our Business Case Preparation consultants’ experience ranges from 3+ years as analysts at top investment banks and Strategy consultancies, to later career C-level executives. The average working experience is 6.9 years and 80% of all Fintalents range from 3-12 years into their careers.

Our Business Case Preparation consultants have experience in leading firms as well as interfacing with clients and wider corporate structures and management. What makes our Business Case Preparation talent pool stand out is the fact that they have technical backgrounds in over 2,900 industries.

How does the screening and onboarding of your Business Case Preparation talent work?

Fintalent.io is an invite-only platform and we believe in the power of referrals and a closed-loop community. Members of our community are able to invite a small number of professionals onto the platform. In addition, our team actively scouts for the best talent who have experience in investment banking or have worked at a global top management consultancy. All of our community-referred talent and scouted talent are subject to a rigorous screening process. As such, over the last 18 months totaling more than 750 hours of onboarding calls, of which only 40% have received an invite-link after the call.

What happens if I am not satisfied with my Business Case Preparation consultant’s work?

During your initial engagement with a member of our Fintalent talent pool with no risk. If you are not satisfied with the quality of your hire for any reason then we are able to find a replacement at short notice. There is no minimum commitment per project, but generally projects last at least 5 days and can last 12+ months.

We are a community-based M&A staffing platform.

With our platform, you can fill full-time M&A roles, or staff your team with a Business Case Preparation expert when you need an extra hand.

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Everything you need to know about Business Case Preparation

Preliminary due diligence is an important process for any acquisition, but it is especially critical for acquisitions of private companies. It’s not enough to show how the company makes money—you also need to be able to articulate how (and why) you want it in your portfolio and what contribution it will make relative to its cost.

Business cases are available in a number of forms and can be represented in written, oral or graphical format, but they all have the same basic goals. You want to show:

  1. What purpose the investment will serve (financial metrics);
  2. Why that purpose is important; and
  3. How you want to leverage your investment (your investment thesis).

By understanding the importance of business case preparation, you can plan ahead to ensure that your team has everything it needs to complete this process prior to closing a transaction. The first steps are outlined below.

Steps for Business Case Preparation

Discovering the Business: Identify and understand the purpose of your investment (financial metrics). Factors you will analyze include: 1) economics or cash flows; 2) market share or growth prospects; 3) customer base or distribution channels; 4) products or services (or former products/services); 5) technology, patents and intellectual property; 6) industry segments (e.g., “boutique” vs. “mass-market”); 7) competitive analysis (industry and company); 8) financial position; and 9) business processes (i.e., how the company operates).

Understanding the Business: As you review the information that you’ve gathered, you need to start thinking about the proposed acquisition as a potential portfolio investment. What will you do with it? How will it fit into your existing operations? These questions need to be answered prior to looking at valuation.

Understanding the Target: When reviewing the target’s financials within your business case, analyze each line item in more detail so that you can identify potential impacts on—and opportunities for—future performance. Identify the target’s:

  1. product/service offerings;
  2. customer base;
  3. distribution channels;
  4. sales force (how customers are acquired);
  5. products or services that are in greatest need of an upgrade/redesign;
  6. technology (including patents and intellectual property);
  7. profitability (i.e., gross margins and operating margins); and
  8. financial position, including cash flow and debt levels, as well as equity position in relation to other companies within the portfolio.

As you identify opportunities and threats, you need to determine whether the target is a “good candidate” for an acquisition or whether it is a “bad candidate.” A good candidate is defined as one that has value-add potential (i.e., significant long-term upside) and with which you have strong strategic or operational ties. A bad candidate is defined as one that is not a good fit (i.e., higher risk/return), has less promise than value, or has unknown limitations.
The following are examples of when a company is a bad candidate:

  1. If you haven’t worked with the company or the management, or if you don’t have an intimate awareness of their culture, environment and operations;
  2. If there is no history of success in acquiring or integrating this type of target (your team must be versed in how to work with this type of target);
  3. If there are serious issues as to whether regulatory approval will be granted for the acquisition;
  4. If more than one industry segment is involved (core competencies differ);
  5. If your team cannot articulate clear value creation opportunities, particularly from a technology perspective;
  6. If the company’s earnings are below its cost of capital;
  7. If there is little liquidity within the target’s share structure or limited ability to issue shares (i.e., private equity financing); and
  8. If there are unknown liabilities or legal issues with the target.
    As you begin your due diligence, uncover any potential problems that currently exist and identify any potential risks that could impact the acquisition (i.e., headcount reductions, technology changes). Your goal is to determine whether these issues can be mitigated once you have control of the target (e.g., focus on cash flow), as well as what plans need to be put in place so that they don’t become obstacles to future growth.

