Book Description

Faced with new levels of savage competition, tens of thousands of companies, including fierce competitors, are sharing their resources and expertise to develop new products, achieve larger scale economies, and gain access to new technology and new markets. These strategic alliances are justifiably hailed by many as the competitive weapon of the 1990s. But because they are blurring and reshaping the very structure and boundaries of corporations in unprecedented ways, the process of designing and managing these alliances confronts managers with the awesome task of inventing theory and practice on a daily basis. Up to now, they have had few places to turn for guidance.

In Partnerships for Profit, Jordan D. Lewis, an internationally recognized expert on strategic alliances, now provides the first full-scale analysis of this surging global phenomenon. During five years of intensive field research, including 500 interview hours with more than 100 executives from some 40 American, European, and Asian firms, Lewis has observed firsthand some of the most successful strategic alliances and alliance practitioners in the world. Drawing on the experiences of IBM, Fuji Xerox, Ford, Dow Chemical, Intel, Komatsu, Corning, Sony, Apple Computer, Ciba-Geigy, and many other companies, Lewis brilliantly describes in detail how managers at each of these pioneering firms structure and manage various kinds of alliances -- from informal cooperation, minority investments, and risk-sharing contracts to full-fledged joint ventures and strategic networks. Through actual examples, Lewis shows for the first time how alliance partners build trust, develop mutual understandings, and make joint decisions, and at the same time protect core interests and critical technology -- a major concern of direct competitors. Lewis explains how to avoid the "Trojan horse" blunder many American firms made when they gave their Asian manufacturing partners key information about tailoring their products to local preferences. Particularly important is an entire chapter devoted to working with other cultures. The employment of strategic alliances, Lewis concludes, requires nothing short of a revolution in the conduct of business. Unlike arm's length relations, in which initial commitments govern, alliances involve shared risks and ongoing mutual adjustments. Lewis shows how alliances inevitably shape the business strategy of an entire firm, since the decisions to target certain markets and commit resources involve groups of firms acting in concert. Finally, Lewis shows how the use of alliances will affect internal management policies and practices, especially methods to bring about an outward focus and overcome the "not invented here" syndrome. We have entered the age of strategic alliances. ... Read more

Book Description

Must reading for business sellers, buyers, and the professionals who serve them

The secret of success in any business venture is in the details.

In Buying and Selling Businesses, a remarkably successful business consultant supplies you with all the details you'll need to expand your professional practice into this booming market. Bill Bumstead covers everything from business valuation to closing the deal and gives you lots of tips on marketing your services, dealing with buyers and sellers, and avoiding the industry's many pitfalls. This indispensable guide:

• Provides practical strategies for marketing intermediary services to buyers and sellers of businesses
• Shows you how to combine the business of buying with the business of selling
• Supplies numerous sample checklists and forms
• Helps you work effectively with buyers and sellers
• Includes an extensive glossary and an industry resource list.

M&A mania is back! U.S. business sales are booming once again—some say annual volume now exceeds $400 billion. With the majority of these sales involving businesses priced below $1 million, opportunities abound for professionals who want to expand their practices to intermediary services for buyers and sellers of businesses. But if you're going to enter this hyperactive market, you can't afford to learn by trial and error. You need reliable, up-to-date information on how to apply your skills to this highly specialized field.

Buying and Selling Businesses takes the guesswork out of buying, selling, and valuing businesses. Drawing on highly developed skills and decades of practical experience, author William W. Bumstead explains every detail of every stage in the process—from arriving at an asking price to matching buyers to businesses, from negotiating a purchase agreement to closing the deal. He offers countless tips on marketing intermediary services to business buyers and sellers; packaging businesses for the selling process; ethical, legal, and confidentiality issues; and the personal and professional traits that make for success in the field.

He also provides:

• A special section on business valuation by master valuer George D. Abraham
• Numerous checklists, forms, form letters, and telephone scripts for marketing intermediary services
• Invaluable tips on avoiding pitfalls in the industry
• Information on potential certification and licensing of intermediaries
• An extensive professional glossary and industry resource list.

For consultants, intermediaries, attorneys, CPAs, realtors, and other professionals, Buying and Selling Businesses is an indispensable guide and introduction to the industry. It will remain a helpful and much-thumbed reference for years to come. It is also an important resource for anyone interested in buying or selling a business who needs to understand the kinds of services that professionals can provide as well as the processes involved in the sale or purchase of a business. ... Read more

Reviews (6)

My comments of Mr. Bumstead's book
Having been in the business brokerage industry for 14 years, it was very refreshing to read someone who has a clear picture of what a broker should do, and how to do it. Also, the importance of an appraisal was made perfectly obvious. As a matter of fact since I learned the necessity of an appraisal in order complete a rational transaction, I will not accept a listing assignment with my client unless and until an appraisal is completed and they agree to offer their business at the appraised value. If they are unwilling to work with me in this manner, I wish them luck and I go to the next seller. And I offer them the names of several other brokers who will do it the seller's way. I certainly won't.

