About the Authors

The authors are all current or former consultants of McKinsey & Company's corporate-finance practice. Collectively they have more than 70 years of experience in consulting and financial education.

Tim Koller is a partner in McKinsey's New York office, where he leads a global team of corporate-finance expert consultants. In his 30 years in consulting, Tim has served clients globally on corporate strategy and capital markets, mergers and acquisitions (M&A) transactions, and value-based management. He leads the firm's research activities in valuation and capital markets. Before joining McKinsey, he worked with Stern Stewart & Company and with Mobil Corporation. He received his MBA from the University of Chicago.

Marc Goedhart is a senior expert in McKinsey's Amsterdam office and leads the firm's Corporate Performance Center in Europe. Over the past 20 years, Marc has served clients across Europe on portfolio restructuring, capital markets, and M&A transactions. He taught finance as an assistant professor at Erasmus University in Rotterdam, where he also earned a PhD in finance.

David Wessels is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. Named by Bloomberg Businessweek as one of America's top business school instructors, he teaches courses on corporate valuation and private equity at the MBA and executive MBA levels. David is also a director in Wharton's executive education group, serving on the executive development faculties of several Fortune 500 companies. A former consultant with McKinsey, he received his PhD from the University of California at Los Angeles.

McKinsey & Company is a global management-consulting firm that serves leading businesses, governments, nongovernmental organizations, and not-for-profits across a wide range of industries and functions, helping them make distinctive, lasting, and substantial improvements in performance and realize their most important goals. McKinsey consultants serve clients in every region from a network of over 100 offices in more than 60 countries, advising on topics including strategy, finance, operations, organization, technology, marketing and sales, risk, and sustainability and resource productivity.