A leadership blueprint for managing cross-cultural issues in any M&A deal

In our rapidly expanding and increasingly volatile global economy, mergers and acquisitions are becoming the strategy of choice for businesses seeking to stimulate growth while managing risk. As more and more M&A deals are struck between global organizations, difficult new issues involving cultural differences have arisen.

In "The Global M&A Tango," international management experts Fons Trompenaars and Maarten Nijhoff Asser explain how to detect and manage these issues before they become major problems.

Drawing on the world-renowned Trompenaars Hampden-Turner Cross-Cultural Database and Culture Compass, the authors illustrate how widely cultures can differ and, by reconciling the dilemmas created by that difference, how they can be integrated quickly, efficiently, and effectively.

"The Global M&A Tango" helps you meet all the challenges of cross-national M&A by: Creating common mission, vision, strategy, and values Developing trust across value boundaries Enabling people with different cultural perspectives to engage in valuable discussions

Change-management programs all too often ignore the culture perspectives of the individuals and groups involved--and it's often why organizations fail to realize the benefits that prompted the integration in the first place.

With "The Global M&A Tango," you have everything you need to integrate two old entities into a powerful new organization poised for dramatic growth in the coming decades.

"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

In today's business environment, market maturity and globalization have increased the level of competition, making it more difficult to capture and increase market share. This has led to the age of mergers and acquisitions (M&A), where the easiest way to grow your business and deliver shareholder value is to acquire and merge companies and their revenue streams. The net result is that most people will either have to experience and survive M&As firsthand, or at least know someone that has gone through a merger or acquisition in their professional career. Though management will paint M&As as a "win-win" for all those involved, the reality is that the only people who win are the executive management teams. The remaining employees are trapped in the middle trying to make M&As work for their own survival. "10 Truths of Mergers and Acquisitions: A Survival Guide" lays out the reality of what happens when companies are acquired or merged. Starting with The Truth of Mergers: "There are no mergers, only acquisitions," each truth is conveyed with humor and irony, backed by real-life examples, and offers guidelines for success to help you survive the situation. Dr. C. M. Cower shares his own personal M&A mistakes and lessons learned, preparing you to delicately tread through the minefield of acquisitions and mergers.

In the last few decades, the world witnessed the phenomenon of corporations seeking growth through mergers and acquisitions (M&As). This e-book explores the concept of mergers, the reasons behind them, the stages and processes involved in M&As. Corporate news since the 1980s suggest that at least 50% of mergers that were undertaken resulted in disappointments. Some highly publicized mergers eventually were "demerged" Despite such highly publicized failed mergers, M&As remain a common growth strategy which in turn may affect the entire economy, leading to significant changes in the structure of employment, employee earnings and investor behaviour. Given the impact of M&As, this e-book also explores factors that contribute to merger success with a special focus on the cultural aspect of the PMI process which has been cited as a major reason for M&A failures. The e-book retells the GE Capital experience in acquisitions which appears to have become a bible of sorts in creating PMI plans. It also explores the Daimler-Chrysler experiences and the evolving Lenovo strategy. It includes personal experiences of the author regarding M&As.

This highly readable book from Lou Richard, a 50 year veteran of International Corporate buisness and founder of Newport Capital, provides a practical explanation of key technical and tactical aspects of mergers and acquisitions, and also provides insightful real-life descriptions - "digressions" - of transactions as they happened, proving that truth is indeed stranger than fiction.

This unprecedented book offers the secrets of Sheldon Manheim's success in, and insight into, the art of buying and selling a business. He explains why all businesses must develop an Exit Strategy at inception and revise it regularly, as dictated by its maturation and changes in the economy. With an Exit Strategy in place, business owners are ready to effectuate the techniques as outlined, allowing them to exit rapidly and profitably. Any present or potential business owner will find Exit Strategy to be an invaluable resource. It provides all the information one needs to either sell a business for the most money in the shortest period of time, or to buy the "right" business at the best price. In addition, business brokers throughout the country will benefit from Mr. Manheim's innovative approaches to Recasting, the Vertical Horizontal method of finding a buyer, and the Art of Selling a Business.

As industries worldwide move toward consolidation, niche companies need to take advantage of strategies that are forward-thinking and anticipate new trends. "Beating the Global Consolidation Endgame" identifies nine key strategies that niche companies must master in order to outperform their markets and gain the largest benefits from consolidation. It draws from a landmark study conducted by global management consulting firm A.T. Kearney of more than 600,000 small to mid-sized niche companies over a 15-year period.

A.T. Kearney thought leaders Dr. Fritz Kroeger, Dr. Andrej Vizjak, and Michael Moriarty reveal nine successful Endgame niche strategies while explaining how these strategies are most viable at certain points during consolidation. In order to time the strategies accurately, all decision makers must know what stage of industry consolidation they're in, along with the implications of each stage. This ensures a company's survival and success against global consolidators.

