Download pdf - Market Pulse Report Second Quarter 20151 Market Pulse Report Second Quarter 2015 Scott Bushkie, CBI, M&AMI, IBBA Marketing Chair Lisa Riley, Ph.D., CBI, IBBA Marketing Chair Craig

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Market Pulse ReportSecond Quarter 2015

Scott Bushkie, CBI, M&AMI, IBBA Marketing Chair

Lisa Riley, Ph.D., CBI, IBBA Marketing Chair

Craig Everett, Ph.D. Director, Pepperdine Private Capital Markets Project

2

This research was made possible with the support of the International Business Brokers Association (IBBA) and M&A

Source.

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ACKNOWLEDGEMENTS

We’d also like to thank the following people at The GraziadioSchool of Business and Management for their contributions:

David M. Smith, Ph.D.Interim Dean

John K. Paglia, Ph.D.Associate Dean, Associate Professor of Finance

Cynthia ChiltonDirector of Marketing

Irina ShaykhutdinovaResearch Associate

4

I. About the Market Pulse Report……….……….…………........5

II. Current Business Environment……………………….…..……7

III. Business Transactions Closed in the Last 3 Months……….14

IV. Business Expectations………………………………….....…..84

V. About the respondents………………..….………………..…..87

Outline

5

The International Business Brokers Association (IBBA) and M&A

Source, in partnership with Pepperdine Private Capital Markets

Project, have set a goal to provide quality information on a

quarterly basis in order to become the go-to source for Main

Street and Lower Middle Market transactions. The “Market

Pulse Report” gives you timely and accurate data to help you

build and maintain a successful and sustainable business.

I.AbouttheMarketPulseReport

6

• 25 questions• Invited participants were members of the

International Business Brokers Association (IBBA),IBBAAffiliates/Chapters, and/or M&A Source

• 249 completed responses• Responses collected from July 1 to July 15, 2015

AbouttheSurvey

7

II. BusinessTransactionsClosedintheLast3Months

8

BusinessTransactions that WereClosedintheLastThreeMonthsbyDealSize

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dealsvaluedunder$499,999

Dealsvaluedfrom$500,000to$999,999

Dealsvaluedfrom$1million to$1.99million


Dealsvaluedfrom$5million to$50million

Wholesample 47% 17% 15% 10% 11%

9

NumberofBusinessTransactionsClosedbyRespondentsintheLast3Months

Numberofresponses=145

0

10

20

30

40

50

60

70

80

90

1 2 3 4 5 6 >10Number ofRespondents 90 33 10 6 3 2 1

10

ChangeintheNumberofNewClientsbyDealSizeinTheLast3Months

Dealsize Greatlydecreased Decreased Stayed

thesame Increased Greatlyincreased

Score(1to5)

Dealsvaluedunder$499,999 4% 10% 45% 38% 3% 3.3

Dealsvaluedfrom$500,000to$999,999 1% 9% 41% 45% 4% 3.4

Dealsvaluedfrom$1millionto$1.99million 3% 13% 43% 38% 4% 3.3

Dealsvaluedfrom$2millionto$4.99million 5% 9% 48% 33% 5% 3.2

Dealsover$5million 4% 10% 45% 37% 4% 3.3

11

PercentageofTransactionsTerminatedwithoutClosingintheLastThreeMonths

53.3%

46.7%Terminated

Closed

12

Was it Buyer’s or Seller’s Market intheLast3Months?

Number ofresponses 122 104 103 78 81

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%






Buyer'smarket 62% 56% 42% 37% 22%

Seller'smarket 38% 44% 58% 63% 78%

13

ComparedtotheFirstHalfof2014,RespondentsHave

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

more same fewercloseddeals/transactions 35% 40% 26%

listings/engagements 54% 31% 15%

14

ComparedtotheFirstHalfof2014,FinancingDealsHasBeen

0%10%20%30%40%50%60%70%80%90%100%

easier similar tougherWholesample 28% 62% 11%

15

BusinessTransactionsofAllSizes,Comparison

16

MedianTimetoCloseaDeal(Months)

0

1

2

3

4

5

6

7

8

9

10

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50M

5

6

8

9

8

17

MedianSDEMultiplePaid

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50M

2.0

2.5

3.03.3

4.5

18

MedianEBITDAMultiplePaid

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50M

2.5

3.0

3.5

4.0

5.0

19

MultipleType

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50MSDEincluding workingcapital 22.3% 9.8% 34.3% 12.0% 3.8%

