Preface.
Acknowledgments.
CHAPTER 1 Market Overview.
Confluent Trends.
Overcoming Walls.
Winning the Middle Market.
Why Is Winning Important?
PART I MARKET WINDOWS.
CHAPTER 2 Rise of the Middle Market.
Evolution of Small Companies.
Restructuring of Large Companies.
The Globalization Paradox.
Winning the Middle Market.
CHAPTER 3 Market Segmentation Matters.
Investor Return Expectations.
Capital Access and Costs.
Market Works and Institutions.
Behavior of Players.
Capital Market Theories.
Diverse Players Provide Capital Needs.
Capital Providers' View of Risk and Return.
Owners and Managers' View of Risk and Return.
Capital Market Segmentation Matters.
Winning the Middle Market.
Notes.
CHAPTER 4 Middle Market Structure.
What This Market Needs.
Using the Theory.
Valuation.
Capitalization.
Transfer.
Triangulating Vince's Position.
Note.
CHAPTER 5 Middle Market by Industry.
Changing Definition of Industries.
Service Sector.
Wholesale Distribution Sector.
Retail Sector.
Manufacturing Sector.
Construction Sector.
PART II MARKET WORKS.
What Went Wrong?
CHAPTER 6 Monetizing the Middle Market.
Private Equity.
Individual Shareholder Equity.
Mezzanine Capital.
Impact of Monetization.
CHAPTER 7 The Information Imperative.
Financial Statements as a Base.
Owners, Managers, and Industry Specialists.
Business Valuation Professionals.
Intermediaries or Infomediaries.
Data-Gathering Institutions.
Impact of Information on the Market.
Information Attracts Capital.
The Information Insurgency.
CHAPTER 8 Traffic Cops, Regulators, and Rule Makers.
Governmental Regulation.
Regulation by Capital Market Authorities.
Regulation by Mutual Adjustment and Cooperation.
Regulation by Competition.
CHAPTER 9 Who Gets What, When, Where, and How.
Assigning Resources within a Firm.
Allotting Resources within Industries.
Distributing Resources among Market Segments.
Allocation by Society.
Winning the Middle Market.
Note.
CHAPTER 10 Transfer Trends.
More Deals.
More Sellers.
More Buyers.
More Transfer Methods.
Transfer Complexity.
Transfers among Those within the Company.
Transfers to Those Outside the Company.
More Complexity.
Impact of Transfer Trends.
CHAPTER 11 Market Makers and Matchmakers.
A Historical Precedent.
Purveyors of Debt and Equity.
Market Makers, Matchmakers.
Turnaround Artists.
Winning the Middle Market.
CHAPTER 12 Market Cycles.
Business and Transfer Cycles.
Recession.
Recovery.
Growth.
Decline.
Winning the Middle Market.
CHAPTER 13 New Rules of the Game.
Motivational Rule Changes.
Capital Rule Changes.
Informational Rule Changes.
Operational Rule Changes.
Market Rule Changes.
Transfer Rule Changes.
PART III WALLS.
The Devil in the Demographic Details.
CHAPTER 14 Motivational Walls.
The Will to Win.
The Risk Barrier.
The Priority Wall.
The Timing Wall.
Overcoming Motivational Walls.
CHAPTER 15 Capital Walls.
Sales and Earnings Walls.
Access to Capital Walls.
The Cost of Capital Wall.
The Only Wall That Matters.
CHAPTER 16 Operational Walls.
Management Team Walls.
The Productivity Wall.
That Vision Thing.
Strategic Planning Wall.
The Only Wall That Matters.
CHAPTER 17 Market Walls.
Limited Ability to Make Markets.
Supply Chain Walls.
Path-to-Market Walls.
The Only Wall That Matters.
CHAPTER 18 Transfer Walls.
The Wall of Complexity.
The War of the Worlds Wall.
Transfer Segment Walls.
The Timing Wall.
The Only Wall That Matters.
Note.
CHAPTER 19 Winning the Middle Market.
Living in a Market.
Walls.
Winning the Middle Market for Owners.
Winning the Middle Market for the United States.
APPENDIX Demographic Study.
Index.