Taking you through the Merger Endgame Theory lifecycle, the authors show you how to develop stable niche strategies by: Determining your industry's Endgame position and expected evolution of consolidation in coming years Identifying industry sectors with comparable models to illuminate strategic success factors for your sector Knowing the strengths and weaknesses of Endgame consolidation winners and losers Spotting potential market splits and new configurations for the value-creation chain Determining the best niche options and the best sequence for executing them

These action steps are supported by case studies of leading companies around the world, including BMW, NetJets, Swatch, Ducati, and KPMG--which show how these niche fighters developed competitive advantage, survived market collapses, and delivered superior customer service while increasing their market share.

One of the main and most controversial issues in competition policy is that of merger control. Work by academic researchers and practitioners during the last decades has resulted in laying a theoretical foundation for merger control and some practical applications for it have been developed, but many questions surrounding the concept remain to be answered. For example, what kinds of mergers are so harmful that they need to be prohibited by the state? Ulrich Kirschner starts with a brief overview of the different effects a merger can have and then continues with a detailed exploration of practical assessment approaches. The work focuses on applied empirical methods, commonly used measures based on market structure, and on barriers to entry, setting out the advantages and disadvantages of each type of approach used for merger assessment. The concluding chapter deals with the specifics, and possible consequences, of the current European Competition Policy. The book, which is designed for the academic researcher and interested students, is a welcome contribution to the lively and important debate surrounding the vital topic of merger control in this age of globalization.

"In medieval times, stone castles dotted the countryside of Europe. They attracted itinerant merchants and craftsmen who would wander from castle to castle selling their labor, products, and services. When wars occurred between the castle rulers which resulted in one castle taking over another, it was a common practice of the time to plunder the castles treasures, take prisoners, and scatter the occupants of the enemy castle throughout the countryside. Today, corporate castles of steel and glass dot the countryside of many modern nations. Itinerant professional college students and workers wander from corporate castle to corporate castle seeking employment much as their ancestors might have done during the middle ages. When modern economic wars between castles occur and one corporate castle takes over another corporate castle, the assets of the acquired corporation are taken over and the occupants of the former corporation are either incorporated into the new corporation or laid off."
-T. H. Henning, From "Web Based Corporate Institutes"

Defense industry and commercial industry corporate executives who are searching for strategies and solutions to better manage people in multicultural corporations may find a solution in "Web Based Corporate Institutes." The case for developing a web based corporate institute as one way to resolve human resource development issues is thought provoking and insightful. The author provides highlights from his experience at International Business Machines Corporation, Loral Corporation, Lockheed Martin Corporation, Litton Industries TASC (now a division of Northrop Grumman), and Veridian (recently acquired by General Dynamics).

This is a reprint of a previously published work. It is an account of corporate mergers--the most important and dynamic trend when this book was written. Special emphasis is placed on intrigues, deals, and methods that precede and accompany such mergers.

"When is the Deal Done?" The greatest barrier to successful integration is cultural incompatibility. Undervaluing or ignoring the human dynamics related to an M&A transaction can prompt the departure of key talent that were among the assets that made the acquisition attractive to the buyer in the first place. The importance of an organization s culture, particularly as a risk factor in M&A integration, cannot be underestimated. Harvard researchers report that firms that managed their culture realized a nearly seven-fold increase in revenue, compared with only 166% for firms that did not manage culture. You will discover how using transition teams, an integration manager, and a comprehensive employee communications strategy rank among the best practices the 5C Integration Model for strengthening your M&A Integration the 5C Self Assessment workbook for your M&A planning the importance of the human dimension to overall M&A success.

Drawing on twenty years of merger analysis literature, this single source offers practical solutions to a wide range of problems faced by specialists working in the field of mergers and acquisitions. The authors take an industrial organization approach in which effects on profits, on consumer surplus and on overall welfare are of greatest relevance. The focus is primarily on horizontal mergers, although vertical and conglomerate mergers are addressed when producers of complementary goods are involved. Among the issues and elements examined, the authors provide answers to the following: How does a merger affect the insider firm's profitability? Why may outsiders's stock market value increase or decrease following a merger? What are the expected welfare effects of a merger? What sort of arguments can be used for merger defense? How do economists model the firm's merging decision? How can the authorities simulate the price effects of a horizontal merger? Is post-merger entry likely to compensate the effects of a merger? The discussion proceeds from an analysis of the simplest exercise of market power to evermore complex merger environments. In their detailed coverage of policy evaluation of proposed acquisitions, the authors provide a merger simulation toolkit which can be applied to important recent judicial decisions in the field. This book will be of great value not only to academics in microeconomics and industrial organization, but also to lawyers and officials seeking expert practical guidance in the business or administrative responsibilities surrounding mergers and acquisitions.

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.

