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The Toptal Finance Blog is a hub for in-depth studies and analysis on all facets of finance, ranging from innovative strategies on raising capital to detailed coverage of new finance trends and technologies.
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Estimating WACC for Private Company Valuation: A Tutorial
The discount rate is a critical input in any discounted cash flow valuation analysis. How does an analyst estimate a reasonable discount rate for a private company that has no publicly traded debt or equity?
This article focuses on best practices for estimation of the WACC in the context of a private company valuation. The discussion begins with an overview of the WACC, background on the components of the WACC, methods to estimate the WACC components for private companies, and an example of how to apply this framework to estimate a privately-held building materials company.
David Turney
David specializes in managing complex/unique projects for C-Suite executives at Fortune 500 companies. He has managed transactions > $1.5Bn.
Advanced Financial Modeling Best Practices: Hacks for Intelligent, Error-free Modeling
From abstract spreadsheets to real-world application, financial models have become an inextricable part of business life and an indispensable part of every company’s toolkit. But irrespective of its ubiquitousness as a productivity and decision-making tool, many out there still have a love-hate relationship with it.
Finance expert Alberto Bazzana authors a comprehensive “how-to guide,” for both the novices and experts among us, detailing Wall Street’s best practices for intelligent, effective, and error-free financial modeling.
Alberto Bazzana
Albert is a seasoned PE executive with over $1Bn in trasactions. Prior to this he led consulting engagements across nine countries.
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Mastering Sustainable Startup Growth and Finding Your Relevant KPIs
To unlock growth in a company, you must first find the KPI that is core towards increasing company value. More effective knowledge of growth comes from a deeper understanding of the characteristics of a “perfect client,” the trends between user cohorts, and finding the tipping point that solidifies retention and engagement.
Erik Stettler
Erik’s a VC GP who has invested into over 50 tech companies and realized notable exits, two of which were sales to Box and Twilio.
Private Equity Succession Planning Do’s and Don’ts
While growing investor enthusiasm has contributed to a historic $3 trillion of fundraising over the last five years, the PE industry faces increasing competition amongst firms, record-high multiples and other factors making it difficult to generate attractive returns. One aspect for consideration is succession planning, especially since CEO turnover at portfolio companies occurs at a rate of 73% and can increase hold times and decrease returns.
This article defines succession planning, and examines the best practices and mistakes to avoid in succession planning for PE portfolio companies. It also explores succession planning within private equity firms themselves, something PE firms have been uncharacteristically proactive about confronting recently.
Melissa Lin
Melissa has worked in ECM, tech startups, and management consulting, advising Fortune 500 companies across multiple sectors.
The Financial Implications of Technical Debt
Technical debt, which relates to suboptimal technology infrastructure in an organization, can actually be a huge financial burden on a business. However, like traditional financial debt, there are steps and processes that can be taken to manage and mitigate the risk. In this article, we elaborate on how CFOs can tackle their technical debt burden.
Erik Frederick
Erik is a seasoned CFO and expert in profitability management, financial modelling and FP&A. He was CFO of a $1.8Bn unit of Staples.
Waking Up a Sleeping Industry: Mattress Industry Disruption
Once crammed into stuffy showrooms with eager salespeople and a dizzying plethora of models, mattress purchases used to be notoriously complicated. However, a upstarts have recently revitalized the industry with innovations in marketing, delivery, and a direct-to-consumer model.
It’s true that the mattress industry is experiencing an upheaval, but rather than the typical narrative of newer operations completely displacing older ones, perhaps there’s room for both collaboration and innovation. There are lessons for investors, entrepreneurs, and corporate moguls alike.
Melissa Lin
Melissa has worked in ECM, tech startups, and management consulting, advising Fortune 500 companies across multiple sectors.
Professional Sports Franchise Valuation
Professional sports franchises continue to see record sale prices. But what drives a team like the Dallas Cowboys, who haven’t won a Super Bowl in over 20 years, to top the list of the most valuable sports franchises in the United States?
In this article, Toptal Finance Expert David Turney provides an overview of professional sports economics, unique valuation considerations, and a team valuation example.
David Turney
David specializes in managing complex/unique projects for C-Suite executives at Fortune 500 companies. He has managed transactions > $1.5Bn.
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TAM Methodology: An Explanation and Example of Total Addressable Market Analysis
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