Hey, it’s David

At Boardspire, we're diving deep into the latest trends and strategies to help you stay ahead in business growth and acquisitions.

In this newsletter, content from the world of private equity, M&A and business growth all hand-picked to keep you informed.

• M&A Outlook  - The first half of the year is over. What have we learned?

• B2B Growth Strategies – B2B growth is NOT linear. We share some tactical insights.

• Family Offices - Discover why family offices are quickly becoming a dominant force in buyouts, offering patient capital, industry expertise, and a long-term approach that's reshaping M&A deals

• And more…

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My Favorite Finds This Week

Investment Banks, Accounting, Legal & M&A Advisors

• 2024 M&A Midyear Report: Dealmakers are navigating the current economic environment by focusing on cost synergies and growth across sectors, particularly energy and tech. (Bain)

• 2024 M&A Trends Survey: Deloitte’s M&A survey highlights strategies to thrive in today’s uncertain market and how dealmakers are adapting ​(Deloitte ).

• FTC and Noncompetes in M&A: A legal update on how FTC rulings on noncompete clauses may affect deal structures and negotiations in 2024 (Skadden)

• Private Equity and Mid-Market Diligence: Private equity firms are conducting deeper financial due diligence as cracks in company performance emerge​ (Middle Market Growth).

• Private Equity, Hedge Funds and Healthcare: California Governor Vetoes Assembly Bill 3129 – What’s Next? (JDSupra)

Private Equity & Financing

• Take-Private Deals on the Rise: A detailed analysis of the growing trend of take-private transactions, driven by private equity's need to deploy capital efficiently (Ropes & Gray LLP)

• Market Expectations for the Week of October 7^th - Markets prepare for the CPI Report and bank earnings, setting the tone for market direction. (Investopedia)

• Quantum Computing: The Next Big Cybersecurity Threat - As quantum computing evolves, its potential to crack current encryption standards could dramatically reshape cybersecurity risk landscapes. (PWC)

Business Growth

• Misreading Your Audience - Failing to truly understand your audience's needs can derail business success before it even begins. (Solve to Scale)

• LinkedIn Guidance - 10 steps to build a high quality network. (Richard van der Blom)

• How Bold B2B Brands Increase ROI: In today’s B2B landscape, brand marketing has become the driving force behind company growth (Roman Vinokurov)

• I built a $500k/year business in 4 years. Follow this X thread to see how this person started and scaled their business (ItsKieranDrew)

I’ve Never Seen a Plane Like This

Recently I had a long conversation with a CEO who sold his company, not to a strategic buyer..., not to a private equity fund..., but instead he sold it to a 𝐟𝐚𝐦𝐢𝐥𝐲 𝐨𝐟𝐟𝐢𝐜𝐞.

I have not posted much regarding the family office as a potential buyer or investor for those seeking to sell or those seeking capital, but over the last 10 years the family office has quickly become a powerful player in the world of buyouts.

What is a Family Office?

Family offices are private wealth management firms that help high net worth families manage their financial affairs.

The goal of a family office is to provide a comprehensive and integrated approach to wealth management that considers the unique needs and objectives of each family.

Two main types of family offices:

Single-family offices are established by a wealthy family to manage their financial affairs.

They typically have a dedicated team of professionals who work exclusively for the family and provide a range of services such as investment management, tax planning, estate planning, and philanthropy.

Multi-family offices, on the other hand, serve multiple families and provide similar services.

These offices may be structured as independent firms, or they may be part of a larger financial institution. In general, family offices work by providing a range of services to help families manage their wealth including - investment management, estate and tax planning and philanthropy.

Over the last few years, I have seen the family office focus much more attention to acquiring private companies.

In short, many family offices look like private equity funds with some key differences:

1. Time - Unlike private equity, which raises outside capital and therefore must eventually return that capital back to the investor, the family office is not limited to any time horizon.

2. Fundraising - Family offices are not competing with other funds for fundraising. This allows the family office to be less concerned with immediate returns.

3. "Patient capital” - The capital deployed by a family office can be much more patient with the growth of the businesses acquired simply because they are investing their own money and, as such, don’t have a date by which the fund must return capital back to investors.

4. Expertise - Many family offices invest in the same industries which generated their wealth and can often bring substantial expertise to the deal. This is especially important to a Seller who is rolling equity into the deal or where the Seller is staying with the deal.

As family offices continue to expand their presence in M&A, their patient capital and industry-specific expertise make them an increasingly attractive option for business owners seeking strategic, long-term partnerships.

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Thank you!

David