Dividend Policy in 30 Minutes - Mercer Capital
We are excited to offer our readers a physical version of our piece, “Dividend Policy in 30 Minutes: A Guide for Family Business Directors and Shareholders.”| Mercer Capital
Mercer Capital is pleased to announce that two professionals have been promoted to Senior Financial Analyst: Koby S. Allen and Luke Tanner.| Mercer Capital
A few weeks ago we released our newest booklet, “Dividend Policy in 30 Minutes.” Whether you read the digital copy, requested a physical booklet, or haven’t gotten a chance to look at it yet, in this short video Travis Harms explains how to go about the decision-making process regarding distribution and why considering various shareholder characteristics and business attributes matters. Travis highlights how the balance between shareholder certainty and board discretion can foster a bet...| Mercer Capital
The Dallas Fed Q2 Energy survey highlighted the growing uncertainty and continued pessimism in management sentiments across the sector. Given the concerns shared about the future of the oil and gas markets, it is more important than ever for a potential seller to be able to provide potential buyers with a clear picture of the company’s capacity for generating cash flows. In this week's post, we highlight the value of a Quality of Earnings (QofE) analysis in the transaction process.| Mercer Capital
In the ever-evolving wealth management sector, we see RIAs exploring ways to bolster their competitive edge, long-term sustainability, margin, and valuation. An increasingly common strategy involves integrating family office services, which extend core asset management to include comprehensive tax optimization, estate planning, philanthropy coordination, and lifestyle management. This often manifests as a multi-family office (MFO) model, serving multiple ultra-high-net-worth (UHNW) clients un...| Mercer Capital
The July 2025 SAAR came in at 16.4 million units, up 7.1% from last month and up 3.7% from July 2024. It is important to note that this modest year-over-year gain requires a bit more context due to irregularly high sales this time last year. Looking forward, Mercer Capital expects the August 2025 SAAR to end up near the June 2025 SAAR. As tariff-related uncertainty persists, it is likely that supply chain, sales volumes, profits, and blue sky multiples will remain under pressure in the coming...| Mercer Capital
Mercer Capital is excited to welcome two financial analysts to our team: Ms. Jade Harrison and Mr. Reese Sellers.| Mercer Capital
U.S. companies are on pace to buy back over $1.1 trillion of their own stock in 2025 — an all-time high. For public companies, the logic is straightforward: reducing the number of shares outstanding can boost earnings per share and, presumably, the company’s stock price. Family businesses are much less likely to use share repurchases in the same way. In this week's post, we cover how family businesses are more likely to use share redemptions as motivated by shareholder concerns: liquidity...| Mercer Capital
AI is expected to have a significant impact on the RIA industry. This relatively new technology is already reshaping how RIAs manage assets, engage with clients, and navigate an increasingly competitive landscape. For RIA owners, understanding and leveraging AI is becoming critical to maintaining a competitive edge, enhancing firm valuations, and ensuring long-term success in a mature but evolving industry. This post explores the multifaceted impact of AI on the RIA industry while providing ...| Mercer Capital
The Q2 2025 issue of Mercer Capital’s Exploration and Production Newsletter focuses on the Permian. The Permian basin continues to serve as the centerpiece of the U.S. shale revolution. However, the basin will face challenges in the near future as rising water and associated gas content are contributing to increased production costs, leading to more cautious drilling plans for basin operators.| Mercer Capital
We are excited to offer our readers a physical version of our piece, “Dividend Policy in 30 Minutes: A Guide for Family Business Directors and Shareholders.”| Mercer Capital
With a constant stream of headlines about M&A and near-daily inquiries from prospective acquirers, it’s easy for RIA owners to get the impression that external transactions are the norm. Internal transactions don’t generate headlines, and prospective buyers (next-gen management) likely aren’t beating your door down to close a deal. While they may be less conspicuous, internal transactions are a viable avenue for succession planning and one that many RIAs accomplish successfully.| Mercer Capital
Americans have been and continue to be hungry for energy, in any effective form they can get it, renewable or not. While a majority of Americans still prioritize renewables in energy policy, a shift is taking place, mostly among younger Republican and Republican-leaning individuals, according to a recent Pew Research Study. In this week's post, we detail how this has been changing since the end of Trump’s first term in office and what the future may hold for renewable energy.| Mercer Capital
Mercer Capital is proud to sponsor and attend the 43rd Annual Attorney/Trust Officer Liaison Conference. Mercer Capital's J. David Smith and Thomas C. Insalaco will be attending.| Mercer Capital
Family business directors generally have little perspective on how other companies handle certain items like capital allocation, capital structure, and dividend policy. With the release of our 2025 Family Business Benchmarking Study, we aim to fill that gap. This week's post focuses on the study which provides an overview of U.S. macroeconomics and examines key financial areas relevant to family businesses. Each section includes both data analysis and insights to help family business director...| Mercer Capital
