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quadraphonictypewriter · 3 years

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To sell a sound on the strength of these few short words is no easy task, particularly when the very people one seeks to impress are assailed by cries of a thousand hawkers every year. No attempt will be made, therefore, to sell the new disc here. Instead we would point out that in Deep Purples' work there is a talent rare, which should be listened to by every person connected with the music profession, who takes a serious interest in his work. The Group's first L.P. "SHADES OF DEEP PURPLE" will soon appear and from it are taken these two tracks. This disc is not by any means "commercial" and having played it once, you may well want to listen once again, for the more one listens the more there is to hear, Of ROD EVANS who writes and sings Of JON LORD who writes, sings and plays the organ Of NIC SIMPER who writes, sings and plays the bass guitar Of RITCHIE BLACKMORE who writes, and plays the lead guitar Of IAN PAICE who writes and plays the drums "HUSH" cries the choir for ROD is about to sing and having sung JON'S organ plays its part and the excitement mounts, hush sings the choir and peace is born. "ONE MORE RAINY DAY" An all too frequent rainy day in Spring inspired these thoughts by Rod and Jon.

From the album T-102 SHADES OF DEEP PURPLE Tetragrammaton Records

Shades of Deep Purple Producer: Derek Lawrence Engineer: Barry Ainsworth Graphic Design: Les Weisbrich

T-1503 TETRAGRAMMATON RECORDS 359 N. Canon Dr, Beverly Hills, California 90210

#shades of deep purple woo!!!! deep purple mark one deserves love!!#deep purple #rock n roll #jon lord #ritchie blackmore #nick simper #nic simper #rod evans #ian paice #tetragrammaton records

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altekmediagroup · 5 years

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Positioning Your Business

Positioning Your Business For A Successful Sale

Most owners of closely-held businesses have spent many years building their business, and the sale transaction will be the single most important event in their professional (and perhaps personal) lives. Proper planning, especially up front, is critical to a successful outcome. Below are five key themes to positioning your business accordingly. 1 – Start Early and Often Many business owners mistakenly think they can begin a sale process on their own and then come to a successful closing in a short time period. For a professionally curated sale, the Seller’s appointed sell-side adviser will need quite a bit of time to completely understand the Seller’s business, prepare a selling memorandum, identify potential buyers, organize management presentations, and interact with the Seller’s legal counsel on a variety of matters. If not already in place, the Seller will likely want to prepare estate planning documentation, such as a will, trust, and durable and medical powers of attorney. Since most Sellers of closely-held businesses usually do not need M&A lawyers, until such an event, the Seller will also need to retain appropriate legal counsel.

A Seller’s financial statements often need to be prepared and/or revised to conform to GAAP, which takes time. To the extent that internal or external disputes can be settled, this should be done before going to market as well. All of this needs to be done while the Seller is trying to run their business day to day. Starting the process early will allow the Seller to avoid the stress and strain of having to address too many things at once. The Seller and their advisers can always slow the process down, but delays are unadvisable, as “time is the enemy of deals,” and very often results in increased costs. However, by starting early, a Seller can avoid the risk of missing their market window and making mistakes due to the pressures faced when needing to scramble. 2 – Be Realistic A Seller should always start the sale process with realistic expectations. Sellers of closely held businesses are releasing their “baby” to a new owner, and can sometimes become unrealistic as to what is really the case with the company’s business, its business model, and its projected growth. A Seller goes to market with the company that it is, and not the company that the Seller hopes it to be. Also, a Seller should always look at their business from the Buyer’s perspective. They should stress test assertions and challenge their management team’s responses. All of this will enable the Seller to retain valuable credibility with potential Buyers. Particularly, the failure to hit projections that were previously delivered can upset the process and quickly erode a Seller’s credibility. 3 – This is a Team Sport Experience indicates that most successful sales flow from high functioning deal team interaction. This is true for both the Seller’s team and the Buyer’s team, as well as how the two teams work together. Nothing can cause greater turmoil for a sale process than a dysfunctional deal team. This misalignment can come in the form of a lawyer not understanding the Seller’s business and therefore not being able to either properly protect the value that has been created, or manage the negotiation trade-offs required, or from a sell-side adviser that does not have much experience in the Seller’s specific sector, and therefore cannot successfully identify the complete universe of potential Buyers. When selecting advisers, (such as a law firm, an accounting firm or an investment bank) the Seller should always ask with whom an adviser has worked with on similar transactions, as well as about their experience advising on transactions in similar sectors. This removes natural anxieties with respect to whether or not there is confidence in the other members of the deal team. Additionally, a Seller should always remember: companies do not buy companies—people do. Therefore, it is important that a Seller understands the Buyer’s team, their motivation, and who is the “alpha decision maker” for the Buyer. 4 – Reflect, Select and Actively Direct A true M&A axiom is “one buyer is no buyer.” For example, today’s Buyers seek to make Sellers their “option,” by controlling the timeline, swamping the Seller with informational requests, and seeking an early lock‑up into exclusivity. By establishing its own timeline, having a multi-bidder format, and conducting a Seller centric process, a Seller flips the leverage in the transaction and thereby retains more control. 5 – Stay Involved Many Sellers of closely-held businesses think they are going to quickly retire after the closing of their exit. However, it may sometimes be better for an owner to stay involved with the sold company in some capacity to protect any consideration that may become payable post-closing. For example, to bridge a disagreement on post-closing projections and therefore purchase price, a Buyer will sometimes introduce an “earn-out” mechanism, where future amounts of the purchase price are only paid to the Seller if and when the sold business hits certain financial or operational milestones after the closing of the sale. Or, in order to bridge a financing gap, a Buyer might introduce an installment payment mechanic or a note payable. Like with potential indemnification claims, these constructs can and often do lead to post-closing disputes. As such, they are not necessarily a Seller’s friend. However, by staying involved with the sold company after the closing, it makes it more difficult for a Buyer to dispute matters because they need to interact with the former owners day to day. These owners also then have access to information and employees that they otherwise might not have if they were no longer involved. This can be accomplished by remaining on as an employee of or consultant to the sold company, or as a landlord that continues to lease office or warehouse space to the sold company. There will always be many other issues encountered in any sale transaction involving a closely held business, but by keeping in mind the above themes, a Seller should have a much better outcome and a more pleasant experience overall.