SDEnotincluding workingcapital 69.6% 63.4% 28.6% 28.0% 3.8%

EBITDAincluding workingcapital 1.8% 12.2% 8.6% 32.0% 30.8%

EBITDAnotincluding workingcapital 5.4% 12.2% 25.7% 16.0% 42.3%

TTMEBITDAincluding workingcapital 0.9% 0.0% 2.9% 8.0% 15.4%

TTMEBITDAnotincluding workingcapital 0.0% 2.4% 0.0% 4.0% 3.8%

20

BuyerType

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50M1sttimeindividual 57.0% 49% 44% 20% 4%individualwhoowned abusiness 23.4% 28% 34% 24% 0%existingcompany/strategicbuyer 18.7% 23% 19% 36% 38%PEfirm- Platform 0.0% 0% 0% 16% 38%PEfirm- Add-on 0.0% 0% 0% 4% 12%Other 0.9% 0% 3% 0% 8%

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#1Reason forSeller to Go to Market

0%

20%

40%

60%

80%

100%

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50MRecapitalization 1% 5% 0% 0% 27%Burntout 21% 8% 9% 20% 4%Familyissues 6% 15% 9% 4% 4%Health 6% 5% 6% 4% 8%Newopportunity 14% 13% 19% 16% 8%Relocation/moving 7% 0% 0% 4% 0%Retirement 39% 51% 56% 52% 31%Unsolicitedoffer 0% 0% 0% 0% 4%Other 7% 3% 0% 0% 15%

22

#1MotivationforBuyer

0%10%20%30%40%50%60%70%80%90%100%

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50MBuyingajob 53% 54% 38% 20% 8%BetterROIthanotherinvestment 10% 8% 19% 24% 19%Verticaladd-on 8% 13% 13% 20% 15%Horizontaladd-on 18% 21% 19% 24% 42%Other 10% 5% 13% 12% 15%

23

FinancingStructure

0%10%20%30%40%50%60%70%80%90%100%

<500K 500K- 1M 1M- 2M 2M- 5M 5M- 50MBuyersequity 62% 40% 35% 36% 36%

Seniordebt 22% 45% 50% 33% 41%

Sellerfinancing 12% 11% 12% 18% 13%

Earnout 1% 3% 3% 12% 4%

Sellerretained equity 0% 0% 0% 1% 6%

Other 2% 0% 0% 0% 0%

24

II-I BusinessTransactionsValuedunder$499,999

NumberofClosedTransactions:112

25

TimetoClose

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

<1month

1month

2months

3months

4months

5months

6months

7months

8months

9months

10months

11months

12months

1.1-1.5years

1.6- 2years

>2years

Dealsunder500K 1% 5% 19% 17% 4% 7% 14% 4% 4% 4% 5% 1% 7% 6% 1% 1%

26

Industry

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Restaurants Services-personal

Businessservices

Consumergoods& Retail

Healthcare&biotech

Wholesale&distribution

Manufact. Construction&engineering

Informationtechnology

Other

Dealsunder500K 24% 19% 13% 11% 9% 7% 3% 2% 2% 11%

27

SDEMultiplePaid

Numberof responses:103

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0.5 0.75 1 1.25 1.5 1.75 2 2.25 2.5 2.75 3 3.25 3.75 4 5 8.25Dealsunder 500K 1% 1% 9% 6% 4% 8% 24% 18% 8% 7% 8% 1% 1% 2% 1% 2%

28

EBITDAMultiplePaid


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1.25 1.5 1.75 2 3 3.75 4Dealsunder 500K 13% 13% 13% 13% 25% 13% 13%

29

MultipleType

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SDEincluding workingcapital

SDEnotincludingworkingcapital

EBITDAincludingworkingcapital

EBITDAnotincludingworkingcapital

TTMEBITDAincludingworkingcapital

Dealsunder 500K 22.3% 69.6% 1.8% 5.4% 1%

30

BuyerType

57.0%23.4%

18.7%

0.9% 1sttimeindividual

individualwhoownedabusiness

existingcompany/strategicbuyer

Other

31


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Retirement Burnt out New/betteropportunity

Relocation/moving

Familyissues Health Recapitalization

Other

Dealsunder 500K 39% 21% 14% 7% 6% 6% 1% 7%

32

BuyerLocation(Distance)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within 20miles within 50miles within 100miles morethan100milesDealsunder 500K 54% 15% 9% 21%

