Why acquisitions fail: practical advice for making acquisitions succeed
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London ; Munich [u.a.]
Financial Times Prentice-Hall
2001
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | Executive briefings
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXII, 230 S. graph. Darst. |
| ISBN: | 0273653644 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
List of tables xvii
List of figures xviii
List of case studies xix
Introduction xxi
PART ONE: FLAWED BUSINESS LOGIC 1
Management summary 3
Q Should not have been acquiring 5
Why does it matter? 7
What matters? 7
Strong foundations
Focus
Resource availability
What can go wrong? 10
Building on poor foundations
Clear vision
Lack of resources
Checklist for success 13
Q Wrong strategy 15
Why does it matter? 17
What matters? 17
Define a strategy
Start with a vision
Set simple goals
Information, information, information
What can go wrong? 21
Misunderstanding of the key drivers
Poor goal setting
Poor choice of strategic emphasis
Checklist for success 24
I Contents
Q Opportunism 25
Why does it matter? 27
What matters? 27
Using strategy to define acceptable opportunities
Corporate governance
Clear objective setting
Corporate vision
What can go wrong? 31
Because it s there
Megalomania
Market perception
Checklist for success 34
Q Did not consider alternatives 35
Why does it matter? 37
What matters? 37
Market growth
Product development
Diversification
Timing
What can go wrong? 39
Geographical expansion
Product development
Diversification
Checklist for success 43
PART TWO: FLAWED UNDERSTANDING OF THE
NEW BUSINESS 45
Management summary 47
Q Misjudged the market 49
Why does it matter? 51
What matters? 51
Why does this market exist?
What is likely to change market attractiveness?
Reviewing the market
Why is the company for sale?
What can go wrong? 58
Contents I
Wrong vision
Checklist for success 59
Q Did not understand the business model 61
Why does it matter? 63
What matters? 63
Understand why the business makes money
Get the target s operational identity right
Get the management approach right
Evaluate the CEO s role and effectiveness
Compare/contrast other senior management styles
Decide whether you can successfully reorganise
the target
What can go wrong? 67
Operational identity
Management approach
Checklist for success 70
Q Over estimated the potential synergies 71
Why does it matter? 73
What matters? 73
Work out how the synergies will arise
Cost reduction synergies
Managing cost cutting
Illusory sales growth synergies
Defining profitable sales growth potential
Implementation integration, management skills
and control are the keys to success
What can go wrong? 78
Disappointing cost reduction synergies
Illusory sales growth synergies
Checklist for success 82
Q Problem areas not identified in due diligence 85
Why does it matter? 87
What matters? 87
Commercial due diligence
Financial due diligence
Legal due diligence
I Contents
What can go wrong? 90
The questions were not asked
Satisfactory answers were not obtained
The deal process hampered completion of effective
due diligence
Checklist for success 94
PART THREE: FLAWED DEAL MANAGEMENT 97
Management summary 99
Q Paid too much 101
Why does it matter? 103
What matters? 103
Make a realistic valuation
What can go wrong? 108
Imperative for growth
Competitive pressures
Time pressures
Checklist for success 112
O Poor negotiation 113
Why does it matter? 115
What matters? 115
Price
Management and employee contracts
Regulatory or stakeholder resistance
Deal process management
What can go wrong? 118
Fall out over price
Management and employee contracts problems
Difficulties with regulatory approval
Poor deal process management
Checklist for success 122
H Hampered by process 123
Why does it matter? 125
What matters? 125
Deal fever
Contents I
Stakeholder resistance
Poor control
Target behaviour
What can go wrong? 129
Deal fever takes grip
Stakeholder resistance
Poor internal procedures
Target behaviour
Checklist for success 131
E Integration plan not developed in advance 133
Why does it matter? 135
What matters? 135
Integration plan and valuation
Implementation of integration planning
decision making
Integration resources
Communication
Action guidelines
What can go wrong? 140
Complete lack of integration planning
Failure to take effective action
Failure to control
Checklist for success 143
PART FOUR: FLAWED INTEGRATION MANAGEMENT 145
Management summary 147
E Poor communication 149
Why does it matter? 151
What matters? 151
Speed
Message quality and delivery
Dialogue not monologue
Key staff
What can go wrong? 155
Lower productivity
Lower product or service quality
I Contents
Customer loss
Labour turnover
Increased disciplinary problems
Checklist for success 159
EQ Wrong steps to implement change 161
Why does it matter? 163
What matters? 163
Speed and focus
Core and non core activity decisions
Lines of responsibility
Staff retention
What can go wrong? 165
Core activities
Staff retention
Checklist for success 167