Using this simple procedure results in my selling 4 out of 5 of every listing I get. I don't waste weeks and months, as do other brokers, trying to sell something that is over priced and won't sell at the price the seller thinks it is worth. Why all of the brokers I know use this old fashioned outdated and time wasting procedure, I cannot understand. What they all do is to ask the seller what he/she wants, and then hurry up to sign the listing. When they have 20 of these kinds of listings, they are lucky if they sell a few and it is no wonder that a score of one sale for every 4-6 listings is the norm for the business brokerage industry. Thank you Mr. Bumstead for saving me weeks of wasted time and money and for allowing me to concentrate my valuable time with sellers who understand the logic of a fair market appraisal before going to the market place with their business. It is the only way to go. Without this simple concept from Bumstead, I would not be the successful and happy business brokerage consultant I am today.

Buying and Selling Businesses
I spent a career as a banker and during that time I saw many people attempt to enter and exit business ownership. In doing so, most of these people contacted a real estate or business broker for guidance. Unfortunately the majority of the buyers and sellers encounter brokers who know little more than they do about such transactions. This book gives everyone involved in the transaction the guidance they need. It should be used as the Bible in business transfer transactions and every business owner should refer to it regularly as a guide for planning for that eventual exit.

An Outstanding Book
A well written and professional work, valuable to the novice and professional alike. I found particularly useful the chapter on "Finding Buyers and Sellers". I can see already how this information will increase my income this year.

Excellent Book!
I have been in the industry as a professional for several years and was looking for something to use as a practical guide for my office. This book has served the purpose very well. I have also heard Mr. Bumstead speak to an industry meeting where he was received very well. The purchase of this book was money well spent!

An over-priced, superficial disappointment.
There are no industry secrets in this expensive and shallow little treatment of a very serious subject. There is, in fact, almost no useful information of any kind. The opening section on valuation says absolutely nothing about how valuation is done - it merely classifies types of valuation reports. This is the kind of book that might be used by a hack teacher in an introductory course at a mediocre college. ... Read more

Amazon.com

Mitchell Lee Marks and Philip H. Mirvis, who separately and together have worked on more than 50 major corporate "marriages," offer a useful distillation of the myriad lessons they've learned about this vital and increasingly common business activity in Joining Forces: Making One Plus One Equal Three in Mergers, Acquisitions, and Alliances. By examining their own projects, along with various other winners and losers, they've identified a number of specifics that can help ensure that such combinations ultimately succeed. Included are details on preparation, managing transition, minimizing stress, and developing an entirely new culture. ... Read more

Reviews (4)

A Good Read!
Many mergers, acquisitions and alliances fail due to lack of preparation before, lack of care during, or lack of focus after the deal. Joining Forces is a sober, to-the-point manual directed at business leaders who want to provoke successful combinations, as well as managers and employees who have to deal with the burdens, both mental and physical, of combinations. For the past decade, corporate America has embraced M&A - often with mixed results - and the consolidation pace seems to be accelerating. But too few people inside and outside of the companies involved understand what the combination process means or how it should be handled. Organizations must be willing to focus on the psychological impacts of a combination on their employees. Joining Forces provides a rough sketch of how this can be accomplished - minus any unnecessary strategic details or legalese. We [...] recommend this book to executives, managers and employees at every level - all of whom probably will have to face the realities of corporate consolidation some day.

Clear, concise and on target!
In 1998, Marks/Mirvis and Clemente/Greenspan set the M&A world on its head with two very different yet equally groundbreaking books. The former pair's pioneering guide focused on preparing for the transition, team building, and identifying psychological barriers, while the latter duo revealed the secrets behind successfully combining cultures, strategies and processes in their timeless classic-- Winning at M&A. I've read them both many times -before, -during and -after each of my firm's acquisitions, and while new copy-cats and rip-offs continue to be published, no books as effectively walk the reader through the problems, their detailed solutions, and most importantly -- the real-life examples that offer step-by-step guidance on how to succeed. Deals fail all the time and these authors explain why and what they've done to turn failure into success. After each read, the information is still fresh, relevant and insightful. Virtually every other book on the subject is either fluff, history, or a cheap imitation. This is the real deal.

The Real World of Mergers
Marks and Mirvis are veterans of the merger battlefield and report the action extremely well. The book is filled with examples and approaches to resolving some of the most common problems encountered when two firms integrate. The other plus about the book is its heavy emphasis on the people and cultural issues that so often get ignored in most corporate combinations.

