David Horwich

Managing Director

GHJ is a team of high integrity and hands on senior advisors.


David Horwich

Fun Facts

Favorite place in the world:


Favorite music/band/singer:

John Hiatt

Favorite movie or book of all time:

Lord of the Rings

One word that best describes me:


When I’m not working, you’ll catch me doing this:

Reading , Traveling or at the ballpark

    Growing Through Acquisitions: A Strategy for Growth

    Originally published in HLB's Insights. Value creation in any business is rooted in growth. All other things being equal, higher-growth businesses enjoy greater transaction multiples (and, consequently, value) than do companies with lower growth rates. Growth in a business comes from five different sources: Expanding the product set offeredReaching more customers through existing channelsExpanding sales and distribution channelsVertical or horizontal integrationCreating new strategic […]

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      How COVID-19 is Affecting the U.S. Food Supply Chain

      Over the past several months, as a direct consequence of stay-at-home orders and related business shutdowns, U.S. retailers and food industry players have been battling to ensure that food supply chains remain robust in the light of unprecedented demand shifts impacting both traditional grocery retailers and foodservice, as well as emerging ecommerce channels. Physical distancing and associated lockdowns have dramatically altered how consumers spend on food. Consumers, forgoing public dine-in […]

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        Securing Capital in a Post-Pandemic Environment

        In the wake of the COVID-19 stay-at-home orders, business owners should examine their company’s liquidity position and assure availability of staying power, whether or not there are additional waves of shutdowns. In this environment, it is critical to have sufficient liquidity to be both offensive and defensive with a business. Planning for an Uncertain Future Owners should first reassess strategic plans and adjust them for various scenarios, both the current and possible new realities. Create […]

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          PPP Safe Harbor Eligibility Guidance – Updated May 13, 2020

          New Guidance On May 13, 2020, the Small Business Administration (SBA) provided guidance to Paycheck Protection Program (“PPP”) borrowers regarding the implications for eligibility certifications that were made in the borrower’s application (FAQ #46). The SBA clarified that borrowers with loan sizes under $2 million will be deemed to have made certification for eligibility in good faith. For borrowers with loan sizes in excess of $2 million, SBA reiterated that it will conduct a review of the […]

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            PPP Update on Qualification Eligibility – Extended Grace Period till May 14, 2020

            The Small Business Administration (SBA) has extended its grace period until May 14, 2020 (previously May 7) for applicants to repay their Paycheck Protection Program (“PPP”) loans provided by the CARES Act in full if they do not meet the required eligibility in order to be deemed to have made the required certification in good faith without repercussion. Background On April 23, the SBA provided guidance in response to perceived abuses of large companies taking PPP loans when such companies’ […]

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              Main Street Lending Program Details Announced

              On April 30, the Federal Reserve announced long-awaited details to the Main Street lending programs. There are significant updates to the original Term Sheet announced on April 9. The Announcement There are now three programs available to borrowers, and GHJ highlights the two newly announced programs below. FeaturesNew Loans ProgramPriority Loans ProgramSize of FacilityMinimum: $500,000 Maximum: the lesser of $25 million or 4x Adjusted 2019 EBITDA less Existing Credit […]

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                Treasury and SBA Announce Review for PPP Loans in Excess of $2 Million

                The Treasury and SBA announced on April 28 that it intends to do a full review of applicant certifications for funded loans under the Paycheck Protection Program (PPP) in excess of $2 million. How This Will Work The announcement describes that for all loans made in excess of $2 million that such loans will be subject to a full review of the applicant’s certifications of need once the applicant’s lender has submitted the applicant’s forgiveness request. In comments to the press Tuesday (April […]

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                  CARES Act Loan Program Funding Update

                  President Trump has today (April 24, 2020) signed the Amendment (passed last evening by Congress), which will provide $484 billion in additional funding to the Paycheck Protection Program (PPP) , the Economic Injury Disaster Loan (EIDL) program and several other new provisions. The Amendment provides the following: The Lender-administered PPP loan will have additional funding of $310 billion. Of that new funding, $30 billion is earmarked for smaller community banks, minority depository […]

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                    PPP Update on Qualification Eligibility

                    As previously noted in GHJ’s COVID-19 Updates, GHJ expects additional guidance from the Small Business Administration (SBA) to allow applicants to re-assess their initial application in light of questions on PPP eligibility for certain borrowers. Today (April 23) the SBA provided guidance in response to perceived abuses of large companies taking PPP loans when such companies’ capitalization might be sufficient to carry it through the period covered by PPP funding. As has been experiencing […]

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                      M&A Activity Amid COVID-19

