Meant to create value potentially fueled by synergies, the reality is that most mergers and acquisitions fail. It’s estimated that 83% of mergers and acquisitions do not hit their desired results.
The Merger & Acquisition Leader’s Playbook tells you why most mergers fail. More importantly, it tells you how to make your next one a sweeping success. In the book, a team of private equity experts deliver a masterful walkthrough of how to integrate organizations by driving commercial success, instead of focusing purely on cutting costs.
Readers will find: - Concrete strategies for increasing the odds of success and reducing the risk of failure - of a new merger or acquisition - A comprehensive, easily deployed and implemented plan to realize synergies - Proven tools, techniques, and tricks of the trade to help leaders stay on top of their latest merger and keep everything on track
A must-read resource for business leaders considering a fresh merger or acquisition, The Merger & Acquisition Leader's Playbook: A Practical Guide to Integrating Organizations, Executing Strategy, and Driving New Growth after M&A or Private Equity Deals will also earn a place in the libraries of investors, agents, corporate service providers, and consultants trying to get two or more businesses to pull in the same direction.
Table of Contents
Acknowledgments ix
Executive Summary xi
Part I The Strategic Playbook 1
Chapter 1 The Investment Case: The Heart of the Merger and Acquisition Leader’s Playbook 3
Tool 1.1 Investment Case 18
Chapter 2 Focus:It Drives Everything Else 19
Chapter 3 Plans: Strategy Precedes Execution 29
Tool 3.1 Situation Analysis Checklist 38
Tool 3.2 SWOT 40
Tool 3.3 Business Planning 41
Chapter 4 Innovation: A Fundamental Strategic Choice 43
Tool 4.1 BRAVE Innovation 74
Part II The Commercial Playbook 75
Chapter 5 Organic Revenue Growth: So Valuable 77
Chapter 6 Customers: From Which All New Value Flows 83
Chapter 7 Marketing and Sales: Which Every Organization Must Do 87
Tool 7.1 Purchase and Sales Funnel Management 88
Tool 7.2 Marketing Planning 90
Tool 7.3 Creative Brief 95
Tool 7.4 Strategic Selling 99
Part III The Operational Playbook 103
Chapter 8 Cost Optimization: To Free Up Resources to Fuel Commercial Growth 105
Chapter 9 Operational Excellence: Supply Chain, Distribution, Continual Improvement 111
Tool 9.1 Team Charter 122
Tool 9.2 Milestone Management 123
Chapter 10 Technology: Because All Companies Are Technology Companies Today 125
Part IV The Financial Playbook 129
The Financial Playbook 129
Chapter 11 The Deal and Due Diligence: Iteratively 131
Tool 11.1 Culture 153
Tool 11.2 Negotiating 155
Tool 11.3 Due Diligence Checklist 157
Chapter 12 Financing the Deal: The Different Options 165
Chapter 13 Further M&A: Enabling Commercial and Operational Success 171
Part V The Governance Playbook 173
Chapter 14 Regulatory: And the License to Play 175
Chapter 15 Financial Governance: Always Necessary 179
Chapter 16 The Board: And Its Multiple Roles 185
Part VI The Organizational Playbook 195
Chapter 17 Culture: The Underlying Root Cause of Nearly Every Merger’s Success or Failure 197
Chapter 18 Incentives: Show Me How They’re Paid and I’ll Tell You What They Do 223
Chapter 19 Leadership: Starting with the Core Leadership Team 227
Tool 19.1 Team and People Assessment 243
Chapter 20 People: Acquire, Develop, Encourage, Plan, Transition 245
Tool 20.1 Future Organizational Capability Planning 264
Tool 20.2 Talent Management 265
Tool 20.3 Recruiting Brief 267
Chapter 21 Politics: What Current and New Leaders Need to Know Organizationally and Personally 269
Part VII The Change Management Playbook 279
Chapter 22 Integration Leadership: Start Here 281
Chapter 23 Change Management: Leading Through the Point of Inflection 291
Tool 23.1 Alignment Workshop 303
Chapter 24 Communication: Everything Communicates 305
Tool 24.1 Communication and Presentation Planning 320
Chapter 25 Announcement Cascade: Emotional, Direct, Indirect 321
Tool 25.1 Announcement Cascade 328
Tool 25.2 Press Interviews 329
Chapter 26 Adjustments: Because You’ll Need Them 331
Tool 26.1 Management Cadence 349
Part VIII Prototypical Order 351
Chapter 27 Prototypical Order 353
About the Authors 361
Guest Contributors 365
Bibliography 367
Index 369
