The Private Equity Playbook: Management's Guide to Working with Private Equity Audible Audiobook – Unabridged
Private equity firms are on the rise and rapidly changing the game. Today, more than 5,500 PE firms own tens of thousands of companies, so it is essential for CEOs and senior management executives to understand exactly how private equity firms operate. This invaluable resource can help you devise a winning PE game plan for your own company that offers you greater freedom and financial success.
CEO Adam Coffey has almost 20 years of experience building businesses for private equity companies. In this authoritative yet approachable handbook, he covers:
- The history and landscape of private equity
- Ground rules for finding the right firm to partner with
- Techniques for navigating the new governance
- Strategies for continued growth in the private equity space
- And more
The Private Equity Playbook provides all the coaching you'll need to compete and win on this new playing field.
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|Listening Length||3 hours and 33 minutes|
|Whispersync for Voice||Ready|
|Audible.com Release Date||September 10, 2019|
|Best Sellers Rank|| #13,316 in Audible Books & Originals (See Top 100 in Audible Books & Originals) |
#23 in Private Equity (Books)
#62 in Money Management & Budgeting
#214 in Budgeting & Money Management (Books)
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Top reviews from the United States
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Coffey is a maverick. He sees himself as a blue -collar CEO/ He left home at 17. After a stint in the Army, he worked as an engineer and then changed to the business side , rising to middle-management with General Electric. Private equity recruiters came calling and he listened. For the last 20 years, Coffey has been President/CEO of three different national private equity backed companies. Each company has grown exponentially under his watch. And, he tells you how.
The author likens the experience to building a winning team. He introduces two players , "Josh" and "Rose" ( a mirror of his former self ). Josh is the CEO of a middle-market service company. He has built the company into a recognized leader in it's field, and is thinking about selling out. He knows little about private equity and wonders if this is a viable exit strategy.--Rose is a " Fortune 500" middle-market executive who gets calls from private equity recruiters looking for a CEO/COO in a private equity backed middle-market company. She is doing well now, but wonders whether she should make a career change
The heart of the book is Coffey's recounting of his own journey in the problems that he faced and decisions that he made. Among the many points that the book covers: private equities growth from 312 firms in 1990 to over 5300 firms today with over $3 trillion in assets under management--over 50% of middle-management companies to have a private equity partner in the next few years-- various type of funds today--the "playing field", the players and how they fit into the decision making for Josh and Rose--the rules of the game and the specific questions that Josh and Rose must ask themselves as well as the private equity firms--why an investment banker is needed--why the acronyms IRR,MOIC and DPI are so important as measurement guidelines--how partnering with a private equity firm is an accounting game changer--how EBIDTA can be fluffed up to accelerate growth--growth strategies through organic growth , price, product or service, rebranding and blue ocean search--equity creation for management through the ABC waterfall--why IRR is mandatory in the game--buy and build strategy with mergers and acquisitions--how to beat a recession-- how outside consultants could actually be worth the cost--why a private equity partner can create generational wealth for both Josh and Rose for years to come, " The gift that keeps on giving".
Everything in the book is tied to Coffey's personal experiences in putting together a winning team. This is a fascinating read, down-to-earth and hands-on. Highly recommended
The author has managed three different companies which have gone through the private equity process. He discusses shareholder agreements, employee contracts and generating wealth. He recognizes that an owner who wishes to sell the business may have different motives - such as, to retire, recognize wealth, continue to operate and grown the business. He encourages owners to recognize the wealth building opportunities from private equity's general need to purchase, grow and sell businesses in 3-7 years because of the structure of private equity.
The book explains the sale process, what to expect after the sale has closed, and how to work with the previous owner's new masters. The world is now different and the prior owner who plans to stay on would be wise to recognize the expectations and business demands of private equity. The new masters can bring new knowledge and experience to the business that can be valuable.
Ebitda - it's not the same as cash flow. It's now important and the book gives some practical examples of how ii differs from cash flow. The author encourages the seller of a business to get good accounting, tax and legal advice.
The name of the game is growth. How do you get bigger? Organic, margin expansion and bolt-on acquisitions are strategies employed by private equity to do this. Ultimately, unless the business grows and prospers, private equity doesn't make money. The principals at the private equity firm who authorized the purchase suffer financially and professionally as well. The private equity principals will resist these losses and you may lose as well.
If you are Rose, the book offers advice as well. However, deciding to work for private equity requires a careful analysis of where you are professionally now, what role you are being asked to play and the fit (chemistry) between you as Rose and the private equity principals who actively recruit you. One point the book does make is that it is almost universally accepted in private equity that if a senior executive is not performing at a high level, they should be terminated posthaste. Keep this in mind if you're being recruited.
If I have a criticism of the book and I didn't deduct for this, it's that it doesn't go into failure. I think that the book outlines what could happen that would lead to failure.
If the topic interests you, the book is well worth your time.
By JB on February 25, 2019
Top reviews from other countries
-easy read, digestible chunks, I can imagine a good basic intro to young, innocent Execs. Working in investor relations it gives a good basic overview of equity waterfall from management’s perspective, which I’ve never really given much thought about
-very basic for anyone working in PE (but admittedly that’s not who the target audience is), some of the concepts of benefits of leverage could be fleshed out more, the grammar pedant in me spotted a couple of missing apostrophes. Oh and did I mention the sports analogies? For me baseball = rounders...
In summary the contents of this short book can probably be found for free with a few hours invested in a google search.
Adam makes us discovering it through parallels to the world of sport, his own rich experiences which makes it fun to read!
I enjoyed reading it, learned a lot and look forward the next upcoming book about Exit strategies!
Well done Adam!
Very easy read with lots of useful information that can be applied to all work settings.
I enjoyed it.