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Howard Systems International

Acquisition Candidate Questionnaire


Company:_________________________

Transaction Considerations
Reason for Selling: Selling Interest (1 = Low, 5 = High): Willingness to Close in 90 Days:

Status of Discussions with Other Buyers:

Expected Valuation Range:

Willingness to Stay on 2-3 Years:

Expectation of role in HSI:

Form of Consideration (% Cash, % Stock):

Structure Considerations (S or C Corp., Other Factors):

Consider Earnout?:

Howard Systems International

Acquisition Candidate Questionnaire


Company:_________________________

Business Overview
Year Founded: Ownership: Customer Profile: Fortune 500 vs. 1000 Mix Financial Highlights:
(in thousands) 1996 Revenue

Gross
Margin

Unadjusted
EBIT

Unadjusted
EBIT

1997 1998 1999E EBIT Adjustment Items: Branch Results: Branch 1 Year Opened 1998 Revenue # of Consultants

# Active Accounts Top 3 as % Revenue

Top 10 as % Revenue Industry Concentration

Branch 2 Branch 3 Organizational Structure: Branch 1 Branch 2 Branch 3 HQ Total Consultants Sales Recruiting Manager Administrative Accounting

Key Customers

Howard Systems International


Acquisition Candidate Questionnaire
Company:_________________________

Business Overview (cont...)


Customer Profile: Highest Margin Customer Lowest Margin Customer W-2 Hourly # Customers Lost in Past12 months Prime Vendor at How Many Accounts? Part-time Percentage of Open Orders Filled Each Month Foreign Natl.s Consultant Benefits: Health, Dental, Vision, Life, LT Disability, 401(k), Flex Options, Stock Purchase Plan Portion of premium paid by Company ___% Carrier(s) W-2 Salaried 1099 Consultant Mix: Database # of Consultants Service Mix: Service 1 Service 2 Service 3 Back Office/Front Office Install Date Hardware Software Strengths/Weaknesses
Bill Rate Margin Project Length

Business Mix: System Development High Value Added Services Mainframe Client/Server Help Desk Networking Education/Training Technical Writing Operations Administration Maintenance Fixed Price Projects?

Payroll Processor: Internal / External Non-Compete Agreements: Family Members in Business:

Special/Unique Service Offerings:

Howard Systems International


Acquisition Candidate Questionnaire
Company:_________________________

Business Overview (cont...)


Compensation Plan:

Base Branch Manager Sales Recruiter Sales Personnel Background:

Commissions

Bonus

Options

Recruiting Personnel Background:

Highest Producer:

Recruiting Methods ADS: Internal: Referral:

% of Revenue

Referral Bonuses: Relocation: Offshore:

Howard Systems International


Acquisition Candidate Questionnaire
Company:_________________________

Growth Strategy
Expansion Opportunities Next 2-3 Years: ____%____ Top competitors (Single Market US Natl...providers) Branch 1 Branch 2 Branch 3

Existing Branch Growth New Branches

1. 2. 3.

Acquisitions New Service Growth

Major Risks / Threats to Expansion (2-3 Years)

Drivers of Growth:

Howard Systems International


Acquisition Candidate Questionnaire
Company:_________________________

Financial /Legal
Financial Statements: Audited (Y / N) How Many Years? Receivables: Amount DSO Financial Reporting System: Description

Auditor

AR Over 90 Days

Strengths

Bank Debt / Credit Facility Amount Available Amount Used Terms

Bad Debt Experience Weaknessess

Outstanding Litigation or IRS Reviews or Exposures Budget: Overview of Budget Process Basis for Operating Plan

Acquisitions Made or Contemplated:

Branch Office Openings Contemplated:

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