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Free Cash Flow by George C. Christy, CFA

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Look at your email inbox and the inbox sitting on your desk. How many internal company reports—budget reports, sales reports, production reports, progress reports, problem reports—arrive in your inboxes each month? Not only are you and your colleagues inundated with a helter-skelter hodgepodge of management reports, but many of the reports focus on financial metrics that do not maximize company valuation.

 

Free Cash Flow provides three disciplines you can use to manage your company to maximum valuation: (1) company valuation is maximized by managing to Free Cash Flow, not to GAAP net income; (2) company valuation is maximized by focusing outward on key business drivers, not inward on profit center budget variances and (3) company valuation is maximized by placing all critical internal and external data into a concise report for each of the company’s key business drivers so that management can fast focus on key trends, issues and opportunities.

 

Excerpts from Free Cash Flow:

Free Cash Flow has the entire company valuation chain—revenues, margins, working capital and capital expenditures—in one formula.”

“The question is: where should management spend more time—looking inward at budget variances or looking outward at the company’s markets and customers?”

“An effective Management Information Package accelerates management’s focus speed. The faster and more focused the interaction between management and the right information, the faster management sees and exploits opportunities, sees and overcomes challenges, sees and minimizes risks.”

“Stop thinking about product mix in terms of revenues and GAAP margins. Start thinking of product mix in terms of Free Cash Flow—that is where and how you will maximize the value of your company.”

“Is there any part of your business that is more important to the company’s future than your key customers? Chances are you cannot get to where you want your company to go without your current key customers providing a major portion of your required future Free Cash Flow.”

“Because you have the Free Cash Flow numbers for your major products and major customers, you have a much better understanding of the company’s total Free Cash Flow numbers.”

“The higher Free Cash Flow is over the long term, the higher the valuation of your company, the higher the stock price of your company, the more options your company has to exploit its markets, the more control your company has over its future, the less control outsiders have over your company.”

 

Bio:

George C. Christy, CFA, has over 30 years experience in the financial markets. He has served as corporate banker to Fortune 500 and middle market companies as well as Treasurer of a telecommunications equipment manufacturer. His banking experience included First Chicago, Crocker Bank, First Interstate Bank, GE Capital and Bank of America. From 2000 to 2004, he was Treasurer of Channell Commercial Corporation, an enclosure and connectivity manufacturer for cable and telephone service providers. At Channell he worked with lenders, institutional investors, investment bankers and Wall Street analysts. He has a BA from Princeton University and an MBA from University of Chicago. www.OakdaleAdvisors.com

 

For my book cover designer:

"This cover is outstanding. The colors, the artwork, and the overall design are perfect!"  —George Christy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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