By: Thomas Cleary & Paul Weisbrich Tom Cleary is a California based Member of national law firm Dykema Gossett’s Corporate Finance Practice Group, and specializes in the sale of family owned and other closely held businesses. Mr. Cleary can be reached at [email protected], and 213.457.1760.

Paul Weisbrich is a Managing Director specializing in Industrial andCross Border middle market M&A transactions in the Investment Banking Group at D.A. Davidson. Davidson closed approximately 80 advisory transactions last year. Mr. Weisbrich can be reached at [email protected], and 714 327 8680 Read the full article

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humanslikeme · 4 years

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A tweet

Verstetigung temporärer Radinfrastruktur aka #popupbikelanes in #XHain in Vrbereitetung: Heute Anlage des Testfeldes f. vier stadtbildverträgliche Protektionselemente am Halleschen Ufer. Evaluation in d. nächsten Wochen u. dann sukzess. bauliche Umsetzung aller temp. Radstreifen. pic.twitter.com/O288FSsiQi

— Felix Weisbrich (@Felix_Weisbrich) August 12, 2020

#IFTTT #Twitter

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deniscollins · 5 years

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After Boeing Halts Max Production, Suppliers Wait for Fallout

Boeing had reduced the production of Max 737 jets at its Renton, Washington facility from 52 to 42 a month and then halted all production for an undetermined amount of time. The facility has 12,000 employees and Boeing has already announced $8 billion in charges related to the Max crisis. What would you do with the 12,000 employees: (1) find other positions in the company or (2) dismiss them? Why? What are the ethics underlying your decision?

Boeing made a decision on Monday that the company had long resisted: to temporarily stop producing its most popular passenger jet, the 737 Max, which has been grounded for nine months in the wake of two crashes that killed 346 people.

The impact of that decision is stretching far beyond Boeing’s headquarters in Chicago and its giant production facility in Renton, Wash., rippling through the worldwide aerospace supply chain from California to Kansas, Britain to France. For Boeing’s vast network of suppliers, the announcement made real what they had dreaded — a suspension of unknown length that could force some of them to scale back production and even lay off workers.

“The uncertainty around the airplane is a challenging thing at the moment,” said Phil Anderson, who runs a small aerospace supplier that has facilities in Wichita, Kan., and depends on the Max for 50 percent of its annual revenue. “All the options are on the table.”

Boeing purchases the parts that go into the Max from 600 companies, including major corporations like General Electric, which supplies engines for the airplanes, and lesser-known manufacturers that specialize in components like lighting systems and seats.

Those manufacturers, many of which depend on Boeing for much of their business, span the world. Safran, a French company that manufactures engines for the Max in partnership with G.E., plans to cut production in response to the suspension, making enough material for 15 planes a month, down from 42.

“We are in a crisis mode,” Philippe Petitcolin, the company’s chief executive, told the French newspaper L’usine nouvelle. “Any day we do nothing now costs us money.”

Boeing is also the largest customer of the aerospace unit of Senior Plc, a British company whose California-based subsidiary makes tubing for the Max. Spirit AeroSystems, an $8 billion company based in Kansas that manufactures the plane’s fuselage, relies on Boeing for 80 percent of its revenue. And the grounding of the Max has strained G.E.’s finances, reducing its cash flow by $400 million per quarter, company officials said in August.

