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Nolop, Bruce P.
The Essential CFO
A Corporate Finance Playbook
Wiley Corporate F&A

1. Edition May 2012
61.90 Euro
2012. 350 Pages, Softcover
ISBN 978-1-118-17304-6 - John Wiley & Sons




Sample Chapter


Detailed description
Discover the power of the CFO's role in delivering shareholder valueDuring the past decade, the CFO role has expanded dramatically in its breadth, complexity, and criticality. Filled with proven strategies, best practices, and keen insights, The Essential CFO describes how today's CFOs are responding to their expanded roles within both public and private companies. With straightforward and pragmatic guidance, author Bruce Nolop shows how CFOs are partnering with CEOs to deliver shareholder value by articulating a strategic plan, determining capital allocations, managing the capital structure, driving financial performance, and implementing strategic transactions.* Covers how CFOs are establishing robust accounting and risk management processes and effectively communicating with both external and internal constituencies* Looks at the role of the CFO in transforming financial organizations to drive effectiveness and efficiencies* Examines how CFOs can develop talent with the experience, expertise, and leadership skills to meet the challenges of the futureWritten from a balanced, top-down perspective of the modern CFO, The Essential CFO provides you with practical prescriptions for executing impactful corporate finance strategies.

From the contents
Introduction xvPART I: STRATEGYChapter 1: Articulating a Strategic Plan 3Business Objectives 4Strategic Themes 5Long-Term Financial Model 7Total Shareholder Return 10Capital Allocation Strategies 14Acquisition Strategies 15Target Shareholders 17Elevator Pitch 20Plan Revisions 21Chapter 2: Communicating and Achieving Alignment 23Consistency and Transparency 24Incentive Compensation Programs 25Investor Alignment 28Analyst Relations 29Investor Presentations 31Company Website 35Social Media 36Media Relations 37Potential Media Pitfalls 38Coordinating Communications 39Interview Formats 39Media Training 40Note 42Chapter 3: Assessing Enterprise Risks 43Enterprise Risk Management 43Implementation of ERM 44Risk Identification 45Risk Quantification 46Major Exposures 47Mitigation Strategies 50Rewarded versus Unrewarded Risks 51Governance of ERM 52CFO's Role in ERM 54PART II: CAPITAL ALLOCATIONSChapter 4: Estimating the Cost of Capital 59WACC Formula 59Hurdle Rates 63Risk Premiums 63Acquisition Cost of Capital 65Chapter 5: Prioritizing Capital Investments 67Cash Flow Projections 67Investment Budget 68Evaluating Projects 71Categorizing Projects 74Monitoring Projects 75Pension Fund Contributions 77Chapter 6: Considering Dividends and Repurchases 79Dividend Policy Alternatives 80Dividend Policy Considerations 82Special Dividends 85Dividend Declarations 85Repurchase Considerations 86Open Market Programs 90Tender Offers 92Retaining Strategic Cash 92Cash Investment Policies 95PART III: MERGERS AND ACQUISITIONSChapter 7: Identifying Acquisition Candidates 99Rationale for Acquisitions 99Adjacent Spaces 100Portfolio Approach 101Business Sponsor 101Patience and Flexibility 102Strategic Purpose 102Types of Acquisitions 103Note 107Chapter 8: Evaluating Acquisition Candidates 109Valuation Methodologies 109Standalone and Synergy Values 112Pro Forma Analyses 113Acquirer's Stock Valuation 116Risk Considerations 116Chapter 9: Executing a Merger or Acquisition 119Due Diligence 119Business Plan 123Financial Projections 124Financing Plan 126Price Negotiations 128Contract Terms 129Acquisition Integration 132Note 134Chapter 10: Executing Divestitures and Spinoffs 135Divestiture Evaluations 135Hiring Investment Bankers 136Auction or Negotiated 137Stock or Assets 139Financing Conditions 139Management Participation 140Tax-Free Spinoffs 141Split-Ups 142Equity Carve-Outs 143Chapter 11: Responding to Takeover Offers 145Governance Policies 145Reviewing an Offer 146Conducting a Sale Process 148Activist Shareholders 149Going Private Transactions 149PART IV: FUNDINGChapter 12: Establishing Capital Structure Objectives 153Leverage Targets 153Leverage Criteria 155Rating Agencies 157Ratings Categories 158Rating Agency Dialogues 160Ratings Criteria 161Informing Investors 162Note 163Chapter 13: Developing Financing Strategies 165Financing Principles 165Debt Financing 167Equity Financing 171Off Balance Sheet Financing 174Debt Covenants 177Debt Refinancings 179Debt for Equity Swaps 180Bankruptcy 182Chapter 14: Ensuring Short-Term Liquidity 185Bank Lines 185Cash Planning 187Contingency Planning 187Liquidity Ratios 189Working Capital Strategies 189Trapped Cash 191PART VI: ACCOUNTING AND CONTROLSChapter 15: Obtaining Long-Term Financing 193Venture Capital 193Private Equity 194Initial Public Offering 195Subsequent Equity Offerings 198Term Loans 200Syndicated Bank Loans 200Investment Grade Securities 200High Yield Securities 201Strategic Alliances 202Note 203PART V: PERFORMANCEChapter 16: Driving Business Performance 207Organic Revenue Growth 207Cost Reduction Strategies 211Fixed versus Variable Costs 219Note 219Chapter 17: Providing Planning and Analysis 221Budgets 221Forecasts 225Cash Flows 226Performance Metrics 228Business Unit Metrics 231Performance Reports 232Business Analysis 233Chapter 18: Managing Financial Risks and Taxes 235Insurance 235Interest Rates 238Currencies 239Commodities 241Inflation 242Pension Fund 243Tax Planning 244Chapter 19: Establishing Accounting Processes 251Financial Reporting 251SEC Filings 255External Auditors 259Audit Committee 259Note 260Chapter 20: Communicating Financial Results 261Earnings Call 261Non-GAAP Measures 266Earnings Guidance 267Note 271Chapter 21: Implementing Sarbanes-Oxley 273Overview of Provisions 273Auditor Independence 274Certification of Financials 275Assessment of Internal Controls 276Chapter 22: Reinforcing Compliance and Controls 281Control Environment 282Auditor and Board Support 283Foreign Corrupt Practices Act 285Fraud Prevention 287Whistleblowers 287Cost of Compliance 288Note 289PART VII: LEADERSHIPChapter 23: Achieving Finance Transformation 293Organizational Structure 293Technology Systems 298Process Reengineering 301Outsourcing Advantages 303Outsourcing Implementation 305Analysis versus Data 308Chapter 24: Developing Financial Talent 311Recruitment Strategies 312Development Objectives 316Development Tools 320Diversity 325Future Requirements 325Note 326About the Author 327Acknowledgments 329Index 331

 




 

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