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Blog archive
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Where’s the ‘F’ in CFO? 9 Aug 2011
What's the most unusual non-financial job that FDs and FCs end up doing? A few years ago, I asked that question of the readers of Real Finance, and the answers were amazingly varied. Test driving new fleet cars, negotiating supplier contracts, handing out staff presents at Christmas, reviewing legal drafts, chairing disciplinary panels - even re-filling the towel dispensers in... Read more
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Ride the hype, don’t buy it 5 Jul 2011
It's hard to prove there's a link between trends big LBOs and mid-market deals; and between the global, US and UK PE scenes. But global investment attitudes to PE do exist – and the different markets are responsive in similar ways. So a glance at the stats at the end of Q2 make for interesting reading, even if they're not... Read more
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What does a finance director do? 10 May 2011
It's hard for anyone in any business - let alone tech - not to be interested in how Apple operates. It's innovative, very profitable and highly disciplined. So the Fortune magazine review of Apple's management (Kindle users can click here) makes fascinating reading. The Guardian previewed it, and included this nugget:"Only the chief financial officer is responsible for costs... Read more
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Confidence creates opportunities 5 May 2011
While the UK economy is stuttering its way out of recession, news from around the private equity world suggests there's something of a recovery under way, at least in the confidence of management teams and their backers. Positive sentiments were underlined by good financials from the two giants of US private equity, KKR and Blackstone, who have recently reported... Read more
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Communication is the name of the game 28 Mar 2011
I recently filed an article for Real Deals magazine on this year's priorities for PE-backed CFOs (if you don't get the mag, just email for a copy - I'll respond once it's published). In short? The return of M&A is opening the exit door, so the numbers and systems need to be watertight; banking... Read more
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M&A: boom or bubble? 8 Mar 2011
Economic indicators are still mixed, the threat of a double-dip recession is ever present and banks remain exceptionally cautious about terms and covenants for finance. So why the massive upswing in M&A? And it's not just trade buyers, corporates with healthy balance sheets splashing the cash. According to research, "Private equity activity rose 50% over 2010, with $11.8 billion invested... Read more
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Finance tips 1: Air travel 8 Feb 2011
Every controller and FD loves advice that shaves costs - especially at the moment, and especially if they're PE backed and cash is the over-riding priority. So here's a great tip for saving money on company air travel: book the tickets eight weeks in advance - and only on a Tuesday, Wednesday or Thursday.The idea is that... Read more
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Accountants: are you the stereotype? 8 Feb 2011
I love Dilbert - for well over a decade, Scott Adams has been pointedly and intelligently puncturing corporate life. But I was a bit disappointed by today's strip:My issue isn't that this view of corporate accountants is wrong. In many huge companies, I fear precisely this attitude within finance persists, so Adams doesn't lose any marks... Read more
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Fees (or: Another reason why working for PE owners is less hassle) 7 Feb 2011
For years now, whenever I've interviewed FDs and FCs about deal-doing, the top bugbear is fees. Because you lot understand finances and accounting, you tend to resent DD costs. And because they charge so much, I also hear gripes about lawyers. (Although, FDs usually add, they feel they're still getting value for money - they couldn't do... Read more
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Debt market update 25 Jan 2011
We mentioned yesterday that among a handful of positive indicators, a freeing up of the debt markets was helping M&A deal volumes. If you're interested in keeping abreast of the sentiment in those markets (and it's never a bad thing to have in your conversation kit-bag when you're chatting to PE guys or looking at... Read more