The economics of oil and gas production vary by region. Mercer Capital focuses on trends in the Permian, Eagle Ford, Haynesville, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, the depth of the reserve, and the cost of transporting the raw crude to market. We can observe different costs in different regions depending on these factors. In this week's post, we take a closer look at the Permian.| Mercer Capital
In Part 1 of our series, we compared brand-level blue sky multiples and the consistency (and variation) in estimates from Haig Partners and Kerrigan Advisors. But as we noted, the multiple is only half the story. The real engine driving valuation is the earnings base, or the number to which that multiple is applied. And in auto dealership valuations, defining what we call “ongoing earnings” isn’t as simple as referencing last year’s net income. In this installment, we discuss our pers...| Mercer Capital
Matt Crow recently had the pleasure of joining Aaron Hasler, Managing Partner at Skyview, and Catherine Williams, head of practice management at Dimensional Fund Advisors, for a discussion about the financial strategies involved in succession planning. They covered financing options, common roadblocks, generational dynamics, and much more. Listen to their discussion in our latest post.| Mercer Capital
Our family business advisory practice is focused on three strategic financial questions that weigh on family business directors.| Mercer Capital
This week, we explore a PE strategy that might be worth considering for some family businesses: dividend recapitalization.| Mercer Capital
While large-scale upstream M&A has dominated industry headlines, the mineral and royalty space has quietly sustained deal momentum over the past year. From high-profile corporate mergers to strategic bolt-ons and capital recycling plays, activity in the Permian Basin remains robust. Publicly traded royalty platforms are leveraging both equity and debt to consolidate top-tier assets, signaling a maturing market where scale, structure, and selectivity are reshaping the investment landscape.| Mercer Capital
M&A activity in the RIA space rebounded strongly in early 2025, with record-setting deal volume in Q1 and continued momentum into Q2. A favorable interest rate environment, increased private equity involvement, and a growing number of serial acquirers helped fuel activity. Despite a sharp decline in total transacted AUM, deal count and strategic interest remained high. For firms exploring growth, succession, or liquidity, understanding the evolving M&A landscape—and aligning your strategy w...| Mercer Capital
Almost a year ago, we published a case study looking at the corporate break-up of the venerable Kellogg Company into two separate businesses: Kellanova (snack foods) and WK Kellogg (breakfast cereals). From the announcement through the present, Kellogg shareholders have earned an annualized total return of 11.2%, far outpacing the returns of peer publicly traded packaged foods companies. Last year’s post included five takeaways for family business directors. In this week’s post, we reit...| Mercer Capital
The June 2025 SAAR came in at 15.3 million units, down 1.7% from last month but up 2.3% from June 2024. The noticeable decline in the June 2025 SAAR continues the trend of softer sales after the pull-ahead effect seen in March and April, as consumers likely aimed to beat any tariff-related increases. Mercer Capital expects the July 2025 SAAR to end up near the June 2025 SAAR — above the 15 million mark — but perhaps a bit muted from the trendline we observed at the beginning of 2025. Whil...| Mercer Capital
Oil and gas analysts use many different metrics to explain and compare the value of an oil and gas company, specifically an exploration and production (E&P) company. The most popular metrics (at least according to our eyeballs) include EV/Production, EV/Reserves, EV/Acreage, and EV/EBITDA(X). In this post, we will dive into the EV/Production metric, and explore its most popular uses.| Mercer Capital
One of the most frequently overlooked sectors in the wealth management industry may be its first cousin, the independent trust industry. While many still associate trust administration with banks, which account for more than 75% of the space, the growing prominence of independent trust companies is capturing the attention of many participants in the investment management community. In this post, we examine current trends impacting independent trust companies.| Mercer Capital
As much as they may not want to be, family businesses are not immune to the trends affecting private equity.| Mercer Capital
The meaning of a family business is a function of both family and business characteristics. In turn, it influences the dividend policy, investing, and financing decisions of the company. In this week’…| Mercer Capital
We focus on two key questions related to growth, risk, and the meaning of the family business: investment decisions and distribution policy.| Mercer Capital
We offer our perspective on auto industry’s development and changes in 2024 and potential future.| Mercer Capital
In this week’s post, we review current themes in auto finance and lay out new developments and changes since last year.| Mercer Capital
A Quality of Earnings (or QofE) analysis is essential for transactions, and optimizing your transaction diligence requires assembling the right team.| Mercer Capital
In this week’s Family Business Director, Tim Lee, ASA, Managing Director of Corporate Valuation and John T. (Tripp) Crews, III, Senior Financial Analyst, discuss internal and external exit options for…| Mercer Capital
In this week’s Family Business Director, Tim Lee, ASA, Managing Director of Corporate Valuation and John T. (Tripp) Crews, III, Senior Financial Analyst, discuss expectations around the timeline for…| Mercer Capital
Successful businesses don’t have to go looking for potential acquirers – potential acquirers are likely to come looking for them. Most of our family business clients have no intention of selling in…| Mercer Capital
