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Joining Forces: Making One Plus One Equal Three in Mergers, Acquisitions, and Alliances
By: Mitchell Lee Marks , Philip H. H. MirviseBook Publisher: John Wiley & Sons
Imprint: Jossey-Bass
Format: ePub Encrypted (DRM)
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If 75 percent of all mergers fail, what makes the other 25 percent succeed?
Mergers, acquisitions, and alliances are more vital today than ever before in driving business success. This indispensible guide offers proven strategies and sound solutions to the multitude of integration issues that inevitably arise, and shows how to create a combined business that meets its strategic and financial objectives, competes better, and offers personal and organizational enhancements. Dubbed "merger mavens" by Fortune magazine, the authors report lessons learned from their experience in over 100 combinations. Executives, managers, and employees alike—in all industries and sectors—will find useful examples, strategies, and tools here.
Praise for Joining Forces
"This book will help both M&A veterans and those new to the game. The authorsprovide great insights into the human, cultural, organizational, and strategic factors that matter in M&A success."—Richard Kovacevich, chairman and CEO emeritus, Wells Fargo & Co.
"Don't commit to the merger or acquisition without them! I have personally witnessed how hard it is on everyone—employees, shareholders, communities, and especially executives—to work through an improperly managed merger. I have known Marks and Mirvis for almost twenty-five years and the only mistake our organization made was that we did not consult them soon enough. Their new book reflects unequalled experience and intellect. Don't merge, acquire, or be acquired without it!"—Michael R. Losey, CEO (emeritus), Society for Human Resources Management (SHRM)
"Joining Forces is a terrific resource for managers who want to understand thehuman dynamics of mergers and acquisitions, and a must-read for those who have to lead their companies through one. It is based on the latest research and providespractical insights and advice from authors who know M&A inside out." —Edward E. Lawler III, Distinguished Professor of Business, Marshall School ofBusiness, University of Southern California
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| Title of Business & Economics eBook: Joining Forces: Making One Plus One Equal Three in Mergers, Acquisitions, and Alliances | |
| Release Date: 07-30-2010 | |
| Publisher: Jossey-Bass |
This eBook download is available in the following formats:
| Parent title | Joining Forces: Making One Plus One... |
|---|---|
| Encrypted (DRM) | Yes |
| SKU | 9780470651254 |
| File size | 2803 |
| Security | n/a |
| Printing | Not allowed |
| Copying | Not allowed |
| Read aloud | No Sys requirements Download reader |
| Devices | Samsung Tablet, Apple Ipad & Iphone, Barnes & Noble Nook, Kobo eReader, Aluratek Libre, Iliad, Nokia, Blackberry, Hanlin |
| Note | Excellent navigation features are available via Adobe such as bookmarks and a quick access table of contents. Text search is easily accessible. An Adobe DRM-protected file is different than a pdf file in that it uses Adobe DRM (Digital Rights Management) technology, which authors and publishers use to protect their content from illegal online distribution and to set certain privileges such as restrictions on copying and printing. |
Joining Forces: Making One Plus One Equal Three in Mergers, Acquisitions, and Alliances
Chapter One
The Elusive Equation
One plus one equals three. Billions of dollars and millions of jobs hinge on fulfilling this equation and the hope that a combination of two organizations can produce something more than the sum of the parts. Whether it's called synergy or leverage, the prospect of creating value through a combination is touted vigorously in boardrooms and executive suites where top managers and their financial, legal, and strategic advisers conjure up and put together deals.
The concept is alluring: combine the strengths of two organizations to achieve strategic and financial objectives that neither side could accomplish as easily or affordably on its own. The reality, however, is often woeful: up to three-quarters of corporate combinations fail to attain projected business results. In fact, most produce higher-than-expected costs and lower-than-acceptable returns. Meanwhile, executive time and operating capital are diverted from internal growth; morale, productivity, and quality often plummet; talented crew members jump ship; and customers go elsewhere. In the great majority of combinations, one plus one yields less than two.
Why do they fare so badly?
Price is a factor. If you pay too much to buy a company or join a partner, the resulting debt load requires massive cost cutting that prevents companies from investing in innovation and growth. Naturally, a flawed business strategy and poor choice of partner can also destroy value. Several studies find that an ill-conceived strategy and inadequate due diligence undermine even sensibly priced combinations. Our own research program spanning m
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