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The Complete Guide to Mergers and Acquisitions
Book

The Complete Guide to Mergers and Acquisitions

Process Tools to Support M&A Integration at Every Level

Jossey-Bass, 2000 更多详情

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Editorial Rating

9

Qualities

  • Innovative
  • Applicable

Recommendation

This thorough, detailed book focuses on the misunderstood aspects of merger and acquisition management. Timothy J. Galpin and Mark Herndon clearly have vast experience and draw on case studies to illustrate their suggestions. They provide sample surveys and integration flow charts to guide hands-on planning, and offer practical advice that you can apply in real-world situations. Not all of these ideas are new, nor do the authors claim them to be. Instead, they apply the most relevant ideas from management and psychology to M&A. The authors hammer home an extremely consistent message: You must communicate. They present their ideas clearly, even though the book is often wordy and uses a lot of passive voice (alas, business prose). Nonetheless, this is actually a very dense book and the authors are careful not to waste the reader’s time. This is essential reading for virgin M&A managers, and getAbstract thinks that even experienced acquirers may find much to learn.

Summary

Integration: The Real Deal

Merger and acquisition (M&A) deals have become a part of daily business, yet most M&A deals fail to achieve their intended goals. Merging two organizations is an inherently difficult process that demands effective planning. A well-managed, structured approach leads to faster integration, lower costs and higher achievement.

One M&A method, the Watson Wyatt Deal Flow Model, lays out five parallel, linked stages:

  1. The formulate stage - Set out concrete business objectives and growth strategies.
  2. The locate stage - Seek target companies along a logical path; look for synergies.
  3. The investigate stage - Perform due diligence on the target company.
  4. The negotiate phase - Address bridging and transition services.
  5. The integrate stage - Both organizations must decide how fast to move, how to keep the focus on customers and how to communicate with stakeholder groups.

Integration Begins with Due Diligence

Often M&A deals fail due to ’people...

About the Authors

Timothy J. Galpin is global practice leader for Merger and Acquisition Services with Watson Wyatt Worldwide and has been involved in more than 30 successful mergers. He is the author of two previous books, The Human Side of Change, and Making Strategy Work, Mark Herndon serves as regional leader for Merger and Acquisition Services with Watson Wyatt Worldwide.


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