Verfügbarkeit: Why acquisitions fail | Technische Universität München

Why acquisitions fail: practical advice for making acquisitions succeed

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Bibliographische Detailangaben
Beteilige Person:	Rankine, Denzil (VerfasserIn)
Format:	Buch
Sprache:	Englisch
Veröffentlicht:	London ; Munich [u.a.] Financial Times Prentice-Hall 2001
Ausgabe:	1. publ.
Schriftenreihe:	Executive briefings
Schlagwörter:	Consolidation and merger of corporations Unternehmenskauf Risiko Mergers and Acquisitions
Links:	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
Umfang:	XXII, 230 S. graph. Darst.
ISBN:	0273653644

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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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indexdate	2024-12-20T10:59:15Z
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publishDate	2001
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series2	Executive briefings
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
url	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
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