Understand the Competition: The next step in completing your business case is to understand the competition. This analysis should help you uncover possible value creation opportunities that may not be obvious now. You’ll want to look at:

1) gross margins;

2) operating margins;

3) growth prospects (e.g., customer base, new product/service launches);

4) profitability (i.e., cash flow and returns on assets);

5) return on capital; and

6) return on investment (where applicable).
The following are examples of when competition is a bad candidate:

  1. If the target has failed to successfully compete against stronger or potentially stronger rivals or seen them thrive as your target has underperformed;
  2. If the companies within the target’s market have a greater amount of capital to spend on research and development (R&D), thereby allowing them to gain a significant technological advantage;
  3. If the target’s industry is characterized by low demand elasticity, thin margins and high customer switching costs;
  4. If there are increasing barriers to entry (increased capital requirements, increased customer switching costs, increased channel control);
  5. If the target’s customer base is fickle or highly price-sensitive in comparison to its competitors;
  6. If there are fewer opportunities for innovation and differentiation for your target;
  7. If there are new entrants into the marketplace that can offer unique products or services at lower prices (i.e., disruptive innovation);
  8. If you are unable to articulate clear value creation opportunities in the target’s market, particularly from a technology perspective;
  9. If the target’s business model is no longer viable or cannot compete against peer industries (e.g., declining gross margins); and
  10. If there are unknown liabilities or legal issues with the target.
    Analyze the Cost Structure: The fourth step is to identify the cost of capital in your proposed acquisition, establish whether the acquisition has an operational fit within your business case and determine whether it has a potential for long-term profitability within your portfolio holdings. The following are examples of when cost of capital is a bad candidate: 1. If the target’s cost of capital is higher than your cost of capital (i.e., you’ll be incurring more financial risk); 2. If the target has a high level of leverage and no ability to absorb excess cash (i.e., will require additional funding to grow); or 3. If your proposed acquisition is too big, thereby increasing your risks and volatility as well as its costs.

Analyze the Cost Structure: The fourth step is to identify the cost of capital in your proposed acquisition, establish whether the acquisition has an operational fit within your business case and determine whether it has a potential for long-term profitability within your portfolio holdings. The following are examples of when cost of capital is a bad candidate:

1. If the target’s cost of capital is higher than your cost of capital (i.e., you’ll be incurring more financial risk);

2. If the target has a high level of leverage and no ability to absorb excess cash (i.e., will require additional funding to grow); or

3. If your proposed acquisition is too big, thereby increasing your risks and volatility as well as its costs..

In either case, this can create a situation where you’re not able to obtain adequate returns on your investment in an acquisition and will be required to sell at a lower price than if you had acquired at a lower price based on maximizing your return (i.e., truly disciplined buying).

Exit Strategy

Exit Strategy is the process of deciding how, when and whether to sell your investments. In order to make the best decisions, you need to understand the various exit strategies available in order to mitigate risk and realize the value of your investment. At Horizon Partners, we help our clients identify and access all possible exit strategies. We then assist them in executing each strategy with confidence and integrity.

Looking for a different skillset?

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Case studies

Want to become a Fintalent?

»Fintalent was able to provide consulting advice in very little time for one of our latest M&A projects. The support was hands-on, pragmatic and of high quality and was as a result critical to advance the project we were not able to properly address in the classical way.«

Dr. Fabian Kley
Dr. Fabian Kley
Head of Group Strategy and M&A at MAN Energy Solutions SE

»Inorganic growth is a big part of our strategy. We were looking for a global partner to help us with our buy-side M&A projects, and found Fintalent. From first contact to project start took less than 2 weeks. The quality of talent is exceptional. Now, we’re already talking to potential targets.«

Bart van Acker
Bart van Acker
CEO, QbD Group

»I have worked with Fintalent.io both as a talent and as a recruiter. It helped me find a full-time position and supported the recruitment process to expand my new team. The experience and engagement of Fintalent.io and their team have always been incredible.«

Piotr Sliwa, EPAM Systems
Piotr Sliwa
Head of M&A | Europe, EPAM Systems