A deal flow was sidelined for much of 2022 and 2023, but the economy’s soft landing, stabilizing interest rates, and pent-up M&A demand are expected to compel buyers and sellers to renew their…| Mercer Capital
In 2024, as the prospect of Fed rate cuts begins to attract buyers back into the market after a period of caution in 2022 and 2023, the importance of thorough due diligence cannot be overstated.| Mercer Capital
We take a deeper dive into those three phases of selling a family business and what that may look like for you when the time comes.| Mercer Capital
In this week’s post we look at the four primary RIA ownership models and discuss how to find the best one for your RIA.| Mercer Capital
In the RIA space, strong growth and big margins are hallmarks of a winning business.| Mercer Capital
In this post, we think about what can be learned from component analysis of RIA returns.| Mercer Capital
We explore why internal succession remains a compelling strategy for RIAs despite lower valuations.| Mercer Capital
Uncertainty in the U.S. economy remains elevated, making this a good time for family businesses to review key macroeconomic indicators.| Mercer Capital
Bryce Erickson, Managing Director, leads Mercer Capital’s Oil and Gas Industry Group. He also serves on the firm’s board of directors. He has been involved with hundreds of valuation and related…| Mercer Capital
A well-structured succession plan not only enhances the firm’s operational stability and scalability but also increases its attractiveness to potential buyers. Buyers are not merely acquiring existing…| Mercer Capital
In our latest webinar, Matt Crow and Brooks Hamner guide you through succession planning, ensuring your firm’s legacy thrives while maximizing its value.| Mercer Capital
Cash flows, risk and return, and growth are helpful frameworks for evaluating expectations for your family business in uncertain times.| Mercer Capital
While the Owner Strategy Triangle is a way to examine strategy for family businesses, we see useful applications for RIA leadership as well.| Mercer Capital
Succession planning is often misunderstood as a one-time event—a moment when an RIA owner transitions leadership and exits the firm.| Mercer Capital
Mercer Capital is proud to sponsor and attend the ASA Houston Chapter’s 2025 Energy Valuation Conference on May 15th, 2025 in Houston, Texas, and virtually online. Mercer Capital’s Bryce Erickson, ASA…| Mercer Capital
Energy companies depend on Mercer Capital’s industry knowledge and experience to help navigate the ongoing changes in the energy environment.| Mercer Capital
Timothy K. Bronza is a Managing Director with Mercer Capital. Tim has been involved in valuing business interests for over 25 years for a variety of purposes, including federal gift…| Mercer Capital
Mercer Capital is pleased to announce the acquisition of Business Valuation Analysts, LLC, recognized experts in the valuation of privately held business interests for federal estate, gift…| Mercer Capital
At this year’s NARO National Convention Mercer Capital’s Bryce Erickson, ASA, MRICS and David Smith, CFA, ASA had the privilege of attending.| Mercer Capital
Timothy R. Lee, ASA will attend The ESOP Association’s 2024 Employee Owned Conference on November 13-15, 2024 in Las Vegas, Nevada.| Mercer Capital
Mercer Capital’s Timothy R. Lee, ASA to present alongside L. Paul Hood, Jr., J.D., LL.M in an upcoming Business Valuation Resources webinar on November 12, 2024.| Mercer Capital
Mercer Capital is proud to sponsor and attend the 2024 D CEO Energy Awards on October 29, 2024 in Dallas, Texas. Representatives from Mercer Capital’s oil and gas industry team be attending.| Mercer Capital
Mercer Capital provides investor relations services to family and closely held businesses and works with senior management and boards of directors to assist in strategic financial planning…| Mercer Capital
As long as I can remember, RIAs and other closely-held businesses have used corporate owned life insurance to fund redemption provisions in buy-sell agreements. That practice is now in doubt, as the U.| Mercer Capital
This week, we explore a PE strategy that might be worth considering for some family businesses: dividend recapitalization.| Mercer Capital
Auto retailer executives discussed the CDK cyberattack, inventory management, consumer affordability, and hybrid vehicles on the Q2 2024 earnings calls.| Mercer Capital
This blog provides corporate finance and planning insights to multi-generational family businesses directors.| Mercer Capital
Coming off a run of economic data releases in the last few weeks, we take a look at the numbers and some of their implications for the broader economy.| Mercer Capital
Advising clients on estate planning is a core service offered by wealth management firms, and the best tool is often some sort of trust.| Mercer Capital
Volatile times are never easy to navigate, but there are strategies family business directors keep their business on course.| Mercer Capital
In this week’s post, we examine current trends impacting independent trust companies.| Mercer Capital
Last week, the consumer-price index decreased slightly from May, resulting in a year-over-year inflation measure of 3%.| Mercer Capital
The trend towards PE reveals implications for liquidity management, echoing the challenges that family business shareholders have long encountered.| Mercer Capital
In this week’s post, we address five cognitive biases contributing to overly optimistic forecasts.| Mercer Capital
This post presents a broad overview of the market approach, the last of the three approaches considered in all business valuations.| Mercer Capital
Mercer Capital’s Energy Valuation Insights blog is a weekly update on issues important to the Energy industry.| Mercer Capital
Navigating the complexities of estate taxes and wealth transfer can be daunting, with sunsetting provisions that could affect your financial planning.| Mercer Capital