Insights into mergers and aligning business processes.
Discusses the strategic advantages of companies merging or aligning business processes. The authors provide guidelines for making these arrangements successful. The book covers factors driving combination activity and delves into the details of the process, from initial planning and cultural due diligence to the integration of structures, policies, and practices. The authors also give guidelines on assisting in the subtle, delicate process of psychological adjustment. Recommended. ... Read more

Book Description

The Organization in Crisis brings together a team of leading international researchers and practitioners to study the implementation and impact of organizational changes such as downsizing, restructuring and privatization.

The text provides a unique combination of research, theory and practice, and not only examines key issues associated with organizational change, but also suggests how such changes can be better managed in the future. Specific topics considered include the new employment relationship and its implications for careers, how organizational changes are affecting manager's views of their working lives, ethical issues in downsizing, and best practices for organizational renewal and revitalization. A range of case studies provides world-wide examples of initiatives being undertaken by leading-edge firms.

Together, the contributors capture the global nature of the difficulties confronting organizational leaders and highlight the need for creative solutions. ... Read more

Book Description

Mergers, acquisitions and other strategic transactions are no longer exclusively practiced by a small number of huge corporations. Today these deals are standard business activities, engaged in by companies of all types and sizes. As one of the first books broadly written for any business professional engaged in a strategic transaction, Deal Teams [ital] outlines the basics and details the intricacies of how a deal works and who the players are. With hundreds of deals under his belt, author Michael Frankel is a seasoned authority who offers the reader a clear and candid explanation of the roles, motives and objectives of the key players in a deal. As he characterizes the entire deal team - from executive management and the corporate development team, shareholders and other internal players, to external advisors including public relations and human resources executives, as well as investment bankers and outside counsel - Frankel profiles everyone involved in a strategic transaction. The deal-rich environment of the corporate world in which we live today demands that business professionals understand the landscape of the deal table as well as the roles, biases and incentives of those seated around it. Deal Teams is a critical read for that rapidly-widening pool of anyone involved in, contemplating or affected by a business deal. ... Read more

Reviews (2)

INVALUABLE RESOURCE
"Deal Teams" is a superb book. It contains invaluable information for seasoned M&A professionals and a comprehensive, reader-friendly overview of the business and legal context of M&A transactions. This book will be a best friend to a young lawyer or business person just starting out, or to anyone interested in the dynamics of business transactions. I sat down and read the entire book in one sitting (and this from someone not typically attracted to business-related books). "Deal Teams" stands apart from other books about law and business in that it draws its reader in, both instructing and allowing the reader to savor Mr. Frankel's use of language. I look forward to Mr. Frankel's future publications, which, if they are half as good as this book, will make him a household name in the business and legal worlds.

Excellent tool for all!
In this book Frankel presents a clear, understandable look at deal teams and the role of each player. He uses his experience to provide insightful anecdotes and an excellent introduction to strategic transactions and those who make them. A must read for anyone interested in how businesses are bought and sold, anyone seeking to buy or sell a company or a seasoned veteran who wants to brush up on the role of each player. I enjoyed this book and learned a tremendous amount! ... Read more

Book Description

Expert advice for a successful transaction

Today, businesses are being bought and sold at a rapid rate. As a management consultant who has brokered over 300 small businesses, Wilbur Yegge knows the intricacies involved in the transaction process—and how to overcome them. In this comprehensive guide, he takes you through the ins and outs of the purchasing and vending process, covering everything essential to conclude a successful transaction. Packed with numerous examples, helpful tips, and even a special section on "Yegge's rules," this invaluable resource has complete information on:

• Contractual obligations in purchase and sale agreements.
• Working with business brokers.
• Confidentiality issues, such as tax returns, impropriety, and the discovery process.
• Effective negotiation strategies.
• What to include—and what not to—in your selling prospectus.
• Sellers' pricing methods.
• Payment alternatives open to buyers

Reviews (5)

A waste of time.
This book is light and superficial. Although I found the writing entertaining, the help I was looking for is missing from this book.

Keep Looking
I bought 6 books on purchasing a business via Amazon. This is the only one that is not worth looking at. While Mr. Yegge might be a nice fellow, he desperately needs an editor. His opinions are overbearing and presented in such a confusing manner as to undermine any worth at all.

To add insult to injury, Mr. Yeggie keeps stating that it is necessary to purchase his other book if you want to value a company. It would have been easy to include it here -- the other five books I read did just that.

I don't know that I could write any better -- but there are a lot of authors out there who can.