The full reach of Boeing’s production process extends beyond those direct suppliers. A company that produces seating or fuselage for its planes might purchase material from several other companies, resulting in a network of as many as 8,000 suppliers, according to industry experts, though not all of them provide material for the Max. While Boeing is not planning to lay off any of the 12,000 workers building the Max in Renton, employees at some suppliers will likely face salary cuts, furloughs or layoffs.

It remains unclear how exactly the Max suspension will affect each company in that network. Boeing announced that the suspension would begin in January but did not say how long it would last. And the company plans to continue buying parts from some major suppliers, though probably at a reduced rate. A Boeing spokesman said the company was reviewing how much support it would provide to individual contractors on a case-by-case basis.

“People don’t know what staff to keep on — how many do I need to hire, do I need to think about firing people, how do I think about retention,” said Carter Copeland, an aerospace expert at Melius Research. “It’s a series of equations that each individual company is trying to manage.”

For the most part, aerospace experts say, major suppliers that manufacture materials for other companies in addition to Boeing should be equipped to weather the suspension, while smaller operations with fewer customers will struggle. But a halt to production that lasts longer than a month could put even those larger companies in peril.

“If it goes two or three, this is going to hurt like hell,” said Paul Weisbrich, an investment banker at D.A. Davidson & Co. who specializes in the aerospace industry. “There will be layoffs, there will be people put on the street.”

Boeing has already announced more than $8 billion in charges related to the Max crisis, a figure that is expected to rise significantly. And in many ways, halting production of the plane makes financial sense for the company as it awaits clearance from regulators to get it back in the air.

The current production rate costs Boeing about $2 billion a month, according to a J.P. Morgan report. The halt will bring those costs down, the report said, though the company will likely continue to burn around $1 billion per month.

This is not the first time that the uncertain status of the Max has disrupted Boeing’s suppliers.

The company said in April that it would slow production of the Max from 52 airplanes a month to 42. In response, the chief executive of Spirit AeroSystems, Tom Gentile, told investors the company would freeze some hiring, reduce overtime and decrease its use of contractors. And in June, Spirit moved about 6,000 employees in Kansas and Oklahoma to a four-day workweek, resulting in a 20 percent pay cut that lasted until the end of August.

“Everybody weathered the storm pretty successfully, but it’s still a loss that won’t be recouped,” said B.J. Moore, a regional director for the Society of Professional Engineering Employees in Aerospace, a union that represents workers at Spirit.

Mr. Moore said Spirit had not told employees how it would respond to Boeing’s decision to suspend production of the Max. A spokeswoman said the company was “working closely with our customer to determine what that means for Spirit.”

Just as aerospace parts flow from one supplier to the next, so too do the crucial decisions about how to manage a break in production. Mr. Anderson’s company, HM Dunn AeroSystems, supplies metal structures that go into the fuselage that Spirit sells to Boeing. A team of around 50 workers produce parts designed for the Max, and Mr. Anderson said he was waiting to hear from Spirit before he decided how to deploy that work force in the coming weeks.

“When they determine their course of action, they’ll bring in their supply chain, and we’ll talk about how we manage it together,” Mr. Anderson said. “We’ll contemplate furloughs, we’ll consider shortened workweeks.”

Many Boeing suppliers have been preparing for this moment for months. Mr. Anderson said he started mapping out possible adjustments to the production process as early as April. At the Paris Air Show in June, the president of G.E.’s aviation division, David Joyce, said the company “modeled four, five scenarios literally a week,” according to The Wall Street Journal.

Still, while the stakes are high for Boeing and its suppliers, the broader economic impact of the suspension is likely to be limited.

“It might shave a tenth or two of G.D.P. growth because of the lost production,” said Mark Zandi, chief economist at Moody’s Analytics. “But in the grand scheme of things it’s not going to change the trajectory of the economy.”

Some Boeing suppliers said that the suspension of Max production would not have a major effect on their bottom lines. A spokesman for Honeywell, which provides weather radars and cockpit advisory systems to Boeing, said the company did not expect “a significant financial impact” from the grounding of the Max.

Senior Plc, the British manufacturer, did not respond to a request for comment. A G.E. spokeswoman said the company was working to mitigate the impact of the suspension while “protecting the company’s ability to accelerate production as needed in the future.”

With the exact terms of the suspension still unclear, many factory workers and suppliers are simply waiting to learn more. “Right now, everyone’s in that mode of getting through the holiday and seeing what’s on line in 2020,” said Mr. Moore, the union official. “Until you find out, nobody knows.”

#Boeing

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