                      COVID-19 has created uncertainty and resulted in major economic changes, which has had a chilling effect on the economy, M&A deals and capital market transactions. Deals and financings (including IPOs) that were in process at the beginning of this year are now paused. Companies and investors are looking for answers about how to prepare for the future. Before COVID-19 hit, M&A was on a roll, driven by an 11-year bull market, but with the pandemic onset, companies moved quickly into a triage […]

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                        PPP Update for Independent Contractors and Self-Employed Individuals

                        Last evening, the Small Business Administration (SBA) released an Interim Final Rulemaking Guide for individuals that file Paycheck Protection Program (PPP) applications. The guidance clarifies several aspects of the PPP loan application amount that were previously uncertain and provides taxpayer-friendly guidance on the use of PPP funds. Background Guidance for filing PPPs released earlier this month disallowed businesses from including Independent Contractors and Self-Employed (“CSE) […]

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                          The Word from Washington – An Update on the PPP and Main Street Lending Program and a Glimpse into Future Stimulus Legislation

                          The GHJ team had an opportunity on April 13 to speak with a Washington insider about issues of interest to the firm’s clients. Below are the latest insights: PPP Forgiveness Guidance: The Small Business Administration (SBA) has until 30 days past the March 27, 2020 enactment of the CARES Act to provide guidance and rulemaking on all matters relating to the PPP. GHJ expects that it will continually be receiving updates.Additional $250 Billion in PPP Funding: These funds will be appropriated. It […]

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                            CARES Act Update: Main Street Lending Program

                            This morning the Treasury began implementing the Main Street Lending Program for mid-sized companies. In another section of the CARES Act, the Main Street Lending Program, there will be $600 billion in new funds made available to borrowers. The original Act intended lending be made available to borrowers with employee sizes 500-10,000. Today’s information sheet eliminates the minimum employee size standard, now making loans available to all borrowers. Essential terms of the loans indicate: […]

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                              PPP Update: What Small Business Owners Need to Know

                              Last night, the Treasury Department released a series of frequently asked questions to clarify certain provisions of the Paycheck Protection Program (“PPP”) to applicants. These are: For the purposes of calculating payroll costs and headcount, there was ambiguity about the correct time period that should be used. The clarification allows an applicant to use either the calendar 2019 period OR the latest 12 months ended prior to the filing of the application. Applicants should review their […]

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                                Establishing a Clean Audit Trail to Support PPP Loan Forgiveness

                                According to Section 1106 of the CARES Act, a portion of the Paycheck Protection Program (“PPP”) loans can be forgiven on a tax-free basis based on the extent of certain covered expenses (i.e., payroll, rent obligations, utility payments and mortgage interest) incurred during the eight-week period following funding of the PPP loan. Amounts forgiven may not exceed the principal amount of the loan. Amounts forgiven will be lowered for: A proportional reduction in employees retained during this […]

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                                  State of the Marketplace

                                  GHJ Senior Manager Andrew Holoubek discusses the state of the deal market for food and beverage companies with GHJ Managing Director David Horwich. Hear insights on the hot sectors in the food and beverage space and actions to take to prepare for a transaction.Click here to listen.

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                                    Creating Value for the Sale of a Company

                                    The third blog in our series of consulting case studies takes a look at an unusual situation for four businesses going to market as one company and discusses how Green Hasson Janks’ Consulting Team assisted in converting their financial statements to reflect as if they had operated as one. Recent work with this client involved: Assembling one set of financial statements from four disparate entitiesExamining and making the case for overhead elimination that better reflected the four as if they […]

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                                      The Right Fit: Structuring a Debt Issue and Finding the Right Agent

                                      The second blog in our series of consulting case studies takes an in-depth look at common pain points for rapidly growing businesses and tackles an improvement in terms with additional availability to a client’s debt structure. Our recent work with this client involved: Increasing company bank linesSimplifying company debt capital structureObtaining significantly better interest rates and terms than those previously in place The Challenge Green Hasson Janks (GHJ) was retained to assist the […]

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                                        Converting a Troubled Client

                                        This is the first in a series of consulting case studies where we take an in-depth look at common pain points in preparing businesses for the future. Our first case study highlights our recent work with a client preparing for a transaction and how our services guided the business to a successful outcome. The Challenge GHJ was engaged to assist a leading financial services provider to develop and implement a new growth strategy. As we began our analysis of their financial statements, we […]

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                                          Considering Sustainability During a Transaction

                                          Excerpt from the 2017 Food and Beverage Whitepaper: The Future of Food: Meeting Consumer Demands with Sustainable Resources Green Hasson Janks Growth Strategy and Value Planning Managing Director David Horwich sees sustainability and social responsibility practices as a potential enhancement to a company’s profitability. This can lead to a higher sales price and greater buyer confidence in a transaction. “In terms of conserving scarce resources, solid sustainability practices always help the […]

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