Cheers

Fantastic for small to medium private co.
A step by step approach on how to get your business prepared to sell, how to evaluate it by 5 different objective methods. Simple, concise presentation with a lot of common sense. Contains ideas on how to market the business either directly or with brokers. Fantastic!!

Essential Reading for Buyers AND Sellers
Excellent analysis of the basic principles and human dynamics of buying and selling small to medium sized businesses. Gives special attention to the interests, motivations and needs of sellers in particular. Well written, humorous, insightful.

real world, practical advice from a "player"
having bought a medium size business, and read a few books on the subject, i found this the best summary to date of all types of relavant PRACTICAL information - such as buyers and sellers psychological approaches.

best for small business (under $1MM sales), and lacking in info about mergers or larger companies acquiring a small business and consolidating it.

very readable ... Read more

Book Description

STATISTICS SHOW THAT ONLY 20% OF ALL POTENTIAL BUSINESS BUYERS actually buy a business and only 30% of all business owners who try selling their business actually succeed!The reasons for this vary, but all of the common mistakes of buying and selling a business are covered in this book so that both sellers and business buyers will be 100% successful in their quest.For this book hundreds of successful business owner/sellers, business buyers, and business brokers were interviewed to determine what ingredients are needed to succeed in selling or buying a business.The author, Peter Siegel, has worked with thousands of business buyers, brokers, and owner/sellers both as a business broker and as a consultant, as well as buying small businesses for himself during his early entrepreneur years. This book shares his knowledge on what is needed to be successful in How To Buy or Sell A Small Business! ... Read more

Book Description

A widespread misunderstanding concerning leveraged buyouts (LBOs) is the belief that they accomplish little but the ruin of companies and the loss of employment. How else could it be? Until recently, journalists, including much of the business press, have depicted LBO specialists as generally greedy, if not sinister, forces whose activities compound the dislocations of modern American economic and social life.This kind of criticism reached a crescendo in the press and in Congress at the end of the 1980s, and Kohlberg Kravis Roberts found itself in the middle of the controversy. Based on interviews with partners of the firm and on unprecedented access to KKR's records, George P. Baker and George David Smith have written a definitive account of how KKR has approached LBOs in a book that will appeal to the specialist and general reader alike. The authors focus on KKR's founding, evolution, and innovations as ways to understand issues in modern American business.In examining KKR as a unique form of enterprise--one that subscribes to a set of alternative perspectives on business and value creation--the book bridges the gap between public perception and academic knowledge of how financial innovation impacts economic life. The firm's approach to leveraged buyouts was an important aspect of the corporate restructuring and governance reforms in the American economy from the mid-1970s through 1990 (the years of what some have called the "leveraged buyout movement"). KKR and other companies fundamentally altered the prevailing perception of the role of debt in the modern American corporation and established an alternative model for organizing and managing corporate enterprises.KKR financed the companies it acquired with high levels of debt, while linking their ownership to management. It then imposed rigorous monitoring by the board of directors over the companies in its portfolio. This combination of factors forced managers to concentrate not on growth but rather on how to achieve value through whatever means was most appropriate to the company's circumstances. The purpose of the leveraged buyout was to realize, or "create," value in companies by reforming their management systems. KKR's approach to restructuring the relationship between owners and managers in a highly leveraged firm rested on a basic principle: Make managers owners by making them invest a significant share of their personal wealth in the enterprises they manage, and they will have stronger incentives to act in the best interests of all shareholders. ... Read more

Reviews (17)

A Good Read!
This revealing book covers a highly charged and controversial period of American investment history. George P. Baker and George David Smith study the emergence of the investment house Kohlberg, Kravis, Roberts (KKR), and follow it during the decade KKR ruled the world of leveraged buyouts. The authors begin with the early days when the partners worked together at Bear Stearns. They track the men as they build their own firm and create their own success. In clear, straightforward language, the book presents KKR's intentions and the economics of leveraged buyouts (LBOs). It discusses KKR's role in structuring and managing the deals. We [...] recommend this book as a must read for anyone interested in LBOs or the history of KKR. Executives at all levels will find the KKR saga interesting and useful.

More than simply a story about KKR...
Baker and Smith have accomplished two objectives in their short book. On the surface, they have expertly captured the key elements in the development of KKR as the frontrunner of the LBO firm. However, on a deeper level, they have also captured many of the elements that managers and entrepreneurs should consider when running or starting a firm. In this regard, the Preface and Chapter Five are worth the price of admission. For anyone interested in the evolution and history of modern American finance, read this book.