33

BuyerLocation(Global)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within city within state within country international buyerDealsunder 500K 47% 28% 21% 4%

34


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Buyingajob Horizontal add-on Verticaladd-on Better ROIthanotherinvestment

Other

Dealsunder 500K 53% 18% 8% 10% 10%

35

FinancingStructure

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Buyersequity Seniordebt Sellerfinancing Earnout OtherDealsunder 500K 62% 22% 12% 1% 2%

36

II-II BusinessTransactionsValuedfrom$500,000to$999,999


37

TimetoClose

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2months 3months 4months 5months 6months 7months 8months 10months 12months 1.1- 1.5years

>2years

Dealsfrom$500Kto$1M 7% 12% 22% 7% 15% 10% 2% 5% 7% 5% 7%

38

Industry

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Services-personal


Restaurants Businessservices

Construction&engineering

Healthcare&biotech

Consumergoods& Retail

Basicmaterials&energy

Manufact. Other

Dealsunder500K 15% 15% 12% 10% 10% 10% 7% 5% 2% 15%

39

SDEMultiplePaid


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1.25 1.75 2 2.25 2.5 2.75 3 3.25 3.5 3.75 4 4.5 5Dealsfrom$500Kto$1M 3% 13% 20% 7% 13% 7% 7% 7% 3% 3% 3% 7% 7%

40

EBITDAMultiplePaid


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1 2.25 2.75 3 3.25 3.75 4Dealsfrom$500Kto$1M 18% 18% 9% 9% 9% 18% 18%

41

MultipleType

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%





TTMEBITDAnotincluding working

capitalDealsfrom$500Kto$1M 9.8% 63.4% 12.2% 12.2% 2.4%

42

BuyerType

48.7%

28.2%

23.1%

1sttimeindividual



43


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Retirement Familyissues New/betteropportunity

Burnt out Health Recapitalization Other

Dealsfrom$500Kto$1M 51% 15% 13% 8% 5% 5% 3%

44


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within 20miles within 50miles within 100miles morethan100milesDealsfrom$500Kto$1M 33% 33% 13% 21%

45


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within city within state within countryDealsfrom$500Kto$1M 31% 46% 23%

46


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Buyingajob Horizontal add-on Verticaladd-on Better ROIthanotherinvestment

Other

Dealsfrom$500Kto$1M 54% 21% 13% 8% 5%

47

FinancingStructure

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Seniordebt Buyersequity Sellerfinancing EarnoutDealsfrom$500Kto$1M 45% 40% 11% 3%

48

II-III BusinessTransactionsValuedfrom$1Millionto$1.99Million


49

TimetoClose

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

3months 4months 5months 6months 7months 8months 9months 10months

11months

12months

1.1- 1.5years

1.6- 2years

>2years

Dealsfrom$1Mto$2M 17% 3% 11% 11% 6% 3% 6% 3% 3% 9% 14% 9% 6%

50

Industry

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Businessservices

Manufact. Consumergoods&Retail

Construction&

engineering


Healthcare&biotech

Services-personal


Services-financial


Restaurants Other

Dealsfrom$1Mto$2M 17% 14% 14% 9% 6% 6% 6% 6% 3% 3% 3% 14%

51

SDEMultiplePaid


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1 2.5 2.75 3 3.25 3.5 4 5 6Dealsfrom$1Mto$2M 5% 9% 14% 32% 18% 5% 5% 9% 5%

52

EBITDAMultiplePaid


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1 1.25 2 2.75 3 3.5 3.75 4 4.25 4.5 8.25Dealsfrom$1Mto$2M 8% 8% 8% 8% 15% 15% 8% 8% 8% 8% 8%

53

MultipleType

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%





TTMEBITDAincludingworkingcapital

Dealsfrom$1Mto$2M 34% 29% 9% 26% 3%

54

BuyerType

44%

34%

19%

3.1% 1sttimeindividual



Other

55


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Retirement New/betteropportunity

Burnt out Health Familyissues

Dealsfrom$1Mto$2M 56% 19% 9% 6% 9%

56


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within 20miles within 50miles within 100miles morethan100milesDealsfrom$1Mto$2M 34% 22% 3% 41%

57


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within city within state within country international buyerDealsfrom$1Mto$2M 34% 34% 28% 3%

58


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Buyingajob Horizontal add-on Better ROIthanotherinvestment