This book explores the world of mergers and acquisitions through the case study methodology utilized by business schools across the globe. Students and practitioners can step inside each transaction and through careful analysis, carve out the pertinent issues and draw their own conclusions as to the worthiness of the transaction. The casebook was written to stimulate class discussion, analysis, and intellectual thought and is not a critique of an effective or ineffective management situation

Although every merger or acquisition has its' own set of unique circumstances, the business and interpersonal dynamics in significant change remain surprisingly predictable. An organization's ability to apply this approach to its unique circumstances will vary, but the authors' experience has been that using the approach discussed in this book made the average organization good, the good organization better, and the better organizations the best in the business. Market analysis has shown that only 17% of mergers and acquisitions achieve the results they projected. This book provides executives and project managers guidance on the key imperatives required to be a part of that winning 17%. The processes, tools, and tips presented in this book are the result of years of working closely with senior executives during merger and acquisition integrations.

Two veteran merger and acquisition mavens take readers behind the scenes to examine successful and poorly managed corporate mergers to show what's required to achieve the best strategic, organizational, and cultural fit between any two companies. They outline steps to take before, during, and after

Real-world advice for determining the most advantageous structure in a merger, acquisition, or buyout

The actual structuring of a merger or acquisition is key to the success of the entire procedure. The Art of M&A Structuring explores ways to approach a deal as an investment and satisfy the often conflicting financial and operational goals of all parties, from buyers and sellers to investors and lenders. Written in the trademark Q&A style that made The Art of M&A a landmark business bestseller, this book is filled with real-world examples and cases. Decision makers in any organization will quickly find the M&A information and insights they need, including:

• Up-to-date GAAP and tax considerations
  
• Advantages and disadvantages of spin-offs and spin-outs
  
• Special considerations for off-balance-sheet transactions
  

This is a reprint of a 1980 book that deals with foreign companies acquiring American businesses in the 1970s and how they evaluated and negotiated those acquisitions.

Today's Most Popular, Powerful Tools for Creating Shareholder Value--How and Why They Work, and Which Will Work Best for You

The business world is just now beginning to regroup from its greatest merger wave in history. But after more than half of all acquisitions failed to enhance shareholder value, the "bigger is better" mantra has given way to new, leaner value-creation strategies--and to the increased use of subsidiary equity redeployments (SERs) to redeploy and gain access to value hidden in subsidiary operations.

"Restructuring for Growth "is the first comprehensive guide to creating value by redeploying the equity value of subsidiary operations and assets. It provides new insights on how virtually any organization can successfully leverage this equity in order to: Create value for impatient shareholders Increase focus Use partnerships and alliances Restructure balance sheets Obtain cash from--and ensure the success of--non-core operations

In the broad middle ground between complete ownership and total divestiture, SERs provide unmatched opportunities for both increasing corporate effectiveness and building shareholder value. Let "Restructuring for Growth" help you determine if, when, and why an SER may be effective for your organization, and provide you with innovative opportunities to build shareholder value and thrive in today's challenging business arena.

"Building the value of a subsidiary--and the parent--is a pressing concern for much of corporate America. "Restructuring for Growth "addresses the creation of shareholder value by companies through the redeployment of the equity of a wholly or partially owned subsidiary operation..."--From the Preface

Today'scorporate world has been turned upside down. Many of the strategies employed in the past to create value for shareholders have had the opposite effect and are being unwound. As a result, impatient investors are demanding that companies employ new approaches to maximize all of their assets--and create value for investors.

"Restructuring for Growth "is the first book to take a detailed look at subsidiary equity redeployments (SERs), which have proven remarkably successful at creating new value for both parent companies and their shareholders. This one-of-a-kind resource offers practical advice on creating value in today's turbulent private and public stock and merger markets. It details the goals, objectives, advantages, and challenges and lays out critical tax, legal, and accounting considerations of today's most widely-used and effective subsidiary equity redeployment (SER) strategies, including: Spin-offs Carve-outs Partnerships with investors Corporate alliances Mergers

Incorporating need-to-know insights, this important work also contains numerous examples and cases for each strategy. It provides a behind-the-scenes look at how the strategies were structured and deployed, and a rare insider's access to the SER successes and failures of leading companies ranging from General Motors to Palm. Many of these cases are available from no other resource, and feature commentary from company executives on the firing line about the strategies they selected.

In "Restructuring for Growth," Wall Street veteran John Michaelson provides unique and rarely shared insights into the inner workings of corporate finance and details the challenges of working with Wall Street. He gives you theinformation and confidence you need to select, deploy, and manage smart SER strategies--to meet the value creation demands of impatient investors, corporate management, and boards of directors.

Journalist Wojahn takes a critical look at the 1968 merger of food giant General Mills and game industry leader Parker Brothers. Drawing upon over 100 hours of interviews with persons involved in the merger, she traces the events that led up to the divestment and restructuring of Parker Brothers in

This is a reprint of a previously published work. It deals with the effects on the persons--employees and managers at all organizational levels --who are caught up in mergers.