Finance Capitalism and Corporate Excess
KKR is a truly unique institution. Are they merchant bankers, acting as fiduciaries in behalf of their clients? Or is it accurate to derisively call KKR takeover specialists, rapacious and always on the lookout for corporate prey? It is indeed difficult to pin a generic label on what KKR is doing--it depends on which side of the political fence you are in--but what we do know is that KKR is the acknowledged leader of the leveraged buyout, a branch of private equity investing which allows investors to profit from sizeable anomalies between a company's potential value and its current value, in part through the introduction of substantial levels of debt in a company's capital structure. As Baker and Smith explains: "By employing high levels of debt...they minimized the cost of buying the equity, which they shared with the target companies' managers. Assuming that the cash flows of the acquired businesses would be more than sufficient to repay the borrowing, [KKR's] success depended on a combination of timely debt reduction and the promotion of longer-term efficiency."

"The New Financial Capitalists" is by far one of the best books dealing with KKR and LBO finance in general. Apart from providing an inside track with regard to understanding the raison d'etre behind buyouts and their critical success factors, this book has a wealth of information regarding specific transactions led by KKR, of which the $31 billion buyout of RJR Nabisco is undoubtedly the most well-known. The authors conclude that LBOs and, by extension, the existence of private equity takeover specialists such as KKR, yield long-term benefits to the economy which are far in excess of the intermediate costs such as employee dislocation and onerous debt servicing.

KKR sought to break new ground in enhancing shareholder value: it compelled investees to maintain a focused business strategy and to divest or spin off underperforming operations, and it was highly instrumental in making corporate America realize that capital is a scarce resource which must be judiciously employed. As an instrument of financial and managerial reform, KKR helped reconcile the interests of corporate managers and shareholders, by requiring senior executives to have a direct economic stake (i.e., become stockholders) in the companies they manage.

The analysis of some of KKR's failures underscores that, by using leverage as its weapon of choice, KKR is in effect a high-wire act. However, the presence of debt in the capital structure is also extolled as a disciplining force for managers who have become used to high free cash flow levels and low debt. Thus, what KKR and other LBO practitioners are in effect saying is that a company's operating and investment decisions are not completely independent of its debt-equity ratio.

This book deserves to be read because it is an absorbing study of leveraged takeovers seen through the lens of a pioneering firm.

any interest in lbos, this is your guide
KKR was the first name I heard while researching the Private Equity marketplace for a college paper. It also became the name heard mostly afterwards and rightfully so. Jerome Kohlberg, Henry Kravis and George Roberts are obviously extremely smart and confident guys, fortunately the book exhibits moments of vulnerability; which is helpful for any financial entrepreneur. The only shortfall is that the book isn't longer. I was excited while reading some of the chapters, keep in mind that this is a finance book not the Lord of the Rings. This book is terrific. Enjoy

The New Financial Capitalists
Baker (Harvard Business School) and Smith (New York Univ.) provide a well-documented history of Kohlberg Kravis Roberts (KKR) and its development of the leveraged buyout (LBO). During the period 1976-93, KKR acquired more than 50 firms with an equity investment of only $10.9 billion. As of 1998, these equity investments were worth $40 billion (an annual return exceeding 28 percent). The authors examine KKR's strategy of identifying undervalued, poorly managed firms with potential to increase cash flow. Each LBO was financed with 80 to 90 percent debt, and equity was provided by a partnership organized by KKR. The LBO managers were required to have a large proportion of their net worth in the equity. After the acquisition, KKR's strategy was to cut costs and increase productivity, quickly pay down the debt, and sell the firm to unlock the equity investment. The large debt service inflicted discipline while management's investment created incentives. By linking managerial and ownership interests, Baker and Smith argue that KKR improved corporate governance and contributed to increases in corporate profits and productivity. This volume is an excellent addition to the literature on mergers, business history, and corporate strategy. Upper-division undergraduate through professional collections as well as large public libraries. ... Read more

Book Description

More than half of all mergers and acquisitions fail to meet established objectives of value creation. This book is a practical guide to further ensure the successful outcome of business M&A activities. Gendron highlights the critical issues that have historically been the foundation of poorly executed business integration processes. How these key elements are handled can make or break the integration of an acquired company. They include understanding the purpose of the transaction, capturing the learning of preliminary due diligence review efforts, and managing the personal factors that affect all employees in the merger process, including those who work for the acquiring and acquired companies. ... Read more

Book Description

“The failure rate of mergers and acquisitions is unreasonable, unacceptable, and unnecessary,” say Claude S. Lineberry and J. Robert Carleton in this much-needed resource, which outlines their unique, proven, and practical process for increasing the success of mergers and acquisitions. Written for all those with a vested interest in the success of the deal—board of directors, executives, managers, employees, and shareholders—and based on years of research and real-world experience, Achieving Post-Merger Success is a down-to-earth guide that gives stakeholders the tools they need to