Verticaladd-on Other

Dealsfrom$1Mto$2M 38% 19% 19% 13% 13%

59

FinancingStructure

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Seniordebt Buyersequity Sellerfinancing EarnoutDealsfrom$1Mto$2M 50% 35% 12% 3%

60

II-IV BusinessTransactionsValuedfrom$2Millionto$4.99Million


61

TimetoClose

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2months 3months 4months 5months 6months 7months 9months 10months 12months 1.1- 1.5years

>2years

Dealsfrom$2Mto$5M 4% 4% 16% 4% 16% 4% 4% 8% 8% 16% 16%

62

Industry

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Manufact. Construction&engineering


Healthcare&biotech

Services-personal



Business services Consumer goods&Retail

Dealsfrom$2Mto$5M 24% 24% 16% 8% 8% 8% 4% 4% 4%

63

SDEMultiplePaid


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1.75 2.5 2.75 3 3.5 3.75 4 5.75Dealsfrom$2Mto$5M 10% 10% 10% 20% 10% 20% 10% 10%

64

EBITDAMultiplePaid


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2 2.25 3.25 3.5 4 4.25 4.5 5.5 6 8Dealsfrom$2Mto$5M 7% 7% 13% 13% 13% 20% 7% 7% 7% 7%

65

MultipleType

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SDEincludingworkingcapital



EBITDAnotincluding working

capital

TTMEBITDAincluding working

capital


capitalDealsfrom$2Mto$5M 12.0% 28.0% 32.0% 16.0% 8% 4.0%

66

BuyerType

20.0%

24.0%36.0%

16.0%4.0%

1sttimeindividual



PEfirm- Platform

PEfirm- Add-on

67


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Retirement Burnt out New/betteropportunity

Health Familyissues Relocation/moving

Dealsfrom$2Mto$5M 52% 20% 16% 4% 4% 4%

68


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within 20miles within 50miles morethan100milesDealsfrom$2Mto$5M 24% 28% 48%

69


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within city within state within countryDealsfrom$2Mto$5M 20% 40% 40%

70


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Better ROIthanotherinvestment

Horizontal add-on Verticaladd-on Buyingajob Other

Dealsfrom$2Mto$5M 24% 24% 20% 20% 12%

71

FinancingStructure

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Buyersequity Seniordebt Sellerfinancing Earnout Sellerretained equityDealsfrom$2Mto$5M 36% 33% 18% 12% 1%

72

II-V BusinessTransactionsValuedOver$5 Million


73

TimetoClose

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2months 3months 4months 5months 6months 7months 9months 10months

11months

12months

1.1- 1.5years

1.6- 2years

>2years

Dealsfrom$5Mto$50M 4% 8% 8% 8% 15% 8% 8% 12% 4% 4% 12% 8% 4%

74

Industry

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Manufact. Businessservices


Services-financial

Consumer goods&Retail


Construction&engineering

Healthcare&biotech

Other

Dealsfrom$5Mto$50M 35% 15% 15% 8% 8% 8% 4% 4% 4%

75

SDEMultiplePaid

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

4 5Dealsfrom$5Mto$50M 50% 50%

76

EBITDAMultiplePaid

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1 3 3.5 3.75 4 4.25 4.5 4.75 5 5.5 6 6.25 6.5 6.75 7.5 8.5Dealsfrom$5Mto$50M 4% 4% 4% 4% 4% 4% 8% 13% 8% 4% 13% 8% 8% 4% 4% 4%

77

MultipleType

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SDEincludingworkingcapital



EBITDAnotincluding working

capital

TTMEBITDAincluding working

capital


capitalDealsfrom$5Mto$50M 4% 4% 31% 42% 15% 4%

78

BuyerType

3.8%

38%

38.5%

12%8%

1sttimeindividual


PEfirm- Platform

PEfirm- Add-on

Other

79


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Retirement Recapitalization New/betteropportunity

Health Burnt out Familyissues Other

Dealsfrom$5Mto$50M 31% 27% 8% 8% 4% 4% 15%

80


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within 20miles within 50miles within 100miles morethan100milesDealsfrom$5Mto$50M 12% 15% 15% 58%

81

BuyerLocation (Global)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

within state within country international buyerDealsfrom$5Mto$50M 27% 65% 8%

82


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Horizontal add-on Better ROIthanotherinvestment

