M&A Activity in the P&C Insurance Industry – The Limits of Current Pricing

August 17, 2018

Over the years we have written several pieces about the state of mergers and acquisitions (M&A) activity in the

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P&C Insurance Brokerage Profitability – Let’s Talk Contingent Profit Commissions

June 20, 2018

Canadian Brokers understand that Contingent Profit Commissions (CPC) are a device that insurance companies use to reward good front-line underwriting, volume of premium business placed and some good c

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Net Working Capital in a Transaction Context – Part Two

January 30, 2018

Welcome back! In our last post on net working capital (NWC) in a transaction context, we discus

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Net Working Capital in a Transaction Context – Part One

January 16, 2018

At a recent mergers and acquisitions conference, the audience was polled as to whether they had ever experienced net working capital (NWC) issues in a transaction; a chorus of laughter and groans echo

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Exploring the Performance of Family Office Equity Investments

September 6, 2017

As a result of their successful business careers, many of our clients have accumulated a significant amount of capital. Retaining these earnings in an investment holding company has led to the need to

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How to Sell Customer Relationships in Service Entities

August 23, 2017

To start this discussion, we’d like to acknowledge that the issues related to valuation and sale of service-based businesses are broad and complex. They are certainly not issues that can be dealt wi

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Management Buy-Outs and Business Transitions

July 11, 2017

While there are many different paths to financial security, it has been our experience that owning and operating your own business offers the best hope for financial success. Granted there are risks a

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Current Trends in Mergers and Acquisitions

July 7, 2017

At Smythe Advisory, we are typically engaged to assist our clients in four specific areas. These include: Preparing Valuation Reports – Used for income tax, shareholder

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Valuation Multiples – Does Size Matter?

February 17, 2017

A question we are often asked is whether the size of a company matters for valuation purposes. As with all things in life, the answer to this is: it depends. We have observed a general trend whereby t

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