· Profile and assess corporate cultures

· Identify potential or actual culture clash barriers to a merger or acquisition

· Determine what to do to avoid, minimize, and resolve culture clash

· Plan for efficient and effective post-merger cultural integration of the two organizations ... Read more

Reviews (3)

At last! Sensible Meger and Acquisition Guidance
Rather than listening to conventional wisdom or advice from the occult, people involved in mergers and acquistions should heed the guidance of these authors.They provide useful, solid, and proven advice for those who would really like to "get it right."
The authors are experienced and helped a number of "big league" organizations. They sort out the practical from the theoretical.
In writing this clear guide, they also displace many current myths about this business, including "culture is important but no one knows how to deal with culture." Now we do, thanks to Carleton and Lineberry.

Written in clear terms with approriate cases-in-point this is a must for anyone doing an acquisition or advising one. Really good stuff.

Must-Read for Executives Engaged in M&A's
As an executive coach, I have read just about every book on M&A to help my clients navigate the turbulent waters of mergers, acquisitions and subsequent integration. This book is the best by far. M&As are up sharply in this economy as a means of pursuing corporate growth; however, as this book deftly illustrates, 55 to 75 percent of all mergers fail to achieve their financial goals. The authors cite disturbing statistics associated with M&As: stock prices decline approximately 70 percent of the time when an M&A is announced; only 23 percent of acquisitions earn back their capital cost; productivity declines 50 percent during the first four to eight months after the M&A; and about 60 percent of mergers result in lowered profitability for as long as seven years after the merger. Clearly, poorly-executed M&A's can be career-limiting. The reason for M&A failures is not a lack of financial and legal due diligence. Most executives engage in exceptionally thorough legal and financial due diligence processes. The reason for failed M&As is culture clash, the inability to integrate the operational, cultural and people aspects of the merging organizations. Culture clash results in internal confusion and in-fighting, inefficiency, frustration, downtime, and too much internal focus when what is needed is an external focus on customers. In addition to loss of staff morale and motivation, poorly executed M&As can result in the loss of key executives (nearly half within three years), decreased customer service and satisfaction, and brand confusion.

This outstanding book outlines a simple and effective process for my executive clients to engage in cultural due diligence (CDD). This process can be undertaken simultaneously with the legal and financial due diligence processes, usually inside of 30 days. This cultural due diligence process can eliminate culture clash, significantly increasing the likelihood of success of the merger, my executive clients and their careers. I view CDD as an essential process which supports the M&A, not one which turns up reasons not to pursue it. In addition to the logical and simple CDD process presented in this book, authors Bob Carleton and Claude Lineberry have included many case studies of successful M&A's as well as helpful worksheets and flow charts to help my executive clients pilot their M&A and integration. They've even included a CD-ROM filled with checklists, worksheets, agendas for staff and executive meetings to ensure cultural alignment, and other integration tools which can be customized and/or reproduced. I plan to give this book to every one of my executive clients contemplating or engaging in a merger. It just may save their careers!

Finally, Cultural Integration Made Simple
For a number of years I was the CFO of an organization that acquired several companies. The acquisition strategy always made sense, the financial and legal due diligence process was conducted flawlessly, but we still never achieved our pre-merger financial estimates in the timeframe we thought we would get them. Why? Because of the people issues! I always thought that people, then, were the "wild card" in a merger or acquisition. You can't predict or forecast what they will do after the merger takes place. Messrs. Carleton and Lineberry provide a simple, easy to understand process where for the first time I understand how the people and cultural aspects of a company can be evaluated even before the merger is complete. AND, you can do something with that evaluation to help prepare for the inevitable people clash! As a CPA, thank you for opening my eyes to look simultaneously at the people issues as well as the financial issues in the cultural due diligence process. ... Read more

Book Description

* How can acquisitions help improve a firm's competitive position and lead to value creation?
* Why do many acquisitions fail to live up to expectations?
* Why do many managers think that integration means "make the other firms like us," rather than build on the complementary elements that were the original justification for the acquisition?
* How can a management team improve its success with acquisitions?
* How and what can firms learn from their acquisition experience?

These persistent questions are addressed in this important book by Philippe Haspeslagh and David Jemison. Though much has been written about hostile takeovers, megamergers, and corporate restructuring, little attention has been paid to strategic acquisitions that firms throughout the world are using to accelerate the renewal of their business.

After eight years of research in 20 companies in the United States, Europe, and Japan, Haspeslagh and Jemison offer a welcome antidote to an overly financial view of acquisitions. Real value, they show, is created only after the agreement is signed -- through managerial actions, not financial engineering.