E0 Scale of the task under estimated 169
Why does it matter? 171
What matters? 171
The level of change
Speed of change
Realistic and comprehensive planning
What can go wrong? 176
Employee practices and cultural change
Working practices
Disposal programme
Competitive reaction
Financial changes
Checklist for success 177
US Lack of clear leadership 179
Why does it matter? 181
What matters? 181
What can go wrong? 181
Joint CEOs squabble
Mergers are not of equals
Tribal loyalties
The danger of best practices
Contents I
Empire building
Expanding management tiers
Failure to mix and match people
Unclear structure
Wrong information
Checklist for success 185
PART FIVE: FLAWED CORPORATE DEVELOPMENT 187
Management summary 189
EJ] Changes were inappropriate 191
Why does it matter? 193
What matters? 193
Key immediate changes to personnel and processes
Shaping the future
Post acquisition review
What can go wrong? 196
Strategy
Objectives
Moving too far from core activities
Wrong divestment
Doing the wrong amount at the wrong time
Checklist for success 200
^ Cultural differences not addressed 203
Why does it matter? 205
What matters? 205
Understand and manage culture
Matching management skills and understanding
to target requirements
Removing the revolving door
Deciding on core priorities
Learn from the target
What can go wrong? 210
There is no alternative (TINA)
It is all too complicated
Culture ignored
Checklist for success 212
I Contents
E Customers ignored during integration 213
Why does it matter? 215
What matters? 215
Senior management focus must remain on
core operations
Build separate teams for acquisitions
Clearly define the limits of integration
Analyse customer perceptions throughout the deal
and beyond
What can go wrong? 216
Current product or service mix
Longer term product development
Customer confusion and conflict
Imposition of new terms of trade
Checklist for success 220
02 Own business ignored during integration 221
Why does it matter? 223
What matters? 223
Staffing the acquisition team
What can go wrong? 224
Management involvement in acquisitions
Neglected information systems
Recruitment and appraisal
Lack of skills development
Demotivated people
Reduced communication
Checklist for success 227
Appendix
Checklist for successful acquisition 229
List of tables
I.I Surveys showing that acquisitions do not add value xv
4.1 Strategic development options 37
4.2 Positive and negative features of acquisition policy 42
5.1 Reasons for the decline in market attractiveness 53
6.1 CSFs for a dot.com secondhand car site 65
6.2 Understanding the differences between target and acquirer 66
7.1 Synergy comparison 73
7.2 Source of potential cost reduction comparison 75
7.3 Source of potential sales enhancement comparison 77
9.1 A business is worth what the buyer is prepared to pay 110
10.1 Comparative view of UK/German privately owned businesses 115
11.1 Target behaviour likely to damage a smooth acquisition 127
11.2 Contingency planning against potential areas of failure 128
12.1 A simple approach to the analysis of acquisition benefits 136
12.2 Effect of due diligence on post acquisition resource requirements 139
12.3 Acquirer staff involvement in acquisition management over time 139
13.1 Meeting acquisition needs: who, when and where? 151
14.1 Why speed is essential 163
17.1 The risks of inaction and over reaction by key decision area 194
17.2 Post acquisition evaluation by key task 195
18.1 Extreme positions in organisational culture and their impact 206
List of figures
1.1 Golden circle 8
1.2 Management demand matrix 13
2.1 Ansoff market options matrix 18
2.2 Acquirers are most successful when they stick to their knitting* 20
3.1 A strategic approach is more successful than opportunism 28
5.1 Few acquisitions manage to reduce costs and increase sales 51
5.2 Most acquirers believe they should have studied the market
more closely* 52
6.1 Cross border acquisitions are less successful than domestic ones* 64
6.2 A detailed evaluation of management enhances the chances
of success* 69
7.1 Acquisitions based on low forecast profit growth are the
most successful* 74
7.2 Pharmaceutical industry market share: changes as a result
of acquisition 76
8.1 Primary and secondary areas of due diligence 87
8.2 Commercial due diligence assesses future prospects 88
8.3 British Commonwealth and Atlantic 94
9.1 How to work out an acceptable premium 104
9.2 Bulk of value goes to target s shareholders 105
10.1 Experience can lead to complacency and disappointment* 118
12.1 Integration is more successful when management is seconded
to the target* 138
13.1 The key is to understand employee emotions 154
13.2 Stakeholders look for different answers from the same core message 156
15.1 Risk increases with the size of the acquisition* 171
18.1 The greater the cultural gap, the smaller the chances of success* 205
18.2 Balance the integration and bid teams 208
* Data taken from AMR International s survey The reasons for success and failure of acquisitions in the
UK, France and Germany.
