Modeling Out and Diligencing SG&A
Hey all -
What are the right questions / diligence areas to present to a company in the context of modeling out SG&A of a potential acquisition?
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Executive comp normalization, normalization of bad debt expense, consulting fees, treatment of capitalized assets (eg. software) vs treatment as a period expense, headcount expectations, breakout of correlation of indirect labor costs to revenue, allocation of labor costs, changes in compensation structure, potential cost synergies
legal fees (e.g., pending litigation, restructuring costs), one timers (e.g., consulting projects, marketing initiatives, extraordinary write-offs)... I'd look at what adjustments the company is making and see if there is anything that stands out as a need to dig deeper on a bottoms up build.
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