Merger & Acquisition Leader's Playbook A Practical Guide to Integrating Organizations, Executing Strategy, and Driving New Growth after M&A or Private Equity Deals
Produktdetaljer
Biografisk notat
GEORGE B. BRADT is Chair of PrimeGenesis, helping lead the revolution in how people start new jobs. Prior to founding PrimeGenesis, George served in sales, marketing, and general management roles around the world at companies including Procter & Gamble, Coca-Cola and J.D. Power and Associates as chief executive of its Power Information Network spin-off.
JEFFREY P. PRITCHETT is Senior Managing Director and a Senior Operating Executive for Cerberus. He is a seasoned chief executive with extensive experience driving strategic initiatives and improving companies’ overall commercial, financial and operating performance. He has worked in leadership, officer, director and advisory roles for Fortune 500 companies and middle market businesses in both public and private settings.
Make your next merger or acquisition one for the ages
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.
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
Praise for The Merger & Acquisition Leader’s Playbook
“The Merger & Acquisition Leader’s Playbook helps leaders understand the different components of successfully leading a merger or acquisition. With this playbook, and the application of intellectual honesty and rigor to the most important critical priorities, M&A leaders will increase their rate of success.”
—Ram Charan, Adviser and Consultant; Author of 33 books, Four Bestsellers
“What worked yesterday won’t work tomorrow. The Merger & Acquisition Leader’s Playbook helps leaders go beyond generalities to understanding the different, discrete levers of success in a merger or acquisition so they can focus their efforts granularly on the things that will best drive value creation in the future.”
—Richard Wallman, Former CFO, Allied Signal and Honeywell; Public and Private Equity Board Member
“Bradt and Pritchett do a nice job of laying out the seven playbooks required for a successful M&A journey: 1) Strategic, 2) Commercial, 3) Operational, 4) Financial, 5) Governance, 6) Organizational or Talent, and 7) Change Management.”
—Anish Batlaw, Managing Director, General Atlantic
“The global M&A market has never been this hot. But making the deal is only the beginning. Boards, executives, and investors need to pay attention to the critical success factors that make a deal a screaming success or an abject failure. Bradt and Pritchett provide a playbook full of practical advice on how to win AFTER the deal is signed.”
—Carlyn R. Taylor, Global Co-Leader of Corporate Finance & Restructuring, FTI Consulting
“Pritchett and Bradt’s insights stem from hard-earned experience from dozens of acquisitions, integrations, and leadership transitions over several decades. Whether you’re operating in a private equity or corporate environment, sharpening your approach on due diligence, valuation or integration, The Merger & Acquisition Leader’s Playbook helps you avoid common landmines and accelerate results against the promise of the acquisition.”
—John Lawler, CEO, PrimeGenesis
Most mergers and acquisitions fail. They’re supposed to create value, but it’s estimated that 83% of mergers and acquisitions do not deliver their desired results.
In 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, two private equity veterans tell your senior leaders what they need to do differently, for their next deal to deliver synergy and results.
Leading a merger or acquisition is a non-linear event that never flows in a straight line. The critical insight is that M&A leaders need seven playbooks, not just one. Successful M&A leaders pull from the seven playbooks (Strategic, Commercial, Operating, Financial, Governance, Organizational, and Change Management) in different orders in different situations.
Moving beyond a focus on cost-cutting and identifying efficiencies, the authors emphasize the true goal of any merger: combining the complementary strengths of two organizations to maximize shareholder value. They offer an actionable guide to deal with customers, capabilities, and costs—in that order—and to identify the necessary strategic, commercial, operational, and financial moves you’ll need to make to transform the merger into a success.
A can’t-miss resource for executives and other business leaders considering a new merger or acquisition, The Merger & Acquisition Leader’s Playbook will also earn a place on the bookshelves of investors, agents, corporate service providers, and consultants doing their best to get two or more businesses to work in tandem.
Produktdetaljer
Biografisk notat
GEORGE B. BRADT is Chair of PrimeGenesis, helping lead the revolution in how people start new jobs. Prior to founding PrimeGenesis, George served in sales, marketing, and general management roles around the world at companies including Procter & Gamble, Coca-Cola and J.D. Power and Associates as chief executive of its Power Information Network spin-off.
JEFFREY P. PRITCHETT is Senior Managing Director and a Senior Operating Executive for Cerberus. He is a seasoned chief executive with extensive experience driving strategic initiatives and improving companies’ overall commercial, financial and operating performance. He has worked in leadership, officer, director and advisory roles for Fortune 500 companies and middle market businesses in both public and private settings.