List of case studies
1.1 Nestle
1.2 News Corporation S
1.3 GE 9
1.4 BAE Systems 10
1.5 Seagram 1 1
1.6 Polly Peck 12
2.1 Ryder 19
2.2 Unilever 21
2.3 Ratners 22
2.4 AT T/NCR 23
3.1 Dana 29
3.2 ABB 29
3.3 Hanson 30
3.4 ITT 31
3.5 Maxwell 32
3.6 Lonrho ^^
4.1 P OStena â„¢
4.2 Diageo, Pernod Ricard 38
4.3 VW â„¢
4.4 Procter Gamble â„¢
4.5 British Leyland 4()
4.6 Daimler Benz/Chrysler 40
4.7 Ford/Jaguar 41
4.8 Trafalgar House 42
5.1 Pan American ^
5.2 McDonald s 5S
5.3 Quaker/Snapple 5S
6.1 Industrial gasses acquisition 63
6.2 Allen Coding 65
63 Sommerfield 68
7.1 Rentokil/BET 78
7.2 Wells Fargo 80
7.3 Tomkins H ]
8.1 Cendant 90
8.2 Ferranti 91
8.3 British Commonwealth 93
9.1 Reed Exhibition Companies/Blenheim 106
I List of case studies
9.2 Nomura/Millennium Dome 106
9.3 Mattel 108
9.4 Tesco/William Low 109
9.5 Dairy Crest 110
9.6 Chase Manhattan/Fleming 111
10.1 Deutsche Bank/Dresdner Bank 119
10.2 Onex 120
11.1 Sony 129
11.2 Minibea 130
11.3 Maxwell/News of the World 130
11.4 Hotel chain acquisition in India 131
12.1 BMW/Rover 141
12.2 McDonald Lockheed Martin 142
13.1 ICL 156
13.2 Rumusa 157
14.1 Grand Metropolitan/Guiness 165
14.2 Aetna 166
15.1 ICI 177
16.1 Citigroup 182
17.1 Amazon 197
17.2 BAT 198
17.3 Rentokil 199
17.4 UK water utilities 199
17.5 Graseby 200
18.1 German engineering acquisition 209
18.2 British Airways/British Caledonian 210
18.3 Imperial Tobacco 211
18.4 Taj Hotels 211
19.1 Marks Spencer 216
19.2 Glaxo Wellcome/Smith Kline Beecham 217
19.3 Saatchi Saatchi 219
19.4 VW 220
20.1 Airfix 225
20.2 Marks Spencer/Littlewoods 226
20.3 Vickers 226
|
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| id | DE-604.BV014105157 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:57:43Z |
| institution | BVB |
| isbn | 0273653644 |
| language | English |
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| series2 | Executive briefings |
| spelling | Rankine, Denzil Verfasser aut Why acquisitions fail practical advice for making acquisitions succeed Denzil Rankine 1. publ. London ; Munich [u.a.] Financial Times Prentice-Hall 2001 XXII, 230 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Executive briefings Consolidation and merger of corporations Unternehmenskauf (DE-588)4078600-6 gnd rswk-swf Risiko (DE-588)4050129-2 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Unternehmenskauf (DE-588)4078600-6 s Risiko (DE-588)4050129-2 s DE-604 Mergers and Acquisitions (DE-588)4205916-1 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009662835&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Rankine, Denzil Why acquisitions fail practical advice for making acquisitions succeed Consolidation and merger of corporations Unternehmenskauf (DE-588)4078600-6 gnd Risiko (DE-588)4050129-2 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| subject_GND | (DE-588)4078600-6 (DE-588)4050129-2 (DE-588)4205916-1 |
| title | Why acquisitions fail practical advice for making acquisitions succeed |
| title_auth | Why acquisitions fail practical advice for making acquisitions succeed |
| title_exact_search | Why acquisitions fail practical advice for making acquisitions succeed |
| title_full | Why acquisitions fail practical advice for making acquisitions succeed Denzil Rankine |
| title_fullStr | Why acquisitions fail practical advice for making acquisitions succeed Denzil Rankine |
| title_full_unstemmed | Why acquisitions fail practical advice for making acquisitions succeed Denzil Rankine |
| title_short | Why acquisitions fail |
| title_sort | why acquisitions fail practical advice for making acquisitions succeed |
| title_sub | practical advice for making acquisitions succeed |
| topic | Consolidation and merger of corporations Unternehmenskauf (DE-588)4078600-6 gnd Risiko (DE-588)4050129-2 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Consolidation and merger of corporations Unternehmenskauf Risiko Mergers and Acquisitions |
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