Archives for February, 2010

Master Case: Corporate Finance: LLC or C-Corp

27th February 2010 by under Corporate Finance     

While most investors prefer the C-Corp form, an entrepreneur is evaluating the decision to adopt a corporate form in isolation from investor preferences. While an LLC makes it difficult to add members and issues shares relative to other forms, this case reviews the challenges associated with the LLC structure and potential solutions to address them.

Master Case: Corporate Finance: Limited Liability…

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Master Case: Credit Process: Baldwin Piano

27th February 2010 by Jawwad under Credit Process & Analysis     

The Baldwin Piano Master Case illustrates the fortunes of a company that has fallen on difficult and has just renewed it revolving line of credit with a lender. The case follows the informal discussion and outline of a credit memo but stops short of loan pricing, inventory and liquidation analysis.

Master Case: Credit Process: Baldwin Piano

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Master Case: Credit Process: Baldwin Piano

27th February 2010 by Jawwad under Credit Process & Analysis     

On the 300th anniversary of the modern Piano, Baldwin Piano is struggling to survive. It is the perfect Turnaround case. When we first looked at Baldwin’s numbers and its historical performance, we saw a dying industry, a shrinking market, cheaper imports, bad investment bets, distracted management, increased leverage and interest expense, bankers bailing out and a firm bleeding cash from every orifice with no relief in sight. …

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Master Case: Corporate Finance: Limited Liability or C-Corp

27th February 2010 by Jawwad under Corporate Finance     
Context

A startup firm is concerned about three key tax issues.

What is the optimal form of business organization for a startup firm? In case of liquidity event are there are any steps that founders can take to reduce their tax liability? Is the optimal form of organization different if the startup becomes an acquisition target or decides to acquire other firms? Factors

We started by focusing on the business organization…

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Master Class: Credit Process: Course Guide

27th February 2010 by Jawwad under Credit Process & Analysis     

While the Credit Analysis course started the discussion on financial and operating leverage and the thinking behind the borrowing decision, the Credit Process course focuses on the lending side of the equation.

Master Class: Credit Process: Mindset

Master Class: Credit Process: Understanding the language – I

Master Class: Credit Process: Understanding the language ii

Master Class: Credit Process: Why do businesses borrow money?

Master Class: Credit Process: Lending products?

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Master Case: Office Depot: Ratio Analysis

27th February 2010 by Jawwad under Corporate Finance, Ratio Analysis     

Using Office Depot as an example the case walks through liquidity, leverage, productivity and profitability ratios in two separate iterations. This case is the first in a two part series that compares Office Depot with Staples using the principles of ratio Analysis. Office Depot is also reviewed as part of the Analyzing Cash flow Statements case under Credit Analysis.

Master Case: Ratio…

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Master Case: Analyzing Cash flow Statements: Examples

27th February 2010 by Jawwad under Credit Process & Analysis     

In this session we will work with the Cash Flow Statement of Office Depot and see what the numbers tell us. Office Depot is a retailer of office supplies in the US market.

Remember that the statement shows what the firm’s beginning and ending cash balances are and what activities have been performed throughout the year to result in those balances. We have taken the figures from 1997 to 1999…

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Master Class: Credit Process: Credit Decision – factors

27th February 2010 by Jawwad under Credit Process & Analysis     
Concept Title: Industry Analysis

Concept Description: What are the characteristics of the firm’s industry?

Industry analysis is more subjective than quantitative in nature. Two analysts can agree on the broader outlook for the same industry, but still differ on the impact of that outlook on a specific business. We will settle for the fact that industry conditions exert a strong influence over profitability, pricing and future outlook for any…

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Master Class: Credit Process: The Credit Decision

27th February 2010 by Jawwad under Credit Process & Analysis     

We have now seen a reasonable amount of information on Willy Whale Inc, our friendly, next-door stuffed toys manufacturers and distributor. A credit memorandum using the same information has been prepared and presented before the loan committee. It is now time to take a decision.

A credit decision is a composite of three interlinked decisions

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Master Class: Credit Process: Credit memo: information gathering and processing

27th February 2010 by Jawwad under Credit Process & Analysis     
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