Verticaladd-on Buyingajob Other

Dealsfrom$5Mto$50M 42% 19% 15% 8% 15%

83

FinancingStructure

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Seniordebt Buyersequity Sellerfinancing Sellerretained equity EarnoutDealsfrom$5Mto$50M 41% 36% 13% 6% 4%

84

IV. Expectations

85

Expectationsof Business Listings /Engagementsfrom New Clients intheNext3Months

Dealsize Greatlydecrease Decrease Staythe

same Increase Greatlyincrease

Score(1to5)

Dealsvaluedunder$499,999 0.0% 5.1% 33.8% 56.6% 4.4% 3.6

Dealsvaluedfrom$500,000to$999,999 0.0% 4.2% 27.7% 63.9% 4.2% 3.7

Dealsvaluedfrom$1million to$1.99million 0.0% 3.4% 36.1% 55.5% 5.0% 3.6


Dealsover$5million 1.1% 5.3% 36.8% 53.7% 3.2% 3.5

86

ExpectationsforBusinessValuationMultiples intheNext3Months

Dealsize Greatlydecrease Decrease Staythe

same Increase Greatlyincrease Score(1to5)

Dealsvaluedunder$499,999 0.0% 8.8% 73.7% 17.5% 0.0% 3.1

Dealsvaluedfrom$500,000to$999,999 0.8% 5.9% 72.3% 21.0% 0.0% 3.1



Dealsover$5million 0.0% 10.3% 58.8% 30.9% 0.0% 3.2

87

V.AbouttheRespondents

88

DetailsAbouttheRespondentsGeographicLocation

01-23-56-78-1011-1516-20more than 20

CA#

OR#

WA#

MT# ND# MN#

ID#WY#

SD#

NV#UT#

AZ#

CO#

NM#

TX#

NE#

KS#

OK# AR#

LA#MS# AL#

FL#

GA#

TN#SC#

NC#

VA#WV#KY#MO#

IL#IA#

WI#MI#

IN#OH#

MD#

PA#NJ#

NY#

ME#

NH#VT#MA#RI#

CT#

HI#AK#

89

Totalnumberofresponses=249*Numberismorethannumberofrespondents asmanyrespondentsoverlapinto2or3areas

DetailsAbouttheRespondentsTypicalSizeofBusinessTransactions

0%10%20%30%40%50%60%70%80%90%100%






Wholesample 50% 44% 43% 33% 34%

90

DetailsAbouttheRespondentsMemberships/MultipleMemberships

49%

35%

11%

8%

7%

5%

4%

4%

4%

3%

3%

3%

3%

2%

2%

2%

1%

1%

1%

13%

0% 10% 20% 30% 40% 50% 60%

IBBA

M&ASource

CaliforniaAssociationofBusiness Brokers

AllianceofMerger&AcquisitionsAdvisors

Business BrokersofFlorida

TexasAssociationofBusiness Brokers

NewEnglandBusinessBrokersAssociation

Carolina- VirginiaBusinessBrokersAssociation

OhioBusiness BrokersAssociation

ColoradoAssociationof Business Intermediaries

ArizonaBusinessBrokersAssociation

MidwestBusinessBrokersIntermediaries

PennsylvaniaBusinessBrokersAssociation

FloridaBusinessBrokersAssociation

GeorgiaAssociationofBusinessBrokers

MichiganBusinessBrokersAssociation

NewYorkAssociationofBusinessBrokers

Mid-AtlanticBusinessBrokersAssociation

NevadaBusinessBrokersAssociation

Other(pleasespecify)

91

DetailsAbouttheRespondentsWorkingExperience

3% 6% 5%

3%3%

4%

4%4%

3%4%

9%21%

8%

22%

Lessthan1year1year2years3years4years5years6years7years8years9years10years11-15years16-20years>20years

92

DetailsAbouttheRespondentsProfessionalCredentials

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CBI MBA CBB M&AMI CMEA CM&AA CPA(nonactive)

CPA(active)

ABI BCB AM&AA BCI CFA ASA CMSBB Other(pleasespecify)

% 44% 27% 13% 13% 6% 5% 4% 4% 3% 3% 3% 2% 2% 2% 1% 24%

93

THANK YOU!

Scott Bushkie, CBI, M&AMI, IBBA Marketing [email protected]

Lisa Riley, Ph.D., CBI, IBBA Marketing [email protected]

Craig Everett, Ph.D. Director, Pepperdine Private Capital Markets Project

http://bschool.pepperdine.edu/[email protected]