Acquiring More Profit - Implementation System
By George Slusser and Victor Lund
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About this ebook
This system is designed to be used in conjunction with the strategies and information presented in the complimentary book Acquiring More Profit. The system simplifies the action items needed to begin or expand your M&A
George Slusser
After receiving his MBA from the University of Georgia, Slusser began his successful and distinguished career in the real estate industry. He is a best-selling author, sought-after speaker and consultant, and the industry's preeminent M&A Advisor, having participated in over 1,000 M&A transactions and performed even more valuations. He has led M&A and growth efforts at Merrill Lynch Realty, GMAC Real Estate, NRT, Cendant (now Anywhere), and SVN International. In addition to his pioneering M&A work, George helped build multiple brands through his executive leadership. He has served as EVP of ERA Real Estate, SVP of Business Development for Cendant, COO of SVN International, and President of Coldwell Banker Commercial, leading all to record expansion and revenue growth. George joined WAV Group as a Partner in 2021 to launch and lead the M&A Advisory Services Division. There he utilizes a proven team of industry veterans who provide a wide array of Advisory Services, including: strategic planning, succession planning, valuations, research, and both buy and sell side representation. The division helps clients both large and small with tasks ranging from partnership changes or small mergers to the largest and most complex transactions in the industry.
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Acquiring More Profit - Implementation System - George Slusser
Acquiring More Profit
Implementation System
George Slusser & Victor Lund
Copyright © 2023 by George Slusser & Victor Lund
ACQUIRING MORE PROFIT IMPLEMENTATION SYSTEM
ISBN: 979-8-9880388-4-9
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system without permission of the authors, except where permitted by law.
Word ® and Excel ® are registered trademarks of Microsoft Corporation and a separate license for those two products will be required to use the interactive portion of this system.
Published by WAV Group – Arroyo Grande, CA
Printed in the United States of America
Potential Acquirer,
Thank you for purchasing the Acquiring Profit Implementation System©. It is our hope that the concepts and tools provided will not only save you time and money but will also stimulate your success. These pages are designed to be modified and used interactively.
Acquiring real estate companies is by no means an easy task. We have shared in this Implementation System what we believe are the essential elements that will assist you the most. A book cannot totally prepare you, but we hope the collective experience of our many successes and our many mistakes will facilitate your learning.
Please seek the guidance of a competent accountant and real estate M&A attorney for your specific tax and legal needs. There are many mentors and M&A professionals that can also be very valuable to a successful acquisition.
The book Acquiring (More) Profit provides the guidelines and background necessary to receive the maximum results from this system.
This Implementation System is designed to help you customize the content with practical interactive forms, checklists, and examples. You will need to have licensed versions of Word® and Excel ® to fully utilize the content. For more information on getting the files please go to www.wavgroup.com/amp.
The information in this system comes from literally hundreds of different situations and people we have been involved with in real estate company acquisitions over the years. We thank all who have contributed to this unprecedented and complete acquisition system.
If you still feel you need additional assistance in any part of your M&A process, please reach out to us for a complimentary consultation. We welcome you sharing the results you achieve with us, and we wish you the best on your acquisition endeavors.
