Archive for November, 2006
My Philosophy on Valuations
Thursday, November 30th, 2006By Mike Myatt, Chief Strategy Officer, N2growth
Over the years I have particpated in the M&A process from virtually every angle possible. I have been a principal of a company being acquired as well as a principal of a company conducting acquisitions. I have also served as an executive working on both acquisitions and dispositions teams and as a professional advisor representing both the buy-side and the sell-side. Having sat on all sides of the acquisition table it has been my experience that regardless of approach, style, timing, culture, synergy, supply or demand drivers, or any other catalyzing factor the transaction will eventually boil down to valuation metrics.
Read The Full PostA Capital Markets Overview
Tuesday, November 28th, 2006By Mike Myatt, Chief Strategy Officer, N2growth
I am beginning to sense a change in the winds…While I’m certainly not a dooms-dayer, I am starting to show my bearish teeth as the capital markets are definitely starting to slow their momentum. Virtually anywhere I look, I’m seeing markets showing cautionary signals which I believe merit some analysis for those of you looking ahead into 2007. The good news is that healthy upward trending markets need to rest on a plateau or even suffer a minor retracement in order to sustain long-term growth. The bad news is that I beleive this not to be the case…While I don’t believe current market conditions are reason for panic, I wouldn’t be at all shocked to see the economy move toward slow growth on no growth (can you say recession) over the next 12 months. I hope that the text contained in today’s post will provide a bit of insight as you make your plans for the New Year…
Read The Full PostThe Impact of Rising Interest Rates
Friday, November 17th, 2006By Mike Myatt, Chief Strategy Officer, N2growth
I was recently asked how a rising interest rate environment would effect the commercial real estate market. Given that interest rates have been hovering at or near all times lows for quite sometime now, I believe addressing the impact of a changing rate environment would potentially be beneficial to many. Being old enough to have lived through a few different market cycles I have witnessed the carnage that can occur when people get caught flat-footed during market transitions and it is not pretty. The question is not if interest rates will rise, but rather when, how much and for how long they will rise. In today’s post I’ll attempt to provide you with enough information to make an informed decision as to how you will manage interest rate risk into the future…
Read The Full PostA Case Study in Politics
Wednesday, November 8th, 2006By Mike Myatt, Chief Strategy Officer, N2growth
I rarely opine on political matters, but it was just to tempting to resist on election night…Out of all the House, Senate and Gubernatorial campaigns in this election perhaps the most interesting race in the country was waged in the State of Oregon where Democratic incumbent Ted Kulongoski was in what should have been and wasn’t a hotly contested race with Republican candidate Ron Saxton. Was this the most strategically important race in the nation? No…Was this a race between two political heavy-weights? No…What this race did exemplify is the perfect case study contrasting a well run campaign vs. the worst run campaign in the country. In today’s post I’ll break down this race for your entertainment pleasure…
Read The Full PostAmtrak…Doesn’t Get It
Wednesday, November 1st, 2006By Mike Myatt, Chief Strategy Officer, N2growth
Having spent much of my life working with successful companies I appreciate all that it takes to create one. Developing world class organizations is not an easy task however settling for mediocrity (or worse) doesn’t require much effort at all. Quite frankly I have developed a bit of disdain for organizations that won’t do what it takes to get things right because virtually all business issues can be resolved with focus, effort and commitment. Therefore I’ve decided to add a new category on the N2growth Blog: Rants. Within this category I’ll take the liberty of venting on topics, issues, current events and companies that just miss the mark. First up…Amtrak.
Read The Full Post