{"id":3397,"date":"2019-07-20T11:34:00","date_gmt":"2019-07-20T09:34:00","guid":{"rendered":"https:\/\/www.akerton.com\/francisco-camachos-presentation-on-patrimonial-equilibrium-and-family-businesses\/"},"modified":"2020-07-20T12:46:37","modified_gmt":"2020-07-20T10:46:37","slug":"francisco-camachos-presentation-on-patrimonial-equilibrium-and-family-businesses","status":"publish","type":"post","link":"https:\/\/www.akerton.com\/en\/francisco-camachos-presentation-on-patrimonial-equilibrium-and-family-businesses\/","title":{"rendered":"Francisco Camacho\u2019s presentation on patrimonial equilibrium and family businesses"},"content":{"rendered":"

The necessity of restructuring and elements to take into consideration<\/b><\/span><\/h3>\n

The<\/span> Founder<\/span> and<\/span> CEO<\/span> of<\/span> Akerton<\/span> Partners,<\/span> Francisco<\/span> Camacho,<\/span> attended<\/span> the Family<\/span> Forum<\/span> on<\/span> the<\/span> 2<\/span>nd<\/sup><\/span> of<\/span> July<\/span> in<\/span> Madrid.<\/span><\/p>\n

During<\/span> his<\/span> presentation,<\/span> Camacho<\/span> spoke<\/span> about<\/span> the<\/span> reasons<\/span> why<\/span> a<\/span> business<\/span> has to<\/span> restructure<\/span> its<\/span> equity<\/span> or<\/span> debt.<\/span> He<\/span> believes<\/span> that<\/span> \u201cwe<\/span> have<\/span> to<\/span> dedramatize having<\/span> to<\/span> restructure<\/span> a<\/span> company\u2019s<\/span> debt<\/span> or<\/span> capital\u201d,<\/span> because<\/span> \u201cevery<\/span> business has<\/span> to\u201d.<\/span> What\u2019s<\/span> more,<\/span> \u201clarge<\/span> ones<\/span> do<\/span> it<\/span> every<\/span> year,<\/span> with<\/span> the<\/span> IBEX<\/span> 35<\/span> on<\/span> top<\/span> of the<\/span> list\u201d.<\/span><\/p>\n

Due<\/span> to<\/span> the<\/span> crisis<\/span> in<\/span> 2008,<\/span> distress<\/span> and<\/span> catastrophe<\/span> have<\/span> been<\/span> associated<\/span> with restructuring, but<\/span> this is<\/span> not<\/span> always<\/span> the<\/span> case.<\/span> The<\/span> reason<\/span> for<\/span> this<\/span> perception<\/span> is that<\/span> restructures<\/span> began<\/span> within<\/span> the<\/span> real<\/span> estate<\/span> sector<\/span> due<\/span> to<\/span> a<\/span> lack<\/span> of<\/span> liquidity (assets<\/span> weren\u2019t<\/span> being<\/span> sold,<\/span> and<\/span> this<\/span> caused<\/span> disequilibrium<\/span> owing<\/span> to<\/span> the<\/span> absence of cash<\/span> flows).<\/span><\/p>\n

The<\/span> reasons<\/span> behind<\/span> a<\/span> rebalancing<\/span> are<\/span> varied.<\/span> The<\/span> rebalancing<\/span> of<\/span> equity <\/span>structur<\/span>e<\/span> i<\/span>n<\/span> a<\/span> compan<\/span>y<\/span> ma<\/span>y<\/span> resul<\/span>t<\/span> fro<\/span>m<\/span> it<\/span>s<\/span> smoot<\/span>h<\/span> functioning<\/span>;<\/span> however<\/span>,<\/span> ther<\/span>e are<\/span> other<\/span> causes<\/span> of<\/span> a<\/span> rebalancing<\/span> that<\/span> result<\/span> from<\/span> a<\/span> more<\/span> negative<\/span> situation, such<\/span> as<\/span> a<\/span> company<\/span> being<\/span> on<\/span> the<\/span> brink<\/span> of<\/span> bankruptcy.<\/span><\/p>\n

The<\/span> first<\/span> type<\/span> includes<\/span> acquisitions<\/span> (inorganic<\/span> growth),<\/span> productive<\/span> or<\/span> commercial investments that cause organic growth, the utilization of a favorable economic<\/span> environment<\/span> (a<\/span> decrease<\/span> in<\/span> interest<\/span> rates<\/span> allows<\/span> companies<\/span> to<\/span> lower their interest on debt) etc. Ultimately, broadening and strengthening the business<\/span> model<\/span> in<\/span> a<\/span> situation<\/span> of<\/span> economic<\/span> strength,<\/span> both<\/span> internal<\/span> and<\/span> market based.<\/span><\/p>\n

Within the not so positive reasons for the re-equilibrium of equity\/debt structure in a company we find:<\/span><\/p>\n

    \n
  • Excessive<\/span> outgoing<\/span> cash<\/span> flow<\/span> on<\/span> the<\/span> generated<\/span> operating<\/span> cash<\/span> flow, unbalanced<\/span> with<\/span> weak<\/span> financial<\/span> structure.<\/span><\/li>\n
  • Investments<\/span> made<\/span> with<\/span> negative<\/span> returns.<\/span><\/li>\n
  • Non<\/span> recurrent<\/span> losses<\/span> due<\/span> to<\/span> external<\/span> factors,<\/span> such<\/span> as<\/span> a<\/span> downturn<\/span> in<\/span> the market<\/span> or<\/span> tensions<\/span> in<\/span> financial<\/span> markets.<\/span><\/li>\n
  • Overstock<\/span> and<\/span> poor<\/span> working<\/span> capital<\/span> management.<\/span><\/li>\n
  • Confusion between working capital and investments maintained through<\/span> time<\/span> that<\/span> resembles<\/span> CAPEX.<\/span><\/li>\n<\/ul>\n