Against their innovative theory of how acquisitions create value, the authors examine the reality of acquisition decision making in most firms. Ironically, they point out, less effective acquisition decision making does not stem from a lack of analysis, but from problems in the acquisition process itself. The importance of their message manage the acquisition process -- becomes more vivid when Haspeslagh and Jemison address integration, identifying common problems and challenges. In addition, they offer a powerful framework for managers to think through their integration approach.

For each phase in the acquisition process, Haspeslagh and Jemison provide rich descriptions and pragmatic advice based on some of the world's most experienced strategic acquirers. The unique scope of this book bridges theory and practice to provide the most comprehensive study of acquisitions to date. Managing Acquisitions spans the process from acquisition decision making through integration, combining sound theoretical insight with practical advice. Moreover, it goes beyond acquisitions to address strategic vision and the commitment necessary to make firms capable of learning and change. ... Read more

Reviews (2)

The M&A Book that started it all
Jemison and Haspeslagh are the high priests of M&A strategy. They created the strategic school reinforced by likeminded practitioners. The M&A thought leaders Clemente, Sikora, Greenspan, and Feldman, have taken the next step moving M&A out of the realm of the accountants and investment bankers and into the realm of business strategists. But this is the book that started it all and first took M&A beyond the numbers and valuations. This bible belongs on the shelf of every serious business man and woman.

This is a strategy book and well done.
M&A books tend to be written in one of either two ways - "How-to" and strategy. This is a business strategy book. It deals primarily with the post acquisition phase and the successful integration of the business into an overall business plan. It could be used as a textbook on the subject given it's rigor. An added bonus is that it is well written by two authors that know the subject ... Read more

Book Description

The 2004 Cumulative Supplement includes the following:

• Revised bankruptcy forms.
• Description of recent decisions by bankruptcy courts, bankruptcy appeals panels, district courts, circuit courts, and the Supreme Court dealing with bankruptcy and business restructurings.
• Discussion of the impact of Chapter 11 on SEC reporting.

Book Description

Since this classic on corporate control of the media was first published in 1997, the number of corporations dominating our media has shrunk from fifty to merely five.Once called "alarmist", Bagdikian's claims are uncanny and chilling in their accuracylThis much-needed sixth edition follows up on the digital revolution, revealing startling details of a new communications cartel within the United States. ... Read more

Reviews (15)

A frightening picture of increasing media concentration
When Bagdikian wrote his first edition of "The Media Monopoly" in 1983, noting that just 50 corporations controlled over half of the media outlets in the United States, many called him an alarmist. Now in its fifth edition, Bagdikian is able to give (uhappily, I'm sure) his critics a resounding "I told you so" by noting that the number of media-monsters dominating over half of America's media landscape has shrunk from 50 to ten. The situation that Bagdikian describes is so dire that it makes one wistful for the good old days of those orginal 50 corporations in 1983. Bagdikian makes a clear and effective case demonstrating how this media concentration subverts democracy. "The Media Monopoly" is an important book that deserves to be read by anyone who thinks that our 500-channel cable universe and the Internet mean that we are living in a fully-informed, democratic society. I look forward to any potential sixth edition of "The Media Monopoly" with dread. Review by Richard Huffman

Attack of the Libertarian Media
The cover of this book reports that when Bagdikian published the first edition in 1983, it was dismissed as "alarmist." But he has been vindicated, as the book has reached its sixth edition and the problems he first articulated have become far worse in the ensuing years. The media monopoly problem is far from alarmist. It's alarming. Bagdikian deserves major credit for first publicizing the troubling trend of consolidated media ownership by huge mega-conglomerate corporations. Now we are down to six major media owners. Bagdikian proves that the media have been enslaved to the will of advertisers for decades anyway, as most forms of media make far more money from selling ads than from the members of the public who consume their offerings. But the problem is currently worse than ever as the focus is no longer the public interest, but boosting short-term profits, which has just about eliminated the search for truth or any long-term social focus.

The problem with this edition of the book is that the only current portions are the foreword and afterword, in which Bagdikian outlines where things stand today (that is, worse than ever). Otherwise, the main body of the book appears to be mostly the third edition from 1990. This leads to outdated information and conclusions that are a serious problem for such a quickly developing subject. Although Bagdikian is now more than eighty years old, this work would benefit significantly from a thorough re-write of the main text, rather than the piecemeal additions to the foreword and afterword that supposedly indicate a "new" edition. (Note that plenty of other more modern books have stolen Bagdikian's thunder and cover the issue equally well.) Also, Bagdikian is frequently guilty of attention-grabbing polemics and sarcasm while making his points. This is unnecessary as the facts can speak for themselves.

