March 2015 - In This Issue:

Upcoming Events:
New England Chapter Meeting
Monday, March 9, 4-7 p.m. at the Newton Marriott


Join the Chapter for an evening of networking, AM&AA conference recaps, and a presentation: Selecting the Right Advisory Team, by Steve Cohen of Devine Millimet.

Register Here




Dallas Chapter Meeting

Thursday, March 19, 7-9 a.m. 

The Tower Club-Thanksgiving Tower


Managing a Business to Maximize Exit Value.

Panelists include:

Cary Mailandt, Montgomery 

Coscia Greilich LLP

Andy Foskey, Transition Capital Partners 

Chad Souter, LANDPOINT

Register Here


Sponsored by:





Mid Atlantic (Formerly Philadelphia) Chapter: March 25


Sponsored by:





Investing in Listed Chinese Companies - Carlucci Rosemont

Apply Here


AM&AA is excited to announce that we are expanding our international efforts by partnering with the Hong Kong Trade Development Council to produce:

think Asia, think Hong Kong

June 10 - McCormack Place, Chicago. 

Admission is complimentary!

Register Here


Looking for more international interaction? We also have efforts in place in Brazil, Italy, and Hong Kong. Contact us to learn more.  



Save the Dates:


New York Chapter: April 2

5:30-8:30 pm 

Sponsored by:



Central PA Branch of Mid Atlantic: April 29

Midwest Chapter:  April 29


Member Corner

Introducing a New Member Benefit Series:
What's In It for You?


We've heard you ask for it, and we're responding. Now you'll be able to learn about the tools available at your disposal via a series of educational webcasts and emails, answering the following questions (and more):
  • What are my AM&AA benefits?
  • How will this help me better meet the needs of my clients?
  • What do I have to do to get started?

Stay tuned for additional information about the first installation in the series! Registration will be free of charge.

Many business owners underestimate the time it will take to sell their company. From start to finish, exit planning can take up to five years to finalize. There are three major phases involved with exit planning. Each phase has important steps that need to be taken which take time to complete.
Mike Trabert, Skoda Minotti

Turning Capital Gains into Charitable Gains

Ryan Boland, Vice President of the Complex Asset Group for Fidelity Charitable speaks to advisors about the importance of looking through their clients' portfolios for opportunities to donate illiquid, non-publicly traded assets - the most efficient assets to give to charity. 

Ryan Boland, Fidelity Charitable

This is a timeless question that I hear from business owners year in and year out. Valuation multiples fluctuate over time. Sometimes the average is up and sometimes it's down, but I believe predicting the direction in advance is a fool's game.
Perry Campbell, ACT Capital Advisors

Baby Boomers are beginning to reach retirement age. Many of the 10,000 people turning 65 each day own businesses. Their companies usually are their largest asset-and not a liquid one. In addition, many owners aren't prepared to retire-and their businesses aren't ready to transition to the next leader. That means these people need to consider short- to intermediate-term planning right now. 

Barry Goodman, Birkdale Transition Partners, LLC
JULY 7 - 9, 2015

Make Your Hotel Reservation 

AM&AA Members:  Contact AM&AA headquarters for access code for special member rate. Email us at or call 877-844-2535

Non-Members:  Choose "Attendee" Option


CM&AA Training Program

2015 Dates  

Chicago - DePaul University - $4,495

Special Bonus Sessions Added!!
  • April 20 - 24: "Value Growth & Market Readiness"
  • May 18 - 22:  "Value Growth & Market Readiness"
  • September 14 - 18: Due Diligence/Quality of Earnings"
  • October 19 - 23:  "Post Merger Integration"

The Alliance of Merger & Acquisition Advisors is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
Program Level: Advanced
Delivery Method: Group Live

M&A Overview

This Deal Boom Will End Badly 

Six Such Waves Resulted in Crashes

Investors are cheering the M&A boom as yet more evidence that the future is looking ever brighter. But this euphoria has triggered contrarian instincts in some analysts, and it should yours too. "Each of the last six great merger waves on record ended with a precipitous decline in equity prices," says Matthew Rhodes-Kropf, a professor at Harvard Business School and an expert in the M&A field. 


The historical parallels are ominous.  Read More

Middle-Market Outlook:
M&A Confidence Trickles Down
Mid-Cap Volume to Increase in 2015

As a year dominated by megamergers comes to a close, middle-market M&A in 2015 should increase as confidence among dealmakers trickles down to mid-cap companies, Richard Jeanneret, the Americas vice chairman of transaction advisory services at Ernst & Young,recentlytold attendees at a Deal Economy Event in New York City. "Middle-market M&A has been down, but I think the large deals will help bring out the middle market," he said.

What the other speakers said. Read More

PE Perspective:
Frothy Market Puts on Pressure
Challenges Likely to Spill into 2015
Time flies for private equity firms. Sponsors are facing mounting pressure to get deals done more quickly, says Christian Bullitt of Philadelphia-based LLR Partners. As a result, dealmakers may have noticed a change of pace in the way transactions are finalized throughout 2014. LLR, a firm that closed its fourth fund with $950 million in committed capital earlier this year, is not alone in feeling the rush.

See the outlook for 2015.  Read More

Sector Report:
Heavy Healthcare M&A in 2015
KPMG Forecasts Activity by Industry

Obamacare, cash reserves, dwindling drug pipelines and easy credit are all expected to contribute to heavy merger activity in the healthcare industry in 2015, according to a new survey. The poll of 735 merger professionals, conducted by consultant KPMG, puts healthcare well ahead of all other industries, as 84% of those responding expect heavy merger activity in the sector.

See the next most-active industry.  Read More

Five Firms Control $6.8T
44% of Banking Industry's Assets

The wreckage of the financial crisis led to pages upon pages of financial reform aimed at ending the era of Too Big To Fail. But six years after the banking system blew up, the five biggest firms control nearly half of the $15.3T in assets held by U.S. banks, according to data compiled by SNL Financial. Those banks - JPMorgan ChaseBank of AmericaWells FargoCitigroup and US Bancorp - collectively held $6.8T in assets as of September 30.

See SNL's analysis in its entirety. Read More


Professional Development:
Improve Your 'Biz Dev' Skills
Three Ways to Upgrade the Rolodex

Any good salesperson will tell you he manages success by having great relationships. He'll also tell you he manages those relationships by using great measurement systems. It should be no different for deal professionals looking to grow their book of business. We believe maintaining the right relationship tools and databases is essential to executing a successful outbound business development strategy.

Build out your business development strategy.  Read More


AM&AA Chapters
Chapters are our fastest-growing Member Benefit. Get involved today!

In the works:


Cleveland, Central Pennsylvania, Phoenix, Capital Region, Southern California.


International - Hong Kong, Italy and Brazil


For more information, contact us at 

Join AM&AA
Why Become a Member of the Alliance of Merger & Acquisition Advisors?

Contact Us

Alliance of Merger & Acquisition Advisors
222 North LaSalle Street, Suite 300
Chicago, Illinois 60601, USA
877.844.2535 | 312.856.9590
The Alliance of Merger & Acquisition Advisors® (AM&AA) is the premiere International Organization serving the educational and resource needs of the middle market M&A profession. Formed in 1998 to bring together CPAs, attorneys and other experienced corporate financial advisors, AM&AA's 1000+ professional services firms - including some of the most highly recognized leaders in the industry-draw upon their combined transactional expertise to better serve the needs of their middle market clients worldwide.