    Another<\/span> issue<\/span> that<\/span> restricts<\/span> cash<\/span> flow<\/span> generation<\/span> is<\/span> the<\/span> allocation<\/span> of<\/span> generated resources or activities that aren\u2019t core to the business such as real<\/span> estate investments<\/span> (hotels,<\/span> wineries,<\/span> etc.)<\/span> Generational<\/span> changes<\/span> sometimes<\/span> distance the<\/span> family<\/span> company<\/span> from<\/span> its<\/span> core<\/span> business.<\/span><\/p>\n

    In essence, the financial re-equilibrium has to take place when the use of financial<\/span> instruments<\/span> within<\/span> reach<\/span> of<\/span> the<\/span> company<\/span> create<\/span> a<\/span> temporary<\/span> solution and<\/span> it,<\/span> maintained<\/span> over<\/span> time,<\/span> creates<\/span> a<\/span> disequilibrium<\/span> on<\/span> the<\/span> balance<\/span> sheet structure.<\/span><\/p>\n

    Basic<\/b><\/span> <\/b>fundamentals<\/b><\/span> <\/b>to<\/b><\/span> <\/b>take<\/b><\/span> <\/b>into<\/b><\/span> <\/b>account<\/b><\/span> <\/b>when<\/b><\/span> <\/b>we<\/b><\/span> <\/b>face<\/b><\/span> <\/b>capital<\/b><\/span> <\/b>restructuring<\/b><\/span><\/h3>\n

      <\/span>We must consider two fundamental issues:<\/span><\/p>\n

      \n
    • The maximum capacity of indebtedness<\/b> in a company is the<\/span> present value<\/span> of<\/span> the<\/span> cash<\/span> flows<\/span> (adjusted<\/span> for<\/span> debt)<\/span> during<\/span> the<\/span> life<\/span> of<\/span> the<\/span> loan.<\/span><\/li>\n<\/ul>\n

      For<\/span> those<\/span> estimations<\/span> we<\/span> have<\/span> to<\/span> consider:<\/span> the<\/span> need<\/span> of<\/span> constant<\/span> use<\/span> of resources<\/span> while<\/span> not<\/span> forgetting<\/span> the<\/span> necessity<\/span> to<\/span> reinvest<\/span> and<\/span> maintain balance<\/span> between<\/span> generated<\/span> cash<\/span> flows;<\/span> what<\/span> has<\/span> been<\/span> invested<\/span> and the distributed dividends; what is held in the balance and the company\u2019s<\/span> indebtedness.<\/span><\/p>\n

        \n
      • Debt<\/b><\/span> <\/b>structure.<\/b><\/span> The<\/span> financial<\/span> structure<\/span> has<\/span> to<\/span> match<\/span> the<\/span> type<\/span> of<\/span> business. It<\/span> is<\/span> different<\/span> for<\/span> industrial<\/span> or<\/span> retail<\/span> companies,<\/span> for<\/span> example,<\/span> and<\/span> there<\/span> are also differences depending on seasonality. Each company needs a different<\/span> structure<\/span> with<\/span> separate<\/span> financial<\/span> products<\/span> and<\/span> deadlines.<\/span><\/li>\n<\/ul>\n

        Long-term<\/span> investments<\/span> should<\/span> be<\/span> financed<\/span> with<\/span> long-term debt. Never should short-term debt be used for long-term investments.<\/span><\/p>\n

        In<\/span> addition,<\/span> we<\/span> should<\/span> take<\/span> into<\/span> account<\/span> the<\/span> maturity<\/span> of<\/span> the<\/span> debt. Debt cash flows should be aligned with operative cash<\/span> flow <\/span>generation,<\/span> as<\/span> well<\/span> as<\/span> other<\/span> cash<\/span> inflows<\/span> and<\/span> outflows.<\/span><\/p>\n

        In<\/span> conclusion,<\/span> the<\/span> President<\/span> of<\/span> Aketon<\/span> highlighted<\/span> that<\/span> when<\/span> cash<\/span> inflows are<\/span> higher<\/span> than<\/span> outflows,<\/span> the<\/span> company<\/span> has<\/span> economic<\/span> viability and a viability plan can be designed.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

        The necessity of restructuring and elements to take into consideration The Founder and CEO of Akerton Partners, Francisco Camacho, attended the Family Forum on the 2nd of July in Madrid. During his presentation, Camacho spoke about the reasons why a business has to restructure its equity or debt. He believes that \u201cwe have to dedramatize…<\/p>\n","protected":false},"author":1,"featured_media":3395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nFrancisco Camacho\u2019s presentation on patrimonial equilibrium and family businesses - Akerton<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.akerton.com\/en\/francisco-camachos-presentation-on-patrimonial-equilibrium-and-family-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Francisco Camacho\u2019s presentation on patrimonial equilibrium and family businesses - Akerton\" \/>\n<meta property=\"og:description\" content=\"The necessity of restructuring and elements to take into consideration The Founder and CEO of Akerton Partners, Francisco Camacho, attended the Family Forum on the 2nd of July in Madrid. 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