George Slusser
George@wavgroup.com
Victor Lund
Victor@wavgroup.com
Table of Contents
10 Step M&A Process
Self-Assessment
Internal SWOT Analysis
ACQUISITION SOURCES PROSPECTING CHECKLIST
DIRECT MAIL/EMAIL LETTER - Sample A
DIRECT MAIL/EMAIL LETTER - Sample B
DIRECT MAIL/EMAIL LETTER - Sample C
M&A Intro Phone Call Scripts
ACQUISITION PROSPECTING CALL REPORT
SWOT COMPETITOR ANALYSIS (Qualitative and Quantitative)
First Meeting Suggestions/Questions
COMPANY COMPARISON
ACQUISITION INFORMATION QUESTIONNAIRE
STATEMENT OF INCOME/EXPENSE
Seller Initial Information Request
INFORMATION GATHERING CHECKLIST
AGENT COMPENSATION COMPARISON*
Merger & Acquisition Discussion Format
SAMPLE NON-DISCLOSURE AGREEMENT
CURRENT LISTING INVENTORY VALUATION
CURRENT LISTING INVENTORY VALUATION - Definitions
FACILITY IMAGE EVALUATION
New Company Projections/Actual
MONTHLY - CRITICAL FEW OBJECTIVES
MARKETING EFFECTIVENESS COMPARISON
Sample Pro Forma
EBITDA ADJUSTMENTS Template
VALUATION PROCESS & TEMPLATES
PURCHASE OFFER ANALYSIS
Market Multiple Considerations
SAMPLE Letter of Intent
Small Firm – Letter of Intent
TRANSITION TEAM STRATEGY SESSION
Buyer’s Sample Pre Closing Acquisition Checklist
CONTRACT CHECKLIST
SAMPLE ASSET ACQUISITION AGREEMENT - A
SAMPLE ASSET PURCHASE AGREEMENT- B
SAMPLE ASSET ACQUISITION AGREEMENT
BILL OF SALE
IRS Form 8594
Impact Day Checklist - Agents
SAMPLE KICK-OFF AGENDA
Impact Day Checklist - Community
Sample M&A Announcement - Press Release
Sample - Selling Broker Letter - Current Listings
SAMPLE SELLER LETTER - From Buying Broker
NEW AGENT PROFILE
Implementation - Post Impact Day
Post Acquisition Self-Evaluation Report Card
10 Step M&A Process
Identify quality candidates.
Establish contact with those candidates.
Build a relationship and analyze the needs of the candidate.
Gather information and perform diligence on the company.
Evaluate the company – both financially (valuation) and in terms of potential fit with your own company.
Arrive at purchase price and terms creating a letter of intent (LOI) and new company vision.
Develop a transition plan, combined pro-forma and budget.
Go under contract and close.
Integrate the two companies by executing the transition plan, with particular emphasis on the first 90 days.
Evaluate your results; adjust; return to step one and begin anew with your next acquisition.
Self-Assessment
Where would you like your firm to be in 3 years, 5 years?
How do you currently plan to get there?
What does success look like?
Do you have a strategic plan?
Do you have an exit plan?
Is the timing right to consider an acquisition strategy?
Have you been successful at recruiting?
What do you hope to accomplish from an acquisition?
Do you or your team have the management skills and expertise that would persuade a seller to trust you to manage their agents?
Do you and/or your team have the excess capacity to handle additional agents from a facility, logistics, and management standpoint?
Do you have the capital and time to devote to an acquisition strategy?
Do you have a location, tools, systems, reputation, or brand that would be attractive to others?
How are you and your company perceived in the market?
What is your value proposition to your agents and clients?
Are you an attractive landing spot for the seller and their agents, and why?
Do you have any candidate(s) in mind that should be talked with?
Internal SWOT Analysis
image2.png1. Strengths
Things your company does well
Qualities that separate you from your competitors
Internal resources such as skilled, knowledgeable staff
Tangible assets such as facilities, capital, brand, value proposition
2. Weaknesses
Things your company lacks
Things your competitors do better than you
Resource limitations
Unclear unique selling proposition/ current market position
3. Opportunities
Underserved markets- geography or price point
Few or weaker competitors in your area
Market growth for your services
Press/media coverage of your company
4. Threats
Emerging competitors
Changing regulatory environment
Negative press/media coverage or market perception
Commission compression
DIRECT MAIL/EMAIL LETTER - Sample A
Date:
Name:
Company:
Address:
City, State, Postal Code:
Dear (First Name):
I hope that your week is going well. The real estate business as you know offers constantly changing opportunities and challenges. Our company has been very fortunate to experience many successes recently. We are interested in continuing our growth through possible mergers with exceptional companies and fine people like yourself.
I would very much like to sit down with you for a coffee to discuss how we might better work together in the future. I am happy to share our plans and answer any questions about what our goals in the market are. At the very least, it would be my pleasure to find out more about you and your outstanding company.
Please give me a call and email and we can schedule a convenient time and location to get together.