Regardless, this book is monumentally important not only for its investigation into inequitable corporate control of the media, but also Bagdikian's great insights into the ensuing political and cultural effects on society. This includes everything from the greater costs of goods caused by excessive advertising (a direct contradiction of classic capitalist theory), to the dumbing down of public knowledge of important social issues. In fact, the modern America media is not liberal, despite what close-minded politicians tell you. It's libertarian in its rush for total profit-driven focus and financial control of those same politicians. The general increase in social apathy and malaise among citizens indicates what is wrong with the mainstream media, and the culprit is the relentless and cruel rush for short-term profitability. Public knowledge is the key to a healthy democracy, and corporations have destroyed that for much of America. Worship your new corporate masters. [~doomsdayer520~]

good idea, poor execution
Bagdikian manages to take an important subject -- deserving of sober and careful analysis -- and buries it in a shrill, overwrought and largely useless diatribe. His general thesis, that the mass media are undergoing consolidation antithetical to consumer interests, is beyond serious debate. Yet the book is so bereft of serious analysis and scholarship that the case is hardly to be made out. For the wholly naive this book may, perhaps, open some new vistas. But for anyone who regularly gets past the sports pages and comics there is little here of interest.

Quite Interesting...
Revised and expanded edition (second was 1987) of a critical analysis of media power, global media monopolies, and multimedia mergers.

Revolution!
I must say the only reason I put this here is that the only really negative opinion of this book struck me as really symbolic of the general attitude of the media and pubhlic-at-large. "Poop" he wrote. Now that is a very detailed analysis. Its lack of any founding whatsoever in reality is indicative of the author's thoroughly, virtually irrefutable thesis. ... Read more

Book Description

Book Description

Many of today’s nonprofit health and human service organizations are developing coalitions, mergers, and other types of interorganizational alliances. These newly formed partnerships are created to gain a greater capacity within the organization and establish community-driven initiatives. While new strategies can enhance the scope and quality of organizations, they may also represent organizations own survival.

Through well-developed examples, this book examines the formation and maintenance of strategic alliances. From the motives that lead organizations to form relationships, to practical tips on how to sustain, recreate, and end partnerships, this text is a useful reference for both beginners and seasoned practitioners.

Book Description

Mergers, acquisitions, and alliances continue to be almost an everyday feature of the contemporary business scene, yet at least half prove to be unsuccessful.The authors show the contribution that psychology can make to our understanding of the merger phenomena - how it affects organizational performance, and how it affects the managers and employees involved.

Mergers, Acquisitions and Strategic Alliances is intended as a guide to successful organizational marriage. Great emphasis is placed on the issue of cultural compatibility as it concerns partner selection, integration practices and venture outcomes.

The book also focuses on cross-national mergers, acquisitions and joint ventures. With the increasing economic activity within the European Union and between the unions of other countries, there is a need to know more about the corporate and national cultures in these strategic alliances.The authors have drawn upon an extensive body of research based on recent cases in a wide cross section of industries across Europe.

The book is unique in showing the actual effect mergers and acquisitions have on people, and consequently on the performance of the 'new' organization. It will be particularly relevant for decision makers - those who are involved in planning and implementing a large organizational change, and those responsible for ensuring successful integration afterwards. It would also be extremely useful for postgraduate management students, personnel executives and management consultants.

The essential guide to successful organizational marriage
Focuses on cultural compatibility, partner selection, integration practices and venture outcomes
Covers cross-national mergers ... Read more

Reviews (2)

Great Capture of Recent Merger Research in Regard to HR
I found this book to be tremendously useful due to its combination of scientific research as well as illustrative case studies. Too many books focus solely on subjective measures of the human side of mergers and acquisitions while ignoring recent studies in the field. This book is the only one that I have seen that truly is helpful for consultants or scientists who want to brush up on current trends on the subject, or develop a foundation for future research and projects. This book is highly recommended for HR personnel, I/O Psychologists, executives or anyone else involved in the merger process.

Ok Book, if you are looking for the How To?
I have the view of the investor who would like to be better able to analyze announced public acquisitions and their odds of being completed. In general this book does a good job explaning basic securities laws. I am glad of reading this book. Now if any one can suggest any other book regarding mergers in deeper and with more technical information, please email me. Thanks. ... Read more

Book Description

In mergers and acquisitions (M&A), special emphasis is usually placed on the strategic and financial goals of the deal, while the psychological, cultural, and human resource implications do not receive as much attention.This book examines the dynamics of the sociocultural processes inherent in M&A and "fleshes out" their implications for postmerger integration management.

The book's contributors come from a variety of subdisciplines within the field of management, and thus provide new insights into the managerial, social, and cultural processes inherent in M&A.Executives with extensive experience managing M&A have offered commentaries at the end of the chapters, providing "real-world" perspective to empirical and theoretical insights. ... Read more