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Lecture 5 - Winder Intro

Lecture 5 - Winder Intro - – Violation of bank covenants...

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1 Winder Buyout
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2 Background Home delivery of milk 14,000 customers in Utah Founded in 1880 – One of the 10 oldest businesses in Utah $15mm in annual revenue Did we want to buy a business?
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3 Finding the Deal Sources Cold calling Business brokers Investment banks Professionals (lawyers, accountants) Friends/Network Mountain biking friend of Eric’s Why we liked the deal Right size Marketing focused Profitable “Webvan”
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4 Perfect Storm Accounting fraud An additional $4mm in losses
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Unformatted text preview: – Violation of bank covenants Senior lender initiated foreclosure Farm losing ~$1mm a year CEO passed away 5 Winder Options Internal Financing Recapitalization Bankruptcy – Pre-pack External financing 6 Dolphin Evaluation Risks and Opportunities Building the financial model – Key assumptions • Revenue per customer • Gross Margins • Customer growth • Capital Expenses • Operational Leverage